Portrait of Professor Nikos Nomikos

Professor Nikos Nomikos

Professor of Shipping Finance

Bayes Business School, Faculty of Finance

Contact

Visit Nikos Nomikos

Room BR5052, Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Nikos Nomikos is Professor of Shipping Finance at Bayes Business School (formerly Cass). He is the Academic Director of the Bayes Dubai Executive MBA Program and the former Director of the MSc in Shipping, Trade and Finance.

His area of expertise is Ship Finance, Risk Management and Asset Pricing for Shipping and Commodity Markets. Examples of his research include the development of ship valuation models, designing shipping indices and market benchmarks, structuring risk management products, valuation of freight derivative contracts, big-data analytics for assessing market dynamics and sustainable finance. Nikos has published more than 50 papers in peer-review academic journals. He has co-authored the book “Shipping Derivatives and Risk Management” considered the leading reference book in this area.

Nikos commenced his career at the Baltic Exchange as Head of Market Analytics where he oversaw the development of shipping indices that are currently used in the market as pricing benchmarks. Being interested in applied and commercially viable research, Nikos collaborates widely with corporations both as consultant as well as in executive education. He also acts as expert witness on shipping related cases.

Nikos lectures on Finance, Economics, Asset pricing and Risk Management for the MSc, MBA and PhD programs. He is also Fellow of the Institute of Chartered Shipbrokers.

Qualifications

  • PhD in Finance, Bayes Business School, United Kingdom
  • MSc in Shipping, Trade and Finance (Distinction), Bayes Business School, United Kingdom
  • BSc Economics, Athens University of Economics and Business, Greece
  • Fellow, Institute of Chartered Shipbrokers

Employment

  • Director Dubai Executive MBA, Bayes Business School, Mar 2021 – present

Visiting appointments

  • Wilmar Profesor in Commodities, Singapore Management University, Sep 2013
  • International Hellenic University, Sep 2010 – Sep 2014
  • University of Geneva, Sep 2008 – Sep 2014

Memberships of professional organisations

  • Elected member, The Atheniaum, 2009 – present
  • International Association of Energy Economists, Sep 2003 – present
  • Institute of Chartered Shipbrokers, Sep 2002 – present
  • International Association of Maritime Economists, Sep 2002 – present

Awards

  • Singapore Management University (2013) Appointed Wilmar Professor
    Was appointed "Wilmar Professor in International Commodity Business" by SMU
  • European Energy Markets Conference (2012) 3rd Prize Winner for Best Paper
    The paper: “Risk management in the energy markets and value at risk modelling: a hybrid approach”, was 3rd Prize Winner for Best Paper at the European Energy Markets 2012 Conference, Florence, Italy
  • International Association of Maritime Economists (2005) Won the "Most Innovative Paper" Prize
    Won the "Most Innovative Paper" Prize for the paper “Investment Timing Strategies in Shipping Markets” at the International Association of Maritime Economists Conference, Cyprus.

Languages

French and Greek, Modern (1453-).

Expertise

Primary topics

  • Commodities
  • Shipping, Trade & Finance
  • Risk Management
  • Mathematical & Quantitative Methods
  • Financial Engineering
  • Risk
  • Futures & Options
  • Asset Pricing
  • Mathematical Finance
  • Quantitative Finance
  • Econometric & Statistical Methods
  • Derivatives
  • Risk Modelling
  • Finance

Research

Value at Risk models for shipping and power markets;
Pricing Freight derivatives;
Econometric modelling of freight rates;
Modelling Commodity Forward Curves.

Research topics

Derivatives pricing in commodity and shipping markets

Quantitative Trading strategies for commodity markets

Commodities as Investment Diversifiers

Asset Valuation in Commodity Markets

Behavioural aspects of Shipping Investment

Research students

Ioannis Moutzouris

Attendance: Oct 2013 – present, full-time

Thesis title: Commodity Markets

Role: 1st Supervisor

Manolis Karimalis

Attendance: Oct 2010 – Jul 2015, full-time

Thesis title: Modelling Energy Markets

Role: 1st Supervisor

Maria Giamouzi

Attendance: Oct 2010 – present, full-time

Thesis title: Decision Analysis in Shipping Markets

Role: 1st Supervisor

Kaizad Doctor

Attendance: Oct 2009 – Feb 2014, full-time

Thesis title: Trading Strategies in the FFA Markets

Role: 1st Supervisor

Kostas Andriosopoulos

Attendance: Oct 2006 – Sep 2011, full-time

Thesis title: Modelling Spot Prices, Risk Management and Investment Strategies for Energy Markets

Role: 1st Supervisor

Stefan Van Dellen

Attendance: Oct 2004 – Jan 2011, full-time

Thesis title: An Examination into the Structure of Freight Rates in Shipping Markets

Role: 1st Supervisor

Orestes Soldatos

Attendance: Oct 2003 – Oct 2007, full-time

Thesis title: Pricing Electricity Derivatives

Role: 1st Supervisor

Publications

Books (2)

  1. Alizadeh, A.H. and Nomikos, N.K. (2009). Shipping Derivatives and Risk Management. Palgrave Macmillan UK. ISBN 978-1-349-30344-1.
  2. Alizadeh, A. and Nomikos, N.K. (2009). Shipping Derivatives and Risk Management. Palgrave Macmillan. ISBN 978-0-230-21591-7.

Chapters (6)

  1. Alizadeh, A.H. and Nomikos, N.K. (2012). Ship Finance: Hedging Ship Price Risk using Freight Derivatives. In Talley, W.K. (Ed.), Blackwell Companion to Maritime Economics (pp. 433–451). Wiley-Blackwell.
  2. Alizadeh, A.H. and Nomikos, N.K. (2011). An Investigation into the Effect of Risk Management on the Profitability of Shipping Investment and Operations. In Kevin Cullinane, (Ed.), International Handbook of Maritime Economics Cheltenham: Edward Elgar.
  3. Nomikos, N.K. and Alizadeh, A. (2010). An Overview of the Dry Bulk Shipping Industry. In Grammenos, C.T. (Ed.), The Handbook of Maritime Economics and Business Informa.
  4. Nomikos, N.K. and Alizadeh, A.H. (2010). Managing Freight Rate Risk using Freight Derivatives: An Overview of the Evidence. In Grammenos, C.T. (Ed.), The Handbook of Maritime Economics and Business London: Lloyd's List.
  5. Nomikos, N.K. and Alizadeh, A.H. (2002). Risk Management in the Shipping Industry: Theory and Practice. In Grammenos, C.T. (Ed.), The Handbook of Maritime Economics and Business (pp. 693–730). London: LLP Professional Publishing. ISBN 978-1-84311-195-5.
  6. Nomikos, N.K. and Alizadeh, A.H. (2002). The Dry Bulk Shipping Market. In Grammenos, C.T. (Ed.), The Handbook of Maritime Economics and Business (pp. 227–250). London: LLP Professional Publishing. ISBN 978-1-84311-195-5.

Conference papers and proceedings (29)

  1. Nomikos, N.K. and Karimalis, E. (2014). Measuring Systemic Risk in the European Banking Sector. A Copula CoVar Approach. 2014 Financial Engineering and Banking Society (FEBS) Conference 21-23 June, University of Surrey.
  2. Kyriakou, I., Nomikos, N.K., Pouliasis, P.K. and Papapostolou, N.C. (2013). Pricing of Asian-style options with discrete sampling under affine models: Application and analysis in oil markets. Cass-ESCP 51st Meeting of the Euro Working Group on Commodities and Financial Modelling London, UK.
  3. Nomikos, N.K., Kyriakou, I., Papapostolou, N.C. and Pouliasis, P.K. (2012). Freight options: price modelling and empirical analysis. Managing the Risks of Commodities and Food Prices Conference London, UK.
  4. Andriosopoulos, K. and Nomikos, N.K. (2012). Risk management in the energy markets and value-at-risk modelling: A hybrid approach. doi:10.1109/EEM.2012.6254649
  5. Nomikos, N.K., Kyriakou, I., Papapostolou, N.C. and Pouliasis, P.K. (2011). Freight options: price modelling and empirical analysis. 2011 Shipping Risk Management Symposium Hamburg.
  6. Nomikos, N.K. (2007). A Markov Regime Switching Approach for Hedging Energy Commodities. Commodities Conference Practitioner.
  7. Alizadeh, A. and Nomikos, N.K. (2005). Investment Timing and Trading Strategies in the Sale and Purchase Market for Ships. International Association of Maritime Economists - paper was awarded "Most Innovative Paper Prize" Cyprus.
  8. Grammenos, C.T., Papapostolou, N.C. and Nomikos, N.K. (2005). Estimating The Probability of Default For Shipping High Yield Bond Issues. International Association of Maritime Economists Conference Cyprus.
  9. Soldatos, O. and Nomikos, N.K. (2005). Affine Jump Diffusion Models for Electricity Derivatives. International Association of Energy Economists Conference Norway.
  10. Grammenos, C., Papapostolou, N. and Nomikos, N.K. (2004). Estimating the Probability of Default for High Yield Bond Issues. Seminar on Issues Relating to Maritime Economics and Business Cass, London.
  11. Haigh, M., Bessler, D. and Nomikos, N.K. (2004). Integration and Causality in International Freight markets - modelling with Error Correction and Directed Acyclic Graphs. IAME Ismir, Turkey.
  12. Alizadeh, A. and Nomikos, N.K. (2004). Investment Timing and Trading Strategies in the Sale and Purchase Market for Ships. Seminar on Issues Relating to Maritime Economics and Business Cass, London.
  13. Alizadeh, A., Lin, S. and Nomikos, N.K. (2004). Effectiveness of Oil Futures Contracts for Hedging International Crude Oil Prices. Multinational Finance Society Conference Istanbul, Turkey.
  14. Alizadeh, A. and Nomikos, N.K. (2003). Market Conditions and Stock Indices Hedging: a Markov Regime Switching Approach. Multinational Finance Society July, Montreal, Canada.
  15. Nomikos, N.K. and Alizadeh, A. (2003). Efficiency of Electricity Futures Prices; Evidence from the Nord Pool Exchange. 10th Annual Conference of the Multinational Finance Society 28 Jun 2003 – 2 Jul 2003, Montreal, Canada.
  16. Alizadeh, A. and Nomikos, N.K. (2003). Efficiency of Electricity Futures Prices; Evidence from the Nord Pool Exchange. Cass Research Workshops in Finance London, March.
  17. Alizadeh, A. and Nomikos, N.K. (2003). The Efficiency of the Forward Bunker Market. Logistics Research Network Conference London.
  18. Alizadeh, A. and Nomikos, N.K. (2003). The Price-Volume Relationship in the Sale & Purchase Markets for Ships. International Maritime Policy Conference London, 14-15 May 2003.
  19. Alizadeh, A. and Nomikos, N.K. (2003). The Efficiency of the Forward Bunker Market. International Association of Maritime Economist's Conference Korea, September 2003.
  20. Alizadeh, A. and Nomikos, N.K. (2002). Cost of Carry, Predictability and Arbitrage Opportunities between Oil Futures and Tanker Freight Markets. 2002 International Association of Maritime Economists Conference 13-15 November, Panama City, Panama.
  21. Alizadeh, A. and Nomikos, N.K. (2002). Market Conditions and Stock Indices Hedging; A Markov Regime Switching Approach. Research Workshop in Finance City University, London, March.
  22. Kavussanos, M. and Nomikos, N.K. (2002). Price Discovery, Causality and Forecasting in the Freight Futures Market. 9th Multinational Finance Society Conference Cyprus, 1-3 July 2002.
  23. Alizadeh, A. and Nomikos, N.K. (2002). The Price-Volume Relationship in the Sale & Purchase Markets for Ships. 2002 International Association of Maritime Economists Conference Panama City, Panama, 13-15 November.
  24. Kavussanos, M. and Nomikos, N.K. (2000). Futures Hedging when the composition of the underlying asset changes; The case of the BIFFEX contract. Joint Meeting and Educational Programme of the American Society of Transportation and Logistics (ASTL) and The Intermodal Distribution Education Academy (IDEA) Atlanta, Georgia, USA, 10-13 April.
  25. Kavussanos, M. and Nomikos, N.K. (2000). Futures Hedging when the composition of the underlying asset changes; The case of the BIFFEX contract. SIG2-Group of the World Conference on Transport Research Society Genoa, Italy, 8-10 June.
  26. Kavussanos, M. and Nomikos, N.K. (2000). Short-run deviations, volatility and hedging in the freight futures market. 4th Congress on Macroeconomics and Finance University of Crete, Greece, 25-28 May.
  27. Kavussanos, M. and Nomikos, N.K. (1998). Constant vs. Time-Varying Hedge Ratios in the BIFFEX Market. World Conference on Transport Reseach Antwerp, Belgium, 12 - 17 July.
  28. Kavussanos, M. and Nomikos, N.K. (1998). Price Discovery, Causality and Forecasting in the Freight Futures Market. Research Workshop in Finance City University, London, 9 November.
  29. Kavussanos, M. and Nomikos, N.K. (1997). The Forward Pricing Function of the Shipping Freight Futures Market. International Association of Maritime Economists Conference London, 22 - 24 September.

Internet publication

  1. Nomikos, N.K., Kyriakou, I., Papapostolou, N. and Pouliasis, P. (2013). A New Framework for Pricing Freight Option A New Model for Freight (2012).

Journal articles (50)

  1. Kilian, L., Nomikos, N. and Zhou, X. (2023). A Quantitative Model of the Oil Tanker Market in the Arabian Gulf. The Energy Journal, 44(5), pp. 95–114. doi:10.5547/01956574.44.4.lkil.

    [publisher’s website]

  2. Nomikos, N.K. and Tsouknidis, D.A. (2023). Disentangling demand and supply shocks in the shipping freight market: their impact on shipping investments. Maritime Policy & Management, 50(5), pp. 563–581. doi:10.1080/03088839.2021.2017041.

    [publisher’s website]

  3. Kilian, L., Nomikos, N.K. and Zhou, X. (2023). Container Trade and the U.S. Recovery. International Journal of Central Banking pp. 417–450.
  4. Gómez‐Valle, L., Kyriakou, I., Martínez‐Rodríguez, J. and Nomikos, N.K. (2021). Estimating risk‐neutral freight rate dynamics: A nonparametric approach. Journal of Futures Markets, 41(11), pp. 1824–1842. doi:10.1002/fut.22244.

    [publisher’s website]

  5. Kilian, L., Nomikos, N.K. and Zhou, X. (2021). A Quantitative Model of the Oil Tanker Market in the Arabian Gulf. Energy Journal, 28(2), pp. 205–244.
  6. Giamouzi, M. and Nomikos, N.K. (2021). Identifying shipowners’ risk attitudes over gains and losses: Evidence from the dry bulk freight market. Transportation Research Part E: Logistics and Transportation Review, 145, pp. 102129–102129. doi:10.1016/j.tre.2020.102129.

    [publisher’s website]

  7. Moutzouris, I. and Nomikos, N.K. (2020). Asset Pricing with Mean reversion: The Case of Ships. Journal of Banking and Finance, 111. doi:10.1016/j.jbankfin.2019.105708.
  8. Lim, K.G., Nomikos, N.K. and Yap, N. (2019). Understanding the fundamentals of freight markets volatility. Transportation Research Part E: Logistics and Transportation Review, 130, pp. 1–15. doi:10.1016/j.tre.2019.08.003.
  9. Moutzouris, I.C. and Nomikos, N.K. (2019). Earnings yield and predictability in the dry bulk shipping industry. Transportation Research Part E: Logistics and Transportation Review, 125, pp. 140–159. doi:10.1016/j.tre.2019.03.009.

    [publisher’s website]

  10. Nomikos, N.K. and Regli, F. (2019). The Eye in the Sky - Freight Rate Effects of Tanker Supply. Transportation Research Part E: Logistics and Transportation Review. doi:10.1016/j.tre.2019.03.015.
  11. Nomikos, N.K. and Moutzouris, I. (2018). The Formation of FFA Rates in Dry Bulk Shipping: Spot Rates, Risk Premia and Heterogeneous Expectations. Journal of Futures Markets. doi:10.1002/fut.21980.
  12. Karimalis, E.N. and Nomikos, N.K. (2018). Measuring systemic risk in the European banking sector: a copula CoVaR approach. The European Journal of Finance, 24(11), pp. 944–975. doi:10.1080/1351847x.2017.1366350.

    [publisher’s website]

  13. Kyriakou, I., Pouliasis, P.K., Papapostolou, N.C. and Nomikos, N.K. (2018). Income uncertainty and the decision to invest in bulk shipping. European Financial Management, 24(3), pp. 387–417. doi:10.1111/eufm.12132.

    [publisher’s website]

  14. Abouarghoub, W., Nomikos, N.K. and Petropoulos, F. (2018). On reconciling macro and micro energy transport forecasts for strategic decision making in the tanker industry. Transportation Research Part E: Logistics and Transportation Review, 113, pp. 225–238. doi:10.1016/j.tre.2017.10.012.

    [publisher’s website]

  15. Ahrends, M., Drobetz, W. and Nomikos, N.K. (2018). Corporate Cash Holdings in the Shipping Industry. Transportation Research Part E: Logistics and Transportation Review, 112, pp. 107–124. doi:10.1016/j.tre.2017.10.016.
  16. Papapostolou, N.C., Pouliasis, P.K., Nomikos, N.K. and Kyriakou, I. (2016). Shipping investor sentiment and international stock return predictability. Transportation Research Part E: Logistics and Transportation Review, 96, pp. 81–94. doi:10.1016/j.tre.2016.10.006.

    [publisher’s website]

  17. Kyriakou, I., Nomikos, N.K., Papapostolou, N.C. and Pouliasis, P.K. (2016). Affine‐Structure Models and the Pricing of Energy Commodity Derivatives. European Financial Management, 22(5), pp. 853–881. doi:10.1111/eufm.12071.

    [publisher’s website]

  18. Andriosopoulos, K. and Nomikos, N.K. (2015). Risk management in the energy markets and Value-at-Risk modelling: a hybrid approach. The European Journal of Finance, 21(7), pp. 548–574. doi:10.1080/1351847x.2013.862173.

    [publisher’s website]

  19. Nomikos, N.K. and Pouliasis, P.K. (2015). Petroleum Term Structure Dynamics and the Role of Regimes. Journal of Futures Markets, 35(2), pp. 163–185. doi:10.1002/fut.21657.

    [publisher’s website]

  20. Papapostolou, N.C., Nomikos, N.K., Pouliasis, P.K. and Kyriakou, I. (2014). Investor Sentiment for Real Assets: The Case of Dry Bulk Shipping Market*. Review of Finance, 18(4), pp. 1507–1539. doi:10.1093/rof/rft037.

    [publisher’s website]

  21. Andriosopoulos, K. and Nomikos, N. (2014). Performance replication of the Spot Energy Index with optimal equity portfolio selection: Evidence from the UK, US and Brazilian markets. European Journal of Operational Research, 234(2), pp. 571–582. doi:10.1016/j.ejor.2013.09.006.
  22. Nomikos, N.K. and Salvador, E. (2014). The role of volatility regimes on volatility transmission patterns. Quantitative Finance, 14(1), pp. 1–13. doi:10.1080/14697688.2013.822537.
  23. Nomikos, N.K. and Doctor, K. (2013). Economic significance of market timing rules in the Forward Freight Agreement markets. Transportation Research Part E: Logistics and Transportation Review, 52, pp. 77–93. doi:10.1016/j.tre.2012.11.009.
  24. Nomikos, N.K., Kyriakou, I., Papapostolou, N.C. and Pouliasis, P.K. (2013). Freight options: Price modelling and empirical analysis. Transportation Research Part E: Logistics and Transportation Review, 51, pp. 82–94. doi:10.1016/j.tre.2012.12.001.

    [publisher’s website]

  25. Nomikos, N.K. and Andriosopoulos, K. (2012). Modelling energy spot prices: Empirical evidence from NYMEX. Energy Economics, 34(4), pp. 1153–1169. doi:10.1016/j.eneco.2011.10.001.
  26. Nomikos, N.K. and Andriosopoulos, A. (2012). Modelling Energy Spot Prices: Empirical Evidence from NYMEX. Energy Economics.
  27. Nomikos, N.K. and Pouliasis, P.K. (2011). Forecasting petroleum futures markets volatility: The role of regimes and market conditions. Energy Economics, 33(2), pp. 321–337. doi:10.1016/j.eneco.2010.11.013.
  28. Alizadeh, A.H. and Nomikos, N.K. (2011). Dynamics of the term structure and volatility of shipping freight rates. Journal of Transport Economics and Policy, 45(1), pp. 105–128.
  29. Nomikos, N.K. and Soldatos, O.A. (2010). Analysis of model implied volatility for jump diffusion models: Empirical evidence from the Nordpool market. Energy Economics, 32(2), pp. 302–312. doi:10.1016/j.eneco.2009.10.011.
  30. Nomikos, N.K. and Soldatos, O.A. (2010). Modelling short and long-term risks in power markets: Empirical evidence from Nord Pool. Energy Policy, 38(10), pp. 5671–5683. doi:10.1016/j.enpol.2010.05.015.
  31. Alizadeh, A.H., Nomikos, N.K. and Pouliasis, P.K. (2008). A Markov regime switching approach for hedging energy commodities. Journal of Banking and Finance, 32(9), pp. 1970–1983. doi:10.1016/j.jbankfin.2007.12.020.
  32. Alizadeh, A.H. and Nomikos, N.K. (2008). Performance of statistical arbitrage in petroleum futures markets. The Journal of Energy Markets, 1(2), pp. 3–33. doi:10.21314/jem.2008.006.

    [publisher’s website]

  33. Nomikos, N.K. and Soldatos, O. (2008). Using affine jump diffusion models for modelling and pricing electricity derivatives. Applied Mathematical Finance, 15(1), pp. 41–71. doi:10.1080/13504860701427362.
  34. Grammenos, C.T., 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(6), pp. 1123–1138. doi:10.1016/j.tre.2007.10.005.
  35. 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: Methodological, 41(1), pp. 126–143. doi:10.1016/j.trb.2006.04.002.
  36. Alizadeh, A.H. and Nomikos, N.K. (2006). Trading strategies in the market for tankers. Maritime Policy and Management, 33(2), pp. 119–140. doi:10.1080/03088830600612799.
  37. Nomikos, N.K. and Papapostolou, N. (2006). Predicting Defaults in Shipping High Yield Bond Issues. Lloyd's Shipping Economist.
  38. Alizadeh, A.H. and Nomikos, N.K. (2005). Investing at the Right Time; A Trading Model for the Sale and Purchase Market for Ships. Lloyd's Shipping Economist, July.
  39. Alizadeh, A.H. and Nomikos, N.K. (2004). The efficiency of the forward bunker market. International Journal of Logistics Research and Applications, 7(3), pp. 281–296. doi:10.1080/13675560412331298527.

    [publisher’s website]

  40. Alizadeh, A. and Nomikos, N. (2004). A markov regime switching approach for hedging stock indices. Journal of Futures Markets, 24(7), pp. 649–674. doi:10.1002/fut.10130.
  41. Alizadeh, A.H. and Nomikos, N.K. (2004). Cost of carry, causality and arbitrage between oil futures and tanker freight markets. Transportation Research Part E: Logistics and Transportation Review, 40(4), pp. 297–316. doi:10.1016/j.tre.2004.02.002.
  42. Haigh, M.S., Nomikos, N.K. and Bessler, D.A. (2004). Integration and causality in international freight markets: Modeling with error correction and directed acyclic graphs. Southern Economic Journal, 71(1), pp. 145–162. doi:10.2307/4135317.
  43. Kavussanos, M.G. and Nomikos, N.K. (2003). Price discovery, causality and forecasting in the freight futures market. Review of Derivatives Research, 6(3), pp. 203–230. doi:10.1023/B:REDR.0000004824.99648.73.
  44. Alizadeh, A.H. and Nomikos, N.K. (2003). The price-volume relationship in the sale and purchase market for dry bulk vessels. Maritime Policy and Management, 30(4), pp. 321–337. doi:10.1080/0308883032000145627.
  45. Alizadeh, A.H. and Nomikos, N.K. (2003). Bunker Risk Management Using Forward and Swap Contracts. Lloyd's Shipping Economist, 37681(March).
  46. Nomikos, N.K. and Alizadeh, A. (2003). Do FFAs provide good Forecasts? Lloyds Shipping Economist, December, pp. 32–34.
  47. Kavussanos, M.G. and Nomikos, N.K. (2000). Hedging in the Freight Futures Market. The Journal of Derivatives, 8(1), pp. 41–58. doi:10.3905/jod.2000.319112.

    [publisher’s website]

  48. Kavussanos, M.G. and Nomikos, N.K. (2000). Constant vs. time-varying hedge ratios and hedging efficiency in the BIFFEX market. Transportation Research Part E: Logistics and Transportation Review, 36(4), pp. 229–248. doi:10.1016/S1366-5545(99)00029-0.
  49. Kavussanos, M.G. and Nomikos, N.K. (2000). Futures hedging when the structure of the underlying asset changes: The case of the BIFFEX contract. Journal of Futures Markets, 20(8), pp. 775–801. doi:10.1002/1096-9934(200009)20:83.0.CO;2-4.
  50. Kavussanos, M.G. and Nomikos, N.K. (1999). The forward pricing function of the shipping freight futures market. Journal of Futures Markets, 19(3), pp. 353–376. doi:10.1002/(SICI)1096-9934(199905)19:33.0.CO;2-6.

Media

  1. Papapostolou, N.C., Nomikos, N.K., Pouliasis, P.K. and Kyriakou, I. (2013). Sentiment index guides asset play (2013).

Reports (3)

  1. Nomikos, N.K., Kyriakou, I., Papapostolou, N.C. and Pouliasis, P.K. (2012). A new model for freight. Baltic Magazine, Think Publishing.
  2. Pouliasis, P.K., Nomikos, N.K. and Papapostolou, N.C. (2011). Analysis of Volatility and Correlation for CME Steel Products. London: Cass Business School, City University London.
  3. Alizadeh, A.H. and Nomikos, N.K. (2005). Agricultural Reforms and Use of Market Mechanisms for Risk Management..

Scholarly edition

  1. Andriosopoulos, K. and Nomikos, N.K. (2012). Risk management in the energy markets and Value-at-Risk modelling: a Hybrid approach.

Working papers (3)

  1. Kilian, L., Nomikos, N.K. and Zhou, X. (2021). Container Trade and the U.S. Recovery. Frankfurt, Germany: Center fo Financial Studies
  2. Kilian, L., Nomikos, N.K. and Zhou, X. A Quantitative Model of the Oil Tanker Market in the Arabian Gulf. Elsevier BV
  3. Kilian, L., Nomikos, N.K. and Zhou, X. Container Trade and the U.S. Recovery. Federal Reserve Bank of Dallas

Education

Course Directorship

- 2003 - present, MSc Shipping, Trade & Finance, Director
- 2003 - present, MSc Shipping, Trade & Finance, Admissions Tutor

Professional activities

Editorial activity (14)

  1. Journal of Commodity Markets, Associate Editor, 2015 – present.
  2. Journal of Transport Economics and Policy, Referee, 2013 – present.
  3. International Journal of Financial Engineering and Risk Management, Member of Editorial Board, 2012 – present.
  4. Journal of Energy Markets, Referee, 2012 – present.
  5. Annals of Operations Research, Referee, 2011 – present.
  6. Journal of Applied Mathematics and Decision Sciences, Referee, 2011 – present.
  7. International Review of Economics and Finance, Referee, 2009 – present.
  8. Journal of banking and Finance, Referee, 2009 – present.
  9. Energy Economics, Referee, 2007 – present.
  10. Energy Journal, Referee, 2007 – present.
  11. Review of Derivatives Research, Referee, 2005 – present.
  12. Transportation Research part E, Referee, 2005 – present.
  13. Energy Risk, Referee, 2004 – present.
  14. Maritime Policy and Management, Referee, 2004 – present.

Events/conferences (49)

  1. Multinational Finance Society. (Conference) Prague (2014). Organising Committee.
  2. International Association of Maritime Economists. (Conference) Norfolk (2014). Organising Committee.
  3. Research Conference on Short Sea Shipping. (Conference) Lisbon (2014). Organising Committee.
  4. International Association of Maritime Economists Conference. (Conference) Norfolk (2014).
    Paper: Shipping Investor Sentiment and International Financial Markets
    Author: Nomikos, N
    Co-authors: Papapostolou, N., Pouliasis, P., Kyriakou, I.
  5. Financial Engineering and Banking Society Conference. (Conference) Surrey (2014).
    Paper: Measuring Systemic Risk in the European Banking Sector. A Copula CoVar Approach
    Author: Nomikos N
    Co-authors: Karimalis, E.,
  6. Emerging Markets Group. (Conference) London (2014).
    Paper: Measuring Systemic Risk in the European Banking Sector. A Copula CoVar Approach
    Author: Nomikos N
    Co-authors: Karimalis, E.,
  7. Cass ESCP Energy Markets Conference. (Conference) London (2013). Chair and Organising Committee.
  8. Wilmar Professorship in Commodity Business. (Public lecture) (2013). Invited speaker.
    Paper: Commodities as Investment Assets
    Author: Nomikos N
  9. IAME. (Conference) Marseilles (2013).
    Paper: Profitability of Ship Chartering Strategies
    Author: Nomikos N
    Co-authors: Giamouzi, M.
  10. Econometrics, Energy and Finance Conference. (Conference) London (2013).
    Paper: Extreme Value Theory and Mixed c-vine copulas
    Author: Nomikos N
    Co-authors: Karimalis, E.
  11. Cass-ESCP Energy Risk Management Conference. (Conference) (2013).
    Paper: Pricing Asian Options using Jump Diffusion Models
    Author: Nomikos N
    Co-authors: Kyriakou, I., Papapostolou, N., and Pouliasis, P.
  12. Cass-ESCP Energy Risk Management Conference. (Conference) (2013).
    Paper: Extreme Value Theory and mixed C-vine Copulas on modelling energy price risks
    Author: Nomikos N
    Co-authors: Karimalis, E.,
  13. International Research Conference on Short-Sea Shipping. (Conference) Lisbon (2012). Organising Committee.
  14. 2nd Conference of the Financial Engineering and Banking Society. (Conference) London (2012). Organising Committee.
  15. European Energy Markets 2012 conference. (Conference) Florence/Italy (2012).
    Paper: Risk management in the energy markets and value at risk modelling: a hybrid approach
    Author: Nomikos N
    Co-authors: Andriosopoulos, A.
  16. Shipping Risk Management Symposium. (Public lecture) Hamburg (2012). Invited speaker.
    Paper: Investor Sentiment in the Dry Bulk Shipping Market
    Author: Nomikos N
  17. International Conference of the Financial Engineering and Banking Society (FEBS). (Conference) London (2012).
    Paper: Market timing strategies in the Freight Derivatives Market
    Author: Nomikos N
    Co-authors: Doctor, K.
  18. European Energy Markets 2012 conference. (Conference) Florence/Italy (2012).
    Paper: Risk management in the energy markets and value at risk modelling: a hybrid approach
    Author: Nomikos N
    Co-authors: Andriosopoulos, A.
  19. The International Association for Energy Economics (IAEE). (Conference) Washington DC / USA (2011).
    Paper: Risk management in the energy markets & value at risk modelling: a hybrid approach
    Author: Nomikos N
    Co-authors: Andriosopoulos, K.
  20. European Meeting of the Financial Management Association. (Conference) Porto/Portugal (2011).
    Paper: Forecasting petroleum futures markets volatility: The role of regimes & market conditions
    Author: Nomikos N
    Co-authors: Pouliasis, P.
  21. Erasmus School of Economics Energy and Finance Seminar. (Conference) Rotterdam/ the Netherlands (2011).
    Paper: Modelling and Forecasting Price Spikes in the U.K. Electricity Market
    Author: Nomikos N
    Co-authors: Karimalis E
  22. London Biennial Meeting. (Conference) London (2010). Organising Committee.
  23. International Conference of the Financial Engineering and Banking Society (FEBS). (Conference) Chania / Greece (2010).
    Paper: Risk management in the energy markets & value at risk modelling: a hybrid approach
    Author: Nomikos N
    Co-authors: Andriosopoulos, K.
  24. International Association for Energy Economics (IAEE) conference. (Conference) Rio de Janeiro / Brazil (2010).
    Paper: Performance replication of the spot energy index with optimal equity portfolio selection: evidence from the UK, US, and Brazil
    Author: Nomikos N
    Co-authors: Andriosopoulos, K.
  25. Commodities Conference. (Conference) Practitioner (2007).
    Paper: A Markov Regime Switching Approach for Hedging Energy Commodities
    Author: Nomikos N
  26. 3rd Energy Risk Management Seminar. (Conference) Cass (2005). Chair.
  27. International Association of Maritime Economists. (Conference) Cyprus (2005).
    Paper: Estimating The Probability of Default For Shipping High Yield Bond Issues
    Co-authors: C. Th. Grammenos and N. C. Papapostolou
  28. International Association of Maritime Economists - paper was awarded "Most Innovative Paper Prize". Cyprus (2005).
    Paper: Investment Timing and Trading Strategies in the Sale and Purchase Market for Ships
    Co-authors: A Alizadeh
  29. International Association of Energy Economists. (Conference) Norway (2005).
    Paper: Affine Jump Diffusion Models for Electricity Derivatives
    Co-authors: O Soldatos
  30. Seminar on Issues Relating to Maritime Economics and Business. (Seminar) Cass, London (2004).
    Paper: Investment Timing and Trading Strategies in the Sale and Purchase Market for Ships
    Co-authors: A. Alizadeh
  31. Seminar on Issues Relating to Maritime Economics and Business. (Seminar) Cass, London (2004).
    Paper: Estimating the Probability of Default for High Yield Bond Issues
    Co-authors: C. Grammenos and N. Papapostolou
  32. Multinational Finance Society. (Conference) Istanbul, Turkey (2004).
    Paper: Effectiveness of Oil Futures Contracts for Hedging International Crude Oil Prices
    Author: A Alizadeh and S Lin
  33. IAME. Ismir, Turkey (2004).
    Paper: Integration and Causality in International Freight markets - modelling with Error Correction and Directed Acyclic Graphs
    Co-authors: Haigh, M and Bessler, D.
  34. Multinational Finance Society. Montreal, Canada, July 2003 (2003).
    Paper: Market Conditions and Stock Indices Hedging: a Markov Regime Switching Approach
    Co-authors: A. Alizadeh
  35. Multinational Finance Society. Montreal, Canada, July 2003 (2003).
    Paper: Efficiency of Electricity Futures Prices; Evidence from the Nord Pool Exchange
    Co-authors: A. Alizadeh
  36. Logistics Research Network. (Conference) London (2003).
    Paper: The Efficiency of the Forward Bunker Market
    Co-authors: A Alizadeh
  37. International Maritime Policy. (Conference) London, 14-15 May 2003 (2003).
    Paper: The Price-Volume Relationship in the Sale & Purchase Markets for Ships
    Co-authors: A. Alizadeh
  38. International Association of Maritime Economist's. (Conference) Korea, September 2003 (2003).
    Paper: The Efficiency of the Forward Bunker Market
    Co-authors: A. Alizadeh
  39. Cass Research in Finance. (Workshop) London, March (2003).
    Paper: Efficiency of Electricity Futures Prices; Evidence from the Nord Pool Exchange
    Co-authors: A. Alizadeh
  40. Research in Finance. (Workshop) City University, London, March (2002).
    Paper: Market Conditions and Stock Indices Hedging; A Markov Regime Switching Approach
    Co-authors: A Alizadeh
  41. 9th Multinational Finance Society. (Conference) Cyprus, 1-3 July 2002 (2002).
    Paper: Price Discovery, Causality and Forecasting in the Freight Futures Market
    Co-authors: M Kavussanos
  42. 2002 International Association of Maritime Economists. (Conference) Panama City, Panama, 13-15 November (2002).
    Paper: Cost of Carry, Predictability and Arbitrage Opportunities between Oil Futures and Tanker Freight Markets
    Co-authors: A Alizadeh
  43. 2002 International Association of Maritime Economists. (Conference) Panama City, Panama, 13-15 November (2002).
    Paper: The Price-Volume Relationship in the Sale & Purchase Markets for Ships
    Co-authors: A Alizadeh
  44. SIG2-Group of the World on Transport Research Society. (Conference) Genoa, Italy, 8-10 June (2000).
    Paper: Futures Hedging when the composition of the underlying asset changes; The case of the BIFFEX contract
    Co-authors: M Kavussanos
  45. Joint Meeting and Educational Programme of the American Society of Transportation and Logistics (ASTL) and The Intermodal Distribution Education Academy (IDEA). Atlanta, Georgia, USA, 10-13 April (2000).
    Paper: Futures Hedging when the composition of the underlying asset changes; The case of the BIFFEX contract
    Co-authors: M Kavussanos
  46. 4th Congress on Macroeconomics and Finance. University of Crete, Greece, 25-28 May (2000).
    Paper: Short-run deviations, volatility and hedging in the freight futures market
    Co-authors: M Kavussanos
  47. World Conference on Transport Reseach. (Conference) Antwerp, Belgium, 12 - 17 July (1998).
    Paper: Constant vs. Time-Varying Hedge Ratios in the BIFFEX Market
    Author: M Kavussanos
  48. Research in Finance. (Workshop) City University, London, 9 November (1998).
    Paper: Price Discovery, Causality and Forecasting in the Freight Futures Market
    Co-authors: M Kavussanos
  49. International Association of Maritime Economists. (Conference) London, 22 - 24 September (1997).
    Paper: The Forward Pricing Function of the Shipping Freight Futures Market
    Co-authors: M Kavussanos

Media appearances (44)

  1. Sentiment index guides asset play. (2013) Lloyd's List.
  2. Gauging the mood of shipping. (2013) Lloyd's List.
  3. Gauging the mood of shipping. (2013) Lloyds list.
  4. FSS holds 2013 Busan financial hub convention on international marine finance. (2013) MK Business.
  5. Gauging the mood of shipping. (2013) Lloyd's List (newspaper).
  6. Sentiment index guides asset play. (2013) Lloyd's List (newspaper).
  7. Wave Exchange Implementation. (2013) Chinese Port.cn (website).
  8. Baltic Exchange woos brokers to hike futures trade. (2013) Malaya.com (website).
  9. Living on the outside of the curve. (2012) Tradewinds.
  10. Eu regulatory cloud: worries century-old Baltic ship exchange. (2012) shipping News.com.
  11. (2012) Radio 4 (radio).
  12. (2012) 6th World Ocean Forum, Korea Broadcasting System (television).
  13. (2012) 90. 5befm (radio).
  14. The London Gateway Project. (2012) BBC Radio 4 "InBusiness" (radio).
  15. Developments in Ship Finance. (2012) Sea: Monthly Magazine for the Blue Ocean (magazine).
  16. Onassis prize winners named in London. (2012) Tradewinds.
  17. Lets Talk Busan. (2012) 90.5 befm (radio).
  18. Aerei, strade e treni. (2012) Corriere della Sera.
  19. Hard astern. (2011) www.ft.com (website).
  20. Ship owner persisting with glut. (2011) www.hellenicnews.com (website).
  21. Ship owner losses persisting with glut while mining profits boom. (2011) www.bloomberg.com (website).
  22. Banks. Funds trade record Freight options as volatility jumps. (2011) hellenic shipping news.
  23. (2011) Radio 4 (radio).
  24. Freight traders luring hedge Funds to $24bn market. (2011) Bloomberg.
  25. Getting from Sea to Shore. (2011) nautilusint.org (website).
  26. Getting from Sea to Shore. (2011) Daily Telegraph (newspaper).
  27. Asia coal traders risk over exposure on freight. (2009) www.forexyard.com (website).
  28. Asia coal traders risk over exposure on freight. (2009) www.livemint.com (website).
  29. LME's freight derivatives bid to set falter. (2009) http://news.alibaba.com (website).
  30. Capesize FFAs 'world's most volatile futures contract'. (2009) Lloyds List.
  31. Capesize FFAs 'world's most volatile futures contract'. (2009) Lloyds List.
  32. Smiles and smirks. (2009) Lloyds List.
  33. Vale's fleet ambitions are loaded with some super-sized risks. (2009) Lloyds List.
  34. Asia coal traders risk over exposure on freight. (2008) www.yahoo.com (website).
  35. The power of paper. (2008) Lloyds List.
  36. The great derivatives gamble. (2008) Lloyds List.
  37. Baltic Exchange sailing on record profits as prices rise. (2008) Business Times.
  38. Surge in Shipping Benefits a Tiny Exchange. (2008) New York Times (newspaper).
  39. One-obscure Baltic Exchange has become hot with investors. (2008) www.iht.com (website).
  40. One-obscure Baltic Exchange has become hot with investors. (2008) International Herald Tribune (newspaper).
  41. Bridging the Skills Gap. (2006) Our Word Our Bond.
  42. (2005) CNBC Europe (television).
  43. The commissioned report “Use of Market Mechanisms for Managing Agricultural Price Risk” was profiled. (2005) FT, The Daily Telegraph and Risk magazine.
  44. Predicting the Future or Protecting against Risk? Freight Derivatives have a role for everyone in the industry. (2000) Global Shipping Digest.