Nikos Nomikos

Nikos Nomikos is Professor of Shipping Risk Management at Cass Business School. He commenced his career at the Baltic Exchange as Senior Market Analyst where he was responsible for the development of the shipping indices that are currently used in the market as pricing benchmarks. For the last 10 years he has been with the Faculty of Finance at Cass Business School, where he is also the Director of the MSc course in Shipping, Trade and Finance, a leading postgraduate program that attracts high calibre graduates from around the world. His area of expertise is Ship Finance and Risk Management. As such, he particularly enjoys lecturing on the topics of shipping economics, ship finance and shipping risk management as well as quantitative finance and risk management in financial and commodity markets.

Nikos has collaborated with a number of companies both as consultant as well as educator in executive training programmes. Some of the companies include AP Moeller Maersk, the Baltic Exchange, Boston Consulting Group, Clarksons, Far East Trading/Sinochem, Korean Banking Institute, Overseas Shipholding Group and TBS Shipping Services. He also holds visiting faculty positions in Copenhagen Business School, University of Geneva and International Hellenic University where he lectures on topics such as Insurance and Risk Management, Shipping Trading and Finance and Energy and Power Markets Trading & Risk Management. He was appointed as “The Wilmar Professor in International Commodity Business” for 2013 at the Singapore Management University. He is also a regular speaker in a number of practitioner seminars and symposia such as the Financial Times Investment Series Seminars, London Biennial Meetings, The Freight Derivatives Annual Seminars and Energy Risk Europe.

Nikos has published his research in numerous academic and practitioners journals. He has published more than 40 papers in international academic journals such as Review of Finance, Energy Economics, Energy Policy, Transportation Research, Journal of Banking and Finance, Applied Mathematical Finance, Journal of Futures Markets, Journal of Derivatives, Logistics and Transportation Review etc. He has also published numerous book chapters and has co-authored the book “Shipping Derivatives and Risk Management” which is considered the leading reference book in the area of Shipping Risk Management. His views about commodity and shipping markets have also been profiled in a number of newspapers and other media such as International Herald Tribune, NY Times, Financial Times, Lloyd’s List, Tradewinds, Bloomberg, CNBC news, Daily Telegraph etc.

Nikos holds a BSc in Economics from Athens University of Economics and Business, an MSc in Shipping, Trade & Finance (Distinction) from Cass Business School and a PhD in Finance from Cass Business School. He is also a Member of the Institute of Chartered Shipbrokers.

Qualifications

PhD (City), MSc (Distinction; City) and BSc (AUEB; Athens).

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 & FinanceRisk Management
• Mathematical & Quantitative Methods
• Financial Engineering
• RiskFutures & 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

Books (2)

Alizadeh, A. and Nomikos, N. (2009). Shipping Derivatives and Risk Management. Palgrave Macmillan. ISBN 978-0-230-21591-7. Alizadeh, A.H. and Nomikos, N.K. (2009). Shipping derivatives and risk management. ISBN 978-0-230-23580-9

Chapters (6)

• Alizadeh, A.H. and Nomikos, N. (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.
• 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.
• Nomikos, N. 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.
• Nomikos, N. 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.
• Nomikos, N. 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.
• 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

Journal Articles (38)

• Karimalis, E.N. and Nomikos, N.K. (2017). Measuring systemic risk in the European banking sector: a copula CoVaR approach. The European Journal of Finance pp. 1–38. doi:10.1080/1351847X.2017.1366350.
• 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.
• 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.
• Andriosopoulos, K. and Nomikos, N. (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.
• 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.
• 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.
• 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.
• Nomikos, N. 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.
• Papapostolou, N.C., Nomikos, N.K., Pouliasis, P.K. and Kyriakou, I. (2013). Sentiment index guides asset play (2013). Lloyd's List .
• 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 . doi:10.1016/j.tre.2012.11.009.
• 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(1), pp. 82–94. doi:10.1016/j.tre.2012.12.001.
• Nomikos, N. 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• Nomikos, N.K. and Papapostolou, N. (2006). Predicting Defaults in Shipping High Yield Bond Issues. Lloyd's Shipping Economist .
• 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 .
• Alizadeh, A. and Nomikos, N. (2004). The efficiency of the forward bunker market. International Journal of Logistics, 7(3), pp. 281–296. doi:10.1080/13675560412331298527.
• 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.
• 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.
• 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.
• 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.
• 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.
• Alizadeh, A.H. and Nomikos, N.K. (2003). Bunker Risk Management Using Forward and Swap Contracts. Lloyd's Shipping Economist, 37681(March) .
• Nomikos, N. and Alizadeh, A. (2003). Do FFAs provide good Forecasts? Lloyds Shipping Economist, December, pp. 32–34.
• 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.
• 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.
• 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.
• 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.
• Kyriakou, I., Pouliasis, P.K., Papapostolou, N.C. and Nomikos, N.K. Income uncertainty and the decision to invest in bulk shipping. European Financial Management . doi:10.1111/eufm.12132.
• Nomikos, N., Petropoulos, F. and Abouarghoub, W. On reconciling macro and micro energy transport forecasts for strategic decision making in the tanker industry. Transportation Research Part E: Logistics and Transportation Review . doi:10.1016/j.tre.2017.10.012

Course Directorship

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

Editorial Activities (14)

• Journal of Commodity Markets, Associate Editor, 2015 – present.
• Journal of Transport Economics and Policy, Referee, 2013 – present.
• International Journal of Financial Engineering and Risk Management, Member of Editorial Board, 2012 – present.
• Journal of Energy Markets, Referee, 2012 – present.
• Annals of Operations Research, Referee, 2011 – present.
• Journal of Applied Mathematics and Decision Sciences, Referee, 2011 – present.
• International Review of Economics and Finance, Referee, 2009 – present.
• Journal of banking and Finance, Referee, 2009 – present.
• Energy Economics, Referee, 2007 – present.
• Energy Journal, Referee, 2007 – present.
• Review of Derivatives Research, Referee, 2005 – present.
• Transportation Research part E, Referee, 2005 – present.
• Energy Risk, Referee, 2004 – present.
• Maritime Policy and Management, Referee, 2004 – present.