Baltic Academy Courses London / New York / Singapore
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2020 Baltic Academy courses London / New York / Singapore Freight Derivatives and Shipping Risk Management Advanced Freight Modelling and Trading Ship Finance Executive Shipping Economics and Investment Bunker Hedging Post IMO 2020 Managing LNG Freight Risk Using Futures balticexchange.com Baltic Exchange Training Courses 2020 The Baltic Exchange runs a series of these courses participants will learn skills professional training courses through its which they can use in their day to day Academy. These take place in key shipping business. Launched in 2005, each course centres and are designed to help shipping, involves a mixture of classroom teaching, fi nance and commodity executives build on practical exercises, group discussion and their knowledge of the maritime markets. case study analysis. Comprehensive The courses are led by experts and deliver a study notes are provided, together with a high level education, combining theory with certifi cate of attendance. real-life practical examples. By attending For course dates please refer to page 9. Freight Derivatives & Shipping Ship Finance Executive Bunker Hedging Post IMO 2020 Risk Management The course aims to raise awareness This half day course is for bunker This course provides an overview of the substantial benefi ts and risks of buyers, traders and suppliers of risk in the shipping business. equity and debt fi nance, to shipping wishing to understand how IMO Topics covered include freight companies looking for capital and 2020 may aff ect the hedging of rate risk management, derivative to investors looking at shipping as a bunker fuel prices as the ‘old’ instruments, freight rate options, market with increasing accessibility contract disappear and ‘new’ bunker and fi nancial risk and potentially strong returns on ones emerge. Attendees will learn management, ship price risk investment. best practices in bunker fuel price management, Value at Risk and risk management, using new low credit risk. Using a variety of real-life examples, sulphur fuel oil contracts and gasoil course participants will learn how contracts as well as basis risk The course is suitable for shipping an IPO is made, what to look for between ports and how to manage professionals looking for an insight when choosing an underwriter, regional discrepancies. into the use of derivatives in their how to identify an under-priced IPO business and fi nancial executives before it is made public using only US$ 600/ S$ 800 who need to understand how the publicly available information, how shipping markets work. to issue a high-yield bond and how Managing LNG Freight Risk to calculate the probability Using Futures £1575 + VAT (UK only) a high-yield bond will default. How to trade and use FFAs eff ectively to manage pricing risk Advanced Freight Modelling £1575 + VAT (UK only) from volatility in LNG freight rates. & Trading This half day course is designed to Shipping Economics This course is designed to be taken help build confi dence in using new & Investment after Freight Derivatives & Shipping indices from the Baltic Exchange in Risk Management, but is suitable The course gives delegates a managing risk for shipping and is for experienced freight traders. theoretical foundation and practical suitable for both LNG and shipping The advanced two day module experience of modern shipping company executives. focuses on pricing freight options, economics and investment. modelling freight rate dynamics The programme covers the US$ 600/ S$ 800 and pricing options on freight. It micro-economic structure of covers constructing forward curves the shipping markets. It looks on freight, modelling freight rate at the fundamentals of shipping volatility as well as hedging and investment including cash fl ow trading strategies using FFA and projection and analysis, capital freight options. budgeting techniques, capital structure and cost of capital in £1575 + VAT (UK only) shipping projects, investment management of shipping projects, asset allocation and shipping investment strategies. £1575 + VAT (UK only) The course leaders Professor Nikos Nomikos He lectures in international commodity trade, commodity derivatives and trading, energy economics and shipping Professor Nikos Nomikos of Cass economics. His research interests are in the areas of Business School, is the director of the commodity economics, energy derivatives and shipping highly-respected Shipping, Trade and economics. Michael has been involved in many research Finance MSc course and co-author and consultancy projects, presented and delivered talks at of the leading reference book on many international conferences, and published many articles shipping risk management – Shipping in energy and fi nance journals, as well as a textbook on Derivatives and Risk Management. Commodity Trade and Finance. Professor Nomikos has collaborated with a number of companies both as consultant as well as educator and has published more than 50 papers in leading international academic journals. His views on commodity and shipping Professor Amir Alizadeh markets are also frequently profi led in the press. He has Amir Alizadeh is Professor of Shipping published more than 50 papers in leading international Economics and Finance and a member academic journals in the areas of shipping fi nance, asset of faculty at the Centre for Shipping pricing and commodity risk management. His views on Trade and Finance. Currently, he commodity and shipping markets are also frequently profi led lectures in Advanced Quantitative in the press. Methods, Shipping Investment Professor Nomikos holds a number of faculty visiting positions and Finance, Oil and Energy Transportation & Logistics, at University of Geneva, Copenhagen Business School, Econometric Modelling, Shipping Risk Management, Energy International Hellenic University and Singapore Management & Weather Derivatives, and Energy Project Investment University. He has a BSc in Economics from Athens University and Finance. His research interest includes, modelling of Economics and Business, an MSc in Shipping, Trade & freight markets and markets for ships, derivatives and risk Finance (Distinction) from Cass Business School and a PhD in management in fi nancial and commodity markets, and Finance from Cass Business School. He is also a Member of forecasting. He has published in several academic journals the Institute of Chartered Shipbrokers. in the area of transportation, fi nance and economics. He also has visiting positions at University of Geneva and Copenhagen Business School, ESCP Europe, and serves on the Editorial Board of Transportation Research Part E and Journal of Dr Nikos Papapostolou Multinational Finance, and is a member of the scientifi c Nikos has been with the Costas committee of the Swiss Research Institute on Commodities Grammenos Centre for Shipping, Trade (SRIC). He has been in close contact with the industry, acting and Finance since 2002. He is a Senior as an adviser and consultant for a number of the trading Lecturer in Shipping Finance, acts as and shipping companies and institutions including the A P the Associate Director to the Centre Moller Maersk, Danish Maritime Cluster, Geneva Shipping and he is the Director of the MSc in and Trading Association (GTSA), Barclays Capital, Standard Shipping, Trade and Finance and Stelios Scholars Programme Chartered Bank, amongst others. Lead at Cass Business School. His research interests are in the fi eld of shipping investment and fi nance, with a focus on capital markets as a source of fi nance for shipping companies, Mikal Bøe investors’ sentiment and behaviour in the shipping industry, freight options pricing and vessel valuation, technical Mikal is a senior executive with analysis trading rules, and commodity derivatives. He holds 28 years’ experience in shipping, a BSc in Money, Banking and Finance from the University of technology and commodities; with Birmingham, an MSc in Shipping, Trade and Finance and a particular focus on risk management. PhD in Finance from City, University of London. Prior to starting CORE-POWER in 2016, Mikal served as Chief Risk Offi cer and Director in charge of Singapore offi ce for Thoresen Professor Michael Tamvakis Thai Agencies (BKK:TTA) an Asian industrial group stock listed in Thailand. He previously served as Chief Risk Offi cer for Michael Tamvakis is a Professor of Eagle Bulk Shipping (NASDAQ:EGLE) in Singapore and New Commodity Finance at Cass Business York; and spent many years at IMAREX, the fi rst regulated School, City University London. He marketplace for freight derivatives. has a degree in economics from the Athens University of Economics and Several unique new businesses were started by Mikal, Business, and MSc and PhD from including bunkerworld.com (1997) sold to S&P Platts in Cass Business School. He is also a 2013, Cleartrade Exchange, now part of the EEX and owned visiting Professor at the University of Geneva. by Deutsche Boerse and CORE-POWER - established to spearhead the development of a commercial market for the ‘Liquid Fluoride Thorium Reactor’ in transport and industry. Freight Derivatives & Shipping – Interest rate caps, fl oors and collars Risk Management – Interest rate and currency swaps and swaptions Day One Case study on shipping risk management – Highlight as Practical Example Introduction to shipping risk – Integrating all aspects of shipping risk – Types of shipping contracts – Presentation of the case – Sources of risk in shipping – Using spreadsheets to solve the case – Market segmentation and sectoral diff erences – Discussion – Comparison