Manolis G. Kavussanos – författare

This advanced practical textbook deals with the issue of risk analysis, measurement and management in the shipping industry. It identifies and analyses the sources of risk in the shipping business and explores in detail the “traditional” and “modern” strategies for risk management at both the investment and operational levels of the business.

The special features and characteristics of all available freight derivative products are compared and contrasted between them. Practical applications of derivatives are showcased through realistic practical examples, while a number of concepts across the contents of this book appear for the first time in the literature. The book also serves as “the reference” point for researchers in the area, helping them to enhance their knowledge of risk management and derivatives in the shipping industry, but also to students at both undergraduate and postgraduate levels. Finally, it provides a comprehensive manual for practitioners wishing to engage in the financial risk management of maritime business. This second edition has been fully updated in order to incorporate the numerous developments in the industry since its first edition in 2006. New chapters have been introduced on topics such as Market Risk Measurement, Credit Risk and Credit Derivatives, and Statistical Methods to Quantify Risk. Furthermore, the second edition of this book builds upon the successful first edition which has been extensively (i) taught in a number of Universities around the world and (ii) used by professionals in the industry.

Shipowners, professionals in the shipping industry, risk management officers, credit officers, traders, investors, students and researchers will find the book indispensable in order to understand how risk management and hedging tools can make the difference for companies to remain competitive and stay ahead of the rest.

This advanced practical textbook deals with the issue of risk analysis, measurement and management in the shipping industry. It identifies and analyses the sources of risk in the shipping business and explores in detail the “traditional” and “modern” strategies for risk management at both the investment and operational levels of the business.

The special features and characteristics of all available freight derivative products are compared and contrasted between them. Practical applications of derivatives are showcased through realistic practical examples, while a number of concepts across the contents of this book appear for the first time in the literature. The book also serves as “the reference” point for researchers in the area, helping them to enhance their knowledge of risk management and derivatives in the shipping industry, but also to students at both undergraduate and postgraduate levels. Finally, it provides a comprehensive manual for practitioners wishing to engage in the financial risk management of maritime business. This second edition has been fully updated in order to incorporate the numerous developments in the industry since its first edition in 2006. New chapters have been introduced on topics such as Market Risk Measurement, Credit Risk and Credit Derivatives, and Statistical Methods to Quantify Risk. Furthermore, the second edition of this book builds upon the successful first edition which has been extensively (i) taught in a number of Universities around the world and (ii) used by professionals in the industry.

Shipowners, professionals in the shipping industry, risk management officers, credit officers, traders, investors, students and researchers will find the book indispensable in order to understand how risk management and hedging tools can make the difference for companies to remain competitive and stay ahead of the rest.

The International Handbook of Shipping Finance is a one-stop resource, offering comprehensive reference to theory and practice in the area of shipping finance. In the multibillion dollar international shipping industry, it is important to understand the various issues involved in the finance of the sector. This involves the identification and evaluation of the alternative sources of capital available for financing the ships, including the appraisal and budgeting of shipping investment projects; legal and insurance aspects of ship finance; the financial analysis and modelling of investment projects; mergers and acquisitions; and the commercial and market risk management issues involved.

Table of Contents

Preface by Editors

Manolis Kavussanos, Professor, Director, MSc in International Shipping, Finance and Management, Athens University of Economics and Business, Greece

Ilias Visvikis, Professor, Director Executive Education and Professional Development, World Maritime University, Sweden

Chapter 1: Shipping Markets and their Economic Drivers

Jan-Henrik Huebner, Head of Shipping Advisory, DNV GL, Germany

Chapter 2: Asset Risk Assessment, Analysis and Forecasting in Asset Backed Finance

Henriette Brent Petersen, Head of Shipping & Offshore Research, DVB Bank SE, The Netherlands

Chapter 3: Overview of Ship Finance

Fotis Giannakoulis, Research Vice President, Morgan Stanley, USA 

Chapter 4: Shipbuilding Finance  

Charles Cushing, C.R. Cushing & Co. Inc., USA

Chapter 5: Debt Financing in Shipping

George Paleokrassas, Partner, Watson, Farley & Williams, Greece

Chapter 6: Public Debt Markets for Shipping

Basil Karatzas, Founder & CEO, Karatzas Marine Advisors & Co., USA

Chapter 7: Public and Private Equity Markets

Jeffrey Pribor, Global Head, Maritime Investment Banking, Jefferies LLC, USA

Cecilie Lind, Associate Investment Banking, Jefferies LLC, USA

Chapter 8: Structured Finance in Shipping

Contributor: Ioannis Alexopoulos, Director, Shipping Financier, Eurofin Group, Greece

Nikos Stratis, Managing Director of Augustea Group, UK

Chapter 9: Key Clauses of a Shipping Loan Agreement

Kyriakos Spoullos, Solicitor, Norton Rose Fulbright, Greece  

Chapter 10: Legal Aspects of Ship Mortgages

Simon Norton, Lecturer, Cardiff Business School, UK

Claudio Chistè, Investec Bank Plc., UK

Chapter 11: Reasons and Mechanics of Handling Defaulted Shipping Loans and Methods of Recovery

Dimitris Anagnostopoulos, Board Member & Director, Aegean Baltic Bank, Greece

Philippos Tsamanis, VP - Head of Shipping, Aegean Baltic Bank, Greece

Chapter 12: Marine Insurance

Marc Huybrechts, Professor, University of Antwerp, Belgium 

Theodora Nikaki, Associate Professor, Swansea University, UK

Chapter 13: Maritime Investment Appraisal and Budgeting

Wolfgang Drobetz, Professor, University of Hamburg, Germany

Stefan Albertijn, CEO, HAMANT Beratungs-und Investitions GmbH, Germany

Max Johns, Managing Director, German Shipowners’ Association, Germany 

Chapter 14: Financial Analysis and Modelling of Ship Investments

Lars Patterson, Shipping Investment Analyst, Pacomarine Limited, UK 

Chapter 15: Maritime Business Risk Management

Manolis Kavussanos, Professor, Director, MSc in International Shipping, Finance and Management, Athens University of Economics and Business, Greece

Ilias Visvikis, Professor, Director Executive Education and Professional Development, World Maritime University, Sweden

Chapter 16: Mergers and Acquisitions in Shipping

George Alexandridis, Associate Professor, ICMA Centre, University of Reading, UK 

Manish Singh, Manish Singh, Group Director - Strategy and M&A, V. Group Limited, UK