There will be no admission of new students for the academic year 2025-26.

STRUCTURE & CONTENT

The Program focuses on the shipping and the finance sectors which are considered as two key pillars for the development of the Cyprus economy, indissolubly related to a very broad range of financial services like banking, insurance, investment companies, portfolio managers, forex brokers etc, as well as to the shipping sector, the supply management chain and the management of trade and natural resources (e.g. oil and gas companies).

The primary goal of the MSc Shipping and Finance is to provide graduates with top-notch hard skills and help them develop all the required competencies -by offering both a strong academic and a professional background- so as to enable them to be the among the best applicants for high positions in financial institutions, shipping companies, financial departments of multinational organizations and business service providers.

Alongside, through the high-quality research offered by the Department, as well as through the channels of international dialogue between academia, industry, decision makers and government which are in place, the pursuit of doctoral studies is facilitated and encouraged. Moreover, apart from the open access to doctoral programs of prestigious universities all around the world, the MSc Shipping and Finance “grease the wheels” towards the acquisition of professional qualifications. Among others, the Institute of Chartered Shipbrokers (ICS) provides the following 3 exemptions to graduates of the Program:

‘Introduction to Shipping' module

'Economics of Sea Transport and International Trade' module, and

‘Shipping Finance’ module

Last but not least, the Internship offers the suitable opportunity for the students who opt for, to understand the problems and trends governing businesses in the shipping, financial or adjacent sector, by integrating them in an environment of real working conditions.

MODULES

Syllabus (Full time students)

3rd Semester (elective courses or continuation of the master thesis)

ADMISSION

Eligibility

Eligible to apply for the Master's programs are:

1. Bachelor’s degree holders from a recognized university,
2. Holders of a degree which has been recognized by the Cyprus Council of Recognition of Higher Education Qualifications (KYSATS) to be an equivalent to a bachelor’s degree,
3. Undergraduate students, who are expected to receive a bachelor’s degree prior to the commencement of the Master’s program.

Application outcome

Candidates will be informed by email of the outcome of their application (correspondence will be sent to the email address stated when submitting the application). Candidates can be also informed about the progress and the outcome of their application through the University Portal.

Deadline for applications

30 April 2024

Supporting documentation

To apply, one must attach the following documents:

Photocopy of identity card or passport

Curriculum vitae

Photocopy of bachelor’s degree (or a certificate confirming that the bachelor’s degree will be obtained prior to the commencement of the Master’s program)

Detailed transcript of bachelor’s degree

Attaching letters of recommendation is not necessary. It is necessary though to state two names / details / telephone numbers of persons who could be potential referees and, if deemed necessary, the Department will contact them directly.

Significant note: Even though a certificate of proficiency in English is not required during the application process, applicants should be aware that for all Master’s programs a very good command of English is necessary.

The Department reserves the right to request additional -confidential or not- information or documentation from the candidate.

The application along with the supporting documents are submitted electronically, through the University Portal. For analytical guidelines on how to create your account with the University Portal, refer to this page.

Advance payment and tuition fees

If you have been offered a position, an advance payment is a condition for securing it. The amount of the advance payment is not refundable in any case whatsoever. For more information regarding the advance payment, the tuition fees and the payment methods, refer to this page.

Contact us for more information

For more information, please contact the Student Services and Information Center [email: kep@cut.ac.cy, tel. +357 25 002710/11], or the Department directly [email: cfs.media@cut.ac.cy].

Module Descriptions:

CFS_506 Business Statistics

The aim of the course is to introduce the postgraduate students in quantitative methods and research techniques used in economics and business Administration. Specifically, the material briefly covers, descriptive statistics (Summarizing data using diverse statistics), simple and multiple regression analysis (Simple and multiple regression analysis, cross-section and time-series), Diagnostic regression (Residual diagnostics and misspecification tests), seasonal variables and dummy variables (Seasonality and dummy variables).

CFS_508 Corporate Financial Management

This course introduces students to the field of corporate financial management by providing an overview of the basic analytical tools and explaining their applications for financial problem solving at the firm level.

CFS_509 Statistical Analysis

The main aim of the Financial Statistics is the collection, analysis and presentation of the financial data. The purpose of this course is to familiarize students with the basic tools which are necessary for the statistical and econometric analysis of the financial data. In addition, finance theory often makes convenient assumptions that facilitate the derivation of theoretical results but which may be questionable in practice. Hence, this course fills the gap between theory and practice by introducing to the students the most advanced statistical and econometric techniques in order to be able to test these theories. In addition, through the estimation of econometric models the students will be able to examine empirically the existing financial theories in order to confirm/reject them and also forecast.

CFS_510 Port Management and Economics

The course examines various issues related to port economics. In particular, it examines the basic functions of ports, key port users and service providers and the economic efficiency of ports. It also includes an in-depth overview of port managers' operational options and the costs that each option entails. Special reference is made to the operational objectives of the ports, their pricing policies and investments. Additionally, sections on port ownership and management are discussed which include an in-depth analysis of different port models. Various types of terminals and the efficiency of the terminals are also examined as well as various indicators of measuring productivity and port and terminal performance. It also introduces the concept of port performance and competitiveness and how it is evaluated. Finally, sections on port security issues and future port developments are included.

CFS_511 Financial Theory and Corporate policy

The purpose of this course is to provide a comprehensive picture of Corporate Finance at both a theoretical and practical level. The course covers issues of capital markets, as well as evaluating and choosing the sources and ways of financing. The course examines and develops the theory of optimal strategic decisions by providing the necessary knowledge on issues related to the way information is disseminated and consequently the markets efficiency, investor behavior, capital structure, dividend policies, financial value of a corporation, acquisitions, mergers and other growth strategies. An additional advantage of the course is the fact that the parallel use of English also helps to familiarize and acquire international English terminology, as well as, of course, to improve the language at the level of its business use.

CFS_520 Business Administration

The purpose of the course is to provide a comprehensive picture of the functions of management in the formulation of strategic policies, goals, objectives, and procedures relative to organizational effectiveness. The course presents the strategies that businesses apply, the main concepts and the reasons behind their choice and how different businesses implement the various strategies and their policies. Additionally, the course aims to make students aware of the business environment and provide them with the available tools and skills necessary for the analysis of internal and external environment.

CFS_528 Banking and Finance

The main objective of the course is to give the students a general idea of banking as well as all the parameters of corporate lending, especially to middle-sized and small enterprises, as in Cyprus the enterprises are, with only few exceptions, small and medium-sized. Additionally, the course provides the students with all the necessary tools required to analyse the accounts of a company and to examine its viability. Furthermore, students will learn how to understand the economical framework of the banking system and the different risks that the system has to manage, the structure of the system, as well as the numerous technological challenges that the banking system is facing today. In parallel, we are going to analyse the financial crisis and how “bubbles” can arise. Finally, the course will provide the students with the knowledge that they need to understand the monetary policy of the ECC and the impact of this policy on the system.

CFS_530 Shipping Finance

The objective of this module is to examine comprehensively the field of shipping investments and finance. The subjects covered are: (a) characteristics of shipping investments, (b) shipping market cycles, (c) assessing the feasibility of shipping investments utilizing costs, revenues and cash flows analysis, (d) risk, return and shipping company economics, (e) assessing default risk in shipping bank loans and (f) shipping bonds and IPOs.

CFS_531 Maritime Economics

This module provides a comprehensive understanding of the economics governing the global shipping markets as well as a thorough exposition of how economic analysis enables effective business decision making in the shipping industry. Specifically, the module covers topics on the structure of the global shipping industry, the main commodities being traded in the most important shipping routes globally, the types of freight contracts, the functions of shipbroking and chartering, the four main shipping markets and an analysis of liner vs. bulk shipping lines. Intense competition and low freight rates require knowledge and special managerial skills in order for shipping companies to survive through the shipping business cycle.

CFS_534 Chartering

Chartering is at the core of the business of shipowning and ship operation and represents a fundamental service provided to cargo owners. Over the last years chartering in the tanker and dry bulk markets has developed and evolved into a more formalized activity requiring conformance to commercial, financial, managerial and legal aspects that will in turn determine success in successfully negotiating fixtures, agreeing charter party contracts and concluding chartering business including undertaking post-fixture work. This course aims at providing a good understanding of chartering practice including the process in the negotiations and chartering of merchant ships, the analysis of various voyage and time charter party forms, calculation of laytime and demurrage, the estimation of profit and loss related to specific fixtures (voyage estimating) and the analysis of important charter party clauses in the dry bulk and tanker chartering markets. Overall the course provides the context and information required to initiate, negotiate, assess, agree and execute a successful charter party contract in the dry bulk and tanker markets.

CFS_538 Strategic Management in Shipping

The aim of this course is to equip students with in-depth knowledge for effective strategic management and management of business performance in shipping. In this era of intense competition and low freight rates, only those companies that possess special skills and resources are able to sustain their financial and business viability. Managerial ability is both a special skill and a valuable resource for shipping companies that is derived from the experience of individuals but can also be further honed through knowledge and understanding of new innovative concepts and best practices. This course provides a comprehensive understanding of management concepts and tools that are indispensable in the achievement of competitive advantages in product market domains and importantly applies them to the shipping industry by focusing on dry bulk, tanker and liner markets and providing cutting edge approaches for managing, improving, and measuring performance of maritime companies.

CFS_541 Shipping Operations Management

This module focuses on the management functions pertaining to the operation of ships and the activities/inter-relationships of the various stakeholders associated with it. Furthermore, the empirical study provides an opportunity for students to undertake a high-level in-depth research of an object that will be relevant and applicable to the shipping industry.

CFS_542 International Financial Management

The objective of this course is to offer students the necessary knowledge and analytical skills to understand adequately the functioning of international money markets in order to become more productive employees in a contemporary business environment. Contemporary business or money management cannot function effectively without taking into account the repercussions that international financial markets impose on managerial decision making.

CFS_549 Entrepreneurship in Shipping

The purpose of the course is to provide a comprehensive picture of the different forms of entrepreneurship in Shipping industry and cover the process of entrepreneurship from start-up, growth and through to maturity. The course presents the links with innovation and economic growth as well as public policy towards entrepreneurship. Finally, the course aims to enable students clearly understand the process of formulating, planning, and implementing a new venture and equip them with the necessary tools to start their own businesses as entrepreneurs.

CFS_551 Asset Pricing and Investments

The aim of this module is to provide a comprehensive overview of asset pricing and portfolio management in theory and practice. This module provides students those financial tools to be prepared for real financial markets scenarios. Specific case studies (coursework) help students to understand better various topics in capital markets.

CFS_556 Shipping and Financial Risk Management

The main objective of the course is to introduce students to the approaches of managing risks in international shipping markets. The course aims to provide students with a thorough understanding of the main characteristics of international shipping markets, the risks involved to market participants and the mechanics of trading and hedging through commodity derivatives with emphasis on energy and Shipping and Financial Risk Management. The educational objectives are:

Introduce students to the theoretical background for the application of trading and hedging strategies in international shipping markets.

Develop a good understanding of shipping market characteristics, the risks involved and how derivative instruments can be used to manage risks.

Acquire a good knowledge of the main option trading strategies in with emphasis on shipping and freight markets.

Accustom students with applying risk management strategies for hedging price risk using futures and options contracts as well as for speculating.

CFS_558 Innovation of Technology – FinTech & ShipTech

The aim of the course is to give the students a general picture of today’s international environment, concerning the implementation of technology in finance and shipping, as well as the challenges and risks that may arise through uncontrolled use of technology. Furthermore, it will be discussed how technology should be used, in which ways the banking system is going to change in the near future, and what kind of banking services are offered by companies outside the banking system. Finally, the course aims to show the students the variety of technology and innovation that is used in banking, the shipping industry, as well as other sectors of the economy today, worldwide.

CFS_559 Applications of Financial Models

The course aims to provide students with the knowledge necessary to apply financial theory to practice using Microsoft Excel.

CFS_560 Seminars in Shipping and Finance

The lectures are designed to give students cutting-edge knowledge and appreciation of the current issues facing the finance and shipping industry.

CFS_561 Corporate Restructuring

The purpose of the course is to provide a comprehensive picture of Corporate Finance on a theoretical and practical level in restructuring matters. The course covers issues of corporate takeovers, buyouts, collapsing / bankruptcies, etc. The course studies and develops the theory of best strategic decisions by providing the necessary knowledge on how to deal with the corporate restructuring. Furthermore, the empirical study provides an opportunity for students to undertake a high-level in-depth research of an object that will be relevant and applicable to the financial industry.

CFS_562 Supply Chain Management

The course examines various aspects pertaining to the management of an efficient supply chain. It includes a definition of supply chain management and logistics, the operational aspects of distribution networks and inventory control and management, the management of international logistics and the effective distribution and storage of goods and cargoes along the supply chain from production to consumption. Furthermore, the empirical assignment provides an opportunity for students to undertake a high-level in-depth research of an object that will be relevant and applicable to the shipping industry.

CFS_568 Freight Transport Demand Modelling

This module introduces transportation systems analysis, stressing demand and economic aspects. The course focuses on the analysis of systems that produce freight transport services and in particular understanding the demand for freight transport services and developing solutions for effective and efficient supply. Specific objectives include: 1) Understanding the effectiveness and efficiency of the overall logistics system in a company 2) Understanding the demand for freight transport services 3) Understanding the properties for freight transport systems and their components used in supplying transport services as well as the influence of policy decisions 4) Knowing the perspectives of transport operations, their customers and the society 5) Knowing technical aspects of demand modelling, discrete choice analysis, cost models, production functions and pricing theory.

CFS_580 Postgraduate Thesis

To provide students with the necessary training to undertake advanced level research and provide a good foundation for undertaking a dissertation at an advanced level. The dissertation provides students with the opportunity to conduct an in-depth investigation at an advanced level of an issue which is applicable and relevant to finance and shipping studies.

ERP_850 Research Methods

The course aims to provide the necessary training in research methods, so that students are prepared to embark on a high level of research contributing to their doctoral thesis. The course provides students the opportunity to develop the theoretical, applied, and critical skills that are required for conducting effective research in the social sciences. The various research methods covered by this course will help students gain a fuller understanding of the nature and scope of high-level research within the scope of the social sciences. In more detail, the research methods course will draw on various tools from statistics, mathematics, econometrics, business research, and computer science.

FAMS 507 Financial Analysis and Applications

Presentation of the basic concepts and tools used by businesses and investors in financial decision making. The course consists of lectures and problems related to financial institutions, markets and debt instruments issued by the government of Cyprus, loanable funds theory, determinants of interest rates, yield curves, spot and forward rates, time value of money with applications, small business financing, types and pricing of bonds, evaluation and pricing of stocks, measurement of investment risk, portfolio theory and practice, Capital Asset Pricing Model, capital budgeting and cash-flow computation and derivative assets.

PLA 500 Internship Placement

The main objective of the Practical Training is to help students understand the professional side of the Financial and Shipping sector, by providing them with employability in real working conditions. Students can obtain a comprehensive picture of the environment related to their academic studies and enhance their readiness to face the challenges as well as the opportunities relevant to their area of interest. The Department of Commerce, Finance and Shipping of the Cyprus University of Technology highly benefits from the strong links created with industry.