The programme covers the micro-economic structure of the shipping markets including freight, second-hand, newbuilding and scrap markets and presents how these shipping markets interact. 

Course Brochure 2020
 

Course Leaders

Prof. Amir Alizadeh           

Shipping Economics and Finance

Cass Business School

 Prof. Michael Tamvakis

Shipping Economics and Finance

Cass Business School


The course aims to provide delegates with both a theoretical foundation as well as practical hands-on experience on modern shipping economics and investment. It provides delegates with the essential knowledge of shipping economics, operations and investment management. 

Formulation of different types of shipping contracts is also discussed and practical examples are provided.

The programme then continues with an overview of specialised shipping sectors and liner shipping industry as well as a thorough discussion on current trend and developments in the shipping industry including fuel efficiency and cost management. 

The second day focuses on fundamentals of shipping investment including cash flow projection and analysis, different techniques used in capital budgeting techniques, capital structure and cost of capital in shipping projects, investment management of shipping projects, asset allocation and shipping investment strategies. The course leaders, Prof. Amir Alizadeh and Prof. Michael Tamvakis of Cass Business School, are both internationally recognised academics in the fields of shipping and commodity finance, and risk management.

Their theoretical and applied research work has been published in leading academic and professional journals and they also provide consultancy services to the industry on different aspects of commodity and shipping risk management.

To book a place please email [email protected] or call +44 (0)20 3326 8465/8460

Day One

Shipping Economics

  • Shipping industry introduction
  • Market structure, fleet & international trade
  • Ownership
  • Ship registries and regulations

Analysis of shipping markets

  • Freight market: micro & macro analysis
  • Second-hand market: the S&P process, key value drivers, vessel valuation
  • Newbuilding market: shipbuilding supply & demand factors, determinants of newbuilding prices
  • Scrap market and price determination

Costs & revenue management

  • Types of shipping contracts, negotiation and price
  • Charterparties (dry bulk & tanker), timecharter
  • Costs: capital, operating & voyage costs, voyage estimation

Specialised shipping sectors

  • LNG, LPG & chemical: major trades and players
  • Liner & container shipping: standardisation, pricing strategies and factors

Trends & developments in shipping & freight markets

  • Environmental: regulations, ballast water and emissions
  • Operational: ship design, fuel efficiency and operational optimisation

Day Two

Shipping Investment

  • Cash flow analysis of shipping projects
  • Cash flow projection, operating costs & revenue, capital cost, repairs & special surveys
  • Cost of capital, break even analysis and loan repayment


Project appraisal and investment decisions in shipping

  • NPV
  • IRR
  • PI
  • Payback
  • Investment appraisal- Market conditions, loan structure and capital costs

Capital structure and cost of capital in shipping projects

  • Determination of cost of capital, capital asset pricing model, multifactor model
  • Capital structure, WACC and optimal leverage
  • Asset and project valuation techniques, secondhand, newbuilding and scrap valuation

Investment decision and uncertainty in shipping

  • Application of risk analysis in projects and investment
  • Scenario analysis, probabilistic scenarios and simulation techniques
  • Real Options Analysis, opportunities in ship valuation and projects

Investment management in shipping

  • Investment strategies, timing & diversification
  • Dynamic and adaptive asset allocations and performance evaluation
  • Risk based asset allocation & asset play
  • Tactical asset allocation and shipping equity investment

Terms and conditions

The Baltic Exchange must be in receipt of full payment prior to the day of the training course or your nominated delegate(s) may not be
allowed entry to the event. Cancellations 14 days prior to the event will be refunded at 50% of the delegate fee.

Cancellations within 14 days cannot be refunded. All cancellations must be received in writing.

Names of delegates may be changed at any time without charge and notification of name changes should be made in writing. Registration fees include lunch and refreshments and course notes

Further questions

Please contact Bill Lines on: 
Tel:  +44 (0)20 3326 8450
Email:  [email protected]

Previous attendees

A.M. Nomikos & Son (UK) 
ADM Germany
Aegis Overseas
Anglo International Shipping  Partnership
Ardmore Shipping Services (Ireland) 
Arista Shipping
Aux'ander Advisors
Bank of America Merrill Lynch
Beaufort Shipping
Black Astron Energy Trading and Shipping 
BP
Byzantine Maritime Corporation
Cargill
Carriers Chartering Corp
CEM Asia Trading 
Chronos Shipping 
Clarksons 
Diageo
Doric Shipbrokers 
Engie
FIMBank DIFC Branch
FinnFleet Tankers
Freight Force 
FRS Shipmanagement 
Galbraiths 
Glencore Agriculture 
Heidmar 
Hellenic Bank 
Holgrain 
Howe Robinson
HSH Nordbank
Ineos Trading and Shipping
Infospectrum 
International Andromedia Shipping
International Registries (UK) 
Io's Shipbrokers
Kuwait Petroleum Corporation
Lavinia
Lysgaard ShipHolding 
Maersk Broker (UK)
Maritime Strategies International
Navigate PR
Neoria Compania de Naegacion 
NIBC Bank
NorthCape Capital 
Petredec (Europe) 
RUSAL Marketing 
S&P Global Platts
Scorpio Ship Management 
SEB
Shell 
Showa Shell Sempaku K.K.
Societe Generale 
Sovcomflot
Statoil 
Stolt Nielsen 
Suek
Suisse-Atlantique
Tankerska plovidba d.d.
TDN Direkt
The China Navigation Co.
Total
Tricon Energy 
Universal Navigation