THE INTERNATIONAL HANDBOOK OF SHIPPING FINANCE
Edited by Manolis G. Kavussanos & Ilias D. Visvikis
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 multi billion 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.
Technical where appropriate, but grounded in market reality, this is a “must-have” reference for anyone involved in shipping finance, from bank practitioners and commodity trading houses, to shipbrokers, lawyers and insurance houses as well as to university students studying shipping finance
About the Editors
Manolis G. Kavussanos is Professor at Athens University of Economics and Business (AUEB), Greece, Director
of the MSc program in International Shipping, Finance and Management and of the Laboratory for Finance since
inception, member of the steering committees of the MSc program in Accounting and Finance (A&F) and has been
the Director of the MSc and PhD programs in A&F at AUEB for five years.
Ilias D. Visvikis is Professor of Shipping Finance and Risk Management, and Director of Executive Education
and Professional Development at World Maritime University (WMU) founded by the International Maritime
Organization (IMO), and also co-Coordinator of the Postgraduate Diploma in Executive Maritime Management
jointly delivered by WMU and DNV GL.
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
Ioannis Alexopoulos, Director Maritime Finance, Eurofin Group, Greece
Nikos Stratis, Managing Director, 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, Director of Shipping
Programmes, ICMA Centre, Henley Business School, University of Reading, UK
Manish Singh, Group Commercial Director, V.Group Limited, UK
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