With access to more traditional finance limited, shipping companies are increasingly considering private equity and debt markets as a way to help them make key capital investments, whether meeting new emissions legislation or ballast water management controls or expanding their fleet to meet new opportunities. Likewise, many investment banks and bond traders are becoming alert to the significant opportunities in the sector.

The course aims to raise awareness of the substantial benefits and risks of equity and debt finance, to shipping companies looking for capital and to investors looking at shipping as a market with increasing accessibility and potentially strong returns on investment.

Led by Professor Nikos Nomikos of the Centre for Shipping, Trade & Finance at Bayes Business School (formerly Cass Business School), Ship Finance provides an analysis of the IPO and debt issuance process, the advantages and disadvantages of using the capital markets, underwriters and their role, credit rating agencies, and institutional investors.

Using a variety of real-life examples, course participants will learn how an IPO is made, what to look for when choosing an underwriter, how to identify an under-priced IPO before it is made public using only publicly available information, how to issue a high-yield bond and how to calculate the probability a high-yield bond will default.

Please click here for our 2024 course brochure.


Course leaders

Professor Nikos Nomikos       

Centre for Shipping, Trade & Finance

Bayes Business School (former Cass Business School)

Dr Nikos Papapostolou

  Bayes Business School (former Cass Business School)

Ship Finance  is led by Professor Nikos Nomikos of Bayes Business School (former Cass Business School), director of the highly-respected Shipping, Trade and Finance MSc course and author of the leading reference book on shipping risk management – Shipping Derivatives and Risk Management.

Professor Nomikos holds a number of faculty positions at other universities, including Copenhagen Business School and the University of Geneva.

Dr Nikos Papapostolou has been with the Costas Grammenos Centre for Shipping, Trade and Finance since 2002. He is a Senior Lecturer in Shipping Finance, acts as the Associate Director to the Centre and he is the Director of the MSc in Shipping, Trade and Finance and Stelios Scholars Programme Lead at Cass Business School. 

"A practical overview for shipping companies and investors on how to use the equity and debt markets"

Course Overview

Module Outlines

Introduction to Ship Finance


An overview of the various sources of funds and an in-depth examination of green shipping finance.


Part 1: Sources of Funds for Shipping projects

Public equity capital markets

Public equity, SPAC and ATM offerings

Shipping Initial and Secondary Public Offerings

Valuation of Shipping Stocks: Practical Example

Market Performance of Shipping Stocks


Public debt market

High yield and Investment-grade shipping bonds

Credit ratings and default rates

Seniority and recovery rates

Shipping Bond Valuation:Practical Example


Banking and Bank Loans

Ship Finance Landscape


Alternative Sources of Finance

Preferred Shares

Warrants and Convertibles

Part 2: Green Finance, Leasing and Private Equity

Green Finance

Shipping decarbonisation

ESG Criteria

Green bonds

Sustainability linked loans

Carbon pricing

Poseidon Principles



Structure of Leasing deals

Sale and Leaseback deals

Chinese leasing


Private Equity (PE)

Structure of PE deals

Examples of recent PE deals

Equity Capital Markets


Equity Capital Markets

Equity public offerings

Main reasons to go public


The Underwriter

Role & credentials; syndicate


IPO process

Issuing methods

Initial steps




Aftermarket activities


Investors & shipping companies

Institutional ownership


Investment decision factors


Measuring financial performance

Metrics & ranking

Pricing of Shipping IPOs

Pricing of Shipping IPOs

Pricing of shipping IPOs

Why Shipping IPOs are sold to investors at a discount

Determinants of IPO underpricing: factors affecting first-day trading returns of shipping stocks

Calculating the probability of IPO underpricing

Shipping Company Valuation Case Study: Neptune Orient Lines (NOL)


A detailed look at the French carrier CMA CGM's 2016 acquisition of NOL. Comparison of different valuation methodologies and detailed analysis of the position of equity holders and bond-holders.

NOL Case Study


Equity Capital Markets Case Study: Britannia Bulk IPO


A detailed examination of the 2008 IPO of dry bulk owner Britannia Bulk. Practical analysis of the IPO prospectus focusing on the: deal structure; strengths and weaknesses; timing and pricing of the offering and, financial strength of issuer relative to the industry average.

Case Study Britannia Bulk IPO



Debt Capital Markets

Debt Capital Markets

Shipping bonds: advantages & disadvantages

Bond issuance process

Credit ratings: role of credit rating agencies, assigning credit ratings, shipping credit rating model

Defaults & restructuring options

Investing in Shipping Bonds

Investing in Shipping Bonds: Calculating the Probability of Default

Default triggers in shipping projects

Factors affecting the probability of default

Calculating expected default frequencies

Practical examples of calculating the probability of default:

-          with company specific data

-          with Bond yield data

-          for asset-backed shipping loans

Shipping Loan Risks


Part 1: Shipping Loan Risk

Cash flow analysis of a shipping project

Investment decision under uncertainty

How to determine the maximum amount to lend on a shipping project

Managing loans credit risk

Value-at-Risk for loans

Part 2: Ship Valuation Case Study: VHSS

Hamburg Ship Valuation formula. A Real life case study on how to calculate the fair value of second-hand vessels and how Banks tried to modify the asset value on their Balance sheets in order to mitigate losses and covenant breaches following the financial crisis of 2008.

Shipping Sentiment

Shipping Sentiment

What is it and what is its role?

Measuring shipping investor sentiment

Usefulness of shipping sentiment

Vessel price cycle phases & prediction

Shipping sentiment as an investment timing tool

Shipping Stocks Investment

Shipping Stocks Investment

Index tracking for passive strategies

Active vs passive portfolio management

Index tracking & metrics, problem formulation & portfolio construction

Tracking the BDI and BDTI using Shipping stocks

Shipping investor sentiment & stock investment

Trading formulation

Shipping sentiment & stock market indices: results & cumulative investment

Recent tests

Terms and Conditions

The Baltic Exchange must be in receipt of full payment before access to the course is granted.

For the e-learning course, each delegate is provided with 180 days access to the course. If you fail to complete the course in 180 days, then you may extend the course by paying a change fee (£50 + vat per 30 days). No course material may be copied or reused without the permission of the Baltic Exchange.

You must not allow any third party to use your account information and/or computing equipment to access the digital content or course that you have booked.

You may only print off any course materials for your own personal use. You must not provide, offer to sell, license or transfer the course materials (whether in whole or in part in any manner or form or in or on any media) to any other person unless we have agreed to this in writing.

In the event that we are unable to deliver classroom learning due to events beyond our control, delegates will be offered the choice of a discounted online only option, refund, reschedule to a future date, or access to an additional online course. 

Further Questions

Please contact: 
Tel:  +44 (0)20 3326 8465
Email:  [email protected]

Previous Attendees


Baja Bulk Carriers S.A.

Cargill International SA

Core Synergy

Crédit Agricole CIB

Credit Suisse AG

d’Amico Shipping Singapore Pte Ltd

DNB Bank Asa

Drewry Shipping Consultants Ltd

Eagle Bulk Shipping Inc.

Eastern Bulk Carriers


Fairdeal Group Management SA

Fearnleys Tankers (Singapore) Pte Ltd. 

Fleet Management Limited

Frachtcontor Junge & Co. GmbH

Hamburg Commercial Bank AG

Huarong Leasing Management Hong Kong Company Limited

ING Bank N.V.

Intership Navigation Co. Ltd

MK Centennial Maritime B.V.



NS United Shipping (U.K.) Ltd.


Oldendorff Carriers (Singapore) Pte Ltd

Oman Shipping Company S.A.O.C.

Petredec (Europe) Limited

PMG Holding AS


Riverlake Shipping

Rivertrade Group LTD (c/o Solar Shipping)

Smarine Advisors Ltd

Spring Marine Management S.A.

Strategy Finance

Susesea Bulk Pte Ltd.

Tomini Shipping LTD


Triton Navigation B.V.