본 연구는 외항선사의 유동성 위기 원인이 선박투자의 실기(失期)에 기인함을 주목하여 선사의 선박투자패턴을 분석하고 시사점을 제시하고자 하였다. 연구 결과, 소수의 근해정기선사와 부정기선사를 제외하고 대부분의 선사가 2011년 선박투자가 정점을 기록하고 이후 하락하는 추세를 보이는 것으로 나타났다. 또한, 2013년 결과에서 대형 정기선사를 제외한 모든 선사가 전년 대비 하향세를 보여 불황기 공격적인 선박투자 경향이 매우 부족하였다고 할 수 있다. 분석 결과를 바탕으로 1) 불황기 조기경보 시스템의 도입, 2) 과학적 의사결정을 통합 선박투자 의사결정, 3) 해운기업 의사결정의 유연성 강화, 4) 해운경기불황 요소를 해운산업 내부 시스템 구성요소로 인식하는 통합적 사고 증대 등 다양한 시사점을 제시하였다.
Due to shipping recession triggered by the global financial crisis, the Baltic Dry Index (BDI), an economic indicator issued daily for the shipping industry, fell from 10,000 points before and the end of 2007 to 600 points at the end of 2008. At the end of May 2015, the BDI stood at 580 points. The Korea Maritime Institute’s Business Survey Index (BSI) for the shipping industry stands at 66 points, indicating that the economic outlook for the industry is not bright. Investigations have revealed that dry bulk cargo, containers, and tankers is 61 points, 88 points, and 67 points respectively. Compared to the previous month, profitability index, cash flow index, and sales index declined th 82%, 77%, and 74%, respectively. Experts insist that the situation can be assuaged by strengthening financial stability through expanded government support, increasing vessel size, and securing strategic alliances. Despite these claims, government interest in the shipping industry, and hence their policy priorities are low. In addition, the policy focuses on developing the cruise industry.
Recently, the global shipping industry has undergone environmental and structural changes, regarding the pressure to minimize air pollution, the severe slowdown in the recovery of market indices, and worsening returns due to commercial vessel’ oversupply. In this era of slow growth and long-term depression, enlarging fleets and companies is the most appropriate strategy for realizing scale economy. Yet, large Korean companies like Korealines, Hanjin Shipping, Hyundai Merchant Marine, and STX Pan Ocean, have experienced a liquidity crisis. According to Stopford(2009), the end of the depression should results in a boom for the industry, but the recent depression has impacted the business considerably.
This study analyzes shipping investment behavior patterns (SIBPs) and suggests several managerial implications to help improve shipping vessel’s liquidity.
The results of the study show that, with the exception of short sea shipping companies and tramp, most lines scored high ship investment pattern. The result for 2013 indicates that all liners, except some mega liners, experienced a declining trend compared to last year, thus, the SIBP is stable.
The results thus provide several managerial implications. There is a need to 1) introduce a preliminary early warning system, 2) undertake scientific decision-making to improve SIBPs, 3) strengthen the flexibility of decision-making, and 4) adopt holistic thinking while considering all the internal factors contributing to the crisis.