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Research Project Report

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A Study on the Governance Structure of Shipping Companies and the Relationship between their Business type and Performance
Writer 최고관리자 Date 2019-03-05
Report No. 2018-12 Research Manager Jin Hoi, Hwang

▸ The present study reviewed annual securities reports of six major shipping companies in Korea and overseas, analyzing economic index such as shareholder composition, current ratio, debt-to-equity ratio, defensive interval ratio, net income to shareholders’ equity and ratio of net income to net sales.
- According to the analysis, the diversification of shareholder composition in foreign shipping companies is better than that of Korean shipping companies.
- Basically, foreign shipping companies have a low equity ratio of owner family, except for Hapag-Lloyd. On the other hand, Hyundai Merchant Marine and Hanjin Shipping, both of which suffered from financial difficulties, have a high equity ratio of owner family around 30%.
- Domestic shipping companies and Hapag-Lloyd do not show good figures in terms of current ratio, debt-to-equity ratio, defensive interval ratio, net income to shareholders’ equity and ratio of net income to net sales.

▸ As the study reviewed securities reports of six major shipping companies in Korea and overseas, the diversification of shareholder composition in foreign shipping companies was better than that of Korean shipping companies.
- Foreign shipping companies have shown a higher ratio in participating non-operational businesses such as chartering service, ship Sale & Purchase (S&P) and terminal operation than domestic shipping companies. To be specific, although some of the Korean shipping companies are participating in terminal operation and ship S&P, the proportion is very limited of less than 5% compared to the total sales.
- On the other hand, foreign shipping companies have engaged in abundant and diversified businesses such as chartering business, ship S&P, terminal operation, air cargo and sale and purchase of real estate, boosting their capacity to respond external shocks.
- Foreign shipping companies have actively pushed forward various business diversification strategies such as establishing logistics subsidies, purchasing shares of foreign ports, establishing global terminal operators (GTO) and vitalizing ship S&P.

Research Project Report 상세보기
A Study on the Governance Structure of Shipping Companies and the Relationship between their Business type and Performance
Report No. 2018-12 Research Manager Jin Hoi, Hwang

▸ The present study reviewed annual securities reports of six major shipping companies in Korea and overseas, analyzing economic index such as shareholder composition, current ratio, debt-to-equity ratio, defensive interval ratio, net income to shareholders’ equity and ratio of net income to net sales.
- According to the analysis, the diversification of shareholder composition in foreign shipping companies is better than that of Korean shipping companies.
- Basically, foreign shipping companies have a low equity ratio of owner family, except for Hapag-Lloyd. On the other hand, Hyundai Merchant Marine and Hanjin Shipping, both of which suffered from financial difficulties, have a high equity ratio of owner family around 30%.
- Domestic shipping companies and Hapag-Lloyd do not show good figures in terms of current ratio, debt-to-equity ratio, defensive interval ratio, net income to shareholders’ equity and ratio of net income to net sales.

▸ As the study reviewed securities reports of six major shipping companies in Korea and overseas, the diversification of shareholder composition in foreign shipping companies was better than that of Korean shipping companies.
- Foreign shipping companies have shown a higher ratio in participating non-operational businesses such as chartering service, ship Sale & Purchase (S&P) and terminal operation than domestic shipping companies. To be specific, although some of the Korean shipping companies are participating in terminal operation and ship S&P, the proportion is very limited of less than 5% compared to the total sales.
- On the other hand, foreign shipping companies have engaged in abundant and diversified businesses such as chartering business, ship S&P, terminal operation, air cargo and sale and purchase of real estate, boosting their capacity to respond external shocks.
- Foreign shipping companies have actively pushed forward various business diversification strategies such as establishing logistics subsidies, purchasing shares of foreign ports, establishing global terminal operators (GTO) and vitalizing ship S&P.

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