Maritime Autonomous Surface Ships (MASS), an emerging area of digital advancement in shipping and shipbuilding industries, presents a different legal paradigm from that of existing ships. Existing maritime-related industries, including shipping, shipbuilding, and logistics, based on large hardware called ships, are rapidly changing into highly autonomous software-centered structures. This study is focused on analyzing the legal issues in preparation for MASS’ commercial operations in the future by applying comparative methods centered on the Republic of Korea and the United Kingdom. The study’s results contribute to the criteria for the manufacturing responsibility of autonomous ship-embedded software and a desirable legal policy improvement plan. Various legal issues and macro legal policy directions related to software product liability were identified. The study also presents concrete implementation strategies to achieve an ideological harmony and a balance between equitable damage relief and the advancement of related technologies to ensure maritime safety in the maritime industry. Based on the issues identified and their legal policy alternatives, it is hoped that the institutional ideal of product liability, which promotes technological advancement and protects consumer rights, is realized in the software domain as well.

The LNG price is basically determined based on the oil price, but other than that, it is also determined by the influence of the method of LNG transportation; storage; processes; and political, economic, and geographical instability. Liquefied natural gas (LNG) may not reflect its market value if the destination of the purchase is restricted or the purchase contract includes a take-or-pay clause. Furthermore, it is difficult for the buyer to flexibly manage procurement, resulting in the decoupling of oil and natural gas prices. Therefore, as the LNG bunker price is expected to be more volatile than the marine bunker price in the future, shipping companies need to prepare countermeasures based on scientific forecasting techniques. This study aims to be the first to analyze the forecasting of short-term LNG bunker prices using recurrent neural network (RNN) models suitable for highly volatile data such as time series. Predictive analysis was performed using simple RNN, long short-term memory (LSTM), and gated recurrent unit (GRU) models, which effectively forecast time-series data, and the prediction performance of LSTM among the three models was excellent. LSTM had relatively excellent prediction performance of outliers and beyond. In addition, it was possible to effectively manage ship operating costs with improved forecasting in practice. Furthermore, this study contributes to establishing a systematic strategy for supervisors in global shipping companies, port authorities, and LNG bunkering companies.

Data are becoming the most important factor in the development of the socio-economy, and data can be reevaluated as the owner’s valuable asset, which can increase the owner’s value. Therefore, each company is fiercely competing to secure data. Even in the marine field, maritime data are being produced exponentially, but it is difficult to expect more value creation because data are only stored rather than being used. This study used the analytic hierarchy process (AHP) methodology to select a suitable valuation model necessary to discover new values for maritime data. As a result of AHP analysis of 33 experts based on the stratified factors extracted from previous studies and expert opinions, the market approach (A2) was found to be the most suitable model. In addition, the most important factors to consider when selecting a valuation model were in the order of the characteristics of the maritime data (M1), the features of the maritime data market (M2), and the features of the maritime data valuation model (M3). The potential impact of this implementation could contribute to the establishment of an intelligent technology market by estimating the value of data and developing a platform for maritime data trading, allowing for more efficient data sharing and utilization by maritime autonomous surface ships (MASSs).

Shipping companies need a huge amount of external funds to purchase ships, and financing choices have a decisive effect on a firm’s valuation. Capital structure decisions are of great importance for maximizing corporate value which is the primary goal of financial management. Therefore, this study investigates the differences of capital structure decisions in Korean and Greek shipping companies using a sample of 60 Korean and 32 Greek shipping companies in terms of shipping business models: an operator model and an owner model. The result shows that Korean and Greek shipping companies follow the pecking order theory, and the two countries indicate different results of capital structure regressions including supply and demand factors with their unique shipping business models.

Seafarers are recognized as essential workers responsible for maintaining the national logistics supply chain. This study analyzes the sustainable seafarers’ employment and welfare systems in South Korea and China using the comparative case study approach and presents relevant implications. In the era of the “New Normal” after the coronavirus disease 2019 pandemic, which is marked by hyper-personalization, seafarers have become increasingly resistant to acquiring maritime education and performing onboard duties. Even though South Korea has recognized seafarers as key agents of national economic growth, the participation of the new generation in the shipping industry has recently been declining. Meanwhile, China has been developing its shipping industry since the Deng Xiaoping reforms and fosters skilled seafarers by providing rigorous maritime education. However, both countries have been experiencing difficulties in ensuring the legal and social protection of seafarers; hence, the challenge of providing sustainable employment and welfare to seafarers remains. In conclusion, this study proposes the establishment of the “Asia Maritime Education, Employment, and Welfare Support Center” to support seafarers’ employment and welfare with the cooperation of other countries in the Asian region.

The Serious Accidents Punishment Act (SAPA) of South Korea mandates that chief executives secure operational safety and health to prevent industrial and civil disasters. The SAPA imposes civil and criminal responsibilities on chief executive officers, including business owners, for fatal accidents due to safety and health measures violations. We examine the SAPA’s challenges to the shipping industry and the measures taken by ship owners and ship management companies to address them. In the modern shipping industry, ships and crew often have different nationalities; hence, it may be difficult to determine which law applies or where liability lies. Business activities are mostly overseas. Ship management is performed by third parties, and the introduction of autonomous systems is leading to crew reductions and other changes; these factors create uncertainty about the SAPA’s applicability. Therefore, legal requirements and measures must be established to ensure that South Korean shipping companies do not take on excessive responsibilities internationally while still protecting workers and others. This study suggests measures to ensure safety and stability in the South Korean shipping industry following the SAPA through a horizontal comparative analysis with the UK’s Corporate Manslaughter and Corporate Homicide Act 2007, which served as a model for the SAPA.