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Schinas is a Professor of Shipping and Ship Finance and Head of the Maritime Business School at the Hamburg School of Business Administration (HSBA), since 2008. His professional career includes large corporate projects, such as IPO and advanced research and business development assignments in the finance, shipping, and port sectors and he has provided his services to private and public entities in Europe, Africa, and the GCC, as well as to international organizations. Schinas’ academic work focuses on sustainable finance and in particular on the commercial and financial aspects of maritime ventures, while he retains a keen interest on sustainable logistics.
Decarbonizing maritime transport is among the top priorities of regulators and continuously attracts significant research attention. However, the cost of renewing and greening the fleet has not been explored in detail. To address this gap, the paper provided a bottom-to-top estimation of the financial need associated with decarbonizing the global shipping fleet for the next 5 years, i.e., until 2026. By developing a model focusing on the main asset classes, the paper approximated the expenditure implied in the short-term fleet renewal (newbuilding and vessel demolition) as well as the expenditure linked to retrofitting the existing fleet. The results indicated an aggregate financial need of USD 317 billion until 2026. Thereof, USD 235 billion are associated with building new ships, while USD 114 billion are allocated to retrofitting. Furthermore, proceeds of USD 33 billion can be generated via demolition sales of old tonnage, reducing the total financial burden. The results entail important policy implications, as they document the monetary impact on investors, lenders, and shipping companies regarding distinct segments of the fleet. Considering the declining overall supply of capital towards shipping, the given results provide a transparent account of the absolute financial implications of decarbonization policies.
Orestis Schinas; Niklas Bergmann. The Short-Term Cost of Greening the Global Fleet. Sustainability 2021, 13, 9439 .
AMA StyleOrestis Schinas, Niklas Bergmann. The Short-Term Cost of Greening the Global Fleet. Sustainability. 2021; 13 (16):9439.
Chicago/Turabian StyleOrestis Schinas; Niklas Bergmann. 2021. "The Short-Term Cost of Greening the Global Fleet." Sustainability 13, no. 16: 9439.
Market-Based Measures (MBMs) and especially emissions trading schemes (ETS) have been considered by the International Maritime Organization (IMO), as a supplementary set of initiatives to decarbonize international shipping. While respective decisions of the IMO are still pending, the global aviation industry has already accumulated experiences from ETS operations; hence the knowledge transfer is possible as this research field is largely unexplored. This paper aims to provide a detailed literature review of studies investigating the EU Emissions Trading System (EU ETS) for aviation and the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) as well as to deliver a taxonomy of ETS design and its effects. The findings are then compiled and clustered according to the taxonomy and explored in detail. Moreover, this paper discusses findings of this taxonomy that could support further on MBM in international shipping, such as important implications, and provisions for carbon financial market design.
Orestis Schinas; Niklas Bergmann. Emissions trading in the aviation and maritime sector: Findings from a revised taxonomy. Cleaner Logistics and Supply Chain 2021, 1, 100003 .
AMA StyleOrestis Schinas, Niklas Bergmann. Emissions trading in the aviation and maritime sector: Findings from a revised taxonomy. Cleaner Logistics and Supply Chain. 2021; 1 ():100003.
Chicago/Turabian StyleOrestis Schinas; Niklas Bergmann. 2021. "Emissions trading in the aviation and maritime sector: Findings from a revised taxonomy." Cleaner Logistics and Supply Chain 1, no. : 100003.
This chapter aims to outline the applicable international and regional regulation on air emissions from ship operations, as well as to analyze their impact on port and terminal decision-making and functioning. The analysis also focuses on effective solutions, especially those promoted by the port or terminal management.
Orestis Schinas. The Impact of Air Emissions Regulations on Terminals. Operations Research/Computer Science Interfaces Series 2020, 213 -244.
AMA StyleOrestis Schinas. The Impact of Air Emissions Regulations on Terminals. Operations Research/Computer Science Interfaces Series. 2020; ():213-244.
Chicago/Turabian StyleOrestis Schinas. 2020. "The Impact of Air Emissions Regulations on Terminals." Operations Research/Computer Science Interfaces Series , no. : 213-244.
As the importance of Chinese financial schemes in maritime business increases, and many issues on the ownership of the assets under the current Law remain obscured for international investors, this work argues that a streamlining to international practice is required; therefore, the ownership of the trust property under the shipping fund in China should be transferred to the trustee from the client. The trustee shall possess, employ, benefit, and dispose the trust property in his/her own name, which links up with China’s current property legislation, ship registration, and ship arrest regulations. The trust property under the shipping fund in China is independent of the fixed property or other management property of the trustee, the beneficiary, and the custodian. This gives full play to functional advantages of the trust system of the shipping fund, contributes to the expansion of financing channels in the shipping industry in China, guarantees the specialization and flexibility of shipping investment activities and the diversity of the investment subject, promotes development of China’s policies about the shipping industry and financial innovation, and boosts the realization of “The Strategy of National Revitalization Based on Marine Industry Development” and “The Belt and Road Initiatives” and construction of Shanghai International Shipping Center and International Finance Center.
Hai Jin; Orestis Schinas. Ownership of Assets in Chinese Shipping Funds. International Journal of Financial Studies 2019, 7, 69 .
AMA StyleHai Jin, Orestis Schinas. Ownership of Assets in Chinese Shipping Funds. International Journal of Financial Studies. 2019; 7 (4):69.
Chicago/Turabian StyleHai Jin; Orestis Schinas. 2019. "Ownership of Assets in Chinese Shipping Funds." International Journal of Financial Studies 7, no. 4: 69.
Shipping finds itself at the beginning of a greening process that leads to the International Maritime Organization’s (IMO) objective of a 50% cut on the 2008 levels of greenhouse gas (GHG) emissions until 2050. Thus, the implementation of different emission abatement measures such as greening technologies is indispensable. Most research is focused on those abatement measures including policies, while partially neglecting financing issues. This article addresses this research gap by assessing the impact of financing concepts on the overall net present value (NPV) of a greening technology. Therefore, the latest green shipping research is reviewed, and the Fuzzy Pay-Off Method (FPOM) and the Center of Gravity-FPOM (CoG-FPOM) are applied. Numerical examples illustrate the relevance of financing concepts such as shared savings for the selection of abatement options. Further, they show the suitability and practical relevance of fuzzy real option methods for shipping purposes.
Daniel Metzger; Orestis Schinas. Fuzzy real options and shared savings: Investment appraisal for green shipping technologies. Transportation Research Part D: Transport and Environment 2019, 77, 1 -10.
AMA StyleDaniel Metzger, Orestis Schinas. Fuzzy real options and shared savings: Investment appraisal for green shipping technologies. Transportation Research Part D: Transport and Environment. 2019; 77 ():1-10.
Chicago/Turabian StyleDaniel Metzger; Orestis Schinas. 2019. "Fuzzy real options and shared savings: Investment appraisal for green shipping technologies." Transportation Research Part D: Transport and Environment 77, no. : 1-10.
Few years after the introduction of the first global regulation covering the energy efficiency of ships, this article analyzes status quo of the industry, based on the interplay of different technical measures such as ship age, size, propulsion, speed, and consumption as well as the policy benchmark of Energy Efficiency Design Index (EEDI). This paper is one of the first to introduce a combined Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and Hierarchical Agglomerative Clustering (HAC) approach. The analysis shows that the average vessel age of the most energy efficient cluster of 7 years correlates with the time period since EEDI introduction, thus indicating policy-driven environmental progress. At the same time, results suggest that further action is required. Higher stated energy efficiency is rather exhibited by a smaller part of the world fleet and by vessels characterized by higher commercial value. Two action fields are highlighted by the analysis: Firstly, the elevated role of know-how-transfer by promoting role models and first movers. Secondly, the need for alternative financing models due to significant upfront investments required by the industry to implement green technology and the long time periods between policy introduction and environmental results.
Harm Hauke Ross; Orestis Schinas. Empirical evidence of the interplay of energy performance and the value of ships. Ocean Engineering 2019, 190, 106403 .
AMA StyleHarm Hauke Ross, Orestis Schinas. Empirical evidence of the interplay of energy performance and the value of ships. Ocean Engineering. 2019; 190 ():106403.
Chicago/Turabian StyleHarm Hauke Ross; Orestis Schinas. 2019. "Empirical evidence of the interplay of energy performance and the value of ships." Ocean Engineering 190, no. : 106403.
Orestis Schinas; Daniel Metzger. A pay-as-you-save model for the promotion of greening technologies in shipping. Transportation Research Part D: Transport and Environment 2019, 69, 184 -195.
AMA StyleOrestis Schinas, Daniel Metzger. A pay-as-you-save model for the promotion of greening technologies in shipping. Transportation Research Part D: Transport and Environment. 2019; 69 ():184-195.
Chicago/Turabian StyleOrestis Schinas; Daniel Metzger. 2019. "A pay-as-you-save model for the promotion of greening technologies in shipping." Transportation Research Part D: Transport and Environment 69, no. : 184-195.
The aim of this chapter is to outline the challenges innovative technology presents for parties which are involved in financing ships and to reflect operational pragmatism and fact-based research. The analysis considers the availability of ship finance, a segment of the maritime industry which is currently experiencing economic and disruptive challenges, and examines the impact of the associated premium of the purchase price of ships of innovative technology in the financial life cycle assessment of the asset. In order to address the financial burden, the option of using export credit facilities is considered, an option closely associated with State interests and know-how transfer through the construction of the vessels. Moreover, leasing schemes are considered as possible solutions, although these financings generally have higher costs of capital. The study considers liquefied natural gas (LNG)-fueled ships, as well as highly automated and autonomous ships, as case studies. Both cases demand a thorough risk assessment and financial engineering.
Orestis Schinas. Financing Ships of Innovative Technology. Finance and Risk Management for International Logistics and the Supply Chain 2018, 167 -192.
AMA StyleOrestis Schinas. Financing Ships of Innovative Technology. Finance and Risk Management for International Logistics and the Supply Chain. 2018; ():167-192.
Chicago/Turabian StyleOrestis Schinas. 2018. "Financing Ships of Innovative Technology." Finance and Risk Management for International Logistics and the Supply Chain , no. : 167-192.
In response to the significant emission reduction potential of ocean transport, researchers and industry stakeholders have come up with green solutions for addressing the industry's environmental challenges. The variety of technical measures and the even wider range of their potential combinations call for generalized financing approaches to support technological driven environmental progress. This article is one of the first to present a financing model based on export credit schemes (ECS) that could be applied to retrofits of existing ships and green new build ships alike. A market evidence analysis followed by an event study based on 20 ECS loans and stock returns over an approximately 5 years period is carried out in the context of the cruise industry to introduce ECS concepts to the area of transportation research and to develop empirically grounded model assumptions. A scenario-simulation based model application using an empirical sample of bond spread curves from the leisure and transport industry indicates that the potential capital structure benefit is highest for the retrofit case. The importance of a constant dialogue between technical and financial decision-makers is emphasized, as ECS are linked to technical decisions such as selection of shipyards and manufacturers.
Orestis Schinas; Harm Hauke Ross; Tobias Daniel Rossol. Financing green ships through export credit schemes. Transportation Research Part D: Transport and Environment 2018, 65, 300 -311.
AMA StyleOrestis Schinas, Harm Hauke Ross, Tobias Daniel Rossol. Financing green ships through export credit schemes. Transportation Research Part D: Transport and Environment. 2018; 65 ():300-311.
Chicago/Turabian StyleOrestis Schinas; Harm Hauke Ross; Tobias Daniel Rossol. 2018. "Financing green ships through export credit schemes." Transportation Research Part D: Transport and Environment 65, no. : 300-311.
Christina Iliopoulou; Konstantinos Kepaptsoglou; Orestis Schinas. Energy supply security for the Aegean islands: A routing model with risk and environmental considerations. Energy Policy 2018, 113, 608 -620.
AMA StyleChristina Iliopoulou, Konstantinos Kepaptsoglou, Orestis Schinas. Energy supply security for the Aegean islands: A routing model with risk and environmental considerations. Energy Policy. 2018; 113 ():608-620.
Chicago/Turabian StyleChristina Iliopoulou; Konstantinos Kepaptsoglou; Orestis Schinas. 2018. "Energy supply security for the Aegean islands: A routing model with risk and environmental considerations." Energy Policy 113, no. : 608-620.
The plans for the Maritime Silk Road affect the existing liner services. The purpose of this paper is to quantify using the terms of network theory the impact of these plans and to project the effects on the fleet, utilization, port throughput, and carbon footprint. The analysis is based on publicly available information and reasonable fleet deployment assumptions. It also considers current and alternative routing schedules from Shanghai to Europe. The impact of existing and expected emission control areas (ECAs) along the port chains is also considered
Orestis Schinas; Arnd Graf von Westarp. Assessing the impact of the maritime silk road. Journal of Ocean Engineering and Science 2017, 2, 186 -195.
AMA StyleOrestis Schinas, Arnd Graf von Westarp. Assessing the impact of the maritime silk road. Journal of Ocean Engineering and Science. 2017; 2 (3):186-195.
Chicago/Turabian StyleOrestis Schinas; Arnd Graf von Westarp. 2017. "Assessing the impact of the maritime silk road." Journal of Ocean Engineering and Science 2, no. 3: 186-195.
Orestis Schinas; M. Butler. Feasibility and commercial considerations of LNG-fueled ships. Ocean Engineering 2016, 122, 84 -96.
AMA StyleOrestis Schinas, M. Butler. Feasibility and commercial considerations of LNG-fueled ships. Ocean Engineering. 2016; 122 ():84-96.
Chicago/Turabian StyleOrestis Schinas; M. Butler. 2016. "Feasibility and commercial considerations of LNG-fueled ships." Ocean Engineering 122, no. : 84-96.
A. Graf Von Westarp; Orestis Schinas. A fuzzy approach for container positioning considering sustainable profit optimization. Transportation Research Part E: Logistics and Transportation Review 2016, 92, 56 -66.
AMA StyleA. Graf Von Westarp, Orestis Schinas. A fuzzy approach for container positioning considering sustainable profit optimization. Transportation Research Part E: Logistics and Transportation Review. 2016; 92 ():56-66.
Chicago/Turabian StyleA. Graf Von Westarp; Orestis Schinas. 2016. "A fuzzy approach for container positioning considering sustainable profit optimization." Transportation Research Part E: Logistics and Transportation Review 92, no. : 56-66.
Orestis Schinas. II. Commentary on Directive 1999/32/EC as regards the sulphur content of marine fuels, as amended by Directive 2012/33/EC. EU Maritime Transport Law 2016, 607 -652.
AMA StyleOrestis Schinas. II. Commentary on Directive 1999/32/EC as regards the sulphur content of marine fuels, as amended by Directive 2012/33/EC. EU Maritime Transport Law. 2016; ():607-652.
Chicago/Turabian StyleOrestis Schinas. 2016. "II. Commentary on Directive 1999/32/EC as regards the sulphur content of marine fuels, as amended by Directive 2012/33/EC." EU Maritime Transport Law , no. : 607-652.
Orestis Schinas. V. Commentary on Regulation EC/782/2003 on the Prohibition of Organotin Compounds on Ships. EU Maritime Transport Law 2016, 667 -684.
AMA StyleOrestis Schinas. V. Commentary on Regulation EC/782/2003 on the Prohibition of Organotin Compounds on Ships. EU Maritime Transport Law. 2016; ():667-684.
Chicago/Turabian StyleOrestis Schinas. 2016. "V. Commentary on Regulation EC/782/2003 on the Prohibition of Organotin Compounds on Ships." EU Maritime Transport Law , no. : 667-684.
This work explores the applicability of well-known fuzzy time series forecasting techniques for the prediction of bunker prices. These techniques have extensively been used with great success to the forecasting of stock prices. In the present work, weekly time series of bunker prices in four major world ports (Rotterdam, Houston, Singapore, and Fujairah) have been thoroughly examined and used for the verification of the forecasting performance of the fuzzy models. The following bunker types have been examined: 380cSt (high and low sulphur), 180cSt (high sulphur), marine diesel oil (MDO), and marine gas oil (MGO). To examine the forecasting accuracy, four error measures are used as an evaluation criterion to compare the forecasting performance of the listing models. Before applying the fuzzy forecasting procedure, and in order to remove nonstationarity, both differencing and moving-average are applied to the data. It has been found that all four error measures attain their minimum at the same point M opt, which in turn gives the closer forecasts to the actual values. As the importance of fuel prices increases, effective forecasting could further benefit operators with compliance issues and financial planning as well as regulators estimating better the timing and the cost of regulation.
Christos Stefanakos; Orestis Schinas. Fuzzy time series forecasting of bunker prices. WMU Journal of Maritime Affairs 2015, 14, 177 -199.
AMA StyleChristos Stefanakos, Orestis Schinas. Fuzzy time series forecasting of bunker prices. WMU Journal of Maritime Affairs. 2015; 14 (1):177-199.
Chicago/Turabian StyleChristos Stefanakos; Orestis Schinas. 2015. "Fuzzy time series forecasting of bunker prices." WMU Journal of Maritime Affairs 14, no. 1: 177-199.
This work explores the applicability of widely known fuzzy time series forecasting techniques for the prediction of wind and wave data. These techniques have extensively been used with great success to the forecasting of stock prices. In the present work, long-term time series of wind speed, significant wave height, and peak period are examined and used for the verification of the forecasting performance of the fuzzy models. To examine the forecasting accuracy, the root mean squared error (RMSE) is used as an evaluation criterion to compare the forecasting performance of the listing models. As the importance of quality of wind and wave data increases, effective forecasting could further benefit designers of offshore structures and environmental researchers.
Christos Stefanakos; Orestis Schinas; Grim Eidnes. Application of Fuzzy Time Series Techniques in Wind and Wave Data Forecasting. Volume 3: Offshore Geotechnics 2014, 1 .
AMA StyleChristos Stefanakos, Orestis Schinas, Grim Eidnes. Application of Fuzzy Time Series Techniques in Wind and Wave Data Forecasting. Volume 3: Offshore Geotechnics. 2014; ():1.
Chicago/Turabian StyleChristos Stefanakos; Orestis Schinas; Grim Eidnes. 2014. "Application of Fuzzy Time Series Techniques in Wind and Wave Data Forecasting." Volume 3: Offshore Geotechnics , no. : 1.
Orestis Schinas; Ch.N. Stefanakos. Selecting technologies towards compliance with MARPOL Annex VI: The perspective of operators. Transportation Research Part D: Transport and Environment 2014, 28, 28 -40.
AMA StyleOrestis Schinas, Ch.N. Stefanakos. Selecting technologies towards compliance with MARPOL Annex VI: The perspective of operators. Transportation Research Part D: Transport and Environment. 2014; 28 ():28-40.
Chicago/Turabian StyleOrestis Schinas; Ch.N. Stefanakos. 2014. "Selecting technologies towards compliance with MARPOL Annex VI: The perspective of operators." Transportation Research Part D: Transport and Environment 28, no. : 28-40.
Christos Stefanakos; O. Schinas. Forecasting bunker prices; A nonstationary, multivariate methodology. Transportation Research Part C: Emerging Technologies 2014, 38, 177 -194.
AMA StyleChristos Stefanakos, O. Schinas. Forecasting bunker prices; A nonstationary, multivariate methodology. Transportation Research Part C: Emerging Technologies. 2014; 38 ():177-194.
Chicago/Turabian StyleChristos Stefanakos; O. Schinas. 2014. "Forecasting bunker prices; A nonstationary, multivariate methodology." Transportation Research Part C: Emerging Technologies 38, no. : 177-194.
X-Posse is a Common Learning Action project that aims to promote green logistics through focused training actions. The goal of X-Posse was to develop two innovative training modules; the topics of the modules are focused on operational and entrepreneurial needs of the modern business. The aim was to get the most of the “suppliers” of research and state-of-the-art work and offer it to the industry. X-Posse envisaged to become one more bridge between the academia and the market. This report outlines the goals and the achievements of this project.
Orestis Schinas. The X-Posse project. WMU Journal of Maritime Affairs 2013, 12, 255 -257.
AMA StyleOrestis Schinas. The X-Posse project. WMU Journal of Maritime Affairs. 2013; 12 (2):255-257.
Chicago/Turabian StyleOrestis Schinas. 2013. "The X-Posse project." WMU Journal of Maritime Affairs 12, no. 2: 255-257.