An Empirical Study on the Decision Making Factors for the fleet composition of oil Tankers with Reference to the Korean Refineries

Bek, Gi-hon; Lee, Tae-Woo; Chang, Young-Tae

Journal of Navigation and Port Research 2002;26(4):373-381.
Published online October 31, 2002.

원유수송 선대구성을 위한 의사결정요인 도출에 관한 실증적 연구

백기언, 이태우, 장영태

An Empirical Study on the Decision Making Factors for the fleet composition of oil Tankers with Reference to the Korean Refineries

Gi-hon Bek, Tae-Woo Lee, Young-Tae Chang

Abstract

There has been an interesting trend showing that the number of tankers owned by major oil company has been decreasing since the 1980s, while the number of tankers chartered by them is increasing. So do Korean oil refineries in the period of 1990s. Therefore, the following question is raised: why have oil refinery companies, national and international, been much more dependent upon chartered ships than their owned ships since 1980s? This paper tried to answer the above question. In so, doing ten decision-making factors for fleet composition of oil tankers are drawn through literature survey on the research topic with questionnaires and interviews to the four big Korean oil refineries.

Key Words: factors for fleet composition of oil tankers;Crude and product tanker market;Korean oil refinery;Oil market structure;Oil majors;Tanker ownership and chartering;Oil transportation