- Experience a unique practice-centred learning approach including specialised Masterclasses, distinguished guest speakers, bespoke simulations and company visits.
- Utilise our industry links to access work-experience placement and networking opportunities, whilst benefitting a comprehensive in-house career development programme and partnership with leading shipping recruitment specialists Spinnaker Global
- Be granted professional exam exemptions from the Institute of Chartered Shipbrokers (ICS) and membership to the Baltic Exchange.
- Gain international experience with one month’s study in Greece, a country with a long-standing tradition in shipping and the largest merchant fleet in the world.
- Receive a Dual Degree Award, with two full time MSc degrees in International Shipping and Finance from both the ICMA Centre and ALBA Graduate Business School.
The MSc in International Shipping and Finance is a truly unique programme through which we aim to produce tomorrow’s leaders in the maritime shipping and wider transportation sectors.
In today’s globalised world, maritime transport has become instrumental to international trade and the global economy – more than 85% of total merchandise trade volume is transported by the international shipping industry. Given the continuous expansion in the global economy and international trade flows, the wider transportation sector offers exciting and rewarding career opportunities.
MSc ISF is developed alongside senior industry professionals and is designed to equip participants with the skills and expertise sought after by major employers operating within key segments of the sector. A number of features differentiate this programme from other shipping oriented postgraduate Masters, aiming to offer participants a distinctive competitive edge. In the centre of it all is its hands-on, practice centred approach. You will benefit from bespoke simulations, specialist masterclasses, networking opportunities, distinguished industry guest speakers and visits to leading companies and ports. Thanks to our links with renowned companies in the shipping industry, you will gain access to work placement opportunities. A comprehensive careers development programme, which includes the support of the world leading shipping recruitment consultancy Spinnaker Global, is also an integral part of the programme. The focus of the programme on the participants’ career goals and aspirations has resulted in more than 90% of the programme’s graduates securing job offers within 6 months of graduation.
During the programme, you will specialise in International commodity trade and transport, shipping market economics and business, shipping strategy, shipping finance and investments, chartering and ship-broking, shipping-related risk management strategies and quantitative techniques, maritime logistics systems as well as legal aspects in shipping. You will also gain exposure to securities trading, investment strategies, valuation and corporate transactions. Increasingly the programme has turned its focus to issues that are central to the future of the maritime transportation sector, including shifts in strategic management and corporate governance, new financing sources, the regulatory environment, automation and consolidation.
Follow our International Shipping & Finance Facebook page for programme as well as shipping industry and education related news.
Fees & funding
UK & EU students: £16,500 / International students: £23,750
Please note there is a one-off £30 application fee (one charge regardless of how many courses you apply for). You can pay this by credit/debit card at this link (please contact us if you require details of alternative payment methods).
Living expenses are in addition to the above fees. Overseas full-time participants can expect to spend approximately £9,400 on additional living expenses during the course of their studies. Home/EU full-time participants can expect to spend approximately £8,000 on additional living expenses during the course of their studies.
Please note that a non-refundable deposit is payable when confirming your acceptance of an offer of a place. This is part of your tuition fee and will be deducted from the total amount upon enrolment.
We offer a number of scholarships for EU/UK and international applicants with excellent academic performance as well as for international applicants with work experience, covering from £5,000 to 60% of the cost of the programme.
UK/European Union Postgraduate Loans
The UK Government has confirmed that non-means tested loans of up to £10,000 will be available to students studying for postgraduate masters courses from the 2016-2017 Academic year. To be eligible, students will need to be English domiciled. EU students, and individuals falling within certain specified categories, may also be eligible.
Full details of the loan, including how to apply, are due to be published this year. Read more at Introduction of loans for postgraduate students and Government response to the Consultation on Support for Postgraduate Study.
Careers & professional accreditation
Careers in International Shipping and Finance
On average, more than 90% of the programme’s graduates are in work or further education 6 months after graduation. Graduates take up salaried and internship opportunities across a range of employers, including: ship-owning and transportation companies, ship-broking firms, commodity, industrial and retail groups, shipping consulting and analysis companies, port operators, shipping divisions of investment banks, finance arrangers, leasing companies and shipping-related investment funds. The wide curriculum of the programme will also enable you to consider careers in the global investment banking and securities markets.
Our dedicated Career Development Unit will offer you a full range of career advisory and professional development services. You will also benefit from our partnership with Spinnaker Global, the leading shipping recruitment consultancy. Work placement opportunities with leading companies in the shipping industry are made available to outstanding graduates.
Some of our recent graduates have taken up full-time or internship opportunities at:
- Allied Chartering
- Aviation Industry Corporation of China (AVIC)
- Braemar AMC
- Clarksons Platou (LSE: CKN.L)
- Credit Agricole (ACA: EN Paris)
- Danaos Corporation
- Danske Bank (DANSKE: DC)
- Dynacom Tankers
- Diana Shipping (DSX: NYSE)
- Eastern Pacific
- EDF Trading
- Golden Union Shipping
- Gulf Marine Services (GMS: Lon)
- Hav Chartering
- Höegh Autoliners
- Howe Robinson Partners
- IHS Markit
- Lomar Shipping
- Lorentzen & Stemoco
- Maersk Group
- Marine Capital
- McQuilling Partners
- Navig8 Group
- Navios Maritime Holdings (NYSE: NM)
- Paragon Shipping (NYSE: PRGN)
- Sinograin Oils Corporation
- S&P Global Platts
- Shih Wei Navigation (TW: 5608)
- Top Ships Inc (NASAQ:TOPS)
- UK Chamber of Shipping
- Wisdom Marine Group
Internship opportunities with leading companies in the shipping, transport, and finance sectors are available to outstanding MSc ISF graduates. A number of companies have joined our work placement scheme and offer work experience placements to some of our excellent graduates (subject to successful interviews and work permits where applicable). Full-time opportunities are also made available to our students on an ad-hoc basis.
Career Advisory Partnership
Along with a full range of career advisory and professional development services available to our students from our dedicated Henley Careers team, students will also benefit from our partnership with Spinnaker Global, the leading shipping recruitment consultancy. As part of our collaboration Spinnaker provides career advice and support to our students and promotes their profiles internationally for internship and full-time opportunities.
Institute of Chartered Shipbrokers (ICS) Professional Qualification
The programme is accredited by ICS and our students are eligible for 3 exam exemptions from the ICS qualification, which is the maximum number of exemptions offered by the institute. The 3 exemptions offered are for the ICS modules:
- Introduction to Shipping
- Economics of Sea Transport and International Trade
- Shipping Finance
Successful MSc ISF graduates have to take only 4 out of the 7 ICS exams to qualify for the ICS membership.
Further information is available regarding exemptions in MScs and Professional Qualifications.
Full-time: 9 months
Full-time: 12 months
This degree is only available on a full-time basis on both, a 9 and a 12 months duration.
Students will be resident and undertake full-time study in the UK and Greece (one month). Under both, the 9 and 12-month programmes students take compulsory and/or elective modules in Part 2. The 12 month option involves taking an elective 20 credit module between July and August, which would also mean a 20 credit reduction in the number of taught modules taken in the spring term.
October – December: Part 1 – Autumn Term (ICMA Centre, UoR, UK)
January: Part 1 Exams
January-March: Part 2 – Spring Term (ICMA Centre, UoR, UK)
March-April: Part 2 – Spring Term (ALBA Graduate Business School, Greece)
May – June: Part 2 Exams (ICMA Centre, UoR, UK)
June – August (12 month programme only): Part 3 (ICMA Centre, UoR, UK)
August/Sep (12 month programme only): Part 3 Coursework Deadlines
You will have the opportunity to spend 1 month in Greece, home to over 700 shipping companies controlling more than 16% of merchant fleet world wide. During your time at our partner institution, ALBA, you will attend specialised shipping courses and workshops and participate in other activities such as visits to shipping companies and the COSCO terminal at the port of Piraeus, accompanied by information sessions from shipping practitioners.
- Undergraduate Degree – Minimum 2:1 or the equivalent from an overseas institution*
- Degree Discipline – Any discipline – no quantitative requirement
- GMAT – No requirement
* Please note that due to increasing competition for places on our Masters programmes our entry requirements may change.
We operate a rolling admissions system and you are therefore advised to apply early in order to be sure of your place on our programmes. We experience high levels of demand, and it is possible we might have to close applications to some programmes once places are filled.
If English is not your first language, you may be required to take one of the following:
- TOEFL (Test of English as a foreign language): Overall score of 100 with no less than 20 in Listening, Writing and Reading and 21 in Speaking
- IELTS (British Council International English Language Test): Score of 6.5 overall with no component less than 6 when attending the 6-week pre-sessional English course offered by the University of Reading. Entry to this pre-sessional course with a score of 6.5 fulfils your English language requirement.
Please note that students not attending a Pre-Sessional course will need to pass IELTS with an overall score of 7 and no component less than 6.0. For more options please see the International Study and Language Website or email a member of the Postgraduate Admissions team.
Tier 4 visa pilot scheme
The University of Reading is pleased to have been selected by the Home Office to take part in a small pilot scheme, which provides Master’s level students the opportunity to benefit from a streamlined visa application process, and six months extra time on their Tier 4 visa to look for work.
The pilot scheme will cover Tier 4 visa applications made for entry in the academic year 2018/19. Find out more on the University of Reading website.
ALBA Business School & travel info
About ALBA Business School
As part of the international exposure on offer with the MSc International Shipping and Finance, one month of study is held in Athens at ALBA Graduate Business School, American College of Greece. Greece is the country with the largest merchant fleet in the world – it’s home to more than 1,000 shipping companies and one of the fastest growing container terminals, which is operated by Cosco. As a result of the joint degree nature of the programme, you will be awarded two MSc degrees from Henley Business School and ALBA.
ALBA Graduate Business School, American College of Greece is a leading European Business School founded by, and operating under, the auspices of the Greek business community. ALBA was ranked in the top 100 Business Schools in the 2017 QS Global 250 Business Schools Report. The strategic alliance between the ALBA Graduate Business School and the American College of Greece, established a leading academic organisation that has set new standards for higher education in Southeast Europe. ALBA currently has 87 institutional and corporate members, including major banks, industrial, retailing and shipping companies. The school’s faculty includes world-renowned academics with a strong track record in research, leading visiting scholars from top business schools worldwide and distinguished industry practitioners.
ALBA specialises in postgraduate business education and is also among the leaders in high-quality executive education in Southeast Europe, accommodating the needs of several large corporate clients. Its MSc in Finance is the only CFA Programme Partner in Greece and is accredited by EFMD/ EPAS while the school’s MBA students have won the largest number of awards in the ‘European Business Plan of the Year Competition’ since 2001. ALBA is widely recognised among the Greek shipping community and along with MSc ISF it also offers two other specialised programs in Shipping: the AMBA accredited MBA in Shipping which is one of the few in the world and the MSc in Shipping Management. Both are accredited by the Institute of Chartered Shipbrokers (ICS) and the Hellenic Shipbroker’s Association (HSA). For further information on ALBA Graduate Business School at the American College of Greece, please visit alba.edu.gr
Accommodation in Greece
About 20-25 days of study as part of this programme takes place at ALBA Graduate Business School is Athens, Greece. Arrangements for accommodation for this part of the programme are facilitated by the ICMA Centre and ALBA during the Autumn term. Accommodation in Greece comes at an additional cost (over and above the fee for student or private accommodation in Reading) of between €25 (£20) per day and includes:
- Single occupancy bedroom in a shared 2 or 3 bedroom fully equipped apartments at the American College of Greece (ACG)
- Fully equipped kitchen (with dishes, cooking utensils etc)
- Continental style breakfast food supply in apartments
- Complimentary laundry facilities in residence
- Free wireless Internet access
- Two sets of bed linen and towels upon arrival
- Resident assistant support in residence
- Guided tour of campus
- Temporary ACG student identification cards
- Scheduled shuttle bus service to metro station
- Use of ACG athletic facilities, gym, pool, student labs and library
- Welcome guide/info and maps
- Study abroad office staff support
For photos and information of the facilities please visit: http://www.acg.edu/admissions/study-abroad/housing-at-acg/accommodation/
For non-EU students, in addition to a UK student Visa, a Schengen Visa may be required for travel to Greece. For a list of countries subject to additional visa requirement please visit the Greek Embassy website.
Schengen Visa applications shall be lodged during the first term whilst at Reading. The ICMA Centre and the faculty office at the Henley Business School will provide all necessary guidance and necessary supporting documentation.
For detailed Schengen Visa requirements please visit the Greek Embassy website.
Support from the Shipping Industry
Business Advisory Committee
The Business Advisory Committee (BAC) consists of an international group of select senior professionals that support the programme and help ensure that its content is in line with the most recent developments in the shipping industry.
CIO, Consortium Maritime Trading
CFO, Navios Maritime Holdings
Partner, Talon Trading AG
Chief Financial Officer, Niki Shipping Company S.A.
Managing Director, Theisen Securities Ltd.
General Manager (Atlantic) at The China Navigation Co Pte Ltd, ex-Chairman of the Baltic Exchange
Group Head of Marketing, Associated British Ports
Senior Director, SSY Futures Ltd. Board Member – Baltic Exchange
Managing Director, Marine Capital Ltd.
Investment Strategist, Merrill Lynch, Bank of America
Managing Director, Allied Chartering
Director, Head of Energy and Freight, LCH. Clearnet Ltd.
Managing Partner, Howe Robinson Partners
Head of Chartering and Freight Derivatives, Sahara Energy Group
Chairman, Spinnaker Consulting Ltd.
Founder and Head, Petrofin Research, Petrofin Ship Management Inc.
Managing Director, Anangel Maritime Services Inc.
Group Commercial Director, V.Group Limited
General Manager, Allseas Marine S.A and COO,
Paragon Shipping Inc.
Head of Basic Resources Research Group, Marex Spectron Ltd
Committee Member and Past President, London Maritime Arbitrators Association (LMAA)
Dr Henriette Van Niekerk
Director and Head of Dry Bulk Analysis, Clarksons
Regional Finance Director, Coca-Cola Hellenic
Dr Malcolm Willingale
Training Specialist, Clarksons Platou and Director, Cambridge Academy of Transport
Director, Executive Vice-President & Secretary, Diana Shipping Inc. and Director, Chief Operating Officer and Secretary, Diana Containerships Inc.
Shipping Finance Advisor – EuroFin Group
BOD Member, Aegean Baltic Bank
Financial Advisor – Allseas Marine
Managing Director – Seaborn Capital
Senior Manager /Advisory Services – Ernst & Young Business Advisory Solutions
Manager – O.W. Bunker Malta Ltd
Managing Director – Theisen Securities
Head of Tanker Research – ICAP Shipping
General Manager – EURONAV
CFO, DANAOS Shipping Company
Operations Manager, Thenamaris
President – Hellenic Shipbrokers Association (HSA)
Sale & Purchase Director – Intermodal
Partner – Holman Fenwick Willan
Managing Director – Marine Capital
Financial Accounting Executive – Nereus Shipping
President and Chief Operating Officer – OceanFreight
Dr Henriette Van Niekerk
Director and Head of Dry Bulk Analysis – Clarksons Plc
Dr Photis Panayides
Associate Professor, Shipping Economics – Cyprus University of Technology
Chairman – Spinnaker Consulting
Shipping Investment Analyst – Marine Capital
Shipbroker – President Committee Training (HSA)
Founder and Head – Petrofin Research
Senior Vice President – DANAOS Shipping Company
Head of Basic Resources Research Group – Marex Spectron
Dr Martin Stopford
President – Clarkson Research Services
Shipping Consultant- Cotswold Marine Consultancy
Training Officer – Clarksons Plc
Commercial Manager – PCT COSCO, Greece
Dr Malcolm Willingale
Director – Cambridge Academy of Transport and Maritime Consultant
Owner – Eurasia Marine Consultants
The MSc in International Shipping and Finance is definitely a life changing experience for those passionate about the shipping industry. Beyond a conventional MSc degree it really goes the extra mile in preparing you for a career within a highly demanding workplace. As soon as I graduated I felt equipped with the necessary practical skills and market awareness to secure a role in a competitive landscape. I felt being taught by top class professors and industry professionals in state of the art facilities really made a big difference in motivating me to achieve more. The field trip to ALBA Graduate Business School in Greece, where the heart of the industry lies, was also a unique experience. The career support I received was pivotal in securing my role and proactive students can really make a lot out of it. I felt the programme’s reputation as the best shipping and finance programme is definitely true and the investment certainly paid off.
Commercial and Corporate Development Executive at V.Ships
It feels like yesterday when I joined the programme, attending a welcome speech by the programme Director telling us we are part of a very unique programme. Back then I could not even imagine what was yet to come. Having secured an internship in one of the world’s most prestigious ship-owning companies before even completing my exams, followed by a full-time role in one of the leading ship-broking firms was a dream come true for me. The world-renowned academic faculty and guest speakers, the company visits at two major maritime clusters such as London and Piraeus, the hands-on sessions, trading simulations and workshops, the professional exam exemptions granted, the support from shipping oriented recruiters, and most importantly, the opportunity to work with and know people with different educational and cultural backgrounds are the features that really make ISF stand out. One thing I miss most is our long studying sessions in the library! If you are ambitious and like to challenge yourself, set high standards and have a passion to succeed then this is the place to be.
Tanker Analyst, Howe Robinson Partners, London
Having just graduated from MSc ISF I can honestly say it has been one of the most sensible choices I have made and absolutely worth the investment required given the payoff one can get in the end. The programme has been a life changing experience for me. It offered more than promised and it is truly fascinating because of its focus on networking with the shipping world and careers development. From the tremendously informative and valuable field trip to Greece, to the visits to leading organizations and companies, the world class professors and module content, the industry guest speakers and the excellent facilities, I felt very privileged throughout the year. The career support has been a highlight and I felt that the collaboration with Spinnaker Global and the frequent workshops significantly enhanced my competitiveness, boosted my confidence and networking skills and, as a result, helped me perform in job interviews. Having been chosen among hundreds by one of the most prominent shipping firms in the world, I believe I owe a lot to MSc ISF.
Maritime Asset Management & Newbuilding/Offshore Broker Trainee
Maersk Broker, Shanghai
Attending the MSc International Shipping and Finance has proved to be a very wise choice for me. Not only was the programme structure and modules efficiently designed and the lectures delivered by top class professors, but also because the programme offers great networking opportunities. Guest lecturers are senior practitioners from different maritime segments, sharing their valuable and up-to-date knowledge and hands-on experience. Masterclasses provided us with a taste of real business practice and prepared us for real work-place scenarios. Moreover the various company visits in both London and Athens proved a very efficient way to network with insiders, which in turn contributed greatly in securing internships and jobs. I thoroughly enjoyed every minute of my time on the programme and greatly benefited from the career support so I highly recommend this programme to those who aspire to improve their potential and embark upon a rewarding career in the shipping industry.
Shipbroker, Braemar ACM
When I decided that I wanted to work in the shipping industry I thought that studying at the ICMA Centre would be a great choice. My initial expectations were entirely met and that year proved to be one of most enjoyable in my life. The course proved to be very competitive and presented great opportunities. Through the programme I enhanced my knowledge on a plethora of shipping industry related topics and attained real life exposure through company visits and sessions by industry experts. I particularly enjoyed working with students with diverse educational and cultural backgrounds and I think this will prove useful for my future working career. The one month field trip was also a very rewarding experience since it offered the opportunity to visit some of the biggest names in the industry as well as a nice break from the English weather!
I would highly recommend this Masters to any ambitious graduate interested in a career in the shipping industry.
Ship Finance Analyst, Credit Agricole CIB
I chose the MSc in International Shipping and Finance due to its promise to deliver teaching of the highest standards in small classes by renowned shipping academics, its focus on the practical aspects of shipping and finance, its guest speaker and workshop programs, delivered by senior and inspiring business professionals as well as its unique company visit and internship schemes. These elements, along with the bespoke career development program and networking opportunities offered were instrumental in securing a full time job in one of the sector’s leading firms upon graduation. I truly enjoyed my time at Henley Business School, working along a select, international group of excellent students and would strongly recommend this Masters to anyone who is interested in a truly unique educational experience.
Tanker Broker, Clarksons, London
My year spent studying my Masters degree in International Shipping and Finance at the ICMA Centre was both one of the most challenging and rewarding periods of my life. Whilst being a very demanding course, it also presented great opportunities for interactions with industry experts and leading academics through various seminars, workshops and field trips – which I enjoyed very much. Perhaps my favourite aspect of the course was the truly international environment and feel of it; working and socializing with other students from a variety of different countries and backgrounds along with the term spent studying abroad in Athens really did typify global nature of Shipping. It was very much an all-encompassing course where I learned so much about both shipping and finance that I feel like I was pushed to enrich my knowledge far beyond that which I thought I was capable of and I am very appreciative of this and hope it provides me a very strong foundation to excel in my career.
Shipping Clerk, Evergreen Line
Fresh out of my college, with almost no practical work experience but eager to acquire new skills to enter the competitive markets of today, I stumbled upon this Masters Programme offered by Henley. It took me no time to decide from the offset that this degree had a unique edge over others, training and power packed, highly intensive and dynamic course, is carefully designed to provide an overview of the entire shipping industry, from its technical and legal issues to its strategic and financial aspects, enabling you to analyze projects from various viewpoints. Well-balanced in-class lectures coupled with hands-on practical workshops and sessions on bespoke systems will equip you with the skill and expertise to take on the most challenging jobs head on. It is certainly for those who want to do a lot in very little time. The tight deadlines and challenging assignments makes you appreciate the value of time and perform better under pressure. And if textbooks and classrooms bore you, frequent field-trips, company visits and meetings with senior practitioners and vivid ship-owners will simply not fail to motivate you. Plus, Greece is an amazing place to visit. The best part about this Masters and it directors is that, they deliver what they promise, if not more.
Operations & Logistics Coordinator, Offshore Division, Canada Shipping, U.A.E
A couple of years ago I decided to quit my job at a world leading shipping group to study for the Master’s in International Shipping and Finance which caught my attention due to its focus in both shipping and finance which I believe is where the future of the shipping industry lies. The program exceeded my expectations and despite the fact that I was already experienced, I learned a great deal from renowned professors and business practitioners. The program enriched my knowledge on a wide array of topics including commodity markets and flows, financial markets and securities, maritime business, chartering, shipping finance and risk management.I feel I have made an excellent choice and as a shipping project manager for a well-known leasing company in Shanghai I often apply the tools and knowledge I acquired in the class to deal with complex processes. Moreover, I believe personal and professional connections are very important and during my time on the program I met people that I keep in touch with today. I would certainly recommend the programme to anyone that wishes to experience shipping education at its best.
Shipping Project Manager, AVIC International Leasing Co.LTD, China
I chose the Master’s in International Shipping and Finance because of its aim to provide a practice-based educational experience, a unique career development and support service, and in order to benefit from the world-class reputation of Henley Business School and the ICMA Centre. I feel I have made the best choice and gained really valuable skills and experience. Most importantly, the career support and placement opportunities offered, truly helped me kickstart my career in the shipping industry.
Business Development Specialist, Island Oil Holdings
The Master’s in International Shipping and Finance has been an opportunity, not only to learn about today’s most crucial markets but has also offered invaluable practical insight. Being given the chance to meet with renowned industry professionals as well as leading experts in the field has provided me with the edge I needed once graduating. In an industry where networking is key, the program acknowledges the value of practical knowledge and incorporates this unique focus at every stage
Bunker Market Analyst, Petromedia Group, UK
When making my final choice of a Master’s in Shipping programme I found that MSc ISF really stands out due to its practical teaching approach as well as its focus on how the shipping and financial markets interact and complement each other.When I joined I was immediately impressed by the high-end facilities and the fact that renowned practitioners and academics in the sector are involved from day one in the teaching as well as our career development. The practice-based workshops, company visits and trip to Greece were particularly intuitive and helped me learn a great deal about the shipping industry. I also gained significantly from the programme’s career development and internship scheme as I have secured a work-placement through the careers office and subsequently been offered a full time job in the same company. I feel proud to be an Alumna of MSc ISF and confident I made a life-changing choice.
Accounting Department, Paragon Shipping/Box Ships, Athens
I found that this is a top-tier programme that prepares candidates for all different facets of the shipping business. It is delivered by world-class professors and shipping courses are taught in small classes compared to other Universities – something which greatly enhanced my learning experience. The programme helped me gain a global perspective and provided me with contemporary tools used in shipping and financial markets that I was able to take back to the workplace following graduation. Exploiting the specialised training and networking opportunities provided significantly boosted my chances in attaining a work-placement within the first month of my graduation which is likely to positively affect my entire career as a shipping professional. Above all, I really enjoyed being part of the ICMA Centre community and very much miss my time in Reading!
General Manager, Dysart Ventures Inc
Having worked in Taiwan as a business operations assistant for a year I chose the MSc ISF in order to enrich my practical knowledge in commercial shipping and finance and gain from the experience of studying at a top UK business school. Being taught in small classes by people with great industry experience and links made a big difference. I have now secured a full-time job back in Taiwan and very often apply the practical skills I have acquired in the programme. During my time at the ICMA Centre I learned a great deal not only about shipping and finance per se but also about interacting with people from different backgrounds which I now realise is very important within the truly global shipping market.
Vessel Operations, Shih Wei Navigation, Taiwan
In today’s environment it is important to keep renewing yourself, broadening your horizon, learning new things and developing your knowledge base and network. After a number of years working in the financial markets, I came across the MSc in International Shipping and Finance delivered by the ICMA Centre and ALBA and decided to apply for my second Masters. It provided me with the opportunity to explore the development of global trade and offered great insight into shipping and finance, both in practical and theoretical terms, combined with great company visits in London and Athens. The program turned out to be challenging, demanding and rewarding. I believe it opens up a whole new world of great opportunities.
Shipping market resources
Enriching the market awareness of the programme’s participants is a building block of our practice centred teaching approach. Possessing relevant market knowledge not only enhances the candidates’ learning experience but also improves their potential of securing quality jobs or work experience in the shipping industry following graduation. Along with comprehensive career development and support, building market awareness is at the core of the MSc in International Shipping and Finance. In addition to practice based teaching, guest speeches by senior practitioners and field trips, this is largely achieved through access to the most important and relevant industry information. Our students can access the following specialised shipping resources (either paper or online format) within the ICMA Centre:
Clarksons Shipping Intelligence Network
Comprehensive shipping database and market information including publications, time series and charts, orderbook, fleet and vessel details
Baltic Exchange Information
Daily freight market information (indices, fixtures, FFAs, reports) by the world’s leading source of independent maritime data.
The leading daily newspaper for the maritime industry covering all sectors of the shipping world including tankers, containers, ports and dry bulk
The world’s biggest shipping news provider covering tankers, dry bulk, shipbuilding, containers, ship finance, offshore, insurance, ship casualties
ISF Director’s Monthly News Digest
The most important news about employers, careers, networking events and industry news from various sources made available to our shipping students through a monthly e-email digest
Weekly Shipping Analyst Reports Digest
Selected shipping analyst market and company reports
Spinnaker Changing Course
Global Shipping News from Spinnaker Consulting, the leading shipping recruitment consultancy
Institute of Chartered Ship-brokers magazine, the Shipping Network
Our students also have access to shipping and finance related data/news through:
Financial information through Financial Times. A paper copy is distributed daily to each of our students (subject to special price subscription)
Shipping company information and transportation sector news through the 10 Bloomberg terminals within the Centre
Thomson Reuters Eikon
Vessel Data (satellite and shore-based) and commodity information through the Thomson Returns Eikon Terminals in our Dealing Rooms
Economic, Company and Commodity data through our Datastream Terminal
Sea transportation is a crucial catalyst for world trade and economic growth. The globalization of the world economy, increased competition and rapid technological changes have resulted in lower transportation costs. Price volatility, uncertainty, capital concentration and global competition within the shipping markets make economic skills essential for the success of shipping organizations. The aim of this module is to provide an understanding of the structure of the shipping business entity, sectors and organisations and the maritime economic principles and policies related to the effective management of shipping companies operating within the global competitive environment. The course focuses particularly on the relevant shipping markets, supply and demand conditions and decision making based on the structure of the cash flows that shipping companies generate.
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This module is the building block of the programme's maritime component in Term 1. The focus is on the global patterns in international trade, the characteristics of the main commodities carried by sea, and the geography of maritime trade (including main producers, exporting/importing countries and flows, routes, ports and choke-points). The module provides an in depth understanding of basic resources, agricultural and energy commodities such as oil and petroleum products, gas, iron ore, coal and grains. General merchandise carried in containers and patterns in liner trade are broadly covered. Participants also explore transportation mechanisms along with vessel types employed for different commodities and shipping routes. IMT is delivered by the Director of Shipping programmes along with senior select practitioners from the dry bulk, tanker and container sectors.
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This module provides an overview of the key building blocks in modern finance theory and introduces techniques for analysing and valuing different classes of risky assets such as equities and derivatives contracts. It also develops ways of optimally selecting portfolios of such assets and develops models of how these portfolios can be priced in financial markets. The techniques introduced in this module are widely applied in other elements of the programme. The module includes simulated trading sessions in our state of the art dealing rooms, where participants are introduced to real world pricing and trading strategies (INVEST sessions).
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Fixed Income and Equity Investments deals with the valuation of fixed income and equity securities. The module focuses on the basic characteristics of these securities and the strategies used for estimating their fundamental value and assessing their risk. Its primary aim is to discuss how certain characteristics and relationships can affect the value of fixed income and equity securities and how can they be exploited to form optimal investment strategies or for the purpose of conducting financial analysis. The analytical techniques introduced in this module are widely applied in other elements of the programme.
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The objective of the module is to provide an overview of econometrics and in particular the analytical techniques used in finance. Via case studies and computer modelling exercises, students then learn how to apply these techniques to real data. Emphasis is placed on practical applications of the techniques in the global financial markets.
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This series of masterclasses is part of the shipping specific careers development programme available to MSc ISF participants. The welcome careers masterclass (in October) aims to provide an overview of the different careers roles within the shipping markets with particular emphasis on shore based commercial roles such as Ship-broking, Chartering, Operations, Ship Finance/Banking and Law/Insurance as well as their inter-relations. The workshop focuses on the qualities required, networking skills, personality profiling, internship opportunities and major employers and how Spinnaker Global can help. Participants have the opportunity to discuss about their career prospects and receive advice from one of the most experienced shipping recruitment specialists in the world. Two further shipping career workshops on CVs and bio profiles, practical networking skills, market awareness and job-hunting strategies will be led by the director of shipping programmes. The ICMA Centre careers development team also runs several general careers workshops as part of our career development programme available to all ICMA centre students.
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This one-day masterclass aims to provide an introduction to the shipping industry; its main markets and participants, various vessel classes, types of commodities carried by sea as well as the main risks and sources of capital in the industry. The session also focuses on the current developments and outlook of the global shipping industry. A renowned guest speaker is often invited to this event which takes place during the first week of the Autumn Term.
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This one-day masterclass aims to provide an overview of some very important technical aspects of ships and cargoes. The issues and terminology introduced here are pre-requisites for the understanding of topics in ship management and chartering. It will cover, among others, types of commercial ships, load-lines, ship construction, engine room layouts, ship surveys, dry docking, cargoes, stowage and cargo handling equipment. The Masterclass is delivered by a renowned Maritime Technology/Engineering Specialist
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The module deals with the most common economic techniques used in the analysis of shipping markets. The aim is to provide participants with the business modeling research tools and skills necessary to conduct empirical analysis in shipping. It follows a “hands-on” approach, where participants use real shipping market data and apply empirical assessment methods through case studies. Emphasis is placed on practical applications of the research techniques employed in international shipping markets.
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This 30-credit module focuses on the evaluation and selection of alternative shipping related investment decisions under uncertainty and the different sources of financing available to shipping organizations. The module deals with the process and types of traditional bank financing, as well as alternative sources, such as public equity and bond issuance, private equity and ship leasing, among others. It also provides a rigorous grounding on the long-term investment decisions that shipping businesses make to grow organically or through acquisitions, the valuation tools and analysis used to make these decisions and the factors that affect them.
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The module provides an in-depth understanding on the various activities related to the commercial exploitation of merchant ships and their different chartering methods and practices. Content includes the procedure and practices relating to the sale and purchase of vessels, their commercial employment under various forms of chartering and the detailed calculation of financial performance including port operations. The module further provides a critical overview of niche cargo markets such as dry bulk, oil and chemical tanker, container, liner, passenger, short sea and inland waters. Where appropriate, the impact of national, EU and International sea transport policies are examined, together with International Maritime Organisation (IMO) regulations that guide the future terms of trade and developments in the design and specifications of ships.
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This 2 day masterclass aims to provide an understanding of the practical aspects associated with the ship-broking profession. The session will focus on the role of ship-brokers, the qualities required, and activities they are involved, voyage process and estimations, charter-parties, negotiations and vessel employment options. The majority of the sessions are interactive and require active participation. Students will be required to work in groups as part of some sessions and participate in the “Chartering Negotiations Game”, a simulation designed to provide hands-on exposure. The workshop is delivered by a renowned chartering/ship-broking training practitioner.
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This one-day masterclass aims to provide an understanding of the theory and practice of strategy as applicable to the global shipping industry. It introduces some of the theoretical concepts, tools and techniques commonly used to help formulate a business strategy and also examine how these have been applied by shipping companies. In doing so, the students will critique the strategies which are currently being deployed by a number of leading shipping companies and the moderator will draw on his experience as head of strategy at a major shipping services group. The session will also afford students the opportunity to test their own ideas via participation in a strategy workshop. Each group will prepare a high-level market entry strategy and present their ideas to the other groups. The Masterclass is delivered by a senior shipping strategy consultant with more than 35 years experience.
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The purpose of this one-day masterclass is to provide an overview of the accounting practices commonly employed within the maritime industry. The masterclass is delivered by a maritime accounting specialist and focuses on the critical evaluation of accounting methods used in modern shipping practice. Its ultimate goal is to provide students with the necessary tools to perform accounting analysis within a maritime organization.
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|Students on the 9-month (12-month) programme can select 40 (20) credits from the following modules:|
The module provides a solid grounding in risk management and derivatives products in shipping. It builds upon some of the finance concepts introduced in Term 1 modules and applies those concepts within the shipping industry. Risk management is constantly evolving and has become an essential tool within the modern corporation. The cyclical and volatile nature of the shipping business that tends to result in extensive fluctuations in rates and prices associated with shipping operations makes risk management crucially important to shipping companies. As a result, shipping derivatives have been developed in order to more efficiently manage risks, emanating from fluctuations in freight rates, bunker prices, vessel prices, interest rates and foreign exchange rates, amongst others. The module’s main aim is to provide a critical understanding on how all main types of shipping derivatives can be applied in the day-to-day practice of risk management in shipping.
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The module focuses on the current developments and practices in logistics and supply chain management within the global maritime industry (i.e., shipping and ports). It also aims to provide an understanding of the challenges involved in the management of systems for the transportation of goods by sea as well as the optimization of maritime transportation and distribution systems. The module covers the importance of the maritime industry within global logistics and supply chain, the impact of current business patterns in logistics and supply chain within the maritime sector, the strategic approach of shipping companies in the globalised market place, as well as the logistics related challenges faced by global port operators.
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The module provides an introduction to the principal issues of Maritime law. It has particular focus on the private law areas of Admiralty law and practice and Carriage of Goods by Sea; including ownership and registration of ships, shipbuilding contracts, salvage, collision, freight, laytime and demurrage. It considers the main clauses in time charters. The module also aims to provide some understanding of the marine insurance market, products and claims processes.
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This module aims to provide students with a detailed knowledge of the commodity derivatives markets. It examines the aspects of pricing and trading physical derivatives, with emphasis on the energy and shipping (freight) sectors. The course is designed using real-life trading examples, stimulating students, who wish to follow a sales and trading career, to approach derivatives pricing from first principles.
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The objective of the module is to introduce students to the technical and practical aspects of Mergers and Acquisitions. It focuses on several corporate valuation methods, how to identify and value synergies as well as the financing process of an acquisition. Selected case studies will help students become familiar with the practical aspects of the deal making process.
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The aim of the research project is to allow students to define and execute a piece of research in finance on a topic of their choice, with direction from an academic supervisor and with assistance from a doctoral student support supervisor.
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The objective is to introduce the students to programming and its usage for data processing and finance. It deals with how to write programming code, process files, receive input and provide output. Students who complete this course will be able to write programming code in Python, process files, input, output and manage data. Furthermore, students will be able to read and write to Excel and CSV files, connect to databases, obtain and process data from the Web, as well as use Python for Finance and Econometrics applications.
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|Students on the 12-months programme should take 20 credits from the following:|
This module aims to provide students with an understanding of financial decision making in the context of the energy industry. The course will combine theoretical models with practical applications. It focuses on energy markets (products, companies, production and consumption), capital budgeting in energy companies, financing of energy companies, energy derivatives and trading in energy markets. A number of case studies in energy finances are utilised.
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This module is designed for advanced Master’s students and doctoral students. It has a very high technical content. It aims to equip the students with the foundations of theoretical asset pricing and with the relevant skills for performing empirical tests. Additionally, a few important corporate finance topics will be covered in the format of student presentations. The objective of the module is to prepare students to become independent and quality researchers.
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This module gives students the opportunity to pursue a work placement with an external organisation broadly related to the general sphere of their degree studies. The aim of the module is to allow participants to gain work experience in a career path of interest, develop a wide range of employability skills, build their network and enhance market awareness. The maximum duration of the placement is 3 months and it takes place during the summer vacation period (June-August). The placement is available only to students on the 12-month version of MSc International Securities, Investment and Banking and MSc International Shipping and Finance. Placements should be secured by students independently. The Centre’s career development office can support students in their search and application process. Placements secured by students are subject to the approval of the module convenor. The module is assessed by a 3,000 word project based on the work experience gained
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The module is less quantitative option open to all MSc students that builds on the coverage of futures contracts from term 1. By the end of the module it is expected that students will be aware of the different ways of constructing stock market indices and the implications of these differences, how futures contracts are traded and the identity of some of the close substitutes for trading index futures, how futures can be priced using an arbitrage relationship, how futures can be used for hedging the price risk of the underlying, and the various uses that fund managers make of these instruments.
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