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This study investigates if the Japan-Korea-Marker (JKM) price is a feasible benchmark to replace the oil indexation in Asian liquified natural gas (LNG) trade. For this purpose, we propose an equilibrium pricing model for the LNG long-term contract (LTC) in Asia. Our model incorporates the risk-averse importer and exporter who optimize their risk-profit tradeoffs by deciding their LTC-spot trade portfolios. Using the model, we compare the pricing efficiency and the risk-profit tradeoff of an importer/exporter under different benchmarks (oil price versus JKM price). The results show that the JKM price is more efficient as an LTC pricing benchmark than the oil price. The JKM pricing benchmark is favored for both exporters and importers when they are low risk-aversion. In addition, we compare the performance of the JKM benchmark based on the CIF price term (i.e., the importer pays for freight charges) with that based on the FOB price term (i.e., the exporter pays for freight charges). We find that the freight liability has little effect on the pricing efficiency of the JKM benchmark. • We propose an equilibrium model for Asian LNG long-term contract pricing. • We apply the model to investigate the feasibility of different pricing benchmarks. • JKM price is more efficient than the oil price in pricing long-term LNG contracts. • Oil-indexed LTC can spread the risks of importers when oil-gas price decoupling. [ABSTRACT FROM AUTHOR]

• Establish a shipping profit model to investigate the economic feasibility of LNG-fueled ship via NSR. • Calculate the CO 2 emission reduction of LNG-fueled ship based on its economic feasibility. • Compare LNG-fueled ship via NSR with other two options, considering Sabetta as an LNG refueling center. • Propose scenarios considering the variation of factors to reflect the different circumstances in the real world. Global warming allows the Northern Sea Route (NSR) to be used as a potential alternative for Asia–Europe shipping. As a clean fuel, liquid natural gas (LNG) has been increasingly used as a marine fuel. This study aims to analyse the economic feasibility and CO2 emission reduction of using LNG-fuelled container ships to sail through the NSR, under the assumption that Sabetta will be developed into an LNG refuelling centre. We establish a shipping profit model and a CO2 emission model and then apply real data to them. Several scenarios are proposed to reflect the different circumstances in practice. We find that a shorter round-trip transit time and appropriate ship size are the most favourable factors for the proposed option. Although data suggests that it is often economically infeasible to deploy LNG-fuelled ships via the NSR, under certain circumstances where it is indeed cost-effective, considerable CO2 emission reduction can be achieved. [ABSTRACT FROM AUTHOR]

Background and Aims: The role of infliximab in the treatment of patients with ulcerative colitis (UC) in Asia is still unclear. The aim of this study was to evaluate the clinical outcomes of infliximab therapy in Korean UC patients, including efficacy and predictors of response. Methods: Patients who received infliximab induction therapy for moderate to severe UC at Asan Medical Center were retrospectively analyzed. The demographic characteristics of these patients and their clinical outcomes following infliximab therapy were evaluated. Results: Of the 89 UC patients receiving infliximab induction therapy, 53 (59.6 %) were steroid-refractory and 36 (40.4 %) were steroid-dependent. At the initiation of infliximab, the median Mayo score was 9 (range 7–12). After the induction therapy of infliximab, 59 patients (66.3 %) demonstrated a clinical response at week 8, of which 29 (32.6 %) were determined to be in clinical remission. A colectomy was performed within 1 year after infliximab initiation in 11 (36.7 %) of 30 patients who displayed no clinical response to infliximab therapy, but in none of the 59 patients who showed a response to this drug ( p < 0.001). Multivariate regression analysis identified severe disease (Mayo score ≥ 11) at the initiation of infliximab ( p = 0.007) and history of cytomegalovirus colitis within 3 months prior to infliximab treatment ( p = 0.001) as independent positive predictors of nonresponse to infliximab. Conclusions: The efficacy of infliximab in Korean UC patients seems to be similar to that of previously published Western reports. Severe disease and a history of cytomegalovirus colitis are predictors of a nonresponse to infliximab. [ABSTRACT FROM AUTHOR]