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1. ............................................................................................................ 4

2. 1 - (Risk) ................................................. 6

2.1 (Risk) ................................................................................... 6

2.2 (Risk) ................................................................................. 7

2.3 (Risk) .................................................................. 8

3. 2 - (Risk Management) .......................... 10

3.1 ......................................................................... 10

3.2 (Risk Management Process) ..................... 10

3.2.1 (Risk Assessment) .......................................................... 10

3.2.2. (Risk Treatment)............................................................. 12

3.2.3 (Monitoring Control Report). .......... 13

3.3 (Enterprise Risk Management) .... 14

4. 3 - ........ 17

4.1 ....................................................................................... 17

4.2 ............................................................................................... 18

4.3 (Freight Market) ........................................................................ 19

4.4 ................................................... 20

4.5 , ........................................... 22

4.5.1 ...................................................................................... 23

4.5.2 . ....................................... 24

4.5.3 ................................................................................. 25

4.5.4 ................................................................. 26

5. 4 - ................ 28
2
5.1 (Risk) ......................... 28

5.2 (Risk) .... 29

5.2.1 (Risk) ............................................................. 29

5.2.2 (Risk) ......................................................... 30

5.3 ................... 31

5.3.1 (Freight-rate risk) ..................................... 31

5.3.2 (Operating-costs risk)................. 32

5.3.3 (Pure risk)....................................................... 34

5.4 ........... 34

5.4.1 (Interest-rate risk) ......................................... 35

5.4.2 (Asset-Price Risk) ......... 37

5.4.3 (Credit risk) ................................................. 38

5.4.4 (Currency Risk) ................................. 40

6. ................................................................................................. 42

7. .................................................................................................... 44

3
1.

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,
,

.

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.

(Risks) ,
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,
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(Integrated Risk Management System).

: (Risk)
,
.
:
.
(Integrated Risk
Management System).

4
:
.
:

(Integrated Risk Management System).
:
, (Risk)
.

5
2. 1 - (Risk)

2.1 (Risk)

, ,
. ,
, .
(),
, .
, ,
. ,
.

, ,
,
,
.
. ,
(Risk)
, ,
.

,
, (Risks)
, .
(Risk)
.
.

( Expected Return )
.
(variance),
(standard deviation), (Variance at Risk VaR)
.

,
(Risk). ,
(Expected Return) o (Risk),
(Risk),
6
(Expected Return). (Risk)
. (projects)
(Expected Return),
(Risk).

(Expected Return),
(Risk)
.
, (Opportunity) (Chapman 2003).
(Risk)

(Opportunity)

2.2 (Risk)

(Risk) (Green
2016).
.
(Risk)
(Risk).

(Risks) .
(Risk Aversion) Risk Averted
( ), Risk Tolerant ( ) , Risk Appetite - Speculator (
.

(Risks) .
(Risks)
. (Risks)
(Hampton 2009):

(Business Risk).
,
1
.

1 http://www.businessdictionary.com/definition/business-risk.html
7
(Environmental Risk) 2 ,
(Health and Safety Risk)3, (Political Risk).
(Financial Risk).

4
.
,
,
(Default Risk), .
.
(Currency Risk), (Commodity
5
Risk) , (Credit Risk), (Liquidity Risk),
(Market Risk)6 (Green 2016).
(Hazard Risk).

.

2.3 (Risk)

(Risks)
(Alberts, 2006). (Risks),
:

(Context).
(Risk),
.
.
(Risk),
.
(Action).
(Risk).

2
.
3

.
4 http://www.businessdictionary.com/definition/financial-risk.html.
5

(Commodity Markets) , , , ..
6

.
8
(Risk). (Risk)
.
(Conditions). (Risk).
(Context) (Action)
(Risk).
(Consequences). .
.
(Risk), , , ,

1 : The Four Elements of Risk (Alberts 2006)

9
3. 2 - (Risk Management)

3.1

(Risk Management) ,
, ,
, ,
(Income).

, , ,
(Green, 2016):

(Business Process).
.
(Human Element).
. ,
, .
(Planning Component) .
, ,
(Risks).
,
(Risks).
(Hedging).
, .

3.2 (Risk Management Process)

(Risk Management Process)


, ,
, , ,
(Risks) .

3.2.1 (Risk Assessment)


(Risk Profile) (Green 2016):

(Risk Identification).
(Risk), .
(Context) ,
(Action) , (Conditions)
10
(Consequences)
.
(Risks) ,
. (Risks)
(Risks)
. (Risks)
.
-
(Risk)
.
(Risk Analysis). ,
,
(Risk),
(Risk), , ( )
(Green 2016).
, ,
(Risk). ,

(Risk).

2 : - Matrix (Alberts 2006)

(Risk Prioritization).
, (Risks)
, .

, ,
. ,
,
.
(Risk).
11
3.2.2. (Risk Treatment)

,
(Risks), ,
(Risk) (Green 2016). (Risk) (Practices),
(Devices) , (Policies),

.

(Risk Control Option)


(Green 2016):


(Risk).
.
(Risk)
.
(Residual Risk)
(Risk Control Option)
.

(Risk Control Option),


(Green 2016):

(Risk) ,
.
(Risk), (Risk)
(Speculation).
(Risk Sharing) , ,
, ,
.
(Risk)
(Risk) .
(Risk Control)
:
 -
(Risk).

.
12


.

(Risks),
(Residual Risk) ,
.
.
, ,
.

3.2.3 (Monitoring Control Report).

(Risks) ,
.
. , , ,
.

(Hampton, 2009).

(Monitoring)
, . ,
, .
,
,
(Risks).
,
(Risks) .

(Risks)
(Internal Controls) ,
(Standard Operating Procedures),
.

, (Risks)
, .
, .
, .
, ,

13
,
. ,
,

.

3.3 (Enterprise Risk Management)

(ERM) 1980
(Hampton 2009), (hazard risk management).
(Risks)
(Hazard Risk),
, (Risks)
(Internal Control Processes),
(Internal Audit and Compliance).

(ERM)
(Risk) , ,
, .. ,
(Risk) ,
.

(ERM)
(Hampton 2009):

(Risk) (Opportunity Risk


Upside Risk).
(Opportunities),
(Risks). (Opportunity)
(Risk) . ,
(Risks), (Risk)
,
(Risks).
(Risks) .
(Risk)
. ERM (Risks)
. (Risks)
.

14
(Risks). ERM

,
. ,
.
(Risks)
.
.
,
(Risks)

.
,
,
.
(Database) (Knowledge
Management). ERM
, (Best Practices)
(Risk) . ERM,

, (Risk),
,
(Risks) (Knowledge
Warehouse).
,
(Risks),
.

.
(Risks) , ,
,
Sarbanes-Oxley. ,

(Internal Audit). ERM
. ,

15
(Risk) ,
.

(Risks). ERM
.
(Risks) , ,
.
(Integrated)
(Risk) .

3 : ERM (Hampton 2009)

16
4. 3 -

4.1

.
,
(Alizadeh, Nomikos 2009). , ,
, , ..

,
,
. .
,
(, , , ..),
.
90% 7.

4 : ICS

, ,
, ,
, (Stopford 2004).
, , ,
, ..


, ,

7 http://www.ics-shipping.org/shipping-facts/shipping-and-world-trade
17
, .
8:

(Bulk Carrier)
(Tankers)
(Container Ships)

( ,
, , ..)

4.2

,
(Stopford 1997). ,
. ,
,
. , , .
,
, .

,
. , ,
. ,

.
,
. ,
. , ,
, .
,
,

(Stopford 1997).

,
.

8http://www.ics-shipping.org/shipping-facts/shipping-and-world-trade/different-types-of-ship-in-the-
world-merchant-fleet
18
, .

.
scrap. ,

.


.
(Leading Indicators)
.
(Risk),
.

5 : 1896-2009 (Stopford)

4.3 (Freight Market)

(Freight Market)
. Logistics.
.
:

(Voyage Charter Market).


.

(Laytime).
(Contract of Affreightment Market).

, .
, .

19
(Time Charter Market).
, , .
,
, .
.

.
, (Time Premium)
.
(Bareboat Charter Market).

. ,
, .

,
,
.
(Risk)
.

4.4

,
()
,
. (credit
lines) .


.
, ,
.
().
, ,
, .


( ) ().

20
.

(Weighted Average Cost of Capital WACC) (Syriopoulos, 2010).


(Initial Public Offering IPO)
.
(Market Timing).


,
,
.
. (Risks)
51%
.
( )
. ,
(,
),

21
(
Sarbanes Oxley Act).
, ,
(Risks)
.

,
(Market Timing).
, ()
,
( ).
,
.


.
(Covenants)
. , ()
, ,
, .
.


(Risks) , ,
, , ,
, .. (Risks)

(Financial Stress) (Default).

4.5 ,

(),
, .
,
, , ,
. , ,
,
.
(Maritime Operations).
22
, ,
, ,
(Risk)
(Maritime Operations).

.
[SOLAS9 (Safety of Life at
Sea)],
(
ISPS).

,
.
, (Risk)
, ,
, . ,
, ,
.

4.5.1


SOLAS. 1974,
.

,
. SOLAS 162
99% 10.


, .
:

, ,
.
, .
.

9 http://www.mar.ist.utl.pt/mventura/Projecto-Navios-I/IMO-Conventions%20(copies)/SOLAS.pdf
10 https://en.wikipedia.org/wiki/SOLAS_Convention
23
.
.
.
.
.
.
.
.
.



, (Port State
Control)11. Port State Control
,
(SOLAS,
MARPOL, .).
,
, .

4.5.2 .

9 2001 ...
,

.

SOLAS
,
, ,
. ISPS Code
(International Ship and Port Facility Security)12.

ISPS Code
, .
,

11 https://en.wikipedia.org/wiki/Port_State_Control
12 https://en.wikipedia.org/wiki/International_Ship_and_Port_Facility_Security_Code
24
(Risk), ,
(Risk) .

,
,
. ,
,
,
. ,
(Risk Management)
.

4.5.3

.
,
.

.
.

1973 ,
1978,
(International Convention for the Prevention of
Pollution from Ships)13, MARPOL.

MARPOL

, .

,
.

MARPOL
14

13 https://en.wikipedia.org/wiki/MARPOL_73/78
14 .
25
.
:


, .
,
, ,
.

,

. ,

(emission tax), (Ma, 2010).

MARPOL ,
, , .
,
, (Risk)
.

4.5.4

(Risk)
. ,
,
, ,
, ..
, (Talley, 2010).
:



( )
26
,
, , ,
Logistics.
.
, , ,
.

(Risk)

.
(Standard Operating Procedures),
,

.

27
5. 4 -


(Integrated Enterprise Risk Management System)
.
(, ,
..)
(Risk)
, ,
.

.

5.1 (Risk)


. (Risk)
.
Business Unit
. ,
(Ship
Security Officer) ISPS.

(Risk):

(Internal Auditing) 15 .
,
(Assurance) ,
, ( )
,
. (Internal Audit) ,
,
.

15 https://en.wikipedia.org/wiki/Internal_audit
28
,

(Risks), (Controls)
(Corporate Governance)16.
(Risks) (OECD, 2014).
,
Business Unit
.
(CFO).
(Risk)
manager

. Internal Auditing.

5.2 (Risk)

(Risk)
(Policy),
(Standard Operating Procedures- SOPs)17 ,
(Culture) (Risk) (
, , ..). (Risk)

(Risk) .

5.2.1 (Risk)

(Risk)

. (Tolerance) (Risk)
. (Risks)
,
. (Risks),

16 (Corporate Governance)-()
,
. ,
, ,
,
, . https://el.wikipedia.org
17 ,
,
. https://en.wikipedia.org/wiki/Standard_operating_procedure
29
,
.

(Risks)
(SOPs) .
(SOPs) :

(Risk Owner) (Risk).



(Cooperation) (Coordination).
.
(Risk).
.
(Managerial Level) (Risk Custodian)
(Risk).

,
. ,
(Benchmarks) ,
(Internal Controls, Internal Audit). (Risk)
, (Assurance)
.

5.2.2 (Risk)

(Risk) ,
(ERM).
,
,
, .


(Risk) .
, ,
.
(Risks) (Green, 2016):

(Risk) . (Risk)

30
.
.
(Risk) .
(. reporting lines),
, ,
.
(Risk).
.
,
.
(Risk) .

.

,
,
.
,
(Risk), , (
),
, .

5.3

(Risk) ,
Operations.
. (Risks)
, 4.
(Risks)
(Freight-rate risk), (Operating-costs risk),
(Pure risk)

5.3.1 (Freight-rate risk)

,
.
,
, , (Sustainability) (Alizadeh &
Nomikos, 2009). ( Risk) .
31

(Risk) . H
(Physical
Hedging Methods) , contracts of
period time-charter contracts of affreightment (CoA).
.


( ) ,
. (Baltic Mercantile and
Shipping Exchange). , ,
(Brokers) ,
, ( & , 2003). Baltic Exchange
,
, BFI (Baltic Freight Index),
(Baltic International Freight Future
Exchange BIFFEX) ( & , 2003).

(Risk)
, (Forward Freight
Agreement), BIFFEX (Alizadeh & Nomikos, 2009):

(Freight Futures Agreement).


() ,
(maturity)
(delivery price) BIFFEX.
(Options on Freight Rate)

(Call) / (Put)
.

BIFFEX (Forward
Freight Agreement)
, , .

,
(Risk).

5.3.2 (Operating-costs risk)

32

, .
:

(Bunker cost).
,
( 50% ) (Alizadeh & Nomikos, 2009),
(Risk)
.


(Bunker cost) . :

bunkering
[Real Options Strategy - (Boyer, Christoffersen, Lasserre, & Pavlov,
2003)].
.
fixed price swap of Bunker Oil18 ( ),
(Swap) (Bunker oil)
( ),
(fixed) , (Floated) ,
.
.
(Forward Market). ,

( Bunker Oil ) .
swap (Bunker Oil)
(Platts 380 CST) $243/MT19. swap
$243, , $243/MT,

18 http://www.investopedia.com/terms/c/commodityswap.asp
19 =
33
spot (Bunker Oil),
20.

5.3.3 (Pure risk)

(Risks),
, ,
, , ,
(Alizadeh & Nomikos,
2009). (Risks) ,
.

(Risks)
. ,
, .
,
.

(Risks),
(Boyer, Christoffersen, Lasserre, & Pavlov,
2003). ,
(Double Hull), ,
,
.

, (Risks)
, (Risk) .
(Insurance premium), (Risk)
,
,
.

5.4

(Financial Risk Management)


(Risks),
.
(Credit Risk) (Risks),

20 https://www.mercatusenergy.com/blog/bid/74900/an-introduction-to-bunker-fuel-hedging-updated
34
(Interest rates) (
).
.

5.4.1 (Interest-rate risk)

(Interest-rate risk),
, , (LIBOR, EURIBOR)
(Federal Reserve, European
Central Bank, Bank of Japan, ..).
.
, (Floating interest rate).
,
(Cash flow) (Liquidity)
(Alizadeh & Nomikos, 2009).


(Convertible Bonds) 21 ,
.
. ()
.
, LIBOR
(London Interbank Offer Rate)22
( LIBOR+1.25%)23.

, ,
, ,
.
(Risk).
. ,
, ,
, (Balloon
Payment), ,

21
.
22 LIBOR

() .
.
. https://www.euretirio.com/libor/
23 LIBOR 1,25 .

35
, scrap.
Balloon Payment.

(Hedging) (Risk) ,
(Alizadeh & Nomikos, 2009),
:

[Forward-Rate Agreement (FRA)].



(Forward), ,

.
24 . (
) (
), ,
.
( ) ,
( )
,
,
.
() (Interest-Rate
25
Futures). ,
.
() ,

, ,
(Maturity) (Delivery Price).
, ,
,
FRA.
() Eurodollar (Eurodollar Futures
Contracts). () Eurodollar
,

24 https://www.euretirio.com/prothesmiako-symvolaio-epitokiou-forward-rate-agreement-fra/
25 https://www.euretirio.com/symvolaia-mellontikis-ekplirosis-futures-sme/
36
(Risk) LIBOR26.
() LIBOR (Underline product).
, $8.000.000
, ( ),
LIBOR. () Eurodollar
$1.000.000 LIBOR.
LIBOR
8 () Eurodollar
. LIBOR ,
.
(Interest-Rate Swaps - IRS).
(Swaps) ,
(Premium)
(Hedging) (Risk) . IRS
(Risk)
. ,
(
).
(Interest-Rate Options).

(Call) / (Put)
(Interest Rate Caps)27

5.4.2 (Asset-Price Risk)

(Risk)
,
. .
(Balance Sheet)
(Alizadeh & Nomikos, 2009). ,
, .
,

.

26 http://www.investopedia.com/articles/active-trading/012214/introduction-trading-eurodollar-

futures.asp
27 https://www.euretirio.com/paragoga-xrimatooikonomika-proionta/

37
(Risk)
(Real Options) (Boyer, Christoffersen, Lasserre, & Pavlov, 2003),

(Bareboat Charter)28.

(Risk)
() Forward Ship Value Agreement
(FoSVA) (Alizadeh & Nomikos, 2009), Baltic
Ship Value Assessment (BaSVA). BaSVA
(VLCC, Aframax, Capesize Panamax). ,
( 5 ), 10
BaSVA.

, Baltic Demolition Index (BDA)


, .

5.4.3 (Credit risk)

(Credit risk)
, .

( ) (Alizadeh & Nomikos, 2009).
(Credit risk) ,

.

(Credit risk) :

(Default risk).
.
(Downgrade risk). ,
,
(
).
(Credit-spread risk).
,

28 https://en.wikipedia.org/wiki/Bareboat_charter
38
. , ,
.

, (Credit risk),
,
(Default) (Alizadeh & Nomikos, 2009).
:

(Probability of Default). ,

.
(Loss Given Default).
,
.
(Distance to Default).
( Standard Deviations)
,
(Default).

(Credit risk),
,
. ,
. ,
.
(Credit risk)
Moodys, Standard & Poors, Fitch.

(Credit risk)
:

(Collateralization).
(Credit risk).
,
, ,
. ,
() .
(Downgrade Triggers).
,

39

, .
(Contract Design and Netting).
,
,
,
.
(Diversification). (Portfolio)

, ,
(correlation).
(Credit Derivatives).
.
(Credit risk)
(Alizadeh & Nomikos, 2009):
 (Credit default swap -
CDS). .
(Premium),
.
 (Total return swap -
TRS).
(asset)
.
 (Credit spread options
- CSO).
(assets), (Credit Risk), ,
(Risk) (Risk-free).

5.4.4 (Currency Risk)

(Currency Risk)
.
, ,

. (Risk)

40

.

(Currency Risk) ,
,
,
.
:

(Currency Forward)
(Currency Futures)
(Currency Options)
(Currency Swaps)

41
6.

(Integrated Risk
Management System), , .
,
.
, .
(Risks)
,
, ,
.


(Integrated Risk Management System)
.
(internal audit)
. .

(Integrated Risk
Management System) (Risk
Management Policy).
(Risks), (Owners)
(Custodians) , (Standard
Operations Procedures).

(Risk Management
Culture) (sustainability)
.
(Risk) .


(Integrated Risk Management System).
(Risks) ,
,
.
( ) (Risk) ,
(Risk).

42

(Risk). (Risk Management)
,
, .

(Integrated Risk
Management System) , , .
- . ,
(Shareholders) (Stakeholders),
, (Risk),
. Sarbanes Oxley Act
.

, , ,

(Risks ) .

43
7.

Alberts, C. J. (2006). Common Elements of Risk. Pittsburgh: Carnegie Mellon University.

Alderton, P., & Rowlinson, M. (2010). The Economics of Shipping Freight Markets. C. T.
Grammenos, The Handbook of Maritime Economics and Business (. 165-193).
London: Lloyd's List.

Alizadeh, A., & Nomikos, N. (2009). Shipping Derivatives and Risk Management. Hampshire
UK: Macmillan Publishers Limited.

Allen, S. (2013). Financial Risk Management. New Jersey: John Wiley & Sons Inc.

Boyer, M., Christoffersen, P., Lasserre, P., & Pavlov, A. (2003). Value Creation, Risk
Management and Real Options. Quebec: CIRANO.

Chapman, C., & Ward, S. (2003). Project Risk Management. West Sussex UK: John Wiley &
Sons Ltd.

Green, P. (2016). Enterprise Risk Management. Oxford: Elsevier Inc.

Hampton, J. J. (2009). Fundamentals of Enterprise Risk Management. New York: American


Management Association.

Ma, S. (2010). Using Economic Measures for Global Control of Air Pollution from Ships.
C. T. Grammenos, The Handbook of Maritime Economics and Business (. 398-427).
London: Lloyd's List.

OECD. (2014). Risk Management and Corporate Governance, Corporate Governance.


http://dx.doi.org/10.1787/9789264208636-en: OECD Publishing.

Stopford, M. (2009). Maritime Economics. London: Routledge.

Syriopoulos, T. (2010). Shipping Finance and International Capital Markets. C. T.


Grammenos, The Handbook of Maritime Economics and Business (. 672-703).
London: Lloyd's List.

Talley, W. K. (2010). Vessel Safety and Accident Analysis. C. T. Grammenos, The


Handbook of Maritime Economics and Business (. 431-445). London: Lloyd's List.

, ., & , . . (2003). . :
.

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