1. Name of the Course課程名稱
Chinese Name:航運金融與風險管理
English Name:Shipping Finance & Risk Management
2. Overview of the Course課程概況
Category課程類別🍂：Major Optional Courses Class hours學時數😺：32 Credit學分數：2
Profession適用專業：Transportation Planning and Management Semester開課學期🍓：The 2nd Semester
College開課單位🧔🏼♂️😶🌫️：College of Transport and Communications
3. The Writer大綱編寫人：Visiting Professor
4. The Objective and Requirement of the Course教學目的及要求
Course Aims to:
1)Develop the fundamental theoretical and empirical framework for efficient shipping financial management
2)Analyse investment, financing and business decisions in shipping
3)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
1)Build a concise framework that integrates core financial decisions of the shipping firm from a theoretical and an empirical perspective
2)Support graduates undertake critical decisions to key fundamental issues in shipping financial management
3)Critically evaluate sensitive shipping investment and financial decision alternatives
4)Implement modern risk management techniques, to control for shipping financial risk exposures
5)Develop practical and integrated shipping financial managerial expertise.
5. Main Content of the Course and Pre-course課程主要內容及先修課程
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課程教學方法
Theoretically analysis plus case study. The students are requested to do assignments and participate in group work to give presentation.
7. Methods of Examination課程考核方式
Assessment will be in the form of an assessment project or writing exam.
8. Textbook課程使用教材
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課程主要參考資料
1)Other Essential Chapters in:
Grammenos, C.Th. (ed., 2nd ed.) (2010), HoME&B. - Adlerton, P. & Rowlinson, M., Chapter 7: The Economics of Shipping Freight Markets.
- Stopford, M., Chapter 9: Shipping Market Cycles.
- Thanopoulou, H., Chapter 23: Investing in Twenty-First Century Shipping: an Essay on Perennial Constraints, Risks and Great Expectations.
- Alizadeh, a. & Nomikos, N., Chapter 26: Managing Freight Rate Risk using Freight Derivatives: An Overview of Empirical Evidence.
- Grammenos, C. Th., Chapter 27: Revisiting Credit Risk, Analysis & Policy in Bank Shipping Finance.
2)Support Material
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.
3)Selected Academic Papers
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