J Navig Port Res > Volume 44(6); 2020 > Article
Journal of Navigation and Port Research 2020;44(6):541-549.
DOI: https://doi.org/10.5394/KINPR.2020.44.6.541    Published online December 31, 2020.
H선사 파산전후 국적외항선사의 재무비율 차이분석과 영향요인 연구
김명재1, 안기명2
1목포해양대학교 해상운송학부 교수
2한국해양대학교 해운경영학부 교수
A Study on the Changes in Korean Ocean Carriers’ Financial Ratios and Profitability Before and After the Bankruptcy of the H-Line Carrier
Myung-Jae Kim1, Ki-Myung Ahn2
1Professor, Division of Int’l Maritime Transport Science, Mokpo National Maritime University, Mokpo 58628, Korea
2Professor, Division of Shipping Management, Korea Maritime and Ocean University, Busan 49112, Korea
Correspondence:  Ki-Myung Ahn, Tel: 051)410-4385, 
Email: kmahn@kmou.ac.kr
Received: 23 November 2020   • Revised: 7 December 2020   • Accepted: 10 December 2020
Abstract
This study conducts differential analysis on the financial positions of Korean shipping companies before and after the bankruptcy of the H carrier, looking specifically at their financial ratios, profit and loss patterns, and other factors related to their financial operation. Firstly, it was discovered that major measures of financial health, such as average assets per carrier, were not affected by the bankruptcy of the H carrier. However, despite this, most carriers experienced large changes in profits and losses, with total sales and shipping revenues averaging 424.5 billion won and 381.7 billion won respectively before the bankruptcy, but falling by half to 252.1 billion won and 234.6 billion won after the bankruptcy. Additionally, charter revenues and expenses also dropped by more than half. EBIT/sales and pre-tax revenue margins were also heavily affected after the bankruptcy, with both figures averaging 8% and 3% respectively before the bankruptcy, but falling into the negative range at -2% and -8% post-bankruptcy, resulting in significant deterioration in operational profitability. The study concludes that there is an urgent need to establish a global sales network, improve cost structures, and consistently secure stable cargo in order to increase Korean carriers’ profitability. Of all financial measures, liquidity and total asset efficiency were identified as the most severely-impacted by the H carrier bankruptcy, thereby requiring the most pressing policy addressing.
Key Words: korean shipping carrier, financial Ratio, return on investment capital, T-Test, panel multiple regression method
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