Shipping, Trade and Finance

• Managerial Accounting

  • 10  credits
  • 30 contact hours
  • 70 independent learning hours

  Introduces the principles of accounting and finance in business and the main techniques in management accounting, planning and control. Covers the interpretation and use of annual reports and accounts, financial and ratio analysis, and their use for managerial decision-making, and budgetary control systems.

• Principles of Finance

  • 10 credits
  • 45 contact hours
  • 55 independent learning hours

  Covers essential skills and knowledge in financial economics that will assist you in gaining an in-depth knowledge in the subject area as it is later taught in Corporate Finance. The aim of this module is to provide an introduction to 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.

• Quantitative Methods

  • 10 credits
  • 36 contact hours
  • 64 independent learning hours

  Following the induction course, it covers descriptive and inferential statistics, as well as regression analysis techniques. Develops skills that are essential for other modules and the dissertation and is designed to ensure relevance to everyday business problems.

• Research Methods and Professional Skills

  • 10 credits
  • 45 contact hours
  • 55 independent learning hours

  Strong research is a key element of development strategy for companies and institutions, large and small. This module aims to provide a grounding in financial research, particularly financial modelling and information gathering which you will be able to use to support your learning on the rest of your course.
  The module will utilise specific training in a financial modelling package in order to provide a strong foundation for the in-depth and specialist teaching and learning of terms two and three of your course. You will also learn how to gather information through database research, which you will be able to use to support your learning, substantiate your arguments and make assessments about the nature of the evidence you are using. Finally, you will bring these skills together by working in small groups for the preparation and presentation of a business plan proposal.

• International Economics

  • 10 credits
  • 30 contact hours
  • 70 independent learning hours

  Explores the economic relationships between nations; international trade relations and benefits; the effects of barriers to trade and income distribution; trade policy; and international monetary relations. The significance of external influences on fiscal and monetary policy, the balance of payments and the theory and evidence of exchange rate determination all form part of this module, which also looks at the response of the exchange rate to monetary and other shocks, and how these affect international trade.

• Shipping Economics

  • 10 credits
  • 30 contact hours
  • 70 independent learning hours

  Focuses on the operational environment of the bulk-shipping sector. Subsequently discusses extensively the microeconomic structure of the four main markets (freight, second-hand, shipbuilding and demolition) in dry bulk and tanker shipping, together with the operational characteristics, international regulations and policies which affect these highly competitive, volatile, but nevertheless exciting industries. Continues with an introduction to liner and container shipping economics and concludes with a discussion of the principles of modern supply chain logistics, of which bulk shipping forms an integral part.

• Advanced Quantitative Methods

  • 10 credits
  • 26 contact hours
  • 74 hours independent study

  Builds on the knowledge acquired in Quantitative Methods in Part one and focuses on skills required for advanced analysis in areas such as risk management and forecasting.

• Corporate Finance

  • 15 credits
  • 30 contact hours
  • 120 hours independent study

  The aim of the course is to develop an understanding of modern corporate finance so that the corporate manager, the investment banker and the financial analyst will have the conceptual foundations for making informed corporate assessments of key financial decisions. Issues such as company valuation, dividend policy, raising equity and debt capital, capital structure and corporate governance are discussed in depth in class and are covered through case studies and presentations

• Financial Markets

  • 15 credits
  • 30 contact hours
  • 120 hours independent study

  Covers the global economic and financial environment within which business corporations operate. Globalisation and integration of markets for debt, equity and risk management have created new opportunities in the capital formation process, but pose great difficulties in navigating successfully. Where should capital be raised? How does one manage the risks from certain currencies and certain sovereign regions?

• International Commodity Trade

  • 15 credits
  • 30 contact hours
  • 120 hours independent study

  Discusses the theory and practice behind the development of modern patterns of trade, focusing on the world's major bulk commodities, such as grains, petroleum, and ferrous and non-ferrous ores. Considers in depth the distinctive microeconomic characteristics of key commodities, such as storability, perishability and seasonality; pricing mechanisms and methods of adjustment; the role derivatives in price determination; and the role of key producers and key markets in shaping market conditions.

• Shipping Investment and Finance

  • 20 credits
  • 90 contact hours
  • 110 independent learning hours

  The skills developed in both Principles of Finance and Corporate Finance are applied to the shipping industry while introducing several new and important concepts to develop the ability and the analytical tools to make rational shipping investment and finance decisions. Making extensive use of case studies, areas covered include the fundamental principles of shipping investment and finance; vessel investment and disposal markets; investment feasibility studies; bank credit policy, bank credit analysis and proposals; raising equity and debt capital for shipping companies; tapping the public equity and debt markets; other sources of shipping finance such as leasing, export credit agencies and shipyard credit; and risk management in shipping.

Option 1: Students can take five specialist elective modules (5 x 10 credits) including: Business Analytics for Energy, Shipping, Trade and Finance (required).

Option 2: Students can opt to write a 10,000-word Business Research Project (40 credits)  and take one specialist elective module (1 x 10 credits).

Option 3: Students can opt to write a 5,000-word Applied Research Project (20 credits) and take three specialist elective modules (3 x 10 credits) including: Business Analytics for Energy, Shipping, Trade and Finance (required).

• Business Analytics for Energy, Shipping, Trade and Finance

  • 10 Credits
  • Compulsory elective for Option 1 and Option 3.

  This module introduces the concepts of data science and business analytics in the energy, shipping, trade, and finance sectors. In particular, it teaches you how to work efficiently with commodity, shipping, and financial big data so as to make (big) data-driven business decisions. Due to the volume, velocity, and variety of the information flow from real-time (big) data, traditional software such as Excel are not sufficient. As such, this module aims to further enhance your technical (software) skills by teaching you how to use R, a powerful and user-friendly software package.

• Business Research Project

  It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit. To train you to undertake individual research and provide you with an opportunity to specialise in a contemporary business or finance topic related to your future career aspirations. You are required to submit a project of approximately 10,000 words on any subject area covered in the rest of the programme. Typical projects can involve any of the following: extracting data from electronic databases or by hand; statistical analysis of large or small populations; interviews; case studies of an industry or a sector or of a business / finance issue in a particular country setting.

• Applied Research Project

  The aim of this module is to enable you to demonstrate how to integrate your learning in core and elective modules and then apply this to the formulation and completion of an applied research project. You will be required to demonstrate the skills and knowledge that you have acquired throughout your MSc study. You will undertake a short piece of applied research on a question of academic and/or practical relevance. Guidelines will be provided in order to help you identify the research question. Based on your chosen topic, you must write a report of around 3,000–5,000 words that summarises and critically evaluates your method and your findings.

Some of our students are given the opportunity to conduct their research projects in association with the Maritime Directorate of the UK Department for Transport (DfT), or as part of the Maritime Masters Programme of Maritime UK and the Research Support Programme of the Bank of England. Upon completion, their findings are presented to senior policy makers and businessmen.

Electives offered in 2019

• Big Data in Commercial Shipping and Trading
• Chartering
• Commodity Derivatives and Trading
• Ethics, Society and the Finance Sector
• FinTech in Shipping and Energy Trade & Finance
• Foreign Exchange
• Hedge Funds
• Innovation in Shipping
• Mergers & Acquisitions
• Project Finance & Infrastrcture (International elective - Madrid, Spain)
• Shipping Law
• Shipping Company Management
• Shipping Risk Management
• Shipping Strategy
• Technical Analysis and Trading System
• Trade Finance
• Visual Basic (VBA) with applications for Finance

See the Shipping Trade and Finance programme specification