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COURSE DIRECTOR:
Katerina Konsta Dip Fin, BSc, MSc, PhD (cand)
Shipping Consultant, Greece
Course Programme
n 	Introducing Commercial Risk in the Shipping Context:
Shipping Markets and Risk Management Principles
n 	Commercial Risks Arising from Charterparties, Operations
and Claims Issues
n 	Financial Risk Management and Credit Risk
n 	Freight Derivatives and Hedging: Forwards, Futures,
Options and Swaps
n 	Commercial Risks Relating to Environmental and Safety
Management Issues
n 	Marine Insurance and Commercial Risk Management
Apply by
13th
December 2013
to SAVE £100
Learn how to
mitigate risks to
protect your
bottom line
Ideal
for:
n Shipping company executives aiming for greater financial performance and security
n Risk managers, accountants and financial analysts in shipping organisations
n Ship owners, managers, charterers and operators seeking insight into commercial
risk mitigation
n Professionals in ship finance needing to understand risks in the maritime sector
n Marine insurance brokers, claims managers and PI specialists
n Freight and cargo executives requiring a broader perspective on shipping risk and
financial markets
Key risk management principles
with a special focus on tools unique
to the shipping industry
Delivered BY PART-TIME DISTANCE Learning over 12 weeks - COMMENCES 3rd
FEBRUARY 2014
Supported by:
SAVE up to 40% and improve performance
with cost-effective in-company courses
call +44 (0)20 7017 4455 or email ct@informa.com
Scan with QR
app:
CertificateDiplomaPostgraduate
Diploma
Masters
Managing maritime risks and
reducing their financial impact on
shipping companies
COMMERCIAL
RISKS IN
SHIPPING
CERTIFICATE IN
UNITYFOR SAFETY
AT SEA
IFSMA
A comprehensive analysis of the many risks
threatening the profits of shipping companies
Thisbrochurehasbeenproducedusingenvironmentallyfriendly
papersourcedfromsustainableforestsandischlorinefree
www.lloydsmaritimeacademy.com/crs
Tel: +44 (0)20 7017 5510 / +1 (646) 957 8929 Email: LMA@informa.com APPLY
ONLINE
KaterinaKonstaDipFin,BSc,MSc,PhD(cand)
Katerinaiscurrentlyworkingasashippingconsultant.Shewasforanumber
ofyearstheHeadoftheShipping,TransportLogisticsDepartmentatBCA
CollegeofAthens(Greece)whichcollaborateswithLondonMetropolitan
University(UK).Herextensiveteachingexperiencehasbeengainedatvarious
collegesanduniversities,lecturingonundergraduatecoursesinshipping,
maritimebusinessandrelatedsubjects.Shealsohasmanyyears’experience
asanindustryconsultant,workinginGreeceandtheUKonvariedprojectsin
nationalandinternationalshippingandlogistics.
KaterinaholdsadegreeinMaritimeBusinessandMaritimeLawfromUniversityofPlymouth(UK).Priorto
thisshestudiedBusinessFinanceatNorthHertfordshireCollege(UK).Herpostgraduatestudiesinclude
InternationalShippingattheUniversityofPlymouth(UK)andMaritimeStudieswithInternationalTransportat
theUniversityofPiraeus(Greece). SheiscurrentlyworkingonherPhDatPlymouthUniversity.Katerinaisalso
amemberoftheInternationalAssociationofMaritimeEconomists(IAME),Women’sInternationalShipping
TradingAssociation(WISTA)andtheHellenicAssociationofMaritimeEconomists(HAME).Herresearchfocuses
onshippingpolicyandstrategy,logistics,freightanalysisandvesselsaleandpurchase.Sheistheauthorof
articlesandpapersinarangeofmagazinesandnewspapersaswellasbeingareviewerfortheMaritimePolicy
ManagementJournal.Sheisarespectedparticipantinvariousshippingandlogisticsconferencesandforums.
Tel: +44 (0)20 7017 5510 / +1 (646) 957 8929 Email: LMA@informa.com
Shipping is a risky business. Shipping markets are notoriously
volatile, dependent on cyclical variations, and buffeted by the
inconsistencies of global trade and financial uncertainty. This results in a
uniquely challenging commercial environment for those involved in maritime
business.
This distance learning course:
• Examines the various sources of shipping risk
• Explains the tools available to minimise the financial impact of these
risks.
Adding to market uncertainty are the risks arising from the operation of
vessels themselves, each with its own commercial implications. For example:
• What issues can arise in charterparties?
• How can they impact the profitable running of a shipping enterprise?
• How can environmental and safety risks be managed to minimise any
negative effect on the bottom line?
In addition to general risk management practices, the shipping industry has
developed a range of specialised techniques to mitigate commercial risk.
Tools such as freight derivatives and hedging are proving to be critical to the
long-term success of shipping companies.
The Certificate in Commercial Risks in Shipping provides detailed analysis of
the main sources of risk in shipping markets and operations, and examines
the techniques available to minimise these risks. Six detailed modules
delivered 100% by distance learning will equip you with the knowledge
and skills you need to steer a profitable course through uncertain and ever-
changing markets.
Written by industry and academic experts, and fully supported via an online
forum, the programme provides a comprehensive grounding in the area
of risk management. It will benefit anyone involved in commercial shipping,
from company executives and ship owners to risk managers, charterers and
insurance professionals – wherever they are in the world.
I look forward to welcoming you onto this programme.
Dear Colleague,
COMPANIESTHATHAVEALREADYBENEFITEDFROMLLOYD’SMARITIMEACADEMYDISTANCELEARNINGPROGRAMMESINCLUDE:
Applications: Visit the course webpage to enrol online -
www.lloydsmaritimeacademy.com/crs to enrol online. Do not delay
your application – you may qualify for an early enrolment discount, and some
courseshaveamaximumnumberofparticipants.Ouronlineapplicationform
alsosecurelyacceptspaymentbycreditcardineither£or€.
Confirmation of Enrolment: You should receive confirmation of your
placewithin5workingdays,andaninvoiceforthefeesifyoudidnotpayon
application. Please pay fees promptly or you may lose your place.
CourseStartDate:Wewillsendyouyouruniqueusernameandpassword
plus full details of how to access our secure online learning environment
during the first day of the course. Your online classroom will be accessible
from anywhere you have an internet connection. Each module workbook
can be accessed online or downloaded and saved/printed if you prefer
working from paper, or want to study on the move.
Study:Planyourstudytimeandlocationtosuityourownpreferredlearning
style. Work though the learning narratives in the detailed workbooks and
undertaketheselfassessmentquestionstogainathoroughcomprehension
of the topics..
Tutorials: When you have questions, answers, personal opinions or
experiences to add, have answers to directed learning activities or need
further advice, visit the online course tutorial forum to post your discussion
to the course director and your fellow students. You can access the tutorial
forum at any time when you are online plus, to make your study as easy
as possible, we’ll send you a daily round-up of tutorial activity. Make sure
youtakefulladvantageoftheuniqueaccessyougaintoourexpertindustry
course tutors.
Assessment:Each study module ends with an online test for you to check
your learning. Take the test online and receive instant feedback. If you fail
thetestreturntothemoduleandrevisetherelevantsections. Youcanthen
retake the test, although the questions will have changed.
Completion: Once all modules have been studied and the online tests
passed, you will be sent a certificate of completion from Lloyd’s Maritime
Academy as recognition of your study and for CPD purposes.
HOW DOES THE COURSE WORK?
What’s best about our distance learning?
4 Accessible – 24/7 availability from wherever you have an internet connection
4 Flexible – take control of where, when, how and the rate at which you study
4 Professional – industry leading course directors and tutors
4 Quality – study the same course used by corporations for internal training
4 Practical – packed with examples and illustrations
4 Timeeffective – specially designed for busy working participants
4 Interactive–useouronlinetutorialforumtoaskquestionsandshareknowledge
4 Network – with tutors and like-minded professionals from around the world
4 Worksmart – learn without time away from home or work
4 Savemoney – no additional travel or accommodation costs
4 Careerenhancement – boost your CV and promotion potential
4 Detail – retain industry leading course materials for later reference
Certificate in COMMERCIAL RISKS IN SHIPPING COURSE DIRECTOR
Katerina Konsta
Course Director
WHYSTUDYWITHLLOYD’SMARITIMEACADEMY?
Lloyd’s Maritime Academy has for over 35 years provided high quality training programmes
for the global maritime and transport industry. We provide industry professionals at all levels with
career enhancing training programmes regardless of work commitments or location. Working
with expert practitioners, leading academics and international industry bodies, Lloyd’s Maritime
Academy is the trusted brand for professional development within the shipping, commercial,
legal, insurance, surveying and management sectors.
Since 1998, we have been providing our participants with the training they need to bring their
personal and business goals to fruition. Our reputation for quality is unsurpassed in the industry
and the world’s leading institutions in the maritime sector rely on Lloyd’s Maritime Academy
to educate their staff to the highest of standards.
If you’re an individual looking for professional development or career enhancement, then you’ll
be in good company - thousands of students enrol onto our publicly offered distance learning
courses every year, as well as thousands more taking our global in-company programmes.
Visit www.lloydsmaritimeacademy.com for a full list of our currently enrolling courses.
Lloyd’s Maritime Academy is part of IIR Ltd and Informa plc, the leading international
provider of specialist information and services for the global academic and scientific, professional
and commercial business communities.
If you want to discuss our courses or are an education or training provider that wishes to work
with us, contact Gina Taylor on +44 (0)20 7017 4413 or email gina.taylor@informa.com
Lloyd’sandtheLloyd’sCrestaretheregisteredtrademarksoftheSocietyincorporatedbytheLloyd’sAct1871bythenameof“Lloyd’s”.
AcergyFrance•AksiaLLC•APL•A.P.Moller-Maersk•ArielReinsuranceCompany•AriesEnergyCorporationGroupofCompanies•AtlanticWindGroup•BBI-BreakBulkInternationalSchiffahrtsgesmbH •BeirutAcademy
forTravelSciences•BusinessMonitorInternational•CalifornianSteelIndustries•Cargo-LevantLinienagenturenGmbH•CaribbeanCementCompanyLtd•CaspianOffshoreConstructionLLP•ChevronGlobalGas•Credit
Suisse • Deloitte • Department of Marine Services and Merchant Shipping • Department of National Defence • Det Norske Veritas • Dragabras-DEME Dredging Works • DVB Transport (US) LLC • ESSO Co-ordination Centre
• F H Bertling Pte Ltd • Fideos • Flott  Co. PC • Giovanni Adamo • Grupo TMM • Gulf Energy Maritime PJSC • Heavenwest Development Services • H.W. Wood International Ltd • JACCAR Equity Research • Lloyd’s Register
• London Business School • Maritime Propulsion Technologies Ltd • MCS Logistics India P Ltd • Mediterranean Shipping Company (Algeria) • Medstar Ship Management Ltd • Metropolitan State College of Denver • MGV
Transport Ltd • Namport • NZ Customs Service • O.T. Tonnevold • Oldendorff Carriers GmbH  Co. KG • Orient Ship Agency • Orinoco Iron, S.C.S. • Pole Star Space Applications • Pyrsos Shipping Company Ltd • Rudyantho
andPartners•Sadoship•SchwenkzandPartner•ShellMarineProducts•ShellPetroleumDev.Company•SpecialBranch•TchiboLogistik•ThenamarisShipManagementInc•TotalOilAsia-PacificPteLtd•USCoastGuard
•UsticaLinesSpa•VShips•VestfoldUniversityCollege•WatsonFarleyWilliamsLLP•Westfal-LarsenShipping•WilsonSonsAgenciaMaritimaLtd•WorldwideEnergyLogisticsLtd• ZIMIntegratedShippingServicesLtd
Introducing Commercial Risk in the
Shipping Context: Shipping Markets and
Risk Management Principles
•	Why should shipping companies manage risk?
•	Volatility and shipping markets
•	Why is shipping so volatile?
•	Shipping cycles
•	Seasonal risks
•	Shipping outlook
•	Sources of commercial risk in shipping
	 - Financial risk, market risk
	 - Liquidity risk
	 - Operational risk
	 - Interest rate
	 - Asset-price risk
	 - Credit risk
	 - Pure risk
	 - Environment
	 - Social responsibility
	 - Safety and security
	 - Marine insurance
•	Risk management in shipping
	 - Levels of risk
	 - Regulatory framework
	 - National and international standards
•	Defining risk, the risk management process
•	Scope of risk management
•	Elements of risk management
•	Risk management process
	 - How do shipping companies manage risk (operational
and financial)?
Commercial Risks Arising from
Charterparties, Operations and Claims
Issues
•	Chartering and commercial risk
	 - Types of charter and charterparties
	 - Demise and non-demise charters: who has the
commercial operation of the vessel?
•	Voyage charter and operational issues undertaken by
the contracting parties
•	Time charter and operational issues undertaken by
the contracting parties
•	Bareboat charter and operational issues undertaken
by the contracting parties
•	Claim issues and dispute resolution
	 - Conciliation
	 - Mediation
	 - Arbitration
	 - Litigation
Financial Risk Management and Credit
Risk
•	Financial risk management in shipping
	 - Distressed German KG funds, restructuring and
workout options
	 - Problem shipping loans
	 - Ship financing – securitisation possibilities
	 - Financing options in the current climate
	 - Case study: Brazilian shipbuilding industry – new
opportunities for financiers in an emerging market
•	When to use financial risk management
	 - Restructuring or foreclosure? Considerations for
financiers in a poor economic climate
	 - Refund guarantees – effective and reliable security in
ship financing
	 - Financial burden of private security – is there any
alternative?
	 - Development strategies in container shipping
	 - Case study: Brazilian shipping industry - a new target
for investment
•	Principles for the management of credit risk
	 - Case study: recent trends in the Spanish ship financing
market
	 - Case study: legal aspects of documenting shipping
finance in the United Arab Emirates
	 - Case study: finance and restructuring in India
	 - Cancellation of loan agreements
	 - Finance for the cruise sector
•	Capital requirements for bank exposures to central
counterparties
	 - Towards a European maritime transport space without
barriers
	 - Maritime perspective
	 - Islamic finance
	 - Tackling the scourge of piracy
	 - Ship finance: into stormy waters
Freight Derivatives and Hedging:
Forwards, Futures, Options and Swaps
•	Fundamentals of dry and wet ship markets
•	Financial market outlook and volatility
•	Baltic Dry Indices
•	Supply and demand: freight rate formation in the
physical market
•	Risk management options in shipping
•	Derivative contracts and applications: forward
contracts, future contracts, swaps, options
•	Derivatives: applications and uses (risk management,
speculations, arbitrageurs, hedging)
•	What are Freight Forward Agreements (FFAs)?
•	What are the risks involved with FFAs?
•	Hedging using FFAs
•	Credit risk in the freight derivatives market
•	Options on freight rates
•	Hedging bunker risk
Commercial Risks Relating to
Environmental and Safety Management
Issues
•	Environmental issues and shipping
•	Air emissions
•	Vessels’ discharges
•	Recycling, reuse and waste management
•	Oil pollution
•	Ballast water
•	Case study: CO2 reductions and capital expenditure
•	Safety on board
•	Piracy
•	Port safety
Marine Insurance and Commercial Risk
Management
•	History of marine insurance
•	Insurable interest
•	Subject-matter insured
•	The contract of marine insurance
•	The premium
•	Cargo insurance
•	Salvage claims
•	P  I
•	Collision claims
•	Particular average claims
•	Builder’s risks insurance
•	Reinsurance practice
•	Valued and unvalued policies
•	Warranties
•	Utmost good faith, disclosure and representations
Apply online at www.lloydsmaritimeacademy.com/crs
IN-COMPANY
TRAINING
Distancelearning,face-to-
faceworkshops,webinars
andblendeddelivery
Cutcostswhileimprovingperformance
Ensuring a good return on your training investment
is critical for all our clients and, whether delivered by
distance learning or instructor led workshops, Lloyd’s
Maritime Academy delivers the best training, at a
competitive price and from a reliable partner. Lloyd’s
Maritime Academy delivers all three and you can
save up to 40% on your local, regional and global
training investment.
Many organisations have realised that Lloyd’s
Maritime Academy’s programmes offer so much
more than conventional training courses – whether
it’s for graduate intakes, needs-led coaching,
supervisor and management training or boot camps.
There are a number of reasons why, including:
4	Working intensely to understand our clients’
business issues to deliver the highest added value
4	Improving employee skills, knowledge and
performance, helping to accelerate development
and building organisational capability
4	Advancing our clients’ global knowledge sharing
and collaboration
4	Developing team based learning and internal
networks which support workforce development
4	Delivering instructor led workshops or webinars
focused on a client’s particular business
challenges
4	Developing courses with practitioners, for
practitioners, with a focus on practical skills and
knowledge
4	Implementing blended solutions which
incorporate online learning platforms, including
hosted corporate learning environments
4	Delivering at your location anywhere in the world
4	Supporting our clients consistently for over 15
years, offering a secure, trustworthy and low risk
solution
You are welcome to place individual students or
groups on any of our publically advertised distance
learning courses, or for larger groups we will deliver
to your individual requirements, including blended
delivery solutions, customised assessments, flexible
timescales and dedicated support for learning and
development managers.
To find out more about the benefits of Corporate
In-Company Training call +44 (0)20 7017 4455 or
email ct@informa.com.
FUTURE DISTANCE LEARNING
COURSES
Certificate in Chartering
Certificate in KPIs for Shipping
Certificate in Marine Claims
Certificate in Maritime Disputes 
Arbitration
Certificate in Maritime Safety Management
Certificate in Ship Efficiency
Certificate in Ship Operations
Diploma in Crew Management
Diploma in Maritime Business Management
Diploma in Ship Management
MBA in Shipping and Logistics
For a full list of all courses visit:
www.lloydsmaritimeacademy.com/distancelearning
Distance learning is a flexible, cost-effective way of studying without the
need to take time off work or away from home
JOIN US ONLINE FOR EXCLUSIVE
OFFERS AND UPDATES:
Search “Lloyd’s Maritime Academy”
Nicholas G. Berketis PhD
Manager, J.Kouroutis  Co. Ltd. Insurance and
Reinsurance Brokers
Jonathan Challacombe FICS, MCILT, MNI, DMS
Associate Professor in Maritime Studies 
International Logistics, Plymouth Business School,
Faculty of Business, University of Plymouth, UK
Katerina Konsta Dip Fin, BSc, MSc, PhD (cand)
Shipping Consultant, Greece
Dr Evi Plomaritou
Shipping Consultant in Chartering and Marketing
COURSE FACULTY
5 EASY WAYS TO REGISTERCourse Code
FLP2343
CERTIFICATE IN
COMMERCIAL RISKS IN SHIPPING
DELIVERED BY DISTANCE LEARNING OVER 12 WEEKS
Commences 3rd
February 2014
LMA/SW/KR/SR/TR/TR
Enrol now
for practical
risk mitigation
strategies to
protect profit
www.lloydsmaritimeacademy.com/crs
LMAadmin@informa.com
+44 (0)20 7017 7383
+44 (0)20 7017 7854
 ATTN: Sharlene Richards
Lloyd’s Maritime Academy
4th
Floor, Maple House
149 Tottenham Court Road
London
W1T 7AD
UK
Are we mailing you correctly?
To update your contact details on our database
please visit www.updates.informa.com
Note: The GBP invoice will include a EUR price calculated
using the exchange rate in force on invoicing.
Lloyd’s Maritime Academy is part of IIR Ltd Registered in England No 1835199. Registered Office: Mortimer House, 37-41 Mortimer St, London W1T 3JH. VAT Registered No. (GB) 365 4626 36
Lloyd’s and the Lloyd’s Crest are the registered trademarks of the Society incorporated by the Lloyd’s Act 1871 by the name of “Lloyd’s”.
Signature Date / /
STEP 3: PAYMENT DETAILS – The GBP invoice will include a EUR price calculated using the exchange rate at time of invoicing.
Credit Card
To pay by credit card please submit your card details whilst applying online using the link at
the top of this form, or provide your contact telephone number below. We will contact you to
collect your payment details over the telephone, or you can call the phone number provided
on your invoice. For security purposes you must not state your credit card number via email,
mail, fax or voicemail to ensure that your payment details are never stored on our systems.
Credit card contact telephone no __________________________________________
Bank Transfer Cheque
A credit card guarantee is required. Once details have been collected, these will be securely stored
and no charge will be taken at this time. An invoice for payment will be provided. If the invoice
is not paid by the due date, we reserve the right to charge the card for any outstanding sums. We
will advise you (using your email address provided) in advance of charging the card.
Please call me on tel_____________________________________ to collect my details.
Cheques should be made payable to IIR Ltd and please write your name and the reference
FLP2343 on the back. Bank transfer details will be provided on the emailed invoice.
• I have read the Terms  Conditions as outlined on the course brochure and agree to adhere to them.
VIP CODE:
It’s quicker to apply online at www.lloydsmaritimeacademy.com/crs which also securely accepts credit card payment with your application. For
security purposes you must not state your credit card number via email, mail, fax or voicemail to ensure that your payment details are never stored on our systems.
1. Participant (Mr/Mrs/Ms/Miss/Dr/Capt) Family namen	 First namen
Job titlen	Companyn
Addressn
	
Cityn 	 Postcode/Zip coden
Countryn	Mobilen
Direct telephonen	Faxn
Preferred emailn	 This is my Home address Work address
2. Billing details Invoice should be sent for the attention ofn
Addressn
Cityn 	 Post/Zip coden
Countryn 	 Billing telephone numbern
Billing email addressn 	 VAT numbern
3.Who is your Training Manager? (Mr/Ms) Family namen 	 First namen
Job titlen	 Direct telephonen
Emailn
4. Who is your Approving Manager? (Mr/Ms) Family namen	 First namen
Job titlen	 Direct telephonen
Emailn
5. How did you hear about the course?n
STEP 1: WORK OUT THE PRICE – Please tick option
Certificate in Commercial Risks in Shipping Book on or before 13th
December 2013 Book after 13th
December 2013
UK Individual or UK Company £1899 + VAT @ 20% (379.80) = £2278.80 £1999 + VAT @ 20% (399.80) = £2398.80
EU Individual or EU non-VAT Registered Company £1899 + VAT @ 20% (379.80) = £2278.80 £1999 + VAT @ 20% (399.80) = £2398.80
EU VAT Registered Company (VAT number must
be quoted in Step 2 below to qualify) £1899 (No VAT to pay) £1999 (No VAT to pay)
Individual or Company outside the EU £1899 (No VAT to pay) £1999 (No VAT to pay)
STEP 2: PARTICIPANT DETAILS – Please photocopy form for multiple bookings
Discounts available for multiple bookings on
this course.
+44 (0)20 7017 5510
lma@informa.com
In-company delivery available by distance
learning or instructor led training.
+44 (0)20 7017 4455
ct@informa.com
TERMS AND CONDITIONS
Enrolment to this Course is subject to the Lloyd’s Maritime Academy
Distance Learning Terms and Conditions at
www.lloydsmaritimeacademy.com/LMADLTC. Your attention is
drawn in particular to clauses 3, 4 and 13 of the Terms and Conditions
which have been set out below:
3. TAXES The fees stated are exclusive of any applicable VAT, sales,
service or similar taxes (which will be charged, where applicable, at the
appropriate rate as at the date of invoice). Where payment is subject
to a withholding tax the student will apply the reduced rate under the
appropriate double tax treaty, if applicable, and agree to provide LMA
with a certificate of tax deduction within three months of payment. If a
certificate of tax deduction is not provided within three months, you will
become immediately liable to pay the outstanding amount.
4. PARTICIPANT CANCELLATION POLICY You may cancel
your place on the Course by giving notice in writing to the Course
Administrator up to (and including) 7 days from the date LMA
confirms your acceptance to the Course in accordance with Condition
1 and you will not be liable for the payment of any fees and any
fees already paid to LMA for the Course will be refunded. If LMA
receives your notice of cancellation 8 days or more from the date LMA
has confirmed your acceptance to the Course you will still receive a
refund of your fees already paid to LMA, subject to payment by you to
LMA of a £175 cancellation fee to cover administrative costs (which
shall be payable immediately upon your cancellation), provided such
notice of cancellation is received by LMA before the first day of the
Course. LMA regrets that no refunds can be given for any cancellation
notice it receives on or after the first day of the Course and, in such
circumstances, the full fees remain payable by you to LMA.
13. DATA PROTECTION AND CALL MONITORING Personal
data supplied is subject to the Data Protection Act 1998. The personal
information shown on the application form, and/or provided by you,
will be held on a database and may be shared with companies in the
Informa Group in the UK and internationally. This information may be
used for direct marketing purposes. If you do not wish your details to
be available to companies in the Informa Group, please contact the
Database Manager, Informa UK Ltd, Maple House, 149 Tottenham
Court Road, London, W1T 7AD, UK, tel: +44 (0)20 7017 7077, fax:
+44 (0)20 7017 7828, email: integrity@iirltd.co.uk. Occasionally
your details may be obtained from, or made available to, carefully
selected external companies for marketing purposes. If you do not
wish to receive details about their products and services, please
contact the Database Manager. Registered in England No.1835199.
VAT registration number GB 365 4626 36. IIR Ltd. Registered office:
Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK.
Telephone calls to IIR Ltd may be recorded or monitored to check the
quality of the service provided.
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Certificate in Commercial Risks in Shipping by Lloyds Maritime Academy

  • 1. COURSE DIRECTOR: Katerina Konsta Dip Fin, BSc, MSc, PhD (cand) Shipping Consultant, Greece Course Programme n Introducing Commercial Risk in the Shipping Context: Shipping Markets and Risk Management Principles n Commercial Risks Arising from Charterparties, Operations and Claims Issues n Financial Risk Management and Credit Risk n Freight Derivatives and Hedging: Forwards, Futures, Options and Swaps n Commercial Risks Relating to Environmental and Safety Management Issues n Marine Insurance and Commercial Risk Management Apply by 13th December 2013 to SAVE £100 Learn how to mitigate risks to protect your bottom line Ideal for: n Shipping company executives aiming for greater financial performance and security n Risk managers, accountants and financial analysts in shipping organisations n Ship owners, managers, charterers and operators seeking insight into commercial risk mitigation n Professionals in ship finance needing to understand risks in the maritime sector n Marine insurance brokers, claims managers and PI specialists n Freight and cargo executives requiring a broader perspective on shipping risk and financial markets Key risk management principles with a special focus on tools unique to the shipping industry Delivered BY PART-TIME DISTANCE Learning over 12 weeks - COMMENCES 3rd FEBRUARY 2014 Supported by: SAVE up to 40% and improve performance with cost-effective in-company courses call +44 (0)20 7017 4455 or email ct@informa.com Scan with QR app: CertificateDiplomaPostgraduate Diploma Masters Managing maritime risks and reducing their financial impact on shipping companies COMMERCIAL RISKS IN SHIPPING CERTIFICATE IN UNITYFOR SAFETY AT SEA IFSMA A comprehensive analysis of the many risks threatening the profits of shipping companies Thisbrochurehasbeenproducedusingenvironmentallyfriendly papersourcedfromsustainableforestsandischlorinefree www.lloydsmaritimeacademy.com/crs Tel: +44 (0)20 7017 5510 / +1 (646) 957 8929 Email: LMA@informa.com APPLY ONLINE
  • 2. KaterinaKonstaDipFin,BSc,MSc,PhD(cand) Katerinaiscurrentlyworkingasashippingconsultant.Shewasforanumber ofyearstheHeadoftheShipping,TransportLogisticsDepartmentatBCA CollegeofAthens(Greece)whichcollaborateswithLondonMetropolitan University(UK).Herextensiveteachingexperiencehasbeengainedatvarious collegesanduniversities,lecturingonundergraduatecoursesinshipping, maritimebusinessandrelatedsubjects.Shealsohasmanyyears’experience asanindustryconsultant,workinginGreeceandtheUKonvariedprojectsin nationalandinternationalshippingandlogistics. KaterinaholdsadegreeinMaritimeBusinessandMaritimeLawfromUniversityofPlymouth(UK).Priorto thisshestudiedBusinessFinanceatNorthHertfordshireCollege(UK).Herpostgraduatestudiesinclude InternationalShippingattheUniversityofPlymouth(UK)andMaritimeStudieswithInternationalTransportat theUniversityofPiraeus(Greece). SheiscurrentlyworkingonherPhDatPlymouthUniversity.Katerinaisalso amemberoftheInternationalAssociationofMaritimeEconomists(IAME),Women’sInternationalShipping TradingAssociation(WISTA)andtheHellenicAssociationofMaritimeEconomists(HAME).Herresearchfocuses onshippingpolicyandstrategy,logistics,freightanalysisandvesselsaleandpurchase.Sheistheauthorof articlesandpapersinarangeofmagazinesandnewspapersaswellasbeingareviewerfortheMaritimePolicy ManagementJournal.Sheisarespectedparticipantinvariousshippingandlogisticsconferencesandforums. Tel: +44 (0)20 7017 5510 / +1 (646) 957 8929 Email: LMA@informa.com Shipping is a risky business. Shipping markets are notoriously volatile, dependent on cyclical variations, and buffeted by the inconsistencies of global trade and financial uncertainty. This results in a uniquely challenging commercial environment for those involved in maritime business. This distance learning course: • Examines the various sources of shipping risk • Explains the tools available to minimise the financial impact of these risks. Adding to market uncertainty are the risks arising from the operation of vessels themselves, each with its own commercial implications. For example: • What issues can arise in charterparties? • How can they impact the profitable running of a shipping enterprise? • How can environmental and safety risks be managed to minimise any negative effect on the bottom line? In addition to general risk management practices, the shipping industry has developed a range of specialised techniques to mitigate commercial risk. Tools such as freight derivatives and hedging are proving to be critical to the long-term success of shipping companies. The Certificate in Commercial Risks in Shipping provides detailed analysis of the main sources of risk in shipping markets and operations, and examines the techniques available to minimise these risks. Six detailed modules delivered 100% by distance learning will equip you with the knowledge and skills you need to steer a profitable course through uncertain and ever- changing markets. Written by industry and academic experts, and fully supported via an online forum, the programme provides a comprehensive grounding in the area of risk management. It will benefit anyone involved in commercial shipping, from company executives and ship owners to risk managers, charterers and insurance professionals – wherever they are in the world. I look forward to welcoming you onto this programme. Dear Colleague, COMPANIESTHATHAVEALREADYBENEFITEDFROMLLOYD’SMARITIMEACADEMYDISTANCELEARNINGPROGRAMMESINCLUDE: Applications: Visit the course webpage to enrol online - www.lloydsmaritimeacademy.com/crs to enrol online. Do not delay your application – you may qualify for an early enrolment discount, and some courseshaveamaximumnumberofparticipants.Ouronlineapplicationform alsosecurelyacceptspaymentbycreditcardineither£or€. Confirmation of Enrolment: You should receive confirmation of your placewithin5workingdays,andaninvoiceforthefeesifyoudidnotpayon application. Please pay fees promptly or you may lose your place. CourseStartDate:Wewillsendyouyouruniqueusernameandpassword plus full details of how to access our secure online learning environment during the first day of the course. Your online classroom will be accessible from anywhere you have an internet connection. Each module workbook can be accessed online or downloaded and saved/printed if you prefer working from paper, or want to study on the move. Study:Planyourstudytimeandlocationtosuityourownpreferredlearning style. Work though the learning narratives in the detailed workbooks and undertaketheselfassessmentquestionstogainathoroughcomprehension of the topics.. Tutorials: When you have questions, answers, personal opinions or experiences to add, have answers to directed learning activities or need further advice, visit the online course tutorial forum to post your discussion to the course director and your fellow students. You can access the tutorial forum at any time when you are online plus, to make your study as easy as possible, we’ll send you a daily round-up of tutorial activity. Make sure youtakefulladvantageoftheuniqueaccessyougaintoourexpertindustry course tutors. Assessment:Each study module ends with an online test for you to check your learning. Take the test online and receive instant feedback. If you fail thetestreturntothemoduleandrevisetherelevantsections. Youcanthen retake the test, although the questions will have changed. Completion: Once all modules have been studied and the online tests passed, you will be sent a certificate of completion from Lloyd’s Maritime Academy as recognition of your study and for CPD purposes. HOW DOES THE COURSE WORK? What’s best about our distance learning? 4 Accessible – 24/7 availability from wherever you have an internet connection 4 Flexible – take control of where, when, how and the rate at which you study 4 Professional – industry leading course directors and tutors 4 Quality – study the same course used by corporations for internal training 4 Practical – packed with examples and illustrations 4 Timeeffective – specially designed for busy working participants 4 Interactive–useouronlinetutorialforumtoaskquestionsandshareknowledge 4 Network – with tutors and like-minded professionals from around the world 4 Worksmart – learn without time away from home or work 4 Savemoney – no additional travel or accommodation costs 4 Careerenhancement – boost your CV and promotion potential 4 Detail – retain industry leading course materials for later reference Certificate in COMMERCIAL RISKS IN SHIPPING COURSE DIRECTOR Katerina Konsta Course Director WHYSTUDYWITHLLOYD’SMARITIMEACADEMY? Lloyd’s Maritime Academy has for over 35 years provided high quality training programmes for the global maritime and transport industry. We provide industry professionals at all levels with career enhancing training programmes regardless of work commitments or location. Working with expert practitioners, leading academics and international industry bodies, Lloyd’s Maritime Academy is the trusted brand for professional development within the shipping, commercial, legal, insurance, surveying and management sectors. Since 1998, we have been providing our participants with the training they need to bring their personal and business goals to fruition. Our reputation for quality is unsurpassed in the industry and the world’s leading institutions in the maritime sector rely on Lloyd’s Maritime Academy to educate their staff to the highest of standards. If you’re an individual looking for professional development or career enhancement, then you’ll be in good company - thousands of students enrol onto our publicly offered distance learning courses every year, as well as thousands more taking our global in-company programmes. Visit www.lloydsmaritimeacademy.com for a full list of our currently enrolling courses. Lloyd’s Maritime Academy is part of IIR Ltd and Informa plc, the leading international provider of specialist information and services for the global academic and scientific, professional and commercial business communities. If you want to discuss our courses or are an education or training provider that wishes to work with us, contact Gina Taylor on +44 (0)20 7017 4413 or email gina.taylor@informa.com Lloyd’sandtheLloyd’sCrestaretheregisteredtrademarksoftheSocietyincorporatedbytheLloyd’sAct1871bythenameof“Lloyd’s”. AcergyFrance•AksiaLLC•APL•A.P.Moller-Maersk•ArielReinsuranceCompany•AriesEnergyCorporationGroupofCompanies•AtlanticWindGroup•BBI-BreakBulkInternationalSchiffahrtsgesmbH •BeirutAcademy forTravelSciences•BusinessMonitorInternational•CalifornianSteelIndustries•Cargo-LevantLinienagenturenGmbH•CaribbeanCementCompanyLtd•CaspianOffshoreConstructionLLP•ChevronGlobalGas•Credit Suisse • Deloitte • Department of Marine Services and Merchant Shipping • Department of National Defence • Det Norske Veritas • Dragabras-DEME Dredging Works • DVB Transport (US) LLC • ESSO Co-ordination Centre • F H Bertling Pte Ltd • Fideos • Flott Co. PC • Giovanni Adamo • Grupo TMM • Gulf Energy Maritime PJSC • Heavenwest Development Services • H.W. Wood International Ltd • JACCAR Equity Research • Lloyd’s Register • London Business School • Maritime Propulsion Technologies Ltd • MCS Logistics India P Ltd • Mediterranean Shipping Company (Algeria) • Medstar Ship Management Ltd • Metropolitan State College of Denver • MGV Transport Ltd • Namport • NZ Customs Service • O.T. Tonnevold • Oldendorff Carriers GmbH Co. KG • Orient Ship Agency • Orinoco Iron, S.C.S. • Pole Star Space Applications • Pyrsos Shipping Company Ltd • Rudyantho andPartners•Sadoship•SchwenkzandPartner•ShellMarineProducts•ShellPetroleumDev.Company•SpecialBranch•TchiboLogistik•ThenamarisShipManagementInc•TotalOilAsia-PacificPteLtd•USCoastGuard •UsticaLinesSpa•VShips•VestfoldUniversityCollege•WatsonFarleyWilliamsLLP•Westfal-LarsenShipping•WilsonSonsAgenciaMaritimaLtd•WorldwideEnergyLogisticsLtd• ZIMIntegratedShippingServicesLtd
  • 3. Introducing Commercial Risk in the Shipping Context: Shipping Markets and Risk Management Principles • Why should shipping companies manage risk? • Volatility and shipping markets • Why is shipping so volatile? • Shipping cycles • Seasonal risks • Shipping outlook • Sources of commercial risk in shipping - Financial risk, market risk - Liquidity risk - Operational risk - Interest rate - Asset-price risk - Credit risk - Pure risk - Environment - Social responsibility - Safety and security - Marine insurance • Risk management in shipping - Levels of risk - Regulatory framework - National and international standards • Defining risk, the risk management process • Scope of risk management • Elements of risk management • Risk management process - How do shipping companies manage risk (operational and financial)? Commercial Risks Arising from Charterparties, Operations and Claims Issues • Chartering and commercial risk - Types of charter and charterparties - Demise and non-demise charters: who has the commercial operation of the vessel? • Voyage charter and operational issues undertaken by the contracting parties • Time charter and operational issues undertaken by the contracting parties • Bareboat charter and operational issues undertaken by the contracting parties • Claim issues and dispute resolution - Conciliation - Mediation - Arbitration - Litigation Financial Risk Management and Credit Risk • Financial risk management in shipping - Distressed German KG funds, restructuring and workout options - Problem shipping loans - Ship financing – securitisation possibilities - Financing options in the current climate - Case study: Brazilian shipbuilding industry – new opportunities for financiers in an emerging market • When to use financial risk management - Restructuring or foreclosure? Considerations for financiers in a poor economic climate - Refund guarantees – effective and reliable security in ship financing - Financial burden of private security – is there any alternative? - Development strategies in container shipping - Case study: Brazilian shipping industry - a new target for investment • Principles for the management of credit risk - Case study: recent trends in the Spanish ship financing market - Case study: legal aspects of documenting shipping finance in the United Arab Emirates - Case study: finance and restructuring in India - Cancellation of loan agreements - Finance for the cruise sector • Capital requirements for bank exposures to central counterparties - Towards a European maritime transport space without barriers - Maritime perspective - Islamic finance - Tackling the scourge of piracy - Ship finance: into stormy waters Freight Derivatives and Hedging: Forwards, Futures, Options and Swaps • Fundamentals of dry and wet ship markets • Financial market outlook and volatility • Baltic Dry Indices • Supply and demand: freight rate formation in the physical market • Risk management options in shipping • Derivative contracts and applications: forward contracts, future contracts, swaps, options • Derivatives: applications and uses (risk management, speculations, arbitrageurs, hedging) • What are Freight Forward Agreements (FFAs)? • What are the risks involved with FFAs? • Hedging using FFAs • Credit risk in the freight derivatives market • Options on freight rates • Hedging bunker risk Commercial Risks Relating to Environmental and Safety Management Issues • Environmental issues and shipping • Air emissions • Vessels’ discharges • Recycling, reuse and waste management • Oil pollution • Ballast water • Case study: CO2 reductions and capital expenditure • Safety on board • Piracy • Port safety Marine Insurance and Commercial Risk Management • History of marine insurance • Insurable interest • Subject-matter insured • The contract of marine insurance • The premium • Cargo insurance • Salvage claims • P I • Collision claims • Particular average claims • Builder’s risks insurance • Reinsurance practice • Valued and unvalued policies • Warranties • Utmost good faith, disclosure and representations Apply online at www.lloydsmaritimeacademy.com/crs IN-COMPANY TRAINING Distancelearning,face-to- faceworkshops,webinars andblendeddelivery Cutcostswhileimprovingperformance Ensuring a good return on your training investment is critical for all our clients and, whether delivered by distance learning or instructor led workshops, Lloyd’s Maritime Academy delivers the best training, at a competitive price and from a reliable partner. Lloyd’s Maritime Academy delivers all three and you can save up to 40% on your local, regional and global training investment. Many organisations have realised that Lloyd’s Maritime Academy’s programmes offer so much more than conventional training courses – whether it’s for graduate intakes, needs-led coaching, supervisor and management training or boot camps. There are a number of reasons why, including: 4 Working intensely to understand our clients’ business issues to deliver the highest added value 4 Improving employee skills, knowledge and performance, helping to accelerate development and building organisational capability 4 Advancing our clients’ global knowledge sharing and collaboration 4 Developing team based learning and internal networks which support workforce development 4 Delivering instructor led workshops or webinars focused on a client’s particular business challenges 4 Developing courses with practitioners, for practitioners, with a focus on practical skills and knowledge 4 Implementing blended solutions which incorporate online learning platforms, including hosted corporate learning environments 4 Delivering at your location anywhere in the world 4 Supporting our clients consistently for over 15 years, offering a secure, trustworthy and low risk solution You are welcome to place individual students or groups on any of our publically advertised distance learning courses, or for larger groups we will deliver to your individual requirements, including blended delivery solutions, customised assessments, flexible timescales and dedicated support for learning and development managers. To find out more about the benefits of Corporate In-Company Training call +44 (0)20 7017 4455 or email ct@informa.com. FUTURE DISTANCE LEARNING COURSES Certificate in Chartering Certificate in KPIs for Shipping Certificate in Marine Claims Certificate in Maritime Disputes Arbitration Certificate in Maritime Safety Management Certificate in Ship Efficiency Certificate in Ship Operations Diploma in Crew Management Diploma in Maritime Business Management Diploma in Ship Management MBA in Shipping and Logistics For a full list of all courses visit: www.lloydsmaritimeacademy.com/distancelearning Distance learning is a flexible, cost-effective way of studying without the need to take time off work or away from home JOIN US ONLINE FOR EXCLUSIVE OFFERS AND UPDATES: Search “Lloyd’s Maritime Academy” Nicholas G. Berketis PhD Manager, J.Kouroutis Co. Ltd. Insurance and Reinsurance Brokers Jonathan Challacombe FICS, MCILT, MNI, DMS Associate Professor in Maritime Studies International Logistics, Plymouth Business School, Faculty of Business, University of Plymouth, UK Katerina Konsta Dip Fin, BSc, MSc, PhD (cand) Shipping Consultant, Greece Dr Evi Plomaritou Shipping Consultant in Chartering and Marketing COURSE FACULTY
  • 4. 5 EASY WAYS TO REGISTERCourse Code FLP2343 CERTIFICATE IN COMMERCIAL RISKS IN SHIPPING DELIVERED BY DISTANCE LEARNING OVER 12 WEEKS Commences 3rd February 2014 LMA/SW/KR/SR/TR/TR Enrol now for practical risk mitigation strategies to protect profit www.lloydsmaritimeacademy.com/crs LMAadmin@informa.com +44 (0)20 7017 7383 +44 (0)20 7017 7854 ATTN: Sharlene Richards Lloyd’s Maritime Academy 4th Floor, Maple House 149 Tottenham Court Road London W1T 7AD UK Are we mailing you correctly? To update your contact details on our database please visit www.updates.informa.com Note: The GBP invoice will include a EUR price calculated using the exchange rate in force on invoicing. Lloyd’s Maritime Academy is part of IIR Ltd Registered in England No 1835199. Registered Office: Mortimer House, 37-41 Mortimer St, London W1T 3JH. VAT Registered No. (GB) 365 4626 36 Lloyd’s and the Lloyd’s Crest are the registered trademarks of the Society incorporated by the Lloyd’s Act 1871 by the name of “Lloyd’s”. Signature Date / / STEP 3: PAYMENT DETAILS – The GBP invoice will include a EUR price calculated using the exchange rate at time of invoicing. Credit Card To pay by credit card please submit your card details whilst applying online using the link at the top of this form, or provide your contact telephone number below. We will contact you to collect your payment details over the telephone, or you can call the phone number provided on your invoice. For security purposes you must not state your credit card number via email, mail, fax or voicemail to ensure that your payment details are never stored on our systems. Credit card contact telephone no __________________________________________ Bank Transfer Cheque A credit card guarantee is required. Once details have been collected, these will be securely stored and no charge will be taken at this time. An invoice for payment will be provided. If the invoice is not paid by the due date, we reserve the right to charge the card for any outstanding sums. We will advise you (using your email address provided) in advance of charging the card. Please call me on tel_____________________________________ to collect my details. Cheques should be made payable to IIR Ltd and please write your name and the reference FLP2343 on the back. Bank transfer details will be provided on the emailed invoice. • I have read the Terms Conditions as outlined on the course brochure and agree to adhere to them. VIP CODE: It’s quicker to apply online at www.lloydsmaritimeacademy.com/crs which also securely accepts credit card payment with your application. For security purposes you must not state your credit card number via email, mail, fax or voicemail to ensure that your payment details are never stored on our systems. 1. Participant (Mr/Mrs/Ms/Miss/Dr/Capt) Family namen First namen Job titlen Companyn Addressn Cityn Postcode/Zip coden Countryn Mobilen Direct telephonen Faxn Preferred emailn This is my Home address Work address 2. Billing details Invoice should be sent for the attention ofn Addressn Cityn Post/Zip coden Countryn Billing telephone numbern Billing email addressn VAT numbern 3.Who is your Training Manager? (Mr/Ms) Family namen First namen Job titlen Direct telephonen Emailn 4. Who is your Approving Manager? (Mr/Ms) Family namen First namen Job titlen Direct telephonen Emailn 5. How did you hear about the course?n STEP 1: WORK OUT THE PRICE – Please tick option Certificate in Commercial Risks in Shipping Book on or before 13th December 2013 Book after 13th December 2013 UK Individual or UK Company £1899 + VAT @ 20% (379.80) = £2278.80 £1999 + VAT @ 20% (399.80) = £2398.80 EU Individual or EU non-VAT Registered Company £1899 + VAT @ 20% (379.80) = £2278.80 £1999 + VAT @ 20% (399.80) = £2398.80 EU VAT Registered Company (VAT number must be quoted in Step 2 below to qualify) £1899 (No VAT to pay) £1999 (No VAT to pay) Individual or Company outside the EU £1899 (No VAT to pay) £1999 (No VAT to pay) STEP 2: PARTICIPANT DETAILS – Please photocopy form for multiple bookings Discounts available for multiple bookings on this course. +44 (0)20 7017 5510 lma@informa.com In-company delivery available by distance learning or instructor led training. +44 (0)20 7017 4455 ct@informa.com TERMS AND CONDITIONS Enrolment to this Course is subject to the Lloyd’s Maritime Academy Distance Learning Terms and Conditions at www.lloydsmaritimeacademy.com/LMADLTC. Your attention is drawn in particular to clauses 3, 4 and 13 of the Terms and Conditions which have been set out below: 3. TAXES The fees stated are exclusive of any applicable VAT, sales, service or similar taxes (which will be charged, where applicable, at the appropriate rate as at the date of invoice). Where payment is subject to a withholding tax the student will apply the reduced rate under the appropriate double tax treaty, if applicable, and agree to provide LMA with a certificate of tax deduction within three months of payment. If a certificate of tax deduction is not provided within three months, you will become immediately liable to pay the outstanding amount. 4. PARTICIPANT CANCELLATION POLICY You may cancel your place on the Course by giving notice in writing to the Course Administrator up to (and including) 7 days from the date LMA confirms your acceptance to the Course in accordance with Condition 1 and you will not be liable for the payment of any fees and any fees already paid to LMA for the Course will be refunded. If LMA receives your notice of cancellation 8 days or more from the date LMA has confirmed your acceptance to the Course you will still receive a refund of your fees already paid to LMA, subject to payment by you to LMA of a £175 cancellation fee to cover administrative costs (which shall be payable immediately upon your cancellation), provided such notice of cancellation is received by LMA before the first day of the Course. LMA regrets that no refunds can be given for any cancellation notice it receives on or after the first day of the Course and, in such circumstances, the full fees remain payable by you to LMA. 13. DATA PROTECTION AND CALL MONITORING Personal data supplied is subject to the Data Protection Act 1998. The personal information shown on the application form, and/or provided by you, will be held on a database and may be shared with companies in the Informa Group in the UK and internationally. This information may be used for direct marketing purposes. If you do not wish your details to be available to companies in the Informa Group, please contact the Database Manager, Informa UK Ltd, Maple House, 149 Tottenham Court Road, London, W1T 7AD, UK, tel: +44 (0)20 7017 7077, fax: +44 (0)20 7017 7828, email: integrity@iirltd.co.uk. Occasionally your details may be obtained from, or made available to, carefully selected external companies for marketing purposes. If you do not wish to receive details about their products and services, please contact the Database Manager. Registered in England No.1835199. VAT registration number GB 365 4626 36. IIR Ltd. Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK. Telephone calls to IIR Ltd may be recorded or monitored to check the quality of the service provided. Sign up for a trial to LloydsList.com and get all the most important shipping news, analysis and comment at no charge for 10 days. Visit www.lloydlist.com/trial or email: marketing@lloydslist.com HA101