Costas Grammenos

Costas Th Grammenos founded the International Centre for Shipping, Trade and Finance in 1983 (renamed the Costas Grammenos Centre for Shipping, Trade and Finance in April 2007). He has been head of the Centre since its inception and responsibile for its design; and, until 1997, was Founding Director of the world class M.Sc. in Shipping, Trade and Finance, introduced in 1984; and the MSc. in Transport, Trade and Finance, introduced in September 1997 (from 2008-2012, known as MSc Supply Chain, Trade & Finance); while the MSc in Energy, Trade and Finance was introduced in 2003. More than 3000 students, from 130 countries, have graduated over this period, and many of them are holding leading positions in international banking, shipping and trading, manufacturing sectors. In addition, the Centre undertakes research in Shipping Finance, Maritime Risk Management, Logistics and Commodity Trade and Finance. It also has created a platform for international dialogue between senior business executives, government and academia.

Professor Grammenos was born in Athens in 1944. He has a BA in Economics (Pantion, Athens), MSc. in Financial Economics (Bangor, Wales); DSc. in Shipping Finance (City, London). He started his career in the National Bank of Greece in 1962, and was financial shipping expert at the Bank's head office in Athens, from 1973-1974. He was Independent Researcher and Advisor from 1977 until 1982. He joined City University in 1982 as Visiting Professor and became Professor of Shipping, Trade and Finance in 1986. He has been Pro Vice-Chancellor since 1998, was Acting Dean in 2000 and Deputy Dean (Undergraduate)from 2002-2010. He teaches Shipping Investment and Finance where, in 1977, he introduced credit analysis and policy of bank shipping finance which, since then, has been applied by most international banks. While, since 1984, he systematically introduced (through seminars, conferences, lectures and, in 1990s, academic papers) the concept of raising capital for shipping companies from capital markets. He wrote the well-known seminal monograph on the subject 'Bank Finance for Ship Purchase' (1978) and has written many studies and articles. He is the editor of the major academic publication 'The Handbook of Maritime Economics and Business' (2002, 2010), LLP, where 50 leading academics from 30 universities in 19 countries contributed 39 chapters. He has given papers and lectures in various parts of the world. He created - through his published research - 'Shipping Finance' as a new academic discipline, which is acclaimed as a "significant contribution to knowledge in Shipping, Trade and Finance" and he introduced, through the MScs, a new approach in international business, "the spherical approach". In 2012 and 2013 he was ranked among the top 100 most influential people in shipping in the Lloyd’s List Top 100

He was 1998 Seatrade Personality of the Year; in 2008 he was awarded the prize of Distinguished Personality for his outstanding contribution to the shipping industry by the Association of Banking and Financial Executives of Hellenic Shipping; and in 2009 was awarded the 'Achievement in Education' at the Lloyd's List Shipping Awards. He was made OBE (Hon) in 1994, for his work in international shipping and finance and appointed CBE (Hon) in 2008 for "services to teaching and research". In 2013 he was awarded 'Commander of the Order of the Phoenix' by the Hellenic Republic for his world leading teaching and research in the maritime industry. He is Member of the Board of Directors of the Alexander S. Onassis Public Benefit Foundation (1995), Member of the American Bureau of Shipping (1996), FRSA (1996), Founder and Chairman of the City of London Biennial Meetings (1999, 2001, 2003, 2005, 2008,2010), a Founding Trustee of the Institute of Marine Engineers Memorial Fund (2000-), Freeman of the City of London (2000), Liveryman of the Worshipful Company of Shipwrights (2002), Fellow of Chartered Institute of Bankers (2004). He is Visiting Professor at the University of Antwerp (2000), and was President of the International Association of Maritime Economists (IAME) (1998-2002). Non executive member of the Board, Marfin Investment Group (MIG)(2007-2010); Honorary Fellow, Institute of Marine Engineers, Science and Technology (2008-); Deputy Chairman, The Maria Tsakos Foundation (2011-). He is Founding President of the Governing Body of the newly established "International Hellenic University" in Thessaloniki, Greece (2006-).

Qualifications

BA (Athens), MSc (Bangor) and DSc (City).

Visiting Appointments

Founding President, International Hellenic University, Governing Board, 2006 – present

Fellowships

• Honorary Fellow, Institute of Marine Engineers, Science & Technology, Mar 2008 – present
• Fellow, Chartered Institute of Bankers, Jan 2004 – present

Memberships of Professional Organisations

• Member of Council, International Association of Maritime Economists, 2002 – 2006
• Founding Trustee, Institute of Marine Engineers Memorial Fund, 2000 – present
• President, International Association of Maritime Economists, 1998 – 2002
• Fellow, Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA)

Awards

• Queen's Awards (2008) Appointed CBE (Hon)
• Appointed CBE (Hon) for 'services to teaching and research'.
• The Seatrade Organisation (1998) Seatrade Personality of the Year
• Queen's Awards (1994) Appointed OBE (Hon)
• Appointed OBE (Hon) for 'valuable contribution to International Shipping and Finance'

Languages

Greek, Modern (1453-).

Expertise

Primary Topics

• Banking
• Capital Markets
• Finance

Additional Topics

Risk Management

Industries/Professions

shipping

Geographic Areas

• Americas - Central
• Americas - North
• Americas - South
• Asia
• Europe
• Scandinavia

Research Topics

• High yield shipping bonds
• Shipping IPO's
• Public shipping companies performance
• Maritime Clusters

Book

Grammenos, C.T. (2010). The Handbook of Maritime Economics & Business. Informa Law from Routledge. ISBN 978-1-84311-880-0.

Chapters (7)

• Grammenos, C.T.H., Dergiades, T., Mazis, G., Meersman, H., Van de Voorde, E. and Vanelslander, T. (2014). Evidence on the pricing of the syndicated loans for the global port industry. Port Infrastructure Finance (pp. 87–110). Taylor and Francis. ISBN 978-1-315-77583-8.
• Grammenos, C.T. and Papapostolou, N.C. (2012). Ship Finance: US High Yield Bond Market. In Talley, W.K. (Ed.), The Blackwell Companion to Maritime Economics (pp. 417–432). USA: Wiley-Blackwell. ISBN 978-1-4443-3024-3.
• Grammenos, C.T. and Papapostolou, N.C. (2012). Ship Finance: US Public Equity Markets. In Talley, W.K. (Ed.), The Blackwell Companion to Maritime Economics (pp. 392–416). USA: Wiley-Blackwell. ISBN 978-1-4443-3024-3.
• Grammenos, C.T. (2010). Revisiting credit risk, analysis and policy in bank shipping finance. In Grammenos, C.T. (Ed.), The Handbook of Maritime Economics and Business Informa Law from Routledge. ISBN 978-1-84311-880-0.
• Grammenos, C.T. (2009). Development & Issues in Shipping Finance. In Meersman, H., Van de Voorde, E. and Vaulslander, T. (Eds.), Future Challenge to the Port & Shipping Sector (pp. 127–141). London: Informa.
• Grammenos, C.T. (2002). Credit Risk Analysis and Policy in Bank Shipping Finance. In Grammenos, C.T. (Ed.), The Handbook of Maritime Economics and Business (pp. 731–761). London: Lloyd's List Informa. ISBN 978-1-84311-195-5.
• Grammenos, C.T. and Marcoulis, S.N. (1996). Shipping Initial Public Offerings: A Cross Country Analysis. In Levis, M. (Ed.), Advances in Finance, Investment and Banking, 2: Empirical Issues in Raising Equity Capital (pp. 379–400). Elsevier - North Holland.

Journal Articles (9)

• Papapostolou, N.C., Pouliasis, P.K. and Kyriakou, I. (2017). Herd behavior in the drybulk market: an empirical analysis of the decision to invest in new and retire existing fleet capacity. Transportation Research Part E: Logistics and Transportation Review, 104, pp. 36–51. doi:10.1016/j.tre.2017.05.007.
• Grammenos, C.T. and Papapostolou, N.C. (2012). US shipping initial public offerings: Do prospectus and market information matter? Transportation Research Part E: Logistics and Transportation Review, 48(1), pp. 276–295. doi:10.1016/j.tre.2011.07.009.
• 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.
• Grammenos, C.T., Alizadeh, A.H. and Papapostolou, N.C. (2007). Factors affecting the dynamics of yield premia on shipping seasoned high yield bonds. Transportation Research Part E: Logistics and Transportation Review, 43(5), pp. 549–564. doi:10.1016/j.tre.2006.07.002.
• Grammenos, C.T. and Arkoulis, A.G. (2003). Determinants of spreads on new high yield bonds of shipping companies. Transportation Research Part E: Logistics and Transportation Review, 39(6), pp. 459–471. doi:10.1016/S1366-5545(03)00054-1.
• Grammenos, C.T.H. and Arkoulis, A.G. (2002). Macroeconomic Factors and International Shipping Stock Returns. International journal of maritime economics, 4(1), pp. 81–99. doi:10.1057/palgrave.ijme.9100033.
• Grammenos, C.T.H. and Arkoulis, A. (1999). The Long Run Performance of Shipping Initial Public Offerings. International journal of maritime economics, 1(1), pp. 71–93. doi:10.1057/ijme.1999.6.
• Grammenos, C.T. and Choi, C.J. (1999). The Greek Shipping Industry. International Studies of Management & Organization, 29(1), pp. 34–52. doi:10.1080/00208825.1999.11656756.
• Grammenos, C.T.H. and Marcoulis, S.N. (1996). A cross-section analysis of stock returns: The case of shipping firms. Maritime Policy and Management, 23(1), pp. 67–80. doi:10.1080/03088839600000053.

Subject/Academic Leadership

• 2007 - present, Trade & Finance, Lloyd's Register Foundation (LRF) Chair in Shipping
• 1998 - 2011, City University London, Pro Vice-Chancellor
• 2001 - 2010, Deputy Dean
• Aug - Dec 2000, Acting Dean
• 1984 - present, International Centre for Shipping, Trade and Finance, Founding Director

Editorial Activities (2)

• Maritime Economics & Logistics, Member of Editorial Board, 1999 – 2008.
• International Journal of Shipping Law, London, Member of Editorial Board, 1995 – 2000.