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Dr Ilias Visvikis

Senior Visiting Fellow

Ilias Visvikis mtime20180206165809

Professor Ilias Visvikis (BA, MSc, MSc, PhD) is a Professor of Finance and Director of the Office of Executive and Professional Education at the American University of Sharjah (AUS) in the United Arab Emirates. He is also a Visiting Professor (at ICMA Centre – Henley Business School of the University of Reading (UK). He is an Associate Editor (since Sept 2016) and previously member of the Editorial Advisory Board (2012-2016) of the leading journal Transportation Research Part E: Logistics and Transportation Review (ABDC Rank: A*). He is also elected Council Member of the International Association of Maritime Economists (IAME), which is member since 2002, and Chairman of its Annual Conference in Athens (Greece) in 2007. At the same time, he serves as Associate Editor of Multinational Finance Journal and Editorial Board Member of International Journal of Shipping and Transport Logistics. He has been member of conference steering committees, university academic hiring committees, and guest editor of special issues and reviewer for several major scientific journals.

Previously he served as a Professor (2015-2017) and Associate Professor (2012-2015) of Shipping Finance and Risk Management, and the Director of Executive Education and Professional Development (2012-2017) at World Maritime University (WMU) in Malmö (Sweden), founded by the International Maritime Organization (IMO), a specialized agency of the United Nations. There he was responsible for a portfolio of distance-learning Postgraduate Diploma programmes and for the coordination of numerous Professional Development Courses delivered in Asia, Europe, Africa, South America and the Middle East. He was also the founder and Coordinator of the Postgraduate Diploma in Executive Maritime Management programme (2014-2017) co-delivered with DNV GL Maritime Academy. Before that he served as faculty member at ALBA Graduate Business School at the American College of Greece, having the positions of Associate Professor (2011-2012) and Assistant Professor (2005-2011) of Finance, and the Academic Director of its shipping programmes. There, he was the founder and Director of the AMBA-accredited MBA in Shipping programme (2005-2012) and of the MSc in International Shipping and Finance programme (2010-2012) co-delivered with the University of Reading (UK). He also previously has held posts in the Central Securities Depository of Greece and in the Derivatives Market of the Athens Exchange in Greece.

He has teaching experience both at graduate (MSc and MBA) and undergraduate (BSc) levels, from several universities around the world, including Belgium, China, Cyprus, Germany, Greece, Sweden, The Netherlands, United Arab Emirates, and United Kingdom, in subject areas such as: Financial Management, Investments, Risk Management, Derivatives, Financial Econometrics and Forecasting, Economic Modelling, Quantitative Methods, Shipping Finance, and Shipping Derivatives. He also serves as (internal or external) supervisor in PhD theses in several Universities. He has an extensive international experience in consultancy and executive education. He has trained managerial-level professionals in the areas of finance and risk management (freight derivatives) from numerous public and private sector companies around the world. In 2004, he co-developed a pioneering executive seminar Shipping Derivatives and Risk Management, which has run more than 30 times in various forms and in several venues around the world (including, among others, Piraeus, Milan, Rotterdam, London, Hamburg, Istanbul, Kuala Lumpur and Singapore).

He has written extensively in the areas of shipping finance, freight and financial derivatives, and risk management and has been the author of numerous research works published in international refereed journals (appeared, among others, in the Journal of Banking and Finance, European Journal of Finance, European Financial Management, Multinational Finance Journal, International Journal of Forecasting, Review of Derivatives Research, Derivatives Use Trading & Regulation, Transportation Research Part E: Logistics and Transportation Review, Maritime Policy and Management, Maritime Economics and Logistics, International Journal of Transport Economics, and Lloyd’s Shipping Economist), and in conference proceedings, books, journal guest volumes, special reports and magazines, while he has received numerous citations from researchers in the area. He has extensively presented his research work in international academic conferences and professional meetings held in USA, Europe and Asia. He is the co-author of the Derivatives and Risk Management in Shipping (2006, Witherby Publishing UK), the first comprehensive book published in the area, the editor of the Recent Trends in the Management of Shipping Companies (2007, T&T Publications Greece), the co-editor of the Theory and Practice of Shipping Freight Derivatives (2011, Risk Books UK), the co-editor of the The International Handbook of Shipping Finance (2016, Palgrave Macmillan UK), and the co-editor of the Shipping Operations Management (2017, Springer Germany), receiving numerous testimonials from both academia and the business industry.

He holds a Degree in Business Administration from University of Aegean (Greece), a MSc in International Financial Markets from University of Southampton, a MSc in International Shipping from University of Plymouth, and a Ph.D. in Finance from City University, Cass Business School in London. His doctoral thesis was financially supported by the North Atlantic Treaty Organization (NATO) under the Euro-Atlantic Partnership Council Research Fellowship.


Refereed Articles in Scholarly Journals (with Referees)

“The Time Dimension and Value of Flexibility in Resource Allocation: The Case of the Maritime Industry”,Transportation Research Part E: Logistics and Transportation Review, Special Issue: Maritime Financial Management, with K. Axarloglou and S. Zarkos, Forthcoming 2013.

“The Predictability of Non-Overlapping Forecasts: Evidence from a New Market”, Multinational Finance Journal, Volume 15 (1/2), pp. 125-156, 2011, with M. Kavussanos.

“Information Linkages between Panamax Freight Derivatives and Commodity Derivatives Markets”, Maritime Economics and Logistics, Volume 12, Issue 1, pp. 91-110, 2010, with M. Kavussanos and D. Dimitrakopoulos.

“The Lead-Lag Relationship between Cash and Stock Index Futures in a New Market”, European Financial Management Journal, Volume 14, Issue 5, pp. 1007-1025, 2008, with M. Kavussanos and P. Alexakis.

“Hedging Effectiveness of the Athens Stock Index Futures Contracts”, European Journal of Finance, Volume 14, Issue 3, pp. 243-270, 2008, with M. Kavussanos.

“An Investigation of the Use of Risk Management and Shipping Derivatives: The Case of Greece”, International Journal of Transport Economics, Volume XXXIV, Issue 1, pp. 49-68, 2007, with M. Kavussanos and M. Goulielmou.

“Forecasting Spot and Forward Prices in the International Freight Market”, International Journal of Forecasting, Volume 23, pp. 101-114, 2007, with R. Batchelor and A. Alizadeh.

“Shipping Freight Derivatives: A Survey of Recent Evidence”, Journal of Maritime Policy and Management, Volume 33, Issue 3, pp. 233-255, 2006, with M. Kavussanos.

“The Relation between Bid-Ask Spreads and Price Volatility in Forward Markets”, Journal of Derivatives & Hedge Funds (formerly Derivatives Use, Trading & Regulation), Volume 11, Issue 2, pp. 105-125, 2005, with R. Batchelor and A. Alizadeh.

“Market Interactions in Returns and Volatilities between Spot and Forward Shipping Markets”, Journal of Banking and Finance, Volume 28, Issue 8, pp. 2015-2049, 2004, with M. Kavussanos.

“Over-the-Counter Forward Contracts and Spot Price Volatility in Shipping”, Transportation Research Part E: Logistics and Transportation Review, Volume 40, Issue 4, pp. 273-296, 2004, with M. Kavussanos and R. Batchelor.

“The Unbiasedness Hypothesis in the Freight Forward Market”, Review of Derivatives Research, Volume 7, Issue 3, pp. 241-266, 2004, with M. Kavussanos and D. Menachof.


Books as Author

“Derivatives in Freight Markets”, Special Report Commissioned by Lloyd’s Shipping Economist, A Lloyd’s MIU Publication, Informa Business, London, November 2007, with M. Kavussanos.

“Capital Markets and the Shipping Industry”, Special Report Commissioned by Lloyd’s Shipping Economist, A Lloyd’s MIU Publication, Informa Business, London, August 2007, with M. Kavussanos.

“Derivatives and Risk Management in Shipping”, 1st Edition, Witherbys Publishing & Seamanship International, United Kingdom, June 2006, with M. Kavussanos.

Books as Editor

“Theory and Practice of Shipping Freight Derivatives”, Book Co-Editor, Risk Books a Division of Incisive Media Financial Publishing Ltd, July 2011, with M. Kavussanos.

“Recent Trends in the Management of Shipping Companies”, Book Editor, May 2007, T&T Publications, Greece.

Book Chapters:

The Impact of the Financial Crisis to Shipping Markets”, (In Eds.) Epitropaki, O., Kyriakopoulos, K. and Zarkos, S., Management in Times of Crisis, Kastaniotis Editions S.A, November 2011 (in Greek).

“Introduction to the Theory and Practice of Shipping Freight Derivatives”, (In Eds.) Kavussanos, M and Visvikis, I., Theory and Practice of Shipping Freight Derivatives, Risk Books a Division of Incisive Media Financial Publishing Ltd, July 2011, with M. Kavussanos.

“The Hedging Performance of the Capesize Forward Freight Market”, (In Eds.) Cullinane, K., The International Handbook of Maritime Economics and Business, Edward Elgar Publishing, November 2010, with M. Kavussanos.

“Integration of Financial and Physical Networks in Global Logistics”, (In Eds.) Kleindorfer, P., Wind, Y. and Gunther, R.E., The Network Challenge: Strategy, Profit, and Risk in an Interlinked World, Pearson Education Inc., Publishing as Wharton School Publishing, Upper Saddle River, NJ, January 2009, with P. Kleindorfer.

“Freight Derivatives and Risk Management: A Review”, (In Eds.) Geman, H., Risk Management in Commodity Markets: From Shipping to Agriculturals and Energy, John Wiley & Sons Ltd, 2008, with M. Kavussanos.

“Freight Rate Risk Management: Alternative Tools and Current State”, (In Eds.) Visvikis I., Trends and Developments in Shipping Management, T&T Publications, Greece, May 2007, with M. Kavussanos.