Τμήμα Διεθνών και Ευρωπαϊκών Οικονομικών Σπουδών
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Πλοήγηση Τμήμα Διεθνών και Ευρωπαϊκών Οικονομικών Σπουδών ανά Συγγραφέα "Athens University of Economics and Business, Department of Accounting and Finance"
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Τεκμήριο The 0.5 global Sulphur cap and its implications on the tanker industryKornilaki, Anastasia; Nikolaou, Ioanna; Athens University of Economics and Business, Department of Accounting and Finance; Athens University of Economics and Business, Department of International European Economic Studies; Panayides, PhotisThe dissertation investigates the available methods with which shipowners can comply with the Sulfur regulations of bunker fuels that will be enforced in 2020. To begin with, general characteristics of the tanker shipping industry are presented, such as oil and oil products, ships carrying oil at sea, as well as sources of marine pollution. In continuation, a deep literature review is being carried out on the regulations that have been or will be adopted regarding Sulfur limit and emissions from ships’ engines. We also identify the sea areas to which stricter regulations apply, namely Emissions Control Areas (ECAs) and Particularly Sensitive Sea Areas (PSSAs). The factors that shipowners need to take into consideration and can affect their decision concerning the choice of the optimal method of compliance, are also examined. Furthermore, the available methods with which hipowner can meet the new sulfur requirements, together with the advantages and disadvantages of each method are being analyzed. Finally, a comparison between the various alternative methods is being performed using market reports, previous researches on that subject, a SWOT analysis, a cost comparison of the available methods for three tankers with different characteristics and an ECA calculator in order to calculate the payback period of the proposed investment.Τεκμήριο Ballast water management: an overviewChatziieremia, Eleni; Papagianni, Christina; Athens University of Economics and Business, Department of Accounting and Finance; Athens University of Economics and Business, Department of International and European Economic Studies; Konstantinidis, EmmanouilThousands of potentially harmful marine species are transported all over the world into the ballast water and this is proved by the fact that there are hundreds of examples of severe ecological, economical and human health impacts from invasive aquatic species around the world. The transfer of aquatic invasive species into new environments via ballast water has been specified as one of the greatest threats to the oceans. The risk of spread of these invasive species is being increased as a result of the global nature and continuous growth of maritime trade. In an effort to minimize and ultimately extinguish this risk, IMO proceeded to the implementation of a regulatory framework of international character by adopting the International Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWMC). The aforementioned Convention entered into force on September the 8th of 2017.In turn BWMC affected the decision-making in the maritime industry since it introduced, inter alia, new requirements for port States and ships around the world. The United States have already set in force their own regulations regarding ballast water treatment in an effort to regulate the harmful aquatic organisms’ transfer to their territorial waters. Since there is no globally unified way of facing this challenge and legal approaches vary around the world, the problem becomes more complex. Therefore, a need arises for the regulations and standards applying on new and existing ships to be presented in a clear and consolidated way. This is the reason why this thesis focuses on the different international and regional regulatory frameworks. Ballast Water management is currently entering a new phase where all ships will soon be compelled to meet new and stricter standards for ballast water discharging. Apart from the clarification of the applicable legislation, even stricter ballast water discharge laws and regulations create uncertainty to the ship-owners and alters significantly the costs not only for new but for existing ships as well. This thesis tries to bring attention to the legal approaches and economic challenges and ideally present an overview to maritime professionals to enable them to take the best possible decision in relation to the trading limits of their ships and in relation to the legal regimes they must be compliant with.Τεκμήριο Evaluating the impacts of the global financial crisis and Covid-19 on shipping bonds(01/21/2022) Gulcen, Burak; Woldemariam, Merawi-Girma; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Manolis G.; Demirakos, Efthimios; Drakos, KonstantinosThis dissertation examines whether the Global Financial Crisis (2008) or Covid-19 Pandemic (Great Lockdown) (2020) had direct effects on the yield to maturity, amount raised, and term to maturity in respect to bonds issues by shipping companies around the world, and also identifies the determinants of these 3 shipping bond characteristics for the period between Jan 2000 and June 2021 by examining 1,023 newly issued bonds (cross-sectional) by 176 different worldwide shipping companies.Τεκμήριο Investigation of the relationship of the Shipowner’s sentiment and the volatility of freight rates in the bulk sector and the development of a quantitative model for predicting freight ratesDigalaki, Theodosia; Lappa, Anastasia; Athens University of Economics and Business, Department of Accounting and Finance; Athens University of Economics and Business, Department of International and European Economic Studies; Drakos, KonstantinosThis dissertation undertakes to shed light on the role of Shipping sentiment and its implications for the determination of the Baltic Dry Index. After a brief theoretical approach on the Shipping industry and its characteristics, the behavioral of sentiment and the unique characteristics of the shipping cycle, we use shipping sentient proxies to capture the expectations of the dry-bulk shipping market and if it affects the Shipping Industry and the shipping cycle by examining the impact on Baltic Dry index. Some of the used proxies are contracting, money committed, newbuildings and secondhand prices, etc. Also, along with the shipping sentiment, a wide range of market and macroeconomic indicators, that capture financial conditions, volatility, macroeconomic conditions, are analyzed regarding to BDI by utilizing the Generalized Least Square (GLS) regression methodology. The results of our analysis concludes that shipping sentiment is a significant factor that determines the Baltic Dry Index.Τεκμήριο The Shipping Οrderbook: the factors affecting the world orderbook in maritime industriesKrikigianni, Agni S.; Kampylis, Grigoris D.; Athens University of Economics and Business, Department of Accounting and Finance; Athens University of Economics and Business, Department of International and European Economic Studies; Drakos, KonstantinosThis dissertation provides an econometric analysis of Orderbook as a percentage of the fleet in the shipping market. It begins with information about the intrinsic characteristics and the specific nature of maritime industry as well as the imperative need of predicting possible changes due to alterations in shipping prices. After that, it continues with the way the model was constructed as a reasonable consequence of several econometric equations. Previous researches on models examining the newbuilding and secondhand ship prices as a series of orderbook and other factors are analyzed giving impetus for further examination. The development of an Error Correction Model using Johansen techniques and the analysis of the results provide us useful material for the reasoning behind a potential expansion of shipping companies’ fleet. In particular, we found out that there is no significant relationship between the variables in the short run. On the other hand, in the long run the variables seem to have either great or slight statistical significant relationship between them.