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The 0.5 global Sulphur cap and its implications on the tanker industry
Kornilaki, 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, Photis
The 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.
Dealing with challenges stemming from multinational crew complements
(2020) Mavrommati, Elli; Μαυρομμάτη, Έλλη; Tsouroufli, Ioanna; Τσουρουφλή, Ιωάννα; Kavussanos, Manolis; Androutsopoulos, Konstantinos; Panayides, Photis
The existence of multinational crews on board a ship is a phenomenon that becomes more and more frequent over the years. Multinational crews are mainly chosen due to economic reasons as well as regulations posed by the flags of registry, and their management is a challenging process for the shipping industry. This study investigates and analyzes the reasons leading to various problems stemming from different coexisting nationalities on board a ship and proposes solutions with the main objective of maximizing the efficiency of both the seafarers and the ship. The overriding concern that this dissertation introduces and aims to investigate is the existence of an optimal crew complement in terms of nationalities. This inquiry is accompanied by topics including the criteria by which this complement is formed, or the selection of an effective ratio of seafarers of different nationalities, in order to avoid implications, conflicts and acts of discrimination. In order to answer the research questions, as well as give the dissertation a more credible character, experienced employees of four different shipping companies were called to answer various questions included in an open ended interview. By analysing the extracted answers, it was discovered that Greek shipping companies are able to name an optimal crew complement. Additionally, advantages can stem from the existence of a multinational crew, which is at times preferred from a crew consisted of one nationality. To draw a conclusion, what actually is of great importance is the proper management of multicultural crews and the selection of seafarers while taking into account their personality.
The effectiveness of chartering strategies on shipping returns
(30-10-2022) Lubat, Charlie; Kordalis, George; Athens University of Economics and Business, Department of Informatics; Tsouknidis, Dimitrios; Kavussanos, Emmanuel G.; Panayides, Photis
The length and volatility of shipping cycles have increased historically. Freight rates recently reached unprecedented heights and were followed by market free fall, putting ship owners and managers at an ever-increasing danger. As we can see from the wide range in all major dry bulk vessel sectors have dropped significantly below the most recent highs after surging to levels not seen since 2009. The volatility in shipping is a factor of certainty rather than a factor of possibility. Additionally, vessels may be fixed on the time charter or spot markets, which alters the volatility and expected returns for investors. Over the years the freight market conditions have mostly dictated the chartering policies and strategies followed by shipping companies. Psychological factors that include uncertainty fear and overconfidence have formed a lot of case studies for the studying of which strategy is most effective in each condition of the freight markets. This report will analyze how these strategies, during markets ups and downs, have affected the returns of shipping companies trying as well to identify any trend within the strategies used. The evaluation of each company’s performance will be analyzed under a variety of market conditions, a policy concerning the chartering of vessels on a long-term basis, or a short-term basis obviously compromises many aspects, but in the simplest terms the chartering decision or strategy comes down to a decision whether existing available tonnage should be chartered out on a voyage or a time basis.
Future technologies in chartering
(31-12-2020) Gyftou, Vasiliki; Γύφτου, Βασιλική Βαλίνα; Kallianiotis, Georgios; Καλλιανιώτης, Γεώργιος; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Manolis; Androutsopoulos, Konstantinos; Panayides, Photis
Nowadays, technology is evolving rapidly and is applied more and more in several business. The same trend seems to be followed in shipping although being a traditional industry that is not open in new technologies and changes. The chartering in shipping is one of its most core part; it refers to the transportation of a cargo from the loading port to the discharge port and in general is the procedure via which the vessel is employed. Until now, this procedure is being conducted by ship brokers. Ship brokers’ responsibility is to keep constantly the vessel employed while informing their principals for the current trends in the market or their competitors’ movements in order to develop theirs. However, the introduction of new technologies such as blockchain technology and its derivatives are trying to change the landscape of the whole procedure. They promise to increase the speed of the transactions, reduce the middlemen and automate the whole procedure of the vessel’s employment. Blockchain technology is already used in different supply chains; food distribution, in land transportation, medical sector and real estate are only some of them. However, in shipping, blockchain technology is not vastly applied. In our thesis, we analyzed the existing literature and then we conducted an exploratory research addressed to relevant employees in shipping to find out if the industry is ready to embrace new technologies that can maybe facilitate its operations.
IMO 2020 Sulphur Cap and its impact on shipping companies’ share prices following its announcement
(12/17/2020) Tselios, Chrysanthos; Τσέλιος, Χρύσανθος; Zografakis, George; Ζωγραφάκης, Γεώργιος; Kavussanos, Manolis; Demirakos, Efthimios; Panayides, Photis
The present thesis topic is the impact of the IMO 2020 Sulphur Cap regulationannouncement on 28th October 2016 on the stock prices of shipping companies. This newenvironmental regulation was set to revolutionize the shipping industry and posed major dilemmas on the management decisions of shipowners. We attempt to quantify the potentialfinancial effect of this announcement on shipping companies’ stock returns using the event study methodology with the aid of the risk-adjusted returns’ market model for the analysis of our data. The research is carried out on two perspectives, the first being the testing of thepotential existence of abnormal returns and the second is the examination of changes in themarket risk of the sample companies’ stocks by comparing the market beta of each company’s stock individually. Our findings indicate that there is no evidence of change inthe market risk due to the specific event, while the abnormal returns observed arestatistically insignificant and, therefore, cannot lead to a safe conclusion. However, we notea certain behaviour of the stocks around the event date which, although statisticallyinsignificant, could prove motivational for future researchers to interpret with the use of different quantitative methods. This study aims to inform investors, shipowners, managersand anyone involved in the shipping industry about the potential impact of the IMO 2020 announcement and , in extent, whether future environmental regulation announcements areexpected to affect the performance of shipping companies’ stocks.
The impact of chartering strategy and green shipping on the profitability of a company
(11/30/2021) Bachountouzi, Angeliki; Georgiadou, Evangelia-Danai; Μπαχουντούζη, Αγγελική; Γεωργιάδου, Ευαγγελία-Δανάη; Athens University of Economics and Business, Department of Accounting and Finance; Kavousanos, Emmanuel G.; Moutos, Thomas; Panayides, Photis
The choice between spot and time chartering market divides the investors in the shipping industry. Both strategies have their positive and negative aspects, which will be extensively analyzed. Simultaneously, the new trend that is here to upset the industry, is the green shipping strategy implementation. Green shipping strategy differs from the chartering strategy because this is applied by the International Maritime Organization and all the companies must comply with it. This dissertation aims to answer the question regarding which chartering strategy is more profitable and how the implementation of green shipping strategy will affect the profitability of the company. For this research, data was collected from twenty-one shipping companies over the period 2011 to 2020. The results of the study support that the choice of chartering strategy has a statistically significant impact on the profitability of a maritime company. Specifically, the outcome of the analysis is that voyage chartering strategy has a positive impact on profitability compared to a time chartering strategy, which affects it negatively, for this sample during the examined period. Even though time chartering is the strategy that is preferred by the owners to manage industrial risks, the generated income is lower, compared to voyage chartering generated income. The results also support a positive relationship between green shipping strategy and profitability. Specifically, an eco-friendly fleet positively affects the profitability, regardless the preferred chartering strategy.
Innovation in shipping: effects on freight rates in the tanker market
(2021) Iosifelli, Christina; Sgourou, Carolina; Ιωσηφέλλη, Χριστίνα; Σγουρού, Καρολίνα; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Manolis; Androutsopoulos, Konstantinos; Panayides, Photis
This paper analyses the innovation in shipping and its forms, as well as its effects on the freight rates of tanker vessels. We have examined whether the type of the vessel affects the Freight Rates in a 3-year period, starting from May 2019 until October 2021, and how the Freight Rates have changed before and after the implementation of the IMO2020 regulations. The vessel types used are the VLCC, the Suezmax, the Aframax and the Panamax (LR1) in four categories depending on the innovations of each vessel i.e., conventional, eco-type, scrubber-fitted, eco scrubber-fitted. There is a comparison of the eco fleet throughout the years beginning from 2019 until present focusing on eco-indicators such as eco-design vessels, LNG capable vessels and scrubber fitted and retrofitted vessels percentage, which are extracted by Clarkson’s Shipping Intelligence Network (SIN). Then, there is a further analysis regarding their freight rates from 2019 when the charters of the scrubber-fitted vessels initiated to be recorded in Clarkson’s SIN, however the LNG capable vessels are excluded, as there are no data available regarding their freight rates. We performed regression tests for the freight rates and two fuel oils, which showed the correlation of the variables. The fuel oils used were the Very Low Sulphur Fuel Oil (VLSFO) and the Heavy Sulphur Fuel Oil (HSFO). Finally, in the discussion chapter we linked our findings with the research hypotheses that led us to the conclusion, among others, that the freight rates of the eco scrubber-fitted vessels for all the vessel types, currently have a premium to their freight rates against the others, due to their innovative technologies and the ability to use the HSFO, which has a negative coefficient.
The new reality following the implementation of IMO 2020: the aspect of Greek shipping companies
(02/01/2021) Elissaiou, Amalia Eleni; Ελισσαίου, Αμαλία-Ελένη; Liveri, Stefania-Mavra; Λιβέρη, Στεφανία-Μαύρα; Kavussanos, Manolis; Androutsopoulos, Konstantinos; Panayides, Photis
In the beginning of the current year the maritime industry had to face one of the most challenging changes that she ever had to face regarding a greener future. IMO decided to implement a very demanding Sulphur cap so as to prevent the sulphur emission from increasing. That decision was welcomed with many concerns by the industry. Currently, the majority of global maritime companies have adapted to the new reality and have come up with sufficient methods in order to comply with the new regulation. Nevertheless, the fact that the market has come to a new equilibrium doesn’t mean that this new balance came without sacrifices within the industry. In the subject research, it was investigated the way the Greek shipping companies managed to undertake the new challenges, by interviewing some people within the market with years of experience and most importantly personal experience with the current situation. After investigating the acceptable alternative ways of compliance, what major Greek companies decided to apply and always taking into account the months after the implementation of the regulation until today, the conclusion is that the industry overcame the sulphur limitation obstacle, either by applying new technologies like scrubbers or by using fuels with lower sulphur levels and despite the starting concerns about bunker prices increasing dramatically, the differences are not sufficient so as to provoke sustainable operation within the field.
Shipping pools in bulk markets: is it worth entering?
(11/30/2018) Boli, Marina; Mavraki, Maria; Athens University of Economics and Business, Department of Accounting and Finance; Tsekrekos, Andrianos; Kavousanos, Emmanuel; Panayides, Photis
In the volatile and risky environment of the shipping industry, shipowners and managers evaluate strategic alternatives to spread the market risk and to enhance their financial and business performance. Pooling tonnage has become a recent concept in the tramp sector within the last years as a response to the challenging market conditions. The aim of the dissertation is to identify the fundamental drivers that lead shipowners to take the alternative of participating in bulk shipping pools and to prove that this strategic alliance brings a comparative advantage to them rather than operating independently. With the aid of the qualitative method of analysis, a set of 15 questionnaire questions has been addressed to shipping companies in Greek and Scandinavian countries and has been further analyzed to prove the main objective of this thesis concerning the worthiness of entering into pooling agreements. Through critical analysis on the existing literature review, it has been observed that shipowners have a widely positive sentiment towards pools and consider that diversification and risk sharing are the most valuable contributions of shipping pools in their business performance. As shipping pools are a widely general topic, further investigation needs to be done, especially through quantitative analysis, in order to reach out more concrete results.
A study of crude oil route profitability
(31-10-2022) Αμουργιανός, Κωνσταντίνος; Καραδημητρίου, Μιχάλης; Amourgianos, Konstantinos; Karadimitriou, Michalis; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Emmanuel G.; Tsouknidis, Dimitrios; Panayides, Photis
Δεδομένου ότι η ναυτιλία είναι ένας από τους πιο ασταθείς κλάδους, η δυνατότητα προσδιορισμού των δρομολογίων ναυτιλίας τα οποία είναι πιο ευάλωτα σε αλλαγές, επηρεασμένη σε μεγάλο βαθμό από μια σειρά γεωστρατηγικών και οικονομικών παραγόντων, μπορεί να οδηγήσει σε κερδοφορία.Το κέρδος στη ναυτιλιακή βιομηχανία, όπως και σε κάθε άλλο κλάδο, είναι η κύρια προτεραιότητα των πλοιοκτητών. Όλες οι ναυτιλιακές εταιρείες, ανεξάρτητα από το μέγεθος τους , φιλοδοξούν για τα υψηλότερα δυνατά κέρδη, καθιστώντας την κερδοφορία σταθερό στόχο σε κάθε ναυτιλιακό κύκλο. Ειδικότερα, οι πλοιοκτήτες επιθυμούν να είναι σε θέση να προσδιορίζουν ανά πάσα στιγμή ποια ναυτιλιακή διαδρομή είναι η πιο κερδοφόρα όσον αφορά τον τομέα τους, ξηρό ή υγρό, και τη χωρητικότητα του πλοίου.Με βάση την έρευνά μας στη διαθέσιμη βιβλιογραφία και χρησιμοποιώντας δεδομένα των τελευταίων 20 ετών καταφέραμε να κατασκευάσουμε ένα μοντέλο που φαίνεται να απεικονίζει την ιδανική διαδρομή όσον αφορά την κερδοφορία για τη ναυτιλία στην αγορά αργού πετρελαίου, σε εύλογα αξιόπιστο βαθμό, λαμβάνοντας πάντα υπόψη καθορισμένους περιορισμούς που συναντώνται σε αυτόν τον κλάδο και για το σκοπό αυτό.
Study of decarbonisation and environmental sustainability of shipping
(2021) Diamantopoulou, Maria; Lazaridou, Pelagia; Διαμαντοπούλου, Μαρία; Λαζαρίδου, Πελαγία; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Emmanuel G.; Moutos, Thomas; Panayides, Photis
Shipping industry has a significant contribution in the production of CO2, sincevessels, in their majority, still use fossil fuels to power their operation. CO2 emissionsthemselves have a negative impact on the environment as they contribute to thephenomena of global warming and climate change. The purpose of the project is toexamine alternative, more eco-friendly ways to power the vessels. The total CO2output from global shipping was used as the dependent variable and was examinedtogether with the independent variables of: a) eco electric power fleet, b) fleet withscrubbers, f) use of LNG as a fuel and slow steaming for the four main shippingcategories (bulkers, containers, crude and product tankers). The time period chosenfor the students’ research in this project is 2005- 2021. During this time span, whichcovers almost two decades, significant measures for decarbonisation took place alongwith relevant IMO regulations with the most well- known the “IMO 2020”. However,the response in some research questions is based on a smaller time interval because ofinsufficiency of data. Results show that use of eco electric power generators and theuse of LNG as fuel can reduce CO2 output. Same results can be seen also for slowsteaming. Use of scrubbers does not show evidence of reducing CO2 emissions. Thiscan be considered as reasonable, since their main purpose is reducing SOx emissions.Results are discussed further and proposals are made towards academics and businessstakeholders.
Sulphur Cap 2020 - How shipping companies are affected and how they should react
(01/10/2018) Xiros, Anastasios; Kamilaris, Nikolaos; Athens University of Economics and Business, Department of Accounting and Finance; Konstantinou, Panagiotis; Androutsopoulos, Konstantinos; Panayides, Photis
New International Maritime Organization (IMO) legislation to be enforced from 1 January 2020 aims to reduce the sulphur limits in exhaust gases emitted from vessels around the globe. The aim of the legislation is reduction of local pollutants and mitigation climate change by cutting greenhouse gas emissions. The regulation dictates that ships can continue to consume residual fuels under the prerequisite that they deploy scrubbers to desulphurise the exhaust gases. Alternatively, vessels can comply with regulations by burning fuels which on their own contain less than 0.5% sulphur or alternative fuels i.e. liquefied natural gas (LNG). The direct impact to the shipping industry is the mandate to change the fuel carried on board, into fuel types, which adhere to the new regulations or install a scrubber system, or resolve to alternative fuels. This need for alternative options will result into a reduction in local pollutants and will cut greenhouse gas emissions, thus mitigating climate changes. For ship owners and operators, the selection of compliance method should meet specific criteria to be sustainable in the future. This thesis presents in detail the available options to efficiently adhere to the new regulations, with special focus on the advantages, disadvantages and challenges each one will present. The methodology followed focuses on three major commercial vessel types and analyses the net present value of the accumulated costs related to each option over a period of 10 years and the payback time of these options requiring a significant upfront investment. This thesis concludes that the scrubber solution is the optimum solution in the short term (within a 5 years), while justifying that inevitably low sulphur compliant fuels will dominate the market in the long term.