1. Name of the Course课程名称
Chinese Name:航运金融
English Name:Shipping Finance
2. Overview of the Course课程概况
Category课程类别：Non-degree Courses Class hours学时数：32 Credit学分数：2
Profession适用专业：Transportation Planning and Management Semester开课学期：The 2nd Semester
College开课单位：College of Transport and Communications
3. The Writer大纲编写人：Visiting Professor
4. The Objective and Requirement of the Course教学目的及要求
Course Aims to:
Develop the fundamental theoretical and empirical framework for efficient shipping financial management
Analyze investment, financing and business decisions in shipping
Equip students with skills and tools and help them develop critical judgement for rational financial management decisions and firm value enhancement in shipping.
Enable students to:
set the economic background against which global shipping has grown over recent decades
understand the fundamental characteristics of shipping markets in a competitive, volatile and cyclical business environment
evaluate alternative investment appraisal methods to shipping investment projects
study the role and functions of capital markets in shipping funding
comprehend key shipping risk management concepts, principles and instruments.
Learning Outcomes
build a concise framework that integrates core financial decisions of the shipping firm from a theoretical and an empirical perspective
support graduates undertake critical decisions to key fundamental issues in shipping financial management
critically evaluate sensitive shipping investment and financial decision alternatives
implement modern risk management techniques, to control for shipping financial risk exposures
develop practical and integrated shipping financial managerial expertise.
5. Main Content of the Course and Pre-course课程主要内容及先修课程
Lectures Outline
1. Managerial Decisions in Shipping
World Economy, International Trade & Shipping Prospects Shipping Market Idiosyncrasies - Demand & Supply Dynamics Shipping Company Financial Statements & Ratio Analysis
2. Investment Decisions in Shipping
Capital Budgeting Principles in Shipping Investment Appraisal Methods in Shipping Empirical Cases and Applications
3. Financing Decisions in Shipping
Capital Structure & Cost of Funding in Shipping Fund Raising in Global Capital Markets Bank Lending in Shipping
4. Risk Management in Shipping
Understanding the Concept and Types of Risk in Shipping Business Risk Management Process and Derivatives Instruments Hedging Shipping Freight Risk with FFAs
6. Teaching Methods课程教学方法
Lecture;
Exercise and practice;
Class discussion on journal articles;
Question and answer.
7. Methods of Examination课程考核方式
Assignment Project
8. Textbook课程使用教材
Stopford, M. (2009, 3rd ed.), Maritime Economics, Routledge, New York.
Grammenos, C. Th. (ed.) (2010, 2nd ed.), The Handbook of Maritime Economics and Business, LLP, London.
Alizadeh, A. & Nomikos, N. (2009) Shipping Derivatives & Risk Management, Palgrave, Macmillan Publications, London
Syriopoulos, Th. (2010), Chapter 28: Shipping Finance and International Capital Markets, in: The Handbook of Maritime Economics and Business (C. Grammenos, editor, 2nd ed.), LLP, London.
Syriopoulos, Th. (2007), Chapter 6: Financing Greek Shipping - Modern Instruments, Methods and Markets, in: Maritime Transport - The Greek Paradigm (A. Pallis, ed.), Research Transportation Economics, Vol. 21, Elsevier Publications, London.
9. Main References课程主要参考资料
Harwood, S. (2008, 3rd ed.), Shipping Finance, Euromoney Books, London.
Stokes, P. (1997), Ship Finance: Credit Expansion and the Boom-Bust Cycle, LLP, London.
Pallis, A. (2007, ed.), Maritime Transport - The Greek Paradigm, Research Transportation Economics, Vol. 21, Elsevier Publications, London.
Kavussanos, M. & Visvikis, I. (2006), Derivatives and Risk Management in Shipping, Witherbys Publishing, London.
Geman, H. (2008), Risk Management from Shipping to Agriculturals and Energy, Wiley Finance, Chichester.
Hull, J. (2014, 9th ed.): Options, Futures and Other Derivatives, Prentice Hall, New York.
Adland, R., Jia, H. & Strandenes, S. (2006), Asset bubbles in shipping?An analysis of recent history in the dry bulk market, Maritime Economics & Logistics, 8, 223 -233.
Alizadeh, A. (2013), Trading volume and volatility in shipping forward freight market, Transportation Research Part E, 49, 250-265.
Bendall, H. & Stent, A. (2003), Maritime investment strategies with a portfolio of real options, Maritime Policy & Management, 30, 293-303.
Alnes, P.A. & Marheim, M.A. (2013), Can shipping freight rate risk be reduced using Forward Freight Agreements?, MA Thesis, UMB School of Business and Economics, Norway.
Drobetz, W., Gounopoulos, D., Merikas, A. &Schroder H. (2013), Capital structure decisions of globally-listed shipping companies, Transportation Research Part E, 52, 49-76.
Fusillo, M. (2009), Structural factors underlying mergers and acquisitions in liner shipping, Maritime Economics & Logistics, 11(2), 209-226.
Gong, S.X., YE, H.Q & Zeng, Y.Y. (2013), Impacts of the recent financial crisis on ship financing in Hong Kong: A research note, Maritime Policy & Management, 40, 1-9.
Grammenos, C.Th., Alizadeh, A.H. & Papapostolou, N.C. (2007), Factors affecting the dynamics of yield premia on shipping seasoned high yield bonds, Transportation Research Part E, 43, 549-564.
Grammenos, C.Th. & Arkoulis, A. (2002), Macroeconomic factors and international shipping stock returns, International Journal of Maritime Economics, 4, 81-99.
Grammenos, C.T. & Arkoulis, A. (2003), Determinants of spreads on new high yield bonds of shipping companies, Transportation Research Part E, 39, 459-471.
Grammenos, C.Th. & Marcoulis, S. (1996), A cross-section analysis of stock returns: The case of shipping firms, Maritime Policy & Management, 23, 67-80.
Grammenos, C.Th., Nomikos, N.K. & Papapostolou, N.C. (2008), Estimating the probability of default for shipping high yield bond issues, Transportation Research Part E, 44, 1123-1138.
avussanos, M., Juell-Skielseb, A., Forrestc, M. (2003), International comparison of market risks across shipping-related industries, Maritime Policy & Management, 30(2), 107-122.
Kavussanos, M. & Visvikis, I. (2004), Market interactions in returns and volatilities between spot and forward shipping freight markets, Journal of Banking & Finance, 28, 2105-2049.
Kavussanos, M.G., Visvikis, I.D., Dimitrakopoulos, D.N. (2014), Economic spillovers between related derivatives markets: The case of commodity and freight markets. Transportation Research Part E: Logistics and Transportation Review, 68, 79–102.
Leggate, H. (2000), A European perspective on bond finance for the maritime industry, Maritime Policy & Management, 27, 353–362.
Li, K.X, Qi, G., Shi, W., Yang, Z., Bang, H.S., Woo, S.H., Yip, T.L. (2014), Spillover effects and dynamic correlations between spot and forward tanker freight markets, Maritime Policy & Management, 41(7), 683-696.
Nomikos, N., Kyriakou, I., Papapostolou, N. & Pouliasis, P. (2013), Freight options: Price modelling and empirical analysis, Transportation Research Part E, 51, 82-94.
Merikas, A., Gounopoulos, D. & Nounis, C. (2009), Global shipping IPO performance, Maritime Policy & Management, 36(6), 481-505.
Panayides, P. & Gong, X. (2002), The stock market reaction to mergers and acquisition announcements in liner shipping, International Journal of Maritime Economics, 4, 55-80.
Randoy, T., Down, J. & Jenssen, J. (2003), Corporate governance and Board effectiveness in maritime firms, Journal of Maritime Economics and Logistics, 5, 23-39.
Stopford, M. (2002), Setting the scene, identifying the objectives: Fifty years of ship finance, Lecture Presentation, Marine Investments Financing Forum, 31st October, Amsterdam.
Stopford, M. (2009), Globalization and the long shipping cycle, Lecture Presentation, Royal Institute of Naval Architects, 11th November, London.
Syriopoulos, T. & Roumpis, E. (2006), Price and volume dynamics in second-hand dry bulk and tanker shipping markets, Maritime Policy & Management, 33, 497-518.
Syriopoulos, T. & Roumpis, E. (2009), Asset allocation and value at risk in shipping equity portfolios. Maritime Policy & Management, 36, 57-78.
Syriopoulos, T. & Theotokas, I. (2007), Value creation through corporate destruction? Corporate governance in shipping takeovers, Maritime Policy & Management, 34, 225-242.
Syriopoulos, T. & Tsatsaronis, M. (2011), The corporate governance model of the shipping firms: Financial performance implications, Maritime Policy & Management, 38, 586-604.