Merged with duplicate record 10026.1/1892 on 27.02.2017 by CS (TIS)Following trade liberalisation, shipping has been further affected by the
world economic environment. Despite arguments as to whether the nature
of the shipping industry is a liberalised one or not, it is now clearly seen as
the case by the shipping industry itself.
The primary goal of this thesis is to examine the attitudes within Korean
shipping circles. An empirical study was carried out to evaluate how
shipping is being influenced by liberalisation under the new rules,
established by the World Trade Organisation and the Organisation for
Economic Co-operation and Development.
The null hypothesis was that there would be no substantial changes in
Korean Shipping following liberalisation. The null hypothesis was rejected,
which means that it was recognised by Korean shipping practitioners that
there were significant changes after liberalisation. A further study was
undertaken to test for relationships between the perspectives of four groups~
financial managers of shipping companies, bankers, government policy
makers and sales managers from shipbuilding companies. It transpired that
there was unity in their perceptions of shipping investment. A hypothesised
seven-factor strategic model of the shipping industry was initially proposed
and re-interpreted following the empirical results. To cope with the new
competitive market, strategic options are likely to include tax and registry
considerations.
Finally, following the financial crisis in Korea last year, which occurred
before this research was completed, interviews and a survey were
conducted, based on a random selection of previous respondents. This was
to establish whether their views had changed. The results revealed that they
were now very hesitant to make any new investment decisions given the
present situation.
However, respondents are sure that there will be no further measures to
impede the current liberalisation moves in Korea. Rather they regard this
financial crisis as a mechanism to accelerate liberalisation, following the
International Monetary Fund's options to dismantle the Korean protectionist
barriers