Strengthening the Competitiveness of Port-related Industries

Purpose: By analyzing the efficiency, growth, stability, and profitability of domestic portrelated industry through financial data, this study identifies problems and suggests strategies for development plans to improve competitiveness. Research design, data, and methodology: In order to derive the efficiency of each domestic port-related industry, an analysis was conducted based on corporate data from Korea Evaluation Data. The efficiency, growth potential, stability, and profitability of the top 50 companies (based on sales) in port-related industries from 2017 to 2021 were analyzed. For the efficiency analysis, total assets, liabilities, and capital were selected as input variables, and sales, operating profit, and net profit were selected as output variables. Growth, stability, and profitability were analyzed based on total asset growth, debt ratio, and operating profit ratio compared to the previous year. Results: The results of the efficiency analysis showed that port service was the highest. In the growth analysis, four port-related industries (excluding port service) showed negative growth in 2020 due to the aftermath of COVID-19. The results of the stability analysis showed that ship fuel supplies had the highest debt ratio and the lowest stability. Profitability analysis showed that ship repair was the most profitable with the highest operating profit ratio. Conclusions: Domestic port-related industries also need to change in line with the global trends of shipping and ports, such as digitalization, eco-friendliness, and automation. Due to the nature of the small port-related industry, strategic support policies from the government and local governments are needed.