Πλοήγηση ανά Επιβλέπων "Kavousanos, Emmanuel G."

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The 2020 global sulfur limit and a financial investment analysis around the alternative fuels and solutions used in the maritime industry
(15-12-2020) Γιαννόπουλος, Μάρκος; Giannopoulos, Markos; Καλογερογιάννης, Γεώργιος; Kalogerogiannis, George; Athens University of Economics and Business, Department of Accounting and Finance; Demirakos, Efthymios; Moutos, Thomas; Kavousanos, Emmanuel G.
Ο σκοπός αυτής της διπλωματικής είναι να δείξει τις ριζικές αλλαγές στη βιομηχανία της ναυτιλίας όσον αφορά τους περιορισμούς εκπομπών. Επιπλέον, εστιάζουμε στις πιο υποσχόμενες λύσεις για τους εφοπλιστές προκειμένου να συμμορφωθούν με τους νέους κανονισμούς που ορίζονται από το Διεθνή Ναυτιλιακό Οργανισμό. Εκτεταμένη αναφορά παρέχεται στο δίλημμα μεταξύ των συστημάτων καθαρισμού καυσαερίων (scrubbers) και της χρήσης καυσίμων με χαμηλές εκπομπές θείου, όπως MGO ή υγροποιημένο φυσικό αέριο (LNG). Υπάρχει επίσης έμφαση στα εναλλακτικά καύσιμα που παρέχουν πληροφορίες βάσει 8 κριτηρίων (Τιμή, Υποδομή, Τεχνολογία, Κανονισμοί, Επεκτασιμότητα, Περιβαλλοντικές Επιπτώσεις, CAPEX, OPEX). Η προσέγγιση της μελέτης μας είναι τεχνική, αλλά ταυτόχρονα υπάρχει επίσης μια χρηματοοικονομική ανάλυση για τον προσδιορισμό των πιο αποδοτικών λύσεων για τους πλοιοκτήτες.
Crude oil: trade, determinants of world demand and future prospects
(12/07/2021) Stratakis, Dimitris; Vlachou, Stamatoula-Marina; Στρατάκης, Δημήτριος; Βλάχου, Σταματούλα-Μαρίνα; Athens University of Economics and Business, Department of Accounting and Finance; Androutsopoulos, Konstantinos; Rompolis, Leonidas; Kavousanos, Emmanuel G.
Crude oil constitutes one of the most important commodities traded internationally andpossesses crucial role in the formulation of global economic activity. Hence, measuringcrude oil demand and identifying its determinant factors is of vital importance and hasattracted the attention of many researchers. The current thesis summarizes the attempt tomeasure and interpret the demand for crude oil. Based on quarterly data that spans from2003Q2– 2021Q2 we examine the relationship between demand for crude oil and globaleconomic indicators along with the influence of world population. The set of variablesregarding global economic indicators includes the Kilian index, GDP, industrial productionof OECD countries and world population. COVID-19 effects are also investigated throughthe use of a dummy variable. The power of our proposed model is tested through timeseries regression analysis. The major findings of our analysis suggest that demand for crudeoil seem to respond to changes of GDP of the 20 most developed countries and worldpopulation. Empirical results also indicate that the random shock of COVID-19 constitutesa significant influential factor of crude oil demand. Furthermore, we investigate the effectof recent measures regarding the decarbonization and the implications that crude oil marketfaces in the future. From a forward-looking perspective, global economic indicators seemto explain potential changes in oil demand and random shocks, such as the recentpandemic, have serious impact on the trade. All decisions regarding a long-term investmentin the tanker market should be done in accordance with the future strict regulation of lowemissions.
The effect of lease financing on a shipping company's cost of debt
(2021) Krontira, Angeliki; Barmperi, Athina; Κροντηρά, Αγγελική; Μπαρμπέρη, Αθηνά; Athens University of Economics and Business, Department of Accounting and Finance; Demirakos, Efthymios; Rompolis, Leonidas; Kavousanos, Emmanuel G.
The purpose of the current study is to examine the effect of the use of lease financing on a shipping companys cost of debt, more precisely, whether an increase in the lease has an equal effect on the cost of debt as an increase in the debt. Our hypothesis is significantly based on the notion of capital structure and its foundations lie on whether lease financing displaces debt capacity equally to debt financing, which is also answering the question of whether they are used as complements or substitutes. For this study, secondary quantitative data were utilized of 54 shipping companies that had been a lessee throughout the time span 2011-2020 (panel data), and different regression models were tested, to ultimately conclude that the feasible GLS (FGLS) estimator must be employed as the one eliminating heteroskedasticity. This study concludes that lease financing displaces debt capacity and marginally increases the lessee's cost of debt, and thus provides evidence for the lease and debt substitutability.
Financial performance of listed shipping companies across ROE and ROA and the main determinants of influence
(01/20/2022) Katsimpras, Michalis; Koutroumanos, Zacharias; Κατσίμπρας, Μιχαήλ; Κουτρουμάνος, Ζαχαρίας; Athens University of Economics and Business, Department of Accounting and Finance; Demirakos, Efthymios; Rompolis, Leonidas; Kavousanos, Emmanuel G.
Financial performance is not a recent notion on corporations and especially on listed shipping companies. It is an assessment of overall financial health on a fiscal year or on a given time frame and implicates the effectiveness of a firm to generate revenues from the core functions. Most companies nowadays are familiar with its importance and many analysts and stakeholders have tried to accurate measure the performance, efficiency, liquidity and leverage through some financial ratios. Both ROE and ROA belong to the profitability perspective and are vital on environments of perfect competition such as the shipping sector. The former gauges the income available to debt and equity investors for each dollar invested on total assets and the latter is the fraction of cash equity income to the average book value of equity. With this thesis, we tried to decompose the aforementioned ratios and approach the main determinants of their influence. Hopefully, this was accomplished through statistical panel data analysis of a large sample of listed shipping companies across time. In order to reach an outcome about these factors, a large number of financial elements was collected to check whether they are statistically significant for the ROE and ROA. The main part dives into the topics of discussion that are encompassed in the dissertation:Chapter 1 – An analytical ROA and ROE breakdown and the reasons that make their usage critical on the listed shipping companies. Chapter 2 – Critical appraisal on the existing relevant literature in chronological order.Chapter 3 – Definition of empirical methodology and analysis of the under examination econometric model. Chapter 4 – Interpretation of the results, empirical findings and the main definitive determinants of influence of the metrics ROE and ROA.Chapter 5 – Analysis of summary results, concluding remarks and comparison with international literature for shipping.
Profitability & maritime stock returns: microeconomic and macroeconomic approach after the crisis of 2008
(2021) Blanas, Nikolaos; Kritsotakis, Panagiotis; Μπλάνας, Νικόλαος; Κριτσωτάκης, Παναγιώτης; Athens University of Economics and Business, Department of Accounting and Finance; Demirakos, Efthymios; Moutos, Thomas; Kavousanos, Emmanuel G.
In our research we have chosen maritime companies concerning three major sectors: containership, tanker, and bulk market of the shipping industry. This analysis emphasizes on the comparison between microeconomics and macroeconomics in shipping industry. The microeconomics characteristics are related to the study of the maritime sector’s profitability, leverage, and cash flow ratios and this will be presented here to have a clear opinion about their thesis and financial movements before and after the crisis. The idea of taking a closer look at this topic is due to the fact that profitability is each company’s crucial aim and of great importance regarding global economy as this domain can be considered, by many, as the riskiest but at the same time with many returns if the situations and factors are favorable. The relationship between the macroeconomics and microeconomics will be tested through time series regression analysis