선주와 운영사 분리의 시장위험 분할효과 분석

• 영문명: The Effect of Ship Owner-Ship Operator Separation on the Market Risk Split
• 발행기관: 한국무역연구원
• 저자명: 윤희성(Hee-Sung Yun) 조성순(Seong-Soon Cho)
• 간행물 정보: 『무역연구』제17권 제5호, 615~630쪽, 전체 16쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2021.10.30

영문 초록

Purpose - There are three different business models in shipping: owner-operators, operators, and owners. This paper analyzes the effect of separating owner-operators into tonnage providers and operators, and considers this effect from the perspective of risks and returns. Design/Methodology/Approach - A historical simulation was performed to measure realized operating profits and the volatility of each type of player. Time series data from 1992 was adopted from Clarkson Research and Drewry Maritime Research to simulate revenues, capital costs, and operating costs for 229 investment cases. A bootstrap sampling enhances the robustness of the results. Findings - The results show that the operating profits of owner-operators are divided into those of two separate players. The same, however, cannot be said for market risk. Against general expectations, operator market risk was not significantly reduced by separation; in the case of Panamax, it even increased. This can be explained by a negative correlation between spot rates and actually-applied time charter rates. Research Implication - Most papers on market risk have so far focused on the measurement and forecast of return volatility. This paper, on the other hand, is a novel attempt to analyze the effect of business model separation on market risk. The public-sector owner model is widely discussed in Korean shipping circles, and this paper is expected to provide meaningful insight to policymakers. Additionally, the risk-return profile of the pure owner model provides a good basis to develop the model for the balanced growth of the Korean shipping industry.

목차

Ⅰ. 서론

Ⅱ. 선행연구 검토

Ⅲ. 데이터 및 연구방법론

Ⅳ. 분석결과

Ⅴ. 결론

References

키워드

Bulk Carrier Market Risk Ship Operator Ship Owner