September 2012

Course handbookMSc in Shipping, Trade and FinanceMSc in Supply Chain, Trade and FinanceMSc in Energy, Trade and Finance

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Table of Contents

Page

Section 1 Course Directors’ Welcome 3

Section 2 Programme Information

Programme Aims 4

Programme Structure 4

Assessment Matrix 7

Term Dates and Assessment Periods 9

Section 3 Module Descriptions

SMM560 Advanced Quantitative Methods 10

SMM586 Corporate Finance 13

SMM711 Energy Economics 15

SMM562 Financial Markets 18

SMM977 Global Supply Chain Management 21

SMM563 International Commodity Trade 23

SMM554 International Economics 25

SMM555 Managerial Accounting 30

SMM566 Oil and Energy Transport and Economics 33

SMM972 Oil and Energy Transportation and Logistics 36

SMM712 Power Markets 39

SMM557 Principles of Finance 42

SMM556 Quantitative Methods 45

SMM522 Research Project Management Skills 48

SMM558 Shipping Economics 50

SMM564 Shipping Investment and Finance 53

SMM559 Supply Chain Economics 57

Business Research Project 59

Elective Information 61

Section 4 Regulations

Degree Requirements 62

Assessment Calculations 62

Coursework 63

Failure and Re-sitting of Modules 63

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Award of Merit and Distinction 63

Grade Related Criteria 65

Section 5 Additional Information

MSc Course Office 66

Virtual Learning Environment (Moodle) 66

Personal Tutors 67

Staff Contact Details 67

Visiting Faculty and Course Contributors 70

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Section 1 Course Directors’ Welcome

We would like to extend a warm welcome to all students on the MSc in Shipping, Trade and Finance, MSc Energy, Trade and Finance and the MSc in Supply Chain, Trade and Finance.

You have joined three extremely demanding postgraduate courses and the next 12 months

of your academic life are going to be difficult, but also extremely rewarding.

Through the year you will be exposed to many new things, you will be lectured by a series of

leading academics and practitioners, all of them experts in the areas of finance, trade,

energy, supply chain and shipping. You are expected to acquire not only the knowledge and

theoretical background, but also the skills necessary to launch you into a career in the sector of your choice.

Your learning experience is going to be multi-faceted. Learning is not only attending lectures

and sitting exams. You will be asked to be prepared in advance for your classes, to prepare coursework, either individually or with a group of your fellow students, to prepare

presentations, participate in case studies, attend tutorials, participate in visits, undertake

independent research work for your Business Research Project, and also prepare yourself to

compete in the professional arena. At the same time as your academic commitments, you will also have to spend a considerable amount of time preparing for, and undertaking, your

career search activities - which will also require a considerable amount of time. In short, you

will have plenty of things on your plate and if the choice is bewildering, members of the academic and administrative staff are here to lend you an ear, help you, or direct you to the

source that will provide the best assistance. So do not hesitate to contact us and let us know

of any concerns immediately.

On behalf of all the staff we would to like extend our best wishes for the new academic year.

Prof Nikos Nomikos

Director, MSc in Shipping, Trade and Finance

Prof Michael Tamvakis

Director, MSc in Energy, Trade and Finance

Prof ManMohan Sodhi & Prof Lilian De Menezes

Directors, MSc in Supply Chain, Trade and Finance

For further information on staff and the Centre’s activities please go to:

http://www.cass.city.ac.uk/research-and-faculty/centres/stf

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Section 2 Programme information

Programme aims

In addition to the overall aims and objectives of the Business School, the aim of the MSc in

Shipping, Trade and Finance, the MSc in Supply Chain, Trade and Finance and the MSc in

Energy, Trade and Finance is to produce an informed, knowledgeable, confident, networking

executive, who can perform in an international business environment, under pressure and

within time constraints. This aim falls within the University's strategic aims of providing high

quality education, making a significant contribution to the success of London as a world city

and increasing its international scope and reputation.

The objective of the three courses is to make it possible for participants to:

• Acquire a solid theoretical background in the areas of shipping, trade, finance, energy,

supply chain and transport

• Acquire up-to-date knowledge, based both on academic theory and on practical

applications

• Acquire IT, presentation, team working and critical thinking skills

• Work under pressure in a very competitive environment

• Obtain a qualification which enables them to succeed in the fields of shipping, trade, finance, energy, transport and related areas

The course structure, content and teaching methods are attuned to the objectives set out

above. The degree to which these objectives are attainable can be deduced from the

successful placement of graduates in about 50 countries around the world.

Programme structure

Term 1: Foundation core modules

Part 1 of the MSc sets out the fundamental knowledge, skills and tools which are necessary

to get the maximum benefit from the courses offered in the spring and summer terms.

The following modules are compulsory:

• International Economics (STF & SCTF only) OR Energy Economics (ETF only)

• Managerial Accounting

• Principles of Finance

• Quantitative Methods

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And either

• Shipping Economics (STF only)

or

• Supply Chain Economics (SCTF only)

or

• Oil and Energy Transportation and Logistics (ETF only)

Term 2: Specialist core modules

Part 2 of the MSc consists of 6 compulsory modules which offer the specialist knowledge in

the areas of finance, trade and either shipping or transport and logistics or oil and energy.

The following modules are compulsory:

• Advanced Quantitative Methods

• Corporate Finance

• Financial Markets

• International Commodity Trade (STF and SCTF only) OR Power Markets (ETF only)

• Research Project Management Skills

And either

• Supply Chain Management (SCTF only)

or

• Shipping Investment and Finance (STF only)

or

• Oil and Energy Trading Economics and Finance (ETF only)

Details of each module are shown on individual syllabi. Please note that there may be minor

changes to the course syllabi during the year. Lecture times and classroom locations are

indicated on term timetables.

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Term 3

Option 1: Five specialist electives

Option 2: Business Research Project and one specialist elective

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Assessment Matrix

Module Title Module Code

Credits Assessment weightings used to calculate module mark

Coursework Examination Term One International

Economics OR

SMM554 or 15 100% N/A

Energy Economics SMM711

Invigilated Test

Managerial Accounting SMM555 15 N/A

Invigilated Test 1 40%

Invigilated Test 2 60%

Principles of Finance SMM557 15 N/A

Invigilated Test 1 25%

Invigilated Test 2 75%

Quantitative Methods SMM556 15 N/A

Invigilated Test 1 25%

Invigilated Test 2 75%

Shipping Economics

OR

SMM558 or 15 N/A

Supply Chain

Economics OR

SMM559 or

Oil and Energy

Transportation and Logistics

SMM972

Invigilated Test 1 OR coursework

25%

Invigilated Test 2 75%

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Module Title Module Code

Credits Assessment weightings used to calculate module mark

Term Two Coursework Examination Corporate Finance SMM586 15 25% 75%

International Business

and Financial Markets

SMM562 15 25% 75%

International Commodity Trade or

SMM563 or 15 25% 75%

Power Markets SMM712

Global Supply Chain Management or

SMM977 or 15 25% 75%

Shipping Investment and Finance or

SMM564 or

Oil and Energy Trading Economics and

Finance

SMM566

Advanced Quantitative

Methods

SMM560 5 100% N/A

Research Project

Management Skills

SMM522 10 100% N/A

Term Three

Option One Elective 1 SMMXXX 10 100%

Elective 2 SMMXXX 10 100%

Elective 3 SMMXXX 10 100%

Elective 4 SMMXXX 10 100%

Elective 5 SMMXXX 10 100% Option Two Business Research

Project

SMM527 40 100%

Elective 1 SMMXXX 10 100%

Degree Total 210

ECTS equivalencies

Each MSc course is worth between 180 - 210 CAPS credits. As a general rule two CAPS

credits equal one ECTS credit. (For example, a course with 180 CAPS credits is worth 90

ECTS credits.)

*CAPS (Credit Accumulation of Programme Specification)

*ECTS (European Credit Transfer and Accumulation System)

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Term Dates and Assessment Periods

Induction

17 – 28 September 2012

Term One

01 October – 07 December 2012

Term One Invigilated Tests

Mid-terms: 12-16 November 2012, Finals: 14 – 25 January 2013

Term Two

28 January – 09 April 2013

Term Two Examinations

29 April – 10 May 2013

Term Three

13 May – 28 June 2013

Term Three Assessments

01 – 12 July 2013

Term One and Two Re-sit Invigilated Tests

29 July – 2 August 2013

Resit Examinations and Assessments (terms two and three)

19 – 30 August 2013

Business Research Project Submission Date

02 September 2013

Students are expected to be in attendance at lectures and other classes during term time;

attend all invigilated tests and examinations. Students should not make travel arrangements

during term time or assessment periods. Any absence from any form of assessment, which

does not constitute valid extenuating circumstances, will result in the student re-sitting the module as a second attempt.

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Section 3 Module Descriptions

ADVANCED QUANTITATIVE METHODS SMM560

Module Leader Dr Amir Alizadeh

Sessions 18 hours of which 6 x 3 hour lectures 6 hours labs of which 4 x 1.5 hours

Sub-Groupings Students will be divided in two groups (A and B)

Module Assessment This module will be assessed by Coursework 100%.

This module aims to get students to combine economic/financial theory with more advance quantitative techniques and Excel to research an empirical problem or assist business

decision making process. The Advanced Quantitative Methods module covers different

applications of probability and statistical techniques to analyse and solve various problems in business, economics, finance and transport. These include regression analysis, forecasting,

simulations, inventory control, queuing theory, etc. Where possible, Excel is used to

demonstrate how the theoretical topics covered can be applied in practice using computers. The module is assessed by a piece of coursework.

Educational aims

The aim of this module is to introduce students to the advanced quantitative techniques and

skills required:

• To follow other advanced modules in the MSc programmes

• To complete empirical projects (including the Business Research Project) involving

intensive data analysis

• In the business world by the professional manager and researcher.

The objectives of the module are that students completing the module should be able to:

• Perform and interpret advanced statistical techniques and methods

• Understand fundamental empirical techniques used to deal with specific (transport, trade

and finance) problems in other modules and in empirical studies - papers

• Cope with quantitative skills required in other more advanced elective modules

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• Use mathematical and statistical techniques to analyse empirical problems in coursework,

empirical investigations and the Business Research Project.

Learning outcomes

At the end of this module, student will be able to:

Skills

• Perform simple linear regressions and correlation analysis

• Perform forecast and evaluate the performance of different types of forecasting

techniques

• Perform simulations, analyse the outcome and make decisions based on the outcome

• Solve linear programming problems and use them to optimise objectives

• Understand and analyse queuing problems

• Solve inventory management problems.

Knowledge and Understanding

• Understand and perform Value at Risk analysis.

Syllabus

• Multivariate analysis and regression models; applications and problems

• Forecasting with regression and other time series models

• Queuing theory and waiting line analysis; single channel and multi-channel queues

• Linear programming and optimisation, solution methods and interpretation of results and applications in management and transportation

• Simulation technique and its application in business decision making, economics and

finance

• Inventory management, Economic Ordering Quantity (EOQ) and stock management.

Reading List

J. Curwin and R. Slater, Quantitative Methods for Business decisions, Nostrand Reinhold

D. Salvatore, Statistics and Econometrics, (Schaum series) McGraw-Hill

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S. C. Albright, W. L Winston, and C. Zappe, “Data Analysis and Decision Making with Microsoft Excel” Duxbury Press.

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CORPORATE FINANCE SMM586

Module Leader Dr. Giovanni Cespa

Sessions 10 x 3 hourly sessions in the spring term

Sub-Groupings Students will be divided in two groups (A and B) Module Assessment Coursework 25%

Examination 75%

Educational aims

The aim of this course is to develop an understanding of theory and practice of modern

corporate finance so that the corporate manager, the investment banker and the financial

analyst will have the conceptual foundations for making intelligent assessments of key financial decisions. Through examples and case studies, students will have a good

understanding of the way businesses make investments and raise the capital required.

The course will make it possible for participants to:

• Appreciate the implications of modern finance theory on practical corporate finance

issues

• Develop analytical skills to evaluate complex corporate finance decisions

• Understand the perspectives of corporate managers, shareholders, financiers and financial intermediaries of key financial decisions

• Familiarise with contemporary corporate finance practice and market trends evolving in

different countries

• Gain confidence in making financial decisions under risk and varying time horizons.

Learning outcomes

On completing the module the participants will:

• Know the key considerations affecting corporate finance decisions

• Understand the context and structure of corporate finance transactions

• Compete for management positions in corporate and financial institutions

• Develop and execute complex corporate finance deals

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Syllabus

The course will comprise of ten sessions of three hours contact time each. In addition, the students will be expected to devote, at least, an equivalent amount of learning time in private

and group study of course material and the preparation of the case-study presentations. The

preparation of the coursework assessment will involve additional time in private and group

study.

The course is designed to follow the Induction in Principles of Finance and use the key

concepts (NPVs, Modern Portfolio Theory, Capital Asset Pricing and Arbitrage Price Theory)

used in this course.

The ten sessions of the course are listed below:

1. NPV and Capital Budgeting

2. Risk, Return and Cost of Capital 3. Financing Decisions and Market Efficiency

4. Payout Policy

5. Capital Structure

6. Company Valuation 7. Options

8. Debt Financing

9. Risk Management 10. Corporate Governance, Mergers & Acquisitions

Reading List

Brealey/Myers/Allen, Principles of Corporate Finance, McGraw-Hill, 9th Edition, 2008

Case Study Book

Bruner, R. F., Case Studies in Finance, McGraw-Hill, 5th Edition, 2007

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ENERGY ECONOMICS SMM711

Module Leader Professor Michael Tamvakis

Sessions 10 x 3 hour sessions

Sub-Groupings This module is only for ETF students who will be taught in

one group

Module Assessment Invigilated Test 100%

Educational aims

The aim of the module is to provide the student with an energy-specific toolkit, which will allow him/her to understand the broader economic concepts and issues in this sector, before

dealing with the detailed business and finance issues which are dealt with in the other three

energy-specific modules.

The objectives of this module are to allow students to:

• Acquire the fundamental knowledge of energy market economics, upon which the rest of

the degree is built

• Explore topics in hydrocarbon supply and demand, such as geology, extraction, transformation, final consumption

• To understand the microeconomic organisation of oil, natural gas, coal and electricity

markets

• To gain a basic understanding of renewable energy, including the generation and economics of the key types: Wind, Solar Thermal, Photovoltaics, Hydro, Biomass, Tidal

Wave, Geothermal, Nuclear

• To explore additional energy policy issues, for example: energy security, climate change

and carbon emissions, sustainability, technological innovation, micro-generation.

Learning outcomes

Students are expected to:

• Understand the key supply characteristics of hydro-carbons, such as geology, extraction, transformation

• Understand the economics of renewable energy generation and distribution

• Understand how supply and demand factors interact to formulate prices for the various

sources of energy

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• Understand how policy issues, such as supply security and climate change, can influence

the pricing of and investment in the variety of energy sources available

• Possess the vocabulary necessary in energy business, including all relevant terminology,

measurement units and conversions

• Use economic analysis to understand what drives the markets in both exhaustible and

renewable energy sources

• Appreciate the impact that energy production/generation and consumption have on our

living environment

• Incorporate climate change and sustainability issues as he/she approaches energy-

related business problems.

Syllabus

A brief outline of the 10 lectures:

1. World energy history and overview: demand, supply and trade

2. Oil economics and geopolitics

3. Refined oil products and the refining industry

4. Natural gas economics and geopolitics

5. Coal economics and geopolitics

6. Electricity markets

7. Renewables I: Wind and solar

8. Renewables II: Hydroelectricity, nuclear and other renewable sources

9. Sustainability and externalities: climate change and emissions

10. Other policy issues: supply security, fuel poverty, future challenges

Reading List

• Everett, B., Boyle, G., Peake, S. and Ramage, J. (2012), Energy Systems and Sustainability: Power for a Sustainable Future, 2

nd ed.,Oxford University Press, ISBN

9780199593743

• Banks, F. E. (2007), The Political Economy of World Energy: An Introductory Textbook, World Scientific Publishing, ISBN 9789812700377

• Dahl, C. A. (2004), International Energy Markets: Understanding Pricing, Policies and Profits, PennWell Corporation, ISBN 9780878147991

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• Boyle, G. (2004), Renewable Energy: Power for a Sustainable Future, 2nd ed., Oxford

University Press, ISBN 9780199261789

• Kaltschmitt, M., Streicher, W. and Wiese, A. (eds.) (2007), Renewable Energy: Technology, Economics and Environment, Springer, ISBN 9783540709473

• Scrase, I. and MacKerron, G. (eds.) (2009), Energy for the Future: A New Agenda,

Palgrave Macmillan, ISBN 9780230221529.

Further details to be given at the beginning of the term and throughout the course of the

lectures, as appropriate.

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INTERNATIONAL BUSINESS & FINANCIAL MARKETS SMM562

Module Leader Professor Ian Marsh

Sessions 10 x 3 hour sessions

Sub-Groupings Students will be divided in two groups (A and B) Module Assessment Coursework 25%

Examination 75%

Educational aims

The aim of the module is to develop a clear understanding of the role and the importance of

financial markets and institutions. Through an in depth study of the strategic and financial

aspects of the multinational corporation, it also addresses some of the unique problems of businesses that operate across national frontiers.

The module will make it possible for the participant:

• To acquire a detailed understanding of the way in which international business and financial markets operate

• To be able to seek rewarding career opportunities in the world of international business,

such as investment banking, commodity trading, shipping finance or insurance.

Learning outcomes

This module will give the participants:

• Detailed understanding of the financial environment within which business corporations

operate

• Knowledge of the structure and functioning of financial markets and institutions

• The ability to understand how the financial environment evolves to meet the needs of

lenders and borrowers.

Syllabus

The module will last for 10 weeks, with one lecture a week. Students will be expected to devote, at least, an equivalent amount of learning time in private and group study of the

module material.

Coursework makes up 25% of the total marks. There is also a three-hour written exam in April, which makes up 75% of the total marks.

Session 1

Fundamental Issues of Financial Markets

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Session 2

Financial Markets and Institutions

Session 3

International Debt Markets: Eurocurrency Markets, Eurocredits, Syndicated Credits,

Euronotes, Eurobonds. International Equity Markets: Cross-listing in Foreign Stock Exchanges.

Session 4 Financial Futures and Options Markets

Sessions 5 Money and Debt instruments: Yield calculation and Bond pricing

Session 6

Fixed Income Analysis - Bond Pricing and Yield

Session 7

Managing Fixed Income Investment – Measuring and managing interest rate risk in bond markets with duration and convexity

Session 8 FOREX Markets and International Parity Conditions

Session 9

Managing Transaction, Translation and Economic Exposure. Hedging FOREX Risk using Forward, Futures and Options.

Session 10 Interest rate Risk Management: Hedging Interest Rate Risk using Futures and Options.

Reading List

You are advised to purchase at least one of these texts.

Pilbeam, K. Finance and Financial Markets, 2nd Edition, Palgrave, 2005

Eiteman, D.K., Stonehill, A.L. and Moffett, M.H., Multinational Business Finance, 10th Edition,

Addison-Wesley 2001 (hereinafter ESM)

Madura, J. (2003) Financial Markets and Institutions, 6th Edition, South Western

Shapiro, A. (2003) Multinational Financial Management, 7th Edition, John Wiley & Sons.

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Bodie, Z., Kane, A. and Marcus, A.J., Essentials of Investment, 4th Edition, McGraw-Hill,

2001 (hereinafter BKM)

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GLOBAL SUPPLY CHAIN MANAGEMENT SMM977

Module Leader Professor Mohan Sodhi

Sessions 54 hours of 3 hour sessions

Sub-Groupings This module is only for SCTF students who will be taught in

one group

Module Assessment Coursework 25%

Examination 75%

Educational aims

Global supply chain management is a vast area and the course aims to teach the cross-

functional aspects of supply chain management as well as each of the functions individually.

The “global” part would be achieved by using international cases.

Learning outcomes

On completion of the module, the student should:

• Understand how supply chain management is inter-dependent

• Understand different functions within the supply chains: procurement, transportation,

warehousing, distribution, etc

• Understand how to align the different functions within the supply chain to the same

strategy

• Understand supply chain risk.

Syllabus

The module will comprise of one or two weekly sessions. In addition, the student will be

expected to devote, at least, an equivalent amount of learning time in private and group study of module materials and the preparation of the case presentation.

The module will include a series of lectures by the module leader, to be supplemented by

several guest lecturers from the industry.

Functional topics:

• Customer service

• Supply chain information systems

• Inventory and materials management

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• Transportation

• Warehousing

• Materials handling, packaging and reverse logistics

• The supply chain organization

Cross-functional topics:

• Supply chain configuration

• Supply chain integration

• Supply chain risk

• Strategic alliances and partnerships

• Outsourcing

• International issues in global supply chain management

• Coordinating supply chain and product design

• Decision support systems for supply chain management

Reading List

Designing and Managing the Supply Chain (3rd Edition), by D. Simchi-Levy, P. Kaminsky,

and E. Simchi-Levi, McGraw Hill, 2008, or

Supply Chain Management: Strategy, Planning and Operation, by S. Chopra and P. Meindl,

Prentice Hall, 2006.

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INTERNATIONAL COMMODITY TRADE SMM563

Module Leader Professor Michael Tamvakis

Sessions 10 x 3 hour lectures

Sub-Groupings This module is only for STF & SCTF students only.

Students will be divided in two groups (A and B)

Module Assessment Coursework 25%

Examination 75%

Educational aims

The aims of the module are:

• To discuss in depth the economics of supply and demand of major commodities in

energy, agriculture and metals

• To describe and analyse the world trade patterns in those commodities

• To analyse the structure, mechanisms and instruments of the cash, forward and futures

markets of those commodities.

Objectives of the module are to ensure that students will:

• Have an extensive knowledge of the physical/economic characteristics and trade patterns

of the major groups of commodities such as oil, gas, coal, grains, softs (coffee, sugar, cocoa) and base metals (iron, copper, aluminium)

• Comprehend the role and structure of commodity cash and derivative markets and the

trading instruments used therein.

Learning outcomes

Students will be able to:

• Understand and critically analyse any topic related to major commodity markets (energy,

agriculture and metals) whether related to their economics, politics, physical trade, or

derivative markets

• Devise hedging strategies in these commodities and perform calculations to this effect.

Syllabus

The module focuses on the world’s major bulk commodities, broadly arranged into energy, food, mineral and industrial goods. After looking at its physical features, each commodity is

examined in depth in order to establish its distinctive micro-economic characteristics,

focusing on demand, supply and pricing mechanisms. Finally, we take a look at trading

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practices particular to the commodity in question, including both physical and futures

markets.

Lecture 1 Energy markets: Crude oil and products

Lecture 2 Oil pricing: Brent

Lecture 3

Natural gas

Lecture 4

Coal

Lecture 5

Mineral markets; Iron and steel

Lecture 6

Aluminium and copper

Lecture 7

Hedging in metal markets: the LME

Lecture 8

Agricultural markets: Grains

Lecture 9 Softs (coffee, cocoa, sugar); Forest products and rubber

Lecture 10 Hedging in agricultural markets

Reading List

Tamvakis, M. (2007) Commodity Economics and Trade, Informa

You will also need to regularly follow commodity news and prices in the Financial Times, Bloomberg and Reuters. A good way to achieve this is by subscribing to free RSS feeds on

the relevant websites, either on your PC or your mobile device.

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INTERNATIONAL ECONOMICS SMM554

Module Leader Professor Keith Pilbeam

Sessions 10 x 3 hourly sessions

Sub-Groupings This module is for STF & SCTF students only who will be

taught in one group

Module Assessment Coursework 100%

Educational aims

A proper understanding of many of the problems facing economic policy makers today

requires an analysis of open economics that trade with one another. This module is

designed to introduce students to the economic tool kit most widely employed to analyse policy issues in the field of international economics. The module is split into two parts (i) the

theory of International Trade and Protection and (ii) the Macroeconomics of Open

Economies. The theory of trade covers issues such as absolute and comparative advantage, the effects of trade on income distribution and the impact of protectionism. There is also an

examination of the theory and practice of economic integration with reference to the

European Union. The principles underlying the world trading system including the WTO are

also covered.

The second part of the module looks at the international monetary system covering issues

such as foreign exchange, interpretation of the balance of payments, the formulation of

economic policy in an open economy, the impact of capital flows and the Economics of Monetary union in Europe.

The aims of the module are to:

• Provide students with a sound theoretical base with which to examine real world events

• Understand the global economic issues confronting policy makers with respect to both trade and monetary matters

• Understand the international framework facing businesses today

The objectives of the module are to:

• Apply economic concepts to international economic issues

• Apply mathematical and graphical techniques to international trade and international

monetary issues

• Interpret current international economic issues using theoretical concepts

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Learning outcomes

• To understand the difference between comparative and absolute advantage, the gains from exchange and specialisation and the various other gains from trade

• To understand the implications of free international trade and the impact of protectionist

measures that limit international trade

• To understand differing types of trading blocs such as NAFTA and the EU and the current international trading under the WTO framework

• To understand what the balance of payments measures and the impact of various

policies designed to remedy balance of payments problems

• To understand how monetary and fiscal policies impact upon an open economy

• To understand exchange rate theories and the economic issues raised by EMU

Syllabus

Part One: The Theory of International Trade and Protection

Some Statistics Concerning International Trade

The scope of international economics

The importance and growth of world trade

The structure of world trade

The Classical Model

Absolute and comparative advantage

The Tool Kit of the Neo-classical Model

Assumptions of neo-classical trade theory Derivation of the production possibility frontier

Community indifference curves

The Gains from Trade

Absolute and comparative advantage The gains from specialisation and exchange

Winners and losers from trade - the income redistribution issue

The Heckscher-Ohlin Model

Factor abundance defined in quantity and price terms

The Leontief paradox

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The Impact of Trade on Factor Prices

The impact of trade on the returns to capital and labour The factor price equalization theorem

Implications for developed and developing countries

The Theory of Protection

The effects of a tariff in the small country model Winners and losers from protectionism

Why do governments not just abolish tariffs?

The Theory of Economic Integration

Free trade areas and the problem of trade deflection

Customs unions - trade creation and trade diversion The Cooper and Massell critique

Measuring the effects of economic integration

The WTO Principles and Current International Trading Order

Reciprocity Non-discrimination (most favoured nation clause)

Tariffs preferred to quotas (transparency)

Dumping by a Price Discriminating Monopolist

Part Two: The Macroeconomics of Open Economies

Foreign Exchange

The spot and forward markets

Trade weighted exchange rates

Real ands nominal exchange rate indices Purchasing Power Parity (PPP)

Uncovered Interest Parity (UIP)

The Balance of Payments and Devaluation

Trade account, capital account, balance for official financing Disequilibrium concepts

Do the record US balance of payments deficits matter ?

The role of the IMF and its policies

Approaches to the Balance of Payments and Devaluation

The Marshall-Lerner condition and J-curve effect

The Absorption approach

The IMF its role in balance of payments crises

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The International Monetary System - Past, Present and Future

Bretton Woods

Floating Exchange Rates

The International Monetary System

European Monetary Union

Reading List

For the international trade part we shall be using:

Dominick Salvatore: International Economics, John Wiley, 9th Edition, 2007.

For the international macroeconomics part we shall be using:

Keith Pilbeam: International Finance, Palgrave Macmillan Texts in Economics, Macmillan

3rd Edition, 2006Body.

Other Useful Texts

David Appleyard D, Alfred Field and Steven Cobb, International Economics, 5th edition 2006.

Bo Soderston and Geoffrey Reed International Economics, Macmillan, 3rd edition, 1994

Charles Van Marrewijk: International Economics: Theory, Application and Policy, Oxford

University Press, 2007

Wilfred J Ethier: Modern International Economics, W W Norton & Co, 4th edition, 1995.

Peter Kenen: The International Economy, Cambridge University Press, 4th Edition, 2000.

Caves R. Jones R. and Frankel J: World Trade and payments, Harper Collins, 10th edition,

2006

Miltiades Chacholiades: International Economics, McGraw-Hill, New York. 1990

Steven Husted and Michael Melvin: International Economics, Adisson Wesley Longman 7th

edition 2006

Paul Krugman and Maurice Obstfeld: International Economics, Theory and Policy, Addison

Wesley, New York, 8th edition, 2009

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Charles Sawyer and Richard Sprinkle: International Economics, Pearson, 3rd edition 2008.

Paul Hallwood and Ronald MacDonald: International Money and Finance. Basil Blackwell,

3rd Edition 2000

Laurence Copeland: Exchange Rates and International Finance, FT/Prentice Hall, 5th

edition 2008

Robert Feenstra and Alan Taylor: International Economics Worth Publishers, 2008.

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MANAGERIAL ACCOUNTING SMM555

Module Leader Mrs Janet L Walker

Sessions 10 x 3 hour sessions

Sub-Groupings Students will be divided into two groups (A and B)

Module Assessment Invigilated Test in November 40% Invigilated Test in January 60%

Educational aims

The management accounting function provides information which is critical in the decision making process of any organisation. It is concerned with the accumulation, clarification and

interpretation of information which can assist managers to fulfil organisation objectives.

Corporate planning is crucial in many organisations, where budgets establish targets to

ensure goal congruence. The control function provides feedback to managers to evaluate performance and to facilitate action being taken where appropriate. Provision of financial

information for decision making is vital to operational managers.

The module introduces students to the basic principles of accounting in business and to the main techniques in management accounting, planning and control. The interpretation and

use of annual reports and accounts are covered, together with financial analysis and ratio

analysis. A brief introduction is provided into managerial decision-making and budgetary control systems.

There will be worked practical exercises with material drawn from recent reports and other

available financial information from UK companies.

The aims of the module are to:

• Provide students with an understanding of the accounting system which provides crucial

data in any organisation

• Equip students with the basic skills which are essential to be involved in all aspects of an

organisation’s decision making process

• Prepare students with an understanding of the behavioural aspects of operating a

budgetary planning system within an organisational environment and of how to

concentrate their efforts in the best interest of that organisation.

The objectives of the module are that students should be able to:

• Identify relevant accounting data

• Use internal reports in corporate controlling operations

• Use internal reports in corporate planning

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• Use external reports to analyse and interpret data provided to shareholders and other

interested groups.

Learning outcomes

• Students will learn to analyse critically the income statements, balance sheets and cash

flow statements of a company

• To calculate and interpret crucial accounting ratios to monitor the performance of a business activity, to participate in the preparation of budgets and to operate budgetary

control systems, to analyse contribution margins and to undertake decision-making

procedures.

Syllabus

• Basic concepts of accounting, the income statement and balance sheet

• Interpretation and analysis of published annual reports

• Internal ratio analysis

• External ratio analysis

• Cash flow statements

• Budgetary planning and control

• Cash forecasting

• Breakeven analysis and marginal costing

• Decision making analysis

Session 1: ACCOUNTING AS AN INFORMATION SYSTEM

Users of financial statements

Regulatory framework Profit and loss account/income statement, balance sheet, cash flow statement

Session 2: THE INCOME STATEMENT; NON-CURRENT ASSETS

Fundamental accounting concepts Valuation of non-current assets

Session 3: THE BALANCE SHEET; INVENTORY VALUATION

Inventory valuation

Preparing forecast financial statements as a part of business planning

Session 4, 5 and 6: THE ANALYSIS OF PUBLISHED FINANCIAL STATEMENTS (I)

Use of financial ratios to analyse performance and monitor financial position

Other analytical tools

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Session 7: THE ANALYSIS OF PUBLISHED FINANCIAL STATEMENTS (II)

Cash flow analysis

Group accounts

Session 8: COSTS FOR MANAGEMENT DECISION MAKING

The analysis of costs; absorption costing and marginal costing

Relevant costs

Breakeven analysis

Session 9: DECISION MAKING PROBLEMS

Information for common management decisions

Key/limiting factor analysis

Session 10: BUDGETARY PLANNING AND CONTROL

The functions of budgets

The budgetary planning and control process Strategic planning, budgetary planning and operational planning

Reading List

The reading references for each lecture will be taken from the following book:

Walker, J, Accounting in a Nutshell, 3rd edition, Elsevier 2009.

Other useful text

You may also find these books useful for additional reading:

Holmes, G, Sugden, A & Gee, P, Interpreting Company Reports and Accounts

10th edition, Prentice Hall, 2008

McLaney, E & Atrill, P, Accounting: An introduction, 5th edition, Prentice Hall, 2010.

33

OIL & ENERGY TRADING AND ECONOMICS SMM566

Module Leaders Mr Charles Daly, Mr Dermot Campbell, Mr John Moulton and

Mr Richard Johnstone

Sessions 20 x 3 hour sessions

Sub-Groupings This module is only for ETF students who will be taught in

one group mainly, with exercises/case studies in assigned

syndicate groups

Module Assessment Online Test 5%

Trading Game 20% Examination 75%

Educational aims

The aims of the module are:

• To examine in depth the fundamentals of energy economics, especially in the midstream,

trading and logistics sectors

• To examine the advanced issues related to the supply and trading of oil, gas and power

• To equip students with the analytical and practical tools and skills – and help develop

individual judgement for making rational investment, trading and finance decisions in the

energy industries.

Objectives of the module are to ensure that students will:

• Understand and analyse the major factors involved when an energy company makes

trading and/or investment decisions

• Understand the business, regulatory and environmental issues related to the energy

industries.

Learning outcomes

Knowledge and understanding

Students will be able to:

• Understand the economics of oil and gas exploration, refining, transportation, and trading

and the interrelationships between oil, gas and electric power markets

• Understand crude oil and refined product valuation and pricing; structure and negotiation

of trading contracts; the various risks arising from energy trading and the tools and

techniques used to manage risk.

34

Skills

Students will be able to:

• Carry out crude oil valuation, netback and breakeven calculations

• Perform freight calculations

• Use energy forwards, futures and swaps to put in place risk management strategies;

• Review and select trading strategies for profit

• Identify and calculate arbitrage trading cases and the use of paper instruments to lock in

the arbitrage margin.

Syllabus

This extended module provides the opportunity to focus on issues of particular importance to

the specialist field of Energy, Trade & Finance and will cover:

• Overview of oil refining, international markets and trading and the interface with upstream

• Oil, Gas and Power markets

• Crude oil valuation and pricing

• Refining economics

• Crude oil and refined product quality, specifications and their significance

• Supply economics

• Storage use and blending

• Shipping costing and Worldscale recap

• Bills of lading and INCO Terms CIF, C&F, FOB, DAP, DAT

• The role of pipelines and other oil transport

• Risk Management concepts and tools

• Futures, forwards and Swaps

• Trading and trading strategies: crude and products

• Oil contract structure; disputes, law and arbitration

• Introduction to options

• Arbitrage trading

• The role of the Broker, Inspector and Trader

• Gas Markets and Quality

• Gas chain costs and economics

• Gas to Liquids (GTL)

• Liquefied Natural Gas (LNG)

• Comparison of LNG and Pipeline gas markets

• LNG and Natural Gas Contracts

• LNG Joint Venture Negotiating Exercise

• Gas Pricing in a Range of Markets

• Gas Trading

• Pipeline Gas Transportation, Networks and Capacity

• Electricity production, infrastructure, consumption and trade

• Electricity trading: market evolution and trading arrangements.

• Electricity – future prospects and issues

35

Reading List

Lecture notes distributed in class

The Quest – D. Yergin

The Squeeze – Tom Bower

BP Statistical review of World Energy – www.bp.com

36

OIL & ENERGY TRANSPORTATION AND LOGISTICS SMM972

Module Leader Dr Amir Alizadeh

Sessions 10 x 3 hour sessions

Sub-Groupings This module is only for ETF students who will be taught in

one group

Module Assessment Invigilated Test in November 25% Invigilated test in January 75%

Educational aims

The aim of the module is to equip students with tools necessary to think skilfully and

maturely, but also independently on matters relating to the oil and energy transportation

business and industry. Industry trade journals, business magazines, and shipbroker reports contain vast information, yet one must be able to critically assess the often times clashing

views that exist about the state of the shipping and tanker markets, pipeline and land

transportation networks, and their future prospects. Later in the course these skills will be

more intensively utilised in other modules that follow Oil and Energy Transportation and Logistics.

The objectives of the module are for students to:

• Develop a basic understanding of the economic structure of the tanker shipping industry, LNG and LPG shipping, and pipeline and land transportation networks, within the more

general transport system

• Understand the importance of the industry’s cost structure, the necessity for cost

minimisation, and how this may be defined

• Understand how prices are set and revenue is earned by tanker, LNG, LPG and pipeline

companies and be able to perform fundamental revenue calculation, such as a voyage

estimation

• Point out the inter-relationships between the shipping freight market and other related markets, i.e. - shipbuilding market, demolition market, and the vessel sale and purchase

market.

Learning outcomes

Students are expected to:

• Have a very good grasp of the economics of tanker business and land transportation of

energy commodities, including freight markets, and cargo chartering, pipelines networks,

electricity grids, and energy distribution systems

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• Understand the fundamental principles of, oil and energy ports and terminals, and in land

logistics

• Be able to carry out a simple voyage charter estimation and laytime calculation

• Be able to assess and manage risk in energy transportation.

Syllabus

Lecture 1

Introduction to Energy Commodities and Markets

Lecture 2

Introduction to Shipping Markets: Types, design, fleet,

Lecture 3

Tanker Freight Rates: Supply-Demand, Freight Contracts, Worldscale

Lecture 4

Tanker Chartering: Charter parties, Negotiation, The role of brokers

Lecture 5

Voyage Estimation: Costs and Expenses, Draft and TPC, Voyage Estimation

Lecture 6

Laytime Calculation: definitions, documents, calculation

Lecture 7

LNG and LPG Transportation

Lecture 8

Oil and Gas Pipelines, Land Transportation, and Electricity Grids

Lecture 9

Risk assessment and management in energy transportation

38

Lecture 10

Economics and Operations of Oil and Gas Ports and Terminals

Reading List

• Lecture notes and cases will be distributed

• Phillip J Wood “Tanker Chartering” (2000)

• Stopford, Martin, Maritime Economics, (2007) 3rd ed., Routledge

• A. Alizadeh & N. Nomikos “Shipping Derivatives and Risk Management” (2009) Palgrave

MacMillan

• Institute of Chartered Shipbrokers “Tanker Chartering” (2000)

• Industry Journals and Publications TBA

• Academic Papers and Publications TBA

39

POWER MARKETS SMM712

Module Leader Professor Lilian De Menezes

Sessions 10 x 3 hour sessions

Sub-Groupings This module is only for ETF students who will be taught in

one group

Module Assessment Coursework 25% Examination 75%

Educational aims

The aim of the module is to provide the student with a deeper understanding of the power

markets, from generation to pricing and all other pertinent issues. It also aims to put

renewables in context, as their output feeds directly into these markets and supplements (or perhaps competes with) conventional hydrocarbons.

The objectives of the module are for students to:

• Comprehend the specifics of power (electricity) generation from exhaustible and

renewable sources

• Understand the technical and economic characteristics of transmission, distribution,

metering

• Understand the implications of regulation, liberalisation and climate change issues

• Compare different market structures for electricity

• Comprehend pricing methods, price risks and their management.

Learning outcomes

At the end of this course, the student is expected to be able to:

• Understand the supply characteristics of electricity, its generation, transmission and distribution

• Be able to explain the differences between the various methods of generating electricity,

including renewables, and how these are combined to produce adequate capacity to

meet demand

• Understand the role of regulation and/or deregulation and other policy issues, such as

security of supply

• Analyse the different market structures for trading electricity

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• Understand the basic economics or provision of capacity and reserve and the models of

the capability of generation capacity

• Be able to create a basic model of electricity transmission and charging given various

location constraints

• Understand the characteristics of electricity prices and their implications

• Appreciate the impact that electricity generation has on climate change and how this

affects the business model of electricity generation.

Syllabus

A brief outline of the 10 lectures

Lecture 1

Power generation from conventional and alternative sources

Lecture 2

Transmission and distribution

Lecture 3

Power generation and emissions

Lecture 4

Policy issues: Regulation and deregulation

Lecture 5

Electricity trading: market structures and types of contracts

Lecture 6

Capacity requirements and demand modelling

Lecture 7

Pricing from generator to consumer

Lecture 8

Price Processes and distributions

Lecture 9

Current Issues

Lecture 10

The Future and its challenges.

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Reading List

Harris, C. (2006), Electricity Markets: Pricing, Structures and Economics, Wiley, ISBN 9780470011584

Kaltschmitt, M., Streicher, W. and Wiese, A. (eds.) (2007), Renewable Energy: Technology,

Economics and Environment, Springer, ISBN 9783540709473

Murray, B. (2009), Power Markets and Economics: Energy Costs, Trading, Emissions, Wiley, ISBN 9780470779668

Further details and additional reading will be given at the beginning of the term, and

throughout the course of the lectures, as appropriate.

42

PRINCIPLES OF FINANCE SMM557

Module Leader Professor Nikos Nomikos

Sessions 10 x 3 hours sessions

Sub-Groupings Students will be divided in two groups (A and B) for lectures.

Four groups for tutorials (A1, A2, B1, B2)

Module Assessment Invigilated Test in November 25% Invigilated Test in January 75%

Educational aims

The aim of this module is to provide the students with an introduction into the area of corporate finance. This will be achieved through the development of a common vocabulary

and a set of tools that will assist students in gaining a basic understanding of what is

corporate finance and it will lay the foundations for further study in this area.

The main areas that are going to be covered are: present value and the valuation of

common stocks; debt valuation; risk, return and capital budgeting; and options, their use and

valuation

This module will make it possible for successful participants:

• To understand basic financial concepts, computational methods, and techniques of

financial analysis

• To support decision making with regard to investment and capital expenditure analysis,

including how they should be financed and structured.

Learning outcomes

At the end of this course the student is expected to:

Knowledge and Understanding

• Be familiar with the fundamental principles of financial economics

• Understand the concepts of risk and return

• Understand the principles of portfolio theory and asset pricing.

Skills

• Apply financial and investment decision criteria in a variety of business cases

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• Be able to utilise valuation concepts as applied to shares and bonds

• Be able to use models and their applications in relation to investment and business

decisions.

Syllabus

The module will comprise 10 sessions of three hours contact time each. In addition,

participants are expected to devote two times the amount of contact time in learning either

privately or in groups. The module aims to develop practical skills and this requires

substantial time in practising with problems, exercises, quizzes and other such learning

drills.

Lecture 1: Introduction and Basic Principles of Financial Economics

Reading: Ch. 1, 2, 3

Lecture 2: Basic Principles of Financial Economics

Time Value of Money; Discounting; Compounding; Present Value; Future Value; Annuities;

Perpetuities; Rates of Returns; Nominal and Real Interest Rates; Capital Budgeting and Investment Decision Criteria

Reading: Ch. 1, 2, 3, 6, 7.3

Lecture 3: Bond valuation

Bond Pricing; Term Structure of Interest Rates

Reading: Ch. 4

Lectures 4 - 5: Stock Valuation

Stocks and Stock Markets, Stock and Business Valuation

Reading: Ch. 5

Lecture 6: Portfolio Theory

Measuring Risk, Types of Risk, The relationship between Risk and Return, Portfolio Theory.

Reading: Ch. 8, 9

Lectures 7 - 8:

Capital Asset Pricing Model and Other Asset Pricing Models

Security Market Line, The CAPM, Testing the CAPM, Alternative Models (Arbitrage Pricing

Theory, Multifactor Models)

Reading: Ch 8, 9

44

Lecture 9 and 10:

Options Pricing

Derivative Contracts; Options Terminology; Factors Determining the Value of an Option;

Put-Call Parity; Pricing Options using Arbitrage; Black Scholes model

Reading: Ch 21 - 22

Reading List

One textbook will be referred to in all lectures:

Brealey, R., S. Myers and Allen (2008), Principles of Corporate Finance, 9th Edition,

McGraw Hill, ISBN: 978-0-07-128488-2

You may also find the student study guide for this book, useful:

Study Guide (by V.S. Krishnan) – ISBN 9780073287010

The study guide contains examples, exercises and solutions relevant to the topic covered in the main text. There is also an Online Learning Center at www.mhhe.com/bma9e . This is a

website that follows the text chapter-by-chapter. Its content is ancillary and supplementary to

the textbook. As you read the book, you can go online to take self-grading quizzes, review

material, or work through interactive exercises.

45

QUANTITATIVE METHODS SMM556

Module Leader Dr Nikos Papapostolou & Dr Panos Pouliassis

Sessions 10 x 3 hour sessions

Sub-Groupings Students will be divided in two groups (A and B) for lectures.

Four groups for tutorials (A1, A2, B1, B2)

Module Assessment Invigilated Test in November 25% Invigilated Test in January 75%

Educational aims

The aims of the module are to introduce students to Mathematical and Statistical skills

required:

• To follow any other module in the MSc programmes

• To complete empirical projects (including the Business Research Project) dealing with

data

• In the business world by the professional manager and researcher.

The objectives of the module are that students completing the module should be able to:

• Understand the fundamentals of statistical techniques used for empirical investigation

• Cope with QM skills required in other more advanced elective modules

• Be able to produce and interpret statistics and figures presented in market reports and

the press.

Learning outcomes

At the end of this module, student will be able to:

• Find derivative and partial derivative of different mathematical functions and use them to

optimise economic problems

• Find define and indefinite integral of mathematical function and use integrals to solve

related economic problems

• Construct indices for different variables

• Collect, present and plot data, and infer about the distribution of the data

46

• Distinguish between different distributions used in business decision making

• Perform hypothesis testing on different statistical aspects of sample data

• Perform simple linear regressions and correlation analysis

• Perform different diagnostic tests on residuals of regressions

• Test different hypothesis and restrictions on regression models

Syllabus

The QM module covers descriptive and inferential statistics with more emphasis on the latter. Regression analysis is covered. Optimisation techniques with applications are part of

the module. Excel and Eviews are used, where possible, to demonstrate how the theoretical

topics covered can be applied in practice using computers.

Linear Algebra:

Scalar, vectors, matrices, dimension of a matrix, different types of matrices, matrix

operations, special matrices, use of matrices in solving systems of equations.

Calculus: Differentiation and Integration:

Differentiation, Rules of differentiation, Turning points, Economic applications.

Multivariate Functions, Turning points, Constrained optimisation, Taylor and McLaurin

series. Integration, Rules of integration, Economic applications.

Descriptive Statistics:

Data: Populations, Samples, Presentation of data in table form, Visual presentation of data.

Summary Statistics: Measures of Central Tendency (Arithmetic Mean, Median, Mode,

Geometric Mean). Measures of Dispersion (Range, Variance, Coefficient of Variation, etc.). Shape of frequency distributions (Skewness, Kurtosis).

Expected values and moments of variables:

Moments of random variables and correlation. Applications to portfolio theory.

Probability Distributions:

Discrete probability Distributions: Uniform, Binomial, Poisson, Hypergeometric.

Continuous Probability Distributions: Normal, The normal as an approximation to the Binomial and Poisson.

Statistical Inference: Point and interval Estimation and Hypothesis testing.

Estimation, Sampling, Confidence intervals for means, proportions, differences of means,

variance and correlation.

47

Hypothesis testing; non-parametric tests:

Hypothesis testing, run test, Contingency Tables, F-distribution and Analysis of Variance.

Regressions and correlation analysis:

Estimating simple linear regression models, multiple regression models, time series models,

diagnostic tests, hypothesis testing and restrictions on regression models.

Reading List

C. Alexander (2008), Quantitative Methods in Finance, Wiley

C. Brooks (2008), Introductory Econometrics for Finance, 2nd ed., Cambridge University

Press

J. Curwin and R. Slater, Quantitative Methods for Business decisions, Nostrand Reinhold

D. Salvatore, Statistics and Econometrics, (Schaum series) McGraw-Hill

E.T. Dowling, Introduction to mathematical economics (Schaum series), McGraw-Hill

Budnick F.S., Applied mathematics for business economics and the social sciences,

McGraw-Hill

Students may also find useful in parts (optional)

More advanced textbooks on mathematics and economic applications:

S. Glaister, Mathematical Methods for Economists, B. Blackwell

C. Chiang, Fundamental methods for mathematical economics, McGraw-Hill

More advanced textbooks on Statistics and Econometrics:

D. Gujarati, Basic Econometrics, McGraw Hill. Especially the appendices on Statistics

R. Pindyck and Rubinfeld D., Econometric Models and Economic Forecasts, McGraw Hill

S. Maddala, Introduction to Econometrics, McGraw Hill

Judge, R. C. Hill, W. E. Griffiths, H. Lutkepohl, T. Lee, Introduction to the Theory and Practice of Econometrics, Wiley. (Especially part I on Statistics)

Relevant applications in shipping:

J. J. Evans, P. B. Marlow, Quantitative Methods in Maritime Economics, Fairplay Publications.

48

RESEARCH PROJECT MANAGEMENT SKILLS SMM522

Module Leader Course Directors assisted by additional members of the

Centre’s academic staff

Sessions 3 x 3 hours

Module Assessment Coursework 100%

Educational aims

The aim of this module is to examine the various methods of undertaking empirical research.

The module starts by presenting historical and current developments in research in a chosen

field and then highlights qualitative and quantitative research methods, which facilitate the

application of theory into practical business issues. It then goes on to develop the students’ business research skills, as well as soft skills such as group collaboration and co-ordination,

presentation, adherence to deadlines, handling of Q&As and so on.

The course will make it possible for participants to:

• Understand methods used to generate ideas for relevant projects

• Understand the recent developments in their chosen research field

• Develop an understanding of commonly used sources of data/literature available

• Develop interpersonal skills required to undertake business research projects

• Appreciate the links between academic theory and practical relevance

• Integrate the knowledge and skills acquired during the first two terms of the course into

the formulation, research and presentation of a business proposal.

Learning outcomes

On successful completion of the module the participants will:

• Know how to undertake empirical research and be able to prepare good projects.

• Understand how to set up and test topical research questions

• Understand the use of statistical techniques in research

• Contrast the various theories to set up the hypotheses and link the theories to practice.

• Research, write up, present and defend a business plan proposal in the specialist areas

covered by the three MSc degrees.

49

Syllabus

Research Process

Research is gathering the information needed to provide an understanding of some

problems in order to change deeper beliefs of reader/listener. Although research involves

hard work, it provides a pleasure in solving a puzzle or gaining an in-depth understanding of

a particular question. Research usually starts from the definition of the research questions,

followed by an understanding of literature search, data collection and definition of the

methodologies, the analysis of the results and finally the setting up of the conclusions. A

recently published paper will be used to illustrate this typical research process.

Business research methodologies

Business research projects use various methodologies including event study, performance

analysis, valuation survey questionnaires, personal interview and case study approaches.

Business plan skills

Business development and project planning are essential for the success and smooth

operation of any business organisation. The tool most frequently used for framing the

analysis and presentation of a new proposal is the ‘business plan’. A business plan is as

much a process as it is an end-product. A properly performed business plan ensures that the

team preparing the proposal carefully considers all underlying assumptions and ideas used,

performs detailed analysis and research into the economics of the proposal, and sets

realistic benchmarks that will guide the post-development phase of the project.

As a presentation tool, a business plan must communicate a description of all aspects of the

proposed business (i.e. market conditions, the product, links with the rest of the organisation,

the role of management, value created, etc.).

If it concerns an expansion of existing plant capacity or product lines, it will also contain a

discussion of the link between the business unit’s actual past and planned future

performance. It may also provide a view of the project’s pro forma accounting statements

over the medium term (usually something that falls between the typical 1-year budget

outlook and the long term strategic plan) with milestones for gauging the plan’s progress.

There will be coverage of the key aspects of a business plan, including executive summary,

the business idea, operations, marketing, financials, legal issues and so on.

Reading List

The course is based on a number of recently published research papers. The papers will be

selected nearer the start of the course.

50

SHIPPING ECONOMICS SPONSORED BY THANASSIS and MARINA MARTINOS

SMM558

Module Leader Professor Michael Tamvakis

Sessions 10 x 3 hour sessions

Sub-Groupings This module is only for STF students who will be taught in

one group

Module Assessment Invigilated Test in November 25%

Invigilated Test in January 75%

Educational aims

The aim of the module is to equip students with tools necessary to think skilfully and

maturely, but also independently on matters relating to the shipping industry. Industry trade journals and shipbroker reports contain vast information, yet one must be able to critically

assess the often times clashing views that exist about the state of the shipping markets and

their future prospects. Later in the course these skills will be more intensively utilised in other

modules that follow Shipping Economics.

The objectives of the module are for students to:

• Develop a basic understanding of the economic structure of the shipping industry,

particularly the bulk sector, within the more general transport system

• Understand the importance of the industry’s cost structure, the necessity for cost

minimisation, and how this may be defined

• Understand how revenue is earned by bulk shipping companies and be able to perform

fundamental revenue calculation, such as a voyage estimation

• Point out the inter-relationships between the shipping freight market and other related

markets (i.e. shipbuilding market, demolition market, and the vessel sale and purchase

market)

• Appreciate the regulatory environment within which shipping has to operate

• Gain a grounding in the economics of liner and container transportation and port

operations, which are all closely related to the shipping industry

• Gain an understanding of the various risk associated with the business of shipping.

51

Learning outcomes

Students are expected to:

• Have a very good grasp of the economics of bulk (tanker and dry) shipping economics,

including freight markets, new building, second hand, and scrapping markets, shipping

cycles, cargo chartering, regulatory environment and shipping risks

• Understand the fundamental principles of liner shipping and port economics

• Be able to carry out a simple voyage charter estimate.

Syllabus

Lecture 1

Introduction to Shipping Markets Reading: Stopford (2007), Chs. 1-2

Lecture 2

Overview of Seaborne Trade and Bulk Shipping Reading: Stopford (2007), Chs. 9-11, 14; Grammenos (2002), Chs. 4-7

Lecture 3

Shipping Cycles and Key Market Characteristics Reading: Stopford (2007), Chs. 3 & 5; Grammenos (2002), Chs. 8-12

Lecture 4

Supply/demand Economics in Shipping Reading: Stopford (2007), Ch. 4; Grammenos (2002), Chs. 8-12

Lecture 5

Costs and Revenue in Shipping Reading: Stopford (2007), Ch. 6

Lecture 6

Ship design, shipbuilding and scrapping Reading: Stopford (2007), Ch. 14-15

Lecture 7

Regulatory Framework Reading: Stopford (2007), Ch. 16; Grammenos (2002), Chs. 21-24

Lecture 8

Shipping Risks Reading: Stopford (2007), Ch. 8; Alizadeh & Nomikos (2009), Chs. 4-5 & 10; Grammenos

(2002), Chs. 30-31

52

Lecture 9

Specialised and general cargo shipping Reading: Stopford (2007), Chs. 12-13; Grammenos (2002), Chs. 14-17

Lecture 10

Port Economics Reading: Van der Voorde & Meersman (2008); Grammenos (2002), Chs. 33-36

Reading List

Stopford, M. (2007) Maritime Economics, 3rd ed., Routledge, ISBN 978-0415275583 (Key

textbook)

Alizadeh, A. & N. Nomikos (2009) Shipping Derivatives and Risk Management, Palgrave Macmillan, ISBN 978-0230215917

Grammenos, C. Th. (ed.) (2002) The Handbook of Maritime Economics & Business, 1st ed.,

Lloyds List Publications

Meersman, H., E. Van de Voorde & T. Vanelslander (eds.) (2009) Future Challenges for the Port and Shipping Sector, Informa, ISBN 978-1843117711

Branch, A. (2007) Elements of Shipping, 8th ed., Routledge, ISBN 78-0415362863.

53

SHIPPING INVESTMENT AND FINANCE SPONSORED BY AMERICAN BUREAU OF SHIPPING (ABS)

SMM564

Module Leader Professor C. Th. Grammenos

Sessions 60 hours of which mainly three-hour sessions

Sub-Groupings This module is only for STF students who will be taught in

one group

Module Assessment Coursework 25% Examination 75%

Educational aims

• To discuss fundamental background for shipping investment

• To discuss major sources of shipping finance such as banks and capital markets

• To equip students with the skills and analytical tools and help develop individual judgement for making rational shipping investment and finance decisions

To enable students to:

• Comprehend the major parameters which are involved in shipping investment decisions

and the tools used in a shipping investment feasibility study

• Comprehend bank credit analysis and present a bank credit proposal

• Comprehend and analyse the major factors involved when a shipping company raises

debt or equity from the capital markets.

Learning outcomes

The student will be able to:

• Comprehend a shipping feasibility study

• Comprehend and analyse a shipping debt or equity, public or private, issue in capital

markets.

Skills

• Carry out bank credit analysis and bank credit proposal.

Syllabus

• Introduction – Spherical Approach; Structural Changes

54

• The Centre’s Econometric Model of the Shipping Industry

• Acquisition and Disposal Markets

• Fundamentals of Bank Shipping Finance: Banking Objectives; Banking Risks; Pricing of Loans; Lending Function; Credit Risk Analysis; Collateral Securities; Covenants; Loan

Monitoring; Credit Policy; Commitment Letter; Shipping Credit Proposal; Loan

Agreement; Syndication

• Case Study: Credit Proposal

• Feasibility Study – The Tanker Market

• Monitoring Bank Loans – Problem Loan Treatment

• Capital Markets as a Source for Shipping Finance: Equity & High Yield Bond Markets

• Shipping Hedge Funds

• The Valuation of Shipping Companies and their Shares

• Analysing Shipping Equities

• Case Study: Bank Finance for Ship Purchase

• KG, KS and Islamic Finance

• Panel Discussion

• Revision.

The above lecture schedule is provisional. A more detailed one will be issued nearer the

time.

Reading List

Grammenos, C. Th., 2010. Revisiting credit risk, analysis & policy in bank shipping finance, in Grammenos, C. Th. (Ed.), The Handbook of Maritime Economics and Business, Ch.27,

777-810, (2nd Ed.), Lloyd’s List: London.

Grammenos C. Th., Alizadeh, A. H., and Papapostolou, N. C., 2007. Factors affecting the dynamics of yield premia on shipping seasoned high yield bonds. Transportation Research Part E: Logistics and Transportation Review, 43, 549-564.

Grammenos, C. Th., and Arkoulis, A., 1999. The long-run performance of shipping initial public offerings. International Journal of Maritime Economics, 1, 1, 71-93.

55

Grammenos C.Th., and Arkoulis, A.G., 2002. Macroeconomic factors and international

shipping stock returns. International Journal of Maritime Economics, 4, 81-99.

Grammenos C.Th., Arkoulis A.G., 2003. Determinants of Spreads on the New High Yield

Bonds of Shipping Companies. Transportation Research Part E: Logistics and Transportation Review, 39, 459-471.

Grammenos C.Th., and Marcoulis S. N., 1996. A cross-section analysis of stock returns: the

case of shipping firms. Maritime Policy and Management, 23, 1, 67-80.

Grammenos C.Th., Marcoulis S. N., 1996. Shipping initial public offerings – a cross-country

analysis. Empirical Issues in Raising Equity Capital, edited by M.Levis, North-Holland.

Grammenos, C. Th., Nomikos, N. K., and Papapostolou, N. C., 2008. Estimating the

probability of default for shipping high yield bond issues. Transportation Research Part E: Logistics and Transportation Review, 44, 1123-1138.

Grammenos, C. Th. and Papapostolou, N. C., 2011. Ship finance: US public equity markets,

in Talley, W. K. (Ed.), The Blackwell Companion to Maritime Economics, Ch. 20,Wiley-Blackwell.

Grammenos, C. Th. and Papapostolou, N. C., 2011. Ship finance: US high yield Bond market, in Talley, W. K. (Ed.), The Blackwell Companion to Maritime Economics, Ch.21,

Wiley-Blackwell.

Grammenos C. Th. And Papapostolou, N. C., (2012). US shipping initial public offerings: do prospectus and market information matter? Transportation Research Part E: Logistics and Transportation Review, (forthcoming).

Notes and presentations given during lectures.

Other readings

Alizadeh, A. H., and Nomikos, N. K., 2006. Trading strategies in the market for tankers. Maritime Policy and Management, 33, 2, 119-140

Alizadeh, A. H., and Nomikos, N. K., 2007. Investment timing and trading strategies in the sale and purchase market for ships. Transportation Research: Part B, 41, 1, 126-143

Casu, B., Giradone, C. and Molyneux, P., 2006. Introduction to banking, Prentice Hall,

Financial Times: London

Cullinane, K., and Gong, X., 2002. The mispricing of transportation initial public offerings in

the Chinese mainland and Hong Kong. Maritime Policy and Management, 29, 2, 107-118

Drobetz, W., Schilling, D., and Tegtmeier, L., 2010. Common factors in the returns of

shipping stocks. Maritime Policy and Management, 37, 2, 93-120

Grammenos C. Th., 1979. Bank finance for ship purchase, Bangor Occasional Papers in Economics, no. 16, University of Wales Press

Hefferman, S., 2005. Modern Banking, Wiley: London

56

Kavussanos, M. G. and Marcoulis, S. N., 2000a. The stock market perception of industry risk

and macroeconomic factors: the case of the US water and other transportation stocks. International Journal of Maritime Economics, 2, 3, 235-256

Leggate, H. K., 2000. A European perspective on bond finance for the maritime industry.

Maritime Policy and Management, 27, 4, 353-362

Merikas, A., Gounopoulos, D., and Nounis, C., 2009. Global shipping IPOs performance.

Maritime Policy and Management, 36, 6, 481-505

Merikas, A., Gounopoulos, D., and Karli, C., 2010. Market performance of US-listed shipping

IPOs. Maritime Economics and Logistics, 12, 1, 36-64

Mourdoukoutas, P., and Stefanidis, A., 2009. To list or not to list: expectations versus reality

for Greek shipping IPOs. South Eastern European Journal of Economics and Business, 125-

134

Panayides , P. M., and Gong, X., 2002. The stock market reaction to merger and acquisition

announcements in liner shipping. International Journal of Maritime Economics, 4, 55-80

Samitas, A. G., and Kenourgios, D. F., 2007. Impact of mergers and acquisitions on stock

returns of tramp shipping firms. International Journal of Financial Services Management, 2, 4, 327-343

Sinkey, J. F. Jr., 2001. Commercial bank financial management: in the financial services industry, (6

th ed.), Prentice Hall

Stopford, M., 2009. Maritime economics, (3rd. Ed.), Routledge: London

Students are strongly encouraged to follow articles in leading shipping newspapers (e.g.

Lloyd’s List, Tradewinds).

Since the teaching style of the course aims at a more analytical and effective

lecture/seminar, it is essential for students to study in advance the assigned chapters and/or

additional material, such as notes, case studies, articles, and papers.

57

SUPPLY CHAIN ECONOMICS SMM559

Module Leader Dr. Canan Kocabasoglu Hillmer

Sessions 10 x 3 hour sessions

Sub-Groupings This module is only for SCTF students who will be taught in

one group

Module Assessment Coursework 25%

Invigilated Test in January 75%

Educational aims

Aims for this module are for the students to understand the economics and policies

pertaining to procurement, outsourcing and supply chain design.

Learning outcomes

On completion of the module, the student should:

• Understand the economics that drives procurement and supply chain design

• Develop a sense of issues involved with ethics of procurement and the needs of a wider

set of stakeholders than shareholders alone

• Relate abstract economic concepts to practical supply chain issues particularly around

procurement

• Analytical skills to apply concepts to practical situations through case studies, as well as

to relate abstract economic concepts to practical supply chain issues particularly around procurement

• Use supply chain strategy to drive purchasing policies and supply chain design (including

outsourcing)

• Understand the concepts around purchasing policy, procedures and processes

• Understand the basis of negotiation and managing contracts

• Understand performance measurement and evaluation.

Syllabus

The module will comprise 10 sessions of three hours contact time each. In addition, the student will be expected to devote, at least, an equivalent amount of learning time in private

and group study of module materials and the preparation of the case presentation.

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The modules will generally consist of a period of formal lectures with interactive dialogue

from the participants, to be followed by a case presentation by one or more of the student groups, with all students expected to be involved in the case study discussion. Students will

be expected to prepare prior to the presentation (even on days when they are not the main

presenter).

Lectures are to be structured as follows:

• Purchasing policy, procedures and processes

• Purchasing organization

• Competitive advantage through purchasing and supply chain design

• Strategic sourcing

• Supplier selection, management, and alliances

• Global sourcing (including low-cost countries)

• Cost management

• Negotiation

• Purchasing and outsourcing services

• Contracts

• Performance measurement and evaluation.

Reading List

Purchasing & Supply Chain Management (4th edition), A. J. Van Weele, Thomson, 2005, or

Purchasing and Supply Chain Management (3rd edition) R. Moncka, R. Trent and R.

Handfield, Thomson Southwestern, 2005 (or later edition) – US-oriented

59

Business Research Project SMM527

Module Leader A project supervisor will be allocated

Sessions This is an individual project which students will develop in their

own time with support from their project supervisor.

Module Assessment Coursework 100%

Delivery of the final project, indicative length: 10,000 words

Educational aims

• To train students to undertake individual research and provide them with an opportunity to

specialise in a contemporary business or finance topic related to their future career

aspirations

• To integrate and apply concepts from different aspects of their MSc.

Learning outcomes

On completing the project students will be able to:

• Identify specific business or finance related issues which would be useful to research and shape an achievable research question around them

• Develop a research question and plan and carry out a research programme to address

the question

• Understand the theories and recent research relating to the project topic

• Understand how to apply research methodologies to practical business and commercial

issues

• Show confidence in overcoming problems raised in the course of a practical research

project and

• Accept the challenge of carrying out a piece of research with elements of originality.

Project requirements

The choice of project is your responsibility. It is most important that you choose an area you

are happy to work in, and in which you are confident of your abilities.

Students are encouraged to start thinking about project ideas at the beginning of their

studies. By the end of the first term you will have gained sufficient knowledge to start to

develop ideas that can be discussed with faculty. We expect you to identify the basic idea or research question, though this is likely to be modified after discussion with academic staff.

60

Make effective use of the RPMS module. This module can be used to help to formulate your

ideas and design an appropriate methodology. It can also help you develop a specific project topic – the greater clarity you have about the topic of your project the more

successful it is likely to be.

The types of project allowed are:

What you can do. What you can’t do

• Business report on a contemporary issue

• Business plan

• Statistical test of literature driven

hypothesis

• Empirical feasibility of a financial strategy

• Development of a new product/ service /

finance strategy

• Market survey

• Case study on a specific issue within a

particular company / organisation

• Numerical project that describes and implements one or more numerical

methods for pricing, hedging or reserving

for derivatives or portfolios.

• Pure literature surveys

• Some evidence that the writer has learnt

a new subject, a sort of extra elective

• A synthesis of other writing or a piece of journalism

• A mere compendium of facts and

statistics

• Projects totally unrelated to relevant academic discipline and literature.

Reading list

Student research and reading list will be defined by the subject matter of the project.

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Elective Information

Cass Business School provides an extensive range of elective modules for the different MSc

programmes. A special elective handbook, regarding your term three selection of modules,

will be distributed in the second term and will provide further information.

Electives which have previously been provided by MSc Energy, Shipping and Supply Chain,

Trade and Finance include:

Air Transport

Chartering

Climate Change

Commodity Derivatives and Trading

Emissions Trading

Financial Derivatives

Marine Insurance

Retail Supply Chain Management

Shipping Law

Shipping Strategy

Shipping Risk Management

Supply Chain Finance

Trade Finance

Apart from these electives, students will also be able to choose from preselected modules offered by other MSc programmes. In the past these have included, among others:

Consulting Skills

Advance Options Trading

Mergers and Acquisitions

Energy and Weather Derivatives

Project Finance

Behavioural Finance

Please note the School reserves the right to withdraw an elective if demand is insufficient

and to add new electives if they are available. Space restrictions and timetable availability

may also apply.

62

Section 4 Regulations

Described below are the rules governing the award of a master degree in Energy, Shipping

and Supply Chain Trade & Finance. For further information, the City University’s complete

set of “Ordinances and Regulations”, including the Assessment Regulations (Regulation 19),

are published on the University’s website http://www.city.ac.uk/about/education/academic-

services/senate-regulations

Periods of Registration

The periods allowed for completion of the qualifications are:

• Four years for a masters degree, full or part time

• Two years for a postgraduate diploma, full or part time

Degree Requirements

To qualify for a Masters degree a candidate must achieve at least 50% as an aggregate

mark for each module and an overall degree average mark of 50%. This will result in the

acquisition of 210 credits, which is the number required to achieve a master’s degree in Energy, Shipping or Supply Chain, Trade & Finance.

Assessment Calculations

The rules governing calculation of module and overall degree marks are as follows;

• To receive credits for a MSc all modules must be passed

• There are no minimum mark requirements for separate assessment components (unless specifically stated). However, it is compulsory to complete all components and no module

mark can be awarded until these are completed.

• A module mark is calculated by aggregating marks for all assessment components as

stated in the module outline (section three).

• Where modules are assessed by both exam and coursework, these are weighted to

calculate the module mark. Please see the assessment matrix in section two for the

relative weightings.

• Where there are several pieces of coursework, the coursework results are calculated according to the relevant weightings.

• To calculate the overall degree mark, module marks are combined using weightings in

line with the relative credit value of each module.

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Coursework

All coursework and invigilated tests are compulsory and count towards the final degree. In

some modules presentations or invigilated tests may replace written coursework

assignments.

Some subjects may be assessed by coursework only. Precise details concerning examined

and non examined modules are provided in the module outlines.

Please note coursework is required to be submitted for assessment by the specified deadline date. Late coursework will receive imposed penalties. Late coursework will

immediately receive a deduction of five marks on the first day of lateness, with one further

mark deducted for each day of lateness, for a maximum of five days. After this point coursework will not be accepted and a mark of zero will be awarded.

All coursework should be submitted electronically via the virtual learning environment,

Moodle. It is essential that you keep a copy of all coursework submitted.

All sources used should be cited using the Harvard referencing system. Further information about this can be found on the Cass website:

http://www.cass.city.ac.uk/intranet/student/learning-resource-centre/citing-references

Coursework will be returned to students as quickly as possible with the aim of students receiving feedback within three to four weeks of their submission

Failure and the Re-sitting of Modules

• Any module with an aggregate mark of less than 50% is deemed to have been failed and

will have to be re-sat.

• To re-sit a failed module, a candidate must re-do all assessment components which gained marks of less than 50%

• Candidates may re-sit a module only once

• A candidate who successfully completes a re-sit will be awarded the credits for the

module. The mark awarded for the components will be capped at 50%. The mark awarded for other components will be the original mark. This mark will also be used in

calculating the overall degree mark

• A candidate who does not pass his or her re-sit by the date specified by the Assessment

Board will not progress on the programme and the Assessment Board will normally make a recommendation that they withdraw.

Award of Distinction

To calculate the overall degree mark all module marks are combined using the weighting in

the assessment matrix table. The award of distinction for the masters is based on:

• An overall degree mark of at least 70% with no modules failed at first attempt.

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Award of Merit

To calculate the overall degree mark all module marks are combined using the weighting in

the assessment matrix table. The award of merit for the masters is based on:

• An overall degree mark between 65% - 69.9% inclusive and no modules failed at first attempt

• Or an overall degree mark of 70% or more and one module failed at first attempt.

Postgraduate Diploma

A student who has not accumulated enough credits to be awarded a masters degree may be

awarded a postgraduate diploma provided they have satisfied the following conditions:

• The total number of credits gained is equal to or greater than the minimum credits

stipulated in the programme specification for the award of a diploma.

For the award of a diploma a student may compensate a maximum of twenty core or core

elective credits provided the following conditions are met:

• The mark achieved for the module(s) to be compensated is at least 40%

• The average mark of all modules to be counted towards the diploma, including those

modules to be compensated, is at least 50%.

Note that:

• The diploma average will be calculated in the same way as the masters average as

specified in the programme specification;

• The award of distinction and merit will also be calculated in the same way for the masters

degree, as specified in the programme specification.

65

Grade Related Criteria

Class % Literary Knowledge Independent thought, uses of sources and research materials

Presentation Professional

Dis

tinct

ion

85-100 A Outstanding Comprehensive and informative

knowledge of subject area, may

include - new knowledge

derived from which the marker

and wider community may learn;

addresses the learning

outcomes/ assessment criteria

in full

Where relevant,

evidence of

independent

reading, thinking

and analysis and

strong critical ability

Well-constructed

Dis

tinct

ion

80-84 Excellent

75-79 Very good Sophisticated or strong - shows

knowledge of complex issues or

a broad range of issues and

addresses the learning

outcomes/assessment criteria

well.

Where relevant,

show evidence of

wide and

comprehensive

reading and critical

ability

Clearly written

70-74

Mer

it

65-69 B Good Sound knowledge of a broad

range of issues or detailed

knowledge of a smaller number

of issues; makes a good attempt

to address the learning

outcomes/assessment criteria,

realising all to some extent and

some well

Evidence of

thorough research

of the topic(s) but

some answers may

not be complete or

arguments

sufficiently

explored. Some

critical ability will be

evident.

Well-structured and

logically written

Mer

it

Pass

50-64 C Satisfactory Adequate knowledge of

important issues – some level of

response to all learning

outcomes/assessment criteria

but may not include important

elements or information that is

fully accurate.

Where relevant,

development of

ideas is limited but

attempts will be

made to analyse

materials critically

Expression and

structure may lack

clarity Pa

ss

Fail

(0%

-49%

)

41-49 D Poor Unsatisfactory work -

inadequate knowledge of the

important issues and doesn’t

succeed in grasping key issues,

therefore learning outcomes/

assessment criteria will not be

realised

No real

development of

ideas and critical

analysis will be very

limited.

Presentation is

confused or

incoherent

Fail

(0%

-49%

)

20-40 E Very poor Knowledge is lacking either

through omission, the inclusion

of large amounts of irrelevant

information or evidence of

significant misunderstanding -

totally inadequate attempt to

address the learning outcomes/

assessment criteria

No critical ability will

be displayed

Confused, incoherent

or unstructured

presentation

66

Section 5 Additional Information

MSc Course Office

The MSc course office is here to support both staff and students and each MSc course has its own dedicated Course Officer who you will get to know over the course of your time here

at Cass. The Course Office team will provide you with course related information, material

and your grades, advice relating to other areas of City University and support throughout the

duration of your studies.

Location

The course office is located on the 3rd floor of Cass Business School, 106 Bunhill Row,

London EC1Y 8TZ

Contact

You can contact the course office team either in person at the office, by email, telephone or

via Moodle, our virtual learning environment.

The MSc Energy, Shipping and Supply Chain, Trade & Finance Course Officer is Moynul Ahmed and can be contacted directly via telephone 020 7040 8673 or by email

moynul.ahmed.1@city.ac.uk

Office Opening Hours

During term time the course office is open to students:

Monday 1300 – 1830

Tuesday 1300 – 2000

Wednesday 1300 – 1830

Thursday 1300 – 2000

Friday 1030 – 1530

Outside of term time the course office is open to students:

Monday to Thursday 1300 – 1700

Friday 1030 – 1530

Moodle: Your Virtual Learning Environment

Moodle is the virtual learning environment used at City University and it provides a wide variety of information and interactive environments to students, including the following:

• Module material and supplementary learning documents, including areas for the

submission of coursework and the release of coursework results

• Timetables, including teaching and examination

67

• Specialist Masters, MSc specific and module pages providing information relating to each

area with supporting documents and forums

• Links to the Learning Resource Centre, Careers, Student Advice and Clubs and Societies

Students are responsible for checking their Moodle pages and their City email account

regularly. This is how all information, including changes to teaching, is communicated.

Course Officers manage the communications sent to students via Moodle and all administrative enquiries should be directed to them for assistance.

Personal Tutors

Postgraduate Taught students are assigned a personal tutor at the beginning of the year.

This personal tutor will be available to provide general academic, professional and pastoral

support and will also ensure students are aware of the additional and more specialised support mechanisms available within the University.

Students should have the opportunity to see their personal tutor at least once a term;

however it is the student’s responsibility to contact their personal tutor to make an appointment.

The Course Office team is also here to assist should you need any support during the

course of your studies.

Academic Staff Contact Details

In addition to their main teaching responsibilities academics also engage in research, administration and external work. As a result staff members may not be able to see you

without an appointment.

If the matter is non-urgent please make an appointment or make use of the office hours many academics hold. If the matter is urgent please make this clear when contacting the

member of staff to request an appointment.

Lecturer’s contact details and office hours can be found on Moodle and in this handbook.

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The Costas Grammenos Centre for Shipping, Trade and Finance

Professor Costas. Th. Grammenos founded the Centre for Shipping, Trade and Finance in 1983 (renamed The Costas Grammenos Centre for Shipping, Trade and Finance in April

2007). He has been Chairman of the Centre since its inception and responsible for its

design; and, until 1997, was Founding Director of the world class MSc. in Shipping, Trade

and Finance, introduced in 1984; and the MSc. in Logistics, Trade and Finance, introduced in September 1997 (since 2008, known as MSc Supply Chain, Trade and Finance); while the

MSc in Energy, Trade and Finance was introduced in 2003. In addition, the Centre

undertakes research in Shipping Finance, Maritime Risk Management, Logistics and Commodity Trade and Finance. It also has created a platform for international dialogue

between senior business executives, government and academia.

Internationally oriented from the start, it maintains strong links with the City community, where its graduates find jobs in top institutions and gain extensive support through the

participation of leading practitioners as visiting lecturers, contributors, and co-supervisors for

student research work. Prominent City figures also act as panellists and presenters in

seminars and public lectures arranged by the centre for audiences of senior executives, academics, diplomats, and past and present students. In the past, the centre has organised

or contributed to seminars, presentations, conferences and symposia in Amsterdam,

Antwerp, Athens, Boston, Dubai, Genoa, Hong Kong, Istanbul, Lyon, Malmo, Mexico, New York, Nicosia, Oslo, Piraeus, Prague, Seoul, Singapore, Sydney, Trondheim, and Vancouver

- as well as London.

Research is key to the centre’s activities. Through the work of its staff, PhD and MSc students, the centre produces innovative applied research of practical value to the

commercial sectors of international trade, shipping, energy, transport, supply chain, logistics,

and specialised finance. The results of this research are disseminated to representatives of

industry, academia and government through public conferences, seminars and publications and are used to enhance the department’s own MSc course units.

Our Research Themes:

Finance

Capital markets

Commodity markets and derivatives

Behavioural finance

Derivatives and risk management

Fixed income and arbitrage

Credit risk and credit derivatives

Emerging markets

Energy

Energy economics and pricing

Energy trading and finance

Energy risk modelling

Energy project and company valuation

Emissions trading

Electricity and weather derivatives

69

Shipping

Shipping economics

Shipping investment and finance

Transport economics

Shipping risk mgmt

Freight modelling and trading

Credit risk in shipping

Supply Chain Management and Finance

Supply Chain Risk

Supply Chain partnerships

Supply Chain and Finance

Forecasting

Quality

Supply Chain planning and related

mathematical modelling

70

Visiting Faculty

In addition to the full-time faculty at the Business School, a number of leading practitioners

deliver modules to our students, mainly in the third (summer) term. Please note that this list

of Visiting Lecturers could change during the year.

Charles Daly, F.Ins.t Pet.

Visiting Lecturer in Oil and Energy Trading

He is an international oil marketer and consultant to established and emerging companies, a

recognised authority on Middle East, Mediterranean and FSU oil supply markets with an expert knowledge of financing and legal matters. He previously spent many years with BP and

Ultramar, initially in research then in logistics and refinery supply and thereafter in developing

business internationally. He is a founder member and first vice-chairman on the UK’s

International Petroleum Exchange. He has lectured and given papers in a wide range of oil-related subjects in a number of countries. He is now with Channoil Consulting Ltd.

Colin Allcard

Visiting Lecturer in Oil and Energy Trading

Colin has over 25 years commercial international oil industry experience, including senior

management positions with Shell in oil products and crude oil supply and trading.

He also has downstream marketing and general management experience with highly developed expertise in the retail liquid fuels, lubricants and aviation businesses - with over

15 years expatriate experience, well versed in operating in developing countries with a wide

diversity of cultures, specific knowledge of the US, Middle East and African countries.

He has direct experience of managing business process redesign projects, change management and of implementing re-organisation programmes.

Darren Bartlett

Visiting Lecturer in Oil and Energy Trading

Darren is a Chemical Engineer with experience in Process Design Engineering, Project

Engineering, Construction, Commissioning and Start-Up and Cost Engineering in Refinery,

Gas Processing, Petrochemical Facilities as well as Offsites, Utilities and Oil Terminals.

He previously spent time with Bechtel, Fluor, Foster Wheeler and Shaw Group (Stone &

Webster) working on EPC (Engineering, Procurement and Construction) and FEED (Front

End Engineering Design) projects in the UK, UAE and India for numerous clients including

Reliance, ADNOC, Takreer, GASCO, Saudi Aramco and SK Energy.

His skills include Planning and Economics of Refining Operations, Liquefied Natural Gas

(LNG) supply chain management, Project Economic Evaluation and Shipping Economics.

Martin Fry, Royal Academy of Engineering Visiting Professor, SEMS

Martin is director of MRF&A, an energy and environmental consultancy, formed in 1991. Its

priority areas of interest are as follows: general advice for energy efficiency and energy

management, development of energy policy and the commensurate strategic plan, education

and training.

71

More specifically, Martin is a Royal Academy of Engineering Visiting Professor at City

University London, leads the UK input to the European and International work on Energy Management Standards, is a former assessor for the Carbon Trust Standard (formerly the

Energy Efficiency Accreditation Scheme) and is a council member of the Energy Institute.

Martin is chairman of the Energy Services and Technology Association.

Andy Hofton BSc, MSc, Ceng

Visiting Lecturer in Air Transport and Airline Fleet Planning

Having worked in the Future Projects Office of BAE Systems, he became Technical Editor of

Flight International magazine in 1975. He later joined the academic staff of Cranfield University and became Head of the Air Transport Department. From 1997 to 2000 he was

Managing Consultant for Speedwing, the IT and consultancy division of British Airways. He

left to set up Airline Dynamics Consulting and has extensive experience in many parts of the world of working with aerospace companies, airlines, airports, governments and financial

institutions on forecasting, planning and business performance improvement.

Lord Griffiths of Fforestfach, MSc Econ

Vice-Chairman, Goldman Sachs Ltd; Chairman, Centre for Policy Studies Visiting Professor

Lord Griffiths was Head of the Prime Minister’s Policy Unit (1985-90); Professor of Banking and International Finance at City University Business School (1977-85); and Dean of the

Business School (1982-85). He has also been: service master since 1992; since 1991

Director of: Thornton EMI; Hermann Miller; and Times Newspapers.

Mark Hodgson PhD, C Eng, MBA

Visiting Lecturer in Trade Finance

His career began in 1978 in the mining sector with De Beers and INCO. He later moved to

the petroleum industry with BP. In 1993 he joined UBS, working in the Structured Trade and Project Finance areas focusing on mining and petroleum projects. In 1996 joined KBC other

UBS colleagues to form the Global Trade Finance Group having responsibilities for the

Former Soviet Union as well as engineering issues relating to finance. In 2000 he set up Solens Consultants Ltd, which specialises in performance risk analyses for the minerals,

hydrocarbons and finance sectors.

Richard Johnstone

Visiting Lecturer in Oil & Energy Trading

He is an independent consultant, providing expertise in all areas of oil supply and trading, in

particular in the negotiation and operation of commercial contracts for oil and gas production,

processing, transportation and sales. He has over 30 years’ commercial and management experience in major oil industry organisations, where his responsibilities have included sales

and marketing, supply and trading, and transportation. Richard is a graduate of Oxford

University; before becoming a consultant in 1997, he had worked for BP in London and Milan, the British National Oil Corporation, the Oil and Pipelines Agency (BNOC’s successor) and BG

Exploration and Production.

72

Philip Roche BA (Hons)

Visiting lecturer in Marine Insurance

Philip Roche is a partner in the Transport, Energy and Trade dispute resolution group at

Norton Rose in London. Philip served in the Royal Navy as a deck officer for 11 years and,

on leaving the Navy, he qualified as a solicitor with Norton Rose in 1995. Between 1995 and

2000 Philip worked in our Piraeus office on admiralty, cargo and other routine shipping matters.

Philip is a disputes and legal risk management specialist. He has wide experience of all

types of shipping disputes and has taken claims to English High Court litigation, arbitration and mediation. Philip advises ship-owners and operators together with banks, insurers and

energy companies on corporate risk and particularly the legal, commercial and

environmental risks of owning and operating ships. He advises on the particular risks of piracy, sanctions, climate change and corporate governance. He has represented ship

owners following incidents which resulted in investigation by national marine and police

authorities and has appeared at Coroner's Inquests. He has attended shipping casualties

worldwide and has particular expertise in pollution matters having dealt with civil and criminal liability arising from discharges of oil and other polluting substances from ships. He

has recent experience of shipping insolvency and acts for the liquidators of an insolvent bulk

shipping company.

Janet Walker MBA, FCMA

Janet Walker trained as a management accountant with Brooke Bond (now part of Unilever)

and has extensive practical financial and management accounting experience.

She completed her MBA in Marketing, with distinction, at City University Business School in

1987 and then joined the Business School as a Visiting Lecturer, lecturing in Financial

Reporting, Accounting Principles and Managerial Accounting to MBA and MSc students.

She runs her own successful business specialising in developing and presenting Financial Awareness training for a variety of major corporate clients throughout the world. She also

provides financial planning and marketing consultancy services to small businesses.

She has published a number of popular accountancy textbooks, including Management Accounting Fundamentals and Accounting in a Nutshell, which has been translated into

Chinese and Russian and is now in its third edition.

Philip Wood, BSc (Nautical Studies), MSc(City), FICS, FNI, MCIArb, Master Mariner (FG)

Director, Trade and Transport (UK) Ltd; Chairman, President, Institute of Chartered Shipbrokers

Visiting Lecturer in Tanker Chartering

He has been working as a Shipbroker at the Baltic Exchange since 1974, representing both

charterers and owners. In 1981 he was appointed Chartering Manager of the Fenton

Steamship Company and Director of Trade & Transport (UK) Ltd., in 1984. He has a BSc in Nautical Studies from University of Plymouth. He completed the MSc in Shipping, Trade and

Finance in 1986. He is Chairman and President of the Institute of Chartered Shipbrokers.

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Course Contributors

Finally, leading practitioners in Logistics, Shipping, Trade and Finance from the City of

London, also contribute to the courses, in the form of guest lectures, seminars and panel

discussions.

Mr D. C. Anagnostopoulos, BA

Senior Vice President and General Manager Shipping Unit, ABN AMRO Bank, Greece

Mr. N. Bunnemann (Grad 2007)

Managing Director, Herm. Dauelsberg GmbH & Co KG

Mr D. Chopping

Partner in Technical Services, Moore Stephens, London

Mr J. P. Dragnis (Grad 2001)

Chief Executive Officer, Goldenport Holdings Inc

Mr G. Duncan

Partner in Corporate Finance, Moore Stephens, London

Mr R. Greiner

Partner, Moore Stephens, London

Sir S. Haji-Ioannou, BSc (LSE), MSc (City) (Grad 1989)

Chairman, EasyGroup Co Ltd

Mr Erik Helberg (Grad 2002)

Chief Executive Officer, RS Platou Markets

Mr M. Long

Head of Global Shipping, HSBC Bank Plc

Professor B. Papachristidis, MPhil, MBA, PhD

Chairman, Hellesport Steamship Corp., Greece

Mr M. Phostiropoulos (Grad 2002)

President, Almi Tankers SA

Mr A. Ryland, MSc (City) (Grad 2000)

Executive Director, DnB NOR Bank ASA London Branch

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Prof M. Stopford, PhD

Managing Director, Research Publications, Clarksons & Co Ltd

Mr N. Stratis (Grad 2002)

Senior Investment Manager, Northen Shipping Funds

Mr D. Stuart (Grad 1996)

Director, Shipping, Scotia Capital

Mr C. E. Toepfer (Grad 1999)

Deputy Managing Director, Managing Director, Borealis Ltd

Mr A. Tsavliris, FICS, AIArb

Director, Tsavliris (Shipping) Ltd, London

Mr L. Varnavides, BSc Econ, MSc, MPhil.

Managing Director, Shipping,The Royal Bank of Scotland

Dr A. R. Vergottis (Grad 1990)

Head of Research & Advisor to Oceanic Equity Funds, Tufton Oceanic (Far East) Ltd

Mr J. Vowell

Manager, Specialised Trade Finance Department, Standard Bank, London

Mr Barry Wingate (Grad 2000)

Director, HSBC Bank plc

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Programme Disclaimer

The information in this Specialist Masters Programme Handbook is correct at the time of going to press in August 2012. The University reserves the right to make amendments to:

a) the contents of the Programme Handbook and in particular to the timetable, location

and methods of delivery or the content, syllabus and assessment of any of its

programmes as set out in the programme and module specifications in this Handbook and/or on the University's website; and

b) its statutes, ordinances, regulations, policies, procedures and fee structures,

provided that such amendments are (i) as a result of student demand (or lack thereof), (ii) as a result of unforeseen events or circumstances beyond the University's control or (iii) are

deemed reasonably necessary by the University.

In the event that amendments are made, the University shall take reasonable steps to notify you as soon as is reasonably possible.

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