Portrait of Dr Nikos C. Papapostolou

Dr Nikos C. Papapostolou

Associate Director, The Costas Grammenos Centre for Shipping, Trade & Finance; Reader in Shipping Finance

Bayes Business School , Finance

Contact

About

Overview

Dr Papapostolou is the Director of the world-renowned MSc in Shipping, Trade and Finance at the Costas Grammenos Centre for Shipping, Trade and Finance, Bayes Business School, City St George's, University of London. He has been with the Centre since 2002, was appointed Associate Director in 2017, and in the same year became Programme Lead for all scholarships provided by the Stelios Philanthropic Foundation to Bayes. He also holds the academic post of Reader in Shipping Finance at Bayes.

His research has been widely published in peer-reviewed journals, with a focus on capital markets, investor sentiment and behaviour, freight options pricing, vessel valuation and commodities. Since 2012 he has collaborated with the Baltic Exchange, delivering executive training in shipping finance, and he also serves as a consultant to industry clients.

Dr Papapostolou holds a BSc in Money, Banking and Finance from the University of Birmingham, an MSc in Shipping, Trade and Finance, and a PhD in Shipping Finance; both from Bayes Business School. City St George's, University of London.

Qualifications

  • PhD in Shipping Finance, City, University of London, United Kingdom
  • MSc in Shipping, Trade and Finance, City, University of London, United Kingdom
  • BSc in Money, Banking and Finance, University of Birmingham, United Kingdom
  • Fellowship, Advance HE, United Kingdom

Employment

  • Elected Senate Member, City, University of London, United Kingdom, September 2025 - present
  • Reader in Shipping Finance, City, University of London, United Kingdom, August 2021 - present
  • External Examiner, ESCP Europe, United Kingdom, September 2020 - September 2025
  • External Examiner, University of Reading, Reading, United Kingdom, January 2016 - December 2019
  • Senior Lecturer in Shipping Finance, City, University of London, United Kingdom, August 2013 - July 2021
  • Lecturer in Shipping Finance, City, University of London, United Kingdom, January 2012 - July 2013
  • Researcher, City, University of London, United Kingdom, January 2002 - January 2012

Administrative roles

  • Director, MSc Shipping, Trade and Finance, January 2020 - present
  • Director Designate, MSc Shipping, Trade and Finance, September - December 2019
  • Associate Director, The Costas Grammenos Centre for Shipping, Trade and Finance, November 2017 - present
  • Stelios Scholarships Programme Lead, October 2017 - present
  • Co-Director, MSc Shipping, Trade and Finance, September 2015 - December 2016

Memberships of professional organisations

  • International Association of Maritime Economists (IAME)
  • International Economics and Finance Society UK Chapter

Languages

Greek, Modern (1453-)

Expertise

Primary topics

  • Capital Markets
  • Commodities
  • Shipping
  • Shipping, Trade & Finance

Additional topics

  • Transportation
  • Finance
  • Asset Pricing

Industries

  • commodities
  • energy
  • oil & gas
  • shipping
  • transportation

Research students

Ahmad Abou Merhi

Attendance: September 2023 - present

Thesis title: Private Equity Investments in Professional Sports

Ioannis Moutzouris

Attendance: September 2013 - September 2017, full-time

Thesis title: Asset Valuation in Drybulk Shipping

Role: 2nd Supervisor

Publications

Chapters (4)

  1. Moutzouris, I.C., Papapostolou, N.C. and Pouliasis, P.K. (2026). Behavioural Finance and Shipping Investment. The Handbook of Maritime Economics and Business (pp. 905-942). Informa Law from Routledge.
  2. Pouliasis, P.K., Papapostolou, N.C. and Visvikis, I.D. (2018). Investor Sentiment, Earnings Growth, and Volatility. Finance and Risk Management for International Logistics and the Supply Chain (pp. 109-127). Elsevier. ISBN 9780128138304.
  3. Grammenos, C.T. and Papapostolou, N.C. (2012). Ship Finance: US High Yield Bond Market. In Talley, W.K. (Ed.), The Blackwell Companion to Maritime Economics (pp. 417-432). USA: Wiley-Blackwell. ISBN 9781444330243.
  4. Grammenos, C.T. and Papapostolou, N.C. (2012). Ship Finance: US Public Equity Markets. In Talley, W.K. (Ed.), The Blackwell Companion to Maritime Economics (pp. 392-416). USA: Wiley-Blackwell. ISBN 9781444330243.

Conference paper and proceedings

  1. Pouliasis, P., Papapostolou, N., Kyriakou, I. and Visvikis, I. (2017). Tail risk and the asset allocation problem in shipping equity portfolios. 27-30 June, Kyoto, Japan.

Journal articles (24)

  1. Shi, Y., Papapostolou, N.C., Marchese, M., Moutzouris, I.C. and Efstathiou, A. (2026). Interplay Between Green Investment and Market Price Premia in Global Shipping. International Journal of Finance & Economics. doi:10.1002/ijfe.70123

    [publisher’s website]

  2. Shi, Y., Papapostolou, N.C., Marchese, M., Moutzouris, I.C. and Efstathiou, A. (2025). Green Investment under Market Uncertainty: Scrubber installation in shipping. Commodity Insights Digest

    [publisher’s website]

  3. Moutzouris, I.C., Papapostolou, N.C., Marchese, M., Tamvakis, M.N. and Shi, Y. (2024). Determinants of the price premium for eco vessels. Transportation Research Part D: Transport and Environment, 136. doi:10.1016/j.trd.2024.104414

    [publisher’s website]

  4. Lee, T., Moutzouris, I.C., Papapostolou, N.C. and Fatouh, M. (2024). Foreign exchange hedging using regime‐switching models: The case of pound sterling. International Journal of Finance & Economics, 29(4), pp. 4813-4835. doi:10.1002/ijfe.2893

    [publisher’s website]

  5. Moutzouris, I.C., Papapostolou, N.C., Marchese, M. and Tamvakis, M. (2024). Determinants of the price premium for Eco vessels. Commodity Insights Digest, 2(1). doi:10.1016/j.trd.2024.104414
  6. Pouliasis, P.K., Papapostolou, N.C., Tamvakis, M.N. and Moutzouris, I.C. (2023). Carbon Emissions in the U.S.: Factor Decomposition and Cross-State Inequality Dynamics. Energy Journal, 44(6), pp. 135-161. doi:10.5547/01956574.44.6.ppou

    [publisher’s website]

  7. Ballotta, L., Fusai, G., Kyriakou, I., Papapostolou, N.C. and Pouliasis, P.K. (2020). Risk management of climate impact for tourism operators: An empirical analysis on ski resorts. Tourism Management, 77, pp. 104011-104011. doi:10.1016/j.tourman.2019.104011

    [publisher’s website]

  8. Pouliasis, P.K., Visvikis, I.D., Papapostolou, N.C. and Kryukov, A.A. (2020). A novel risk management framework for natural gas markets. Journal of Futures Markets, 40(3), pp. 430-459. doi:10.1002/fut.22067

    [publisher’s website]

  9. Pouliasis, P.K. and Papapostolou, N.C. (2018). Volatility and Correlation Timing: The Role of Commodities. Journal of Futures Markets, 38(11), pp. 1407-1439. doi:10.1002/fut.21939

    [publisher’s website]

  10. Pouliasis, P.K., Papapostolou, N.C., Kyriakou, I. and Visvikis, I.D. (2018). Shipping equity risk behavior and portfolio management. Transportation Research Part A: Policy and Practice, 116, pp. 178-200. doi:10.1016/j.tra.2018.06.016

    [publisher’s website]

  11. Kyriakou, I., Pouliasis, P., Papapostolou, N.C. and Nomikos, N.K. (2018). Income Uncertainty and the Decision to Invest in Bulk Shipping. European Financial Management, 24(3), pp. 387-417. doi:10.1111/eufm.12132

    [publisher’s website]

  12. Kyriakou, I., Pouliasis, P.K., Papapostolou, N.C. and Andriosopoulos, K. (2017). Freight derivatives pricing for decoupled mean-reverting diffusion and jumps. Transportation Research Part E: Logistics and Transportation Review, 108, pp. 80-96. doi:10.1016/j.tre.2017.09.002

    [publisher’s website]

  13. Pouliasis, P., Kyriakou, I. and Papapostolou, N. (2017). On equity risk prediction and tail spillovers. International Journal of Finance & Economics, 22(4), pp. 379-393. doi:10.1002/ijfe.1594

    [publisher’s website]

  14. Papapostolou, N.C., Pouliasis, P.K. and Kyriakou, I. (2017). Herd behavior in the drybulk market: an empirical analysis of the decision to invest in new and retire existing fleet capacity. Transportation Research Part E: Logistics and Transportation Review, 104, pp. 36-51. doi:10.1016/j.tre.2017.05.007

    [publisher’s website]

  15. Kyriakou, I., Pouliasis, P.K. and Papapostolou, N.C. (2016). Jumps and stochastic volatility in crude oil prices and advances in average option pricing. Quantitative Finance, 16(12), pp. 1859-1873. doi:10.1080/14697688.2016.1211798

    [publisher’s website]

  16. Papapostolou, N.C., Pouliasis, P.K., Nomikos, N.K. and Kyriakou, I. (2016). Shipping investor sentiment and international stock return predictability. Transportation Research Part E: Logistics and Transportation Review, 96, pp. 81-94. doi:10.1016/j.tre.2016.10.006

    [publisher’s website]

  17. Kyriakou, I., Nomikos, N.K., Papapostolou, N.C. and Pouliasis, P.K. (2016). Affine-Structure Models and the Pricing of Energy Commodity Derivatives. European Financial Management, 22(5), pp. 853-881. doi:10.1111/eufm.12071

    [publisher’s website]

  18. Papapostolou, N.C., Nomikos, N.K., Pouliasis, P.K. and Kyriakou, I. (2014). Investor Sentiment for Real Assets: The Case of Dry Bulk Shipping Market. Review of Finance, 18(4), pp. 1507-1539. doi:10.1093/rof/rft037

    [publisher’s website]

  19. Andriosopoulos, K., Doumpos, M., Papapostolou, N.C. and Pouliasis, P.K. (2013). Portfolio optimization and index tracking for the shipping stock and freight markets using evolutionary algorithms. Transportation Research Part E: Logistics and Transportation Review, 52, pp. 16-34. doi:10.1016/j.tre.2012.11.006

    [publisher’s website]

  20. Nomikos, N.K., Kyriakou, I., Papapostolou, N.C. and Pouliasis, P.K. (2013). Freight options: Price modelling and empirical analysis. Transportation Research Part E: Logistics and Transportation Review, 51, pp. 82-94. doi:10.1016/j.tre.2012.12.001

    [publisher’s website]

  21. Grammenos, C.T. and Papapostolou, N.C. (2012). US shipping initial public offerings: Do prospectus and market information matter? Transportation Research Part E: Logistics and Transportation Review, 48(1), pp. 276-295. doi:10.1016/j.tre.2011.07.009

    [publisher’s website]

  22. Grammenos, C.T., Nomikos, N.K. and Papapostolou, N.C. (2008). Estimating the probability of default for shipping high yield bond issues. Transportation Research Part E Logistics and Transportation Review, 44(6), pp. 1123-1138. doi:10.1016/j.tre.2007.10.005

    [publisher’s website]

  23. Grammenos, C.T., Alizadeh, A.H. and Papapostolou, N.C. (2007). Factors affecting the dynamics of yield premia on shipping seasoned high yield bonds. Transportation Research Part E Logistics and Transportation Review, 43(5), pp. 549-564. doi:10.1016/j.tre.2006.07.002

    [publisher’s website]

  24. Dikos, G. and Papapostolou, N.C. (2002). The Assessment of Market Efficiency in the Shipping Sector: A New Approach. Journal of Maritime Policy and Management, 29, pp. 179-181. doi:10.1080/03088830110086347

    [publisher’s website]

Reports (4)

  1. Nomikos, N.K., Kyriakou, I., Papapostolou, N.C. and Pouliasis, P.K. (2012). A new model for freight. Baltic Magazine, Think Publishing.
  2. Nomikos, N.K., Papapostolou, N.C. and Pouliasis, P.K. (2011). Analysis of Volatility and Correlation for CME Steel Products. London: Chicago Mercantile Exchange - CME Group.
  3. Nomikos, N. and Papapostolou, N.C. (2006). High Yield Risks. Lloyd's Shipping Economist.
  4. Alizadeh, A. and Papapostolou, N.C. (2004). The Value of Shipping Bonds. Lloyd's Shipping Economist.

Thesis/dissertation

Working papers (2)

  1. Pouliasis, P.K., Papapostolou, N.C., Kyriakou, I. and Visvikis, I. Shipping Equity Risk Behavior and Portfolio Management. Elsevier BV.
  2. Moutzouris, I., Papapostolou, N.C., marchese, M. and Tamvakis, M. Determinants of the Price Premium for Eco Vessels. Elsevier BV.

Other

  1. Lee, T., Moutzouris, I., Papapostolou, N.C. and Fatouh, M. Foreign exchange hedging using regime-switching models: the case of pound sterling.

    [Elsevier BV]

Professional activities

Editorial activity (14)

  1. International Journal of Finance and Economics, Referee, 2022 - present.
  2. Review of Behavioral Finance, Referee, June 2021 - present.
  3. Review of Financial Economics, Referee, 2021 - present.
  4. European Financial Management, Referee, 2020 - present.
  5. Journal of Transport Economics and Policy, Referee, 2020 - present.
  6. Transportation Research Part D: Transport and Environment, Referee, July 2019 - present.
  7. Journal of Commodity Markets, Referee, 2017 - present.
  8. International Journal of Financial Markets and Derivatives, Referee, 2017 - present.
  9. Quantitative Finance and Economics, Referee, 2017 - present.
  10. International Journal of Financial Engineering and Risk Management, Referee, 2016 - present.
  11. Maritime Policy and Management, Referee, 2015 - present.
  12. Energy Economics, Referee, 2013 - present.
  13. The European Journal of Finance, Referee, 2013 - present.
  14. Transportation Research Part E: Logistics and Transportation Review, Referee, 2010 - present.

Events/conferences (26)

  1. The 5th Athens Triennial Meeting. (Conference) Athens, Greece (2024). Panel Member Invited speaker.
  2. Delphi Economic Forum IX. (Conference) Delphi, Greece (2024). Panel Member Invited speaker.
    Paper: Maritime Education, Empowering the Future of Sustainable Shipping
  3. The 10th City of London Biennial Meeting. (Conference) London, UK (2023). Panel Member Invited speaker.
  4. The Isalos.Net London Event. London, UK (2021). Chair Invited speaker.
    Paper: Decoding Shipping: The day after the pandemic
  5. The Isalos.Net London Event. London, UK (2020). Panel Member Invited speaker.
    Paper: Go Maritime: A new decade, new perspectives
  6. International Association of Maritime Economists. (Conference) Athens, Greece (2019).
  7. The Isalos.net London Event. London, UK (2019). Panel Member Invited speaker.
    Paper: Why go maritime in an era of changes?
  8. 4th Symposium on Quantitative Finance and Risk Analysis. (Conference) Mykonos, Greece (2018).
  9. The 4th Athens Triennial Meeting. (Conference) Athens, Greece (2017). Panel Member Invited speaker.
  10. International Association of Maritime Economists. (Conference) Kyoto, Japan (2017).
    Paper: Tail risk and the asset allocation problem in shipping equity portfolios
    Author: Pouliasis, P.
    Co-authors: Papapostolou, N.C.; Kyriakou, I.; Visvikis, I.
  11. 3rd Symposium on Quantitative Finance and Risk Analysis (QFRA 2017). (Conference) Corfu, Greece (2017).
    Paper: Non-parametric and semi-parametric modelling of weather variables and cost-revenue analysis of ski resort establishments.
    Author: Ballota, L.
    Co-authors: Fusai, G.; Kyriakou, I.; Pouliasis, P.; Papapostolou, N.
  12. The 8th City of London Biennial Meeting. (Conference) London, UK (2016). Panel Member Invited speaker.
  13. 2016 Conference - Spring 2016 Conference of the Multinational Finance Society. (Conference) Lemesos, Cyprus (2016).
    Paper: Vessel Valuation: Model Formulation, Estimation and Optimal Investment Decision
    Author: Kyriakou I.
    Co-authors: Pouliasis P.K., Papapostolou N.C., Nomikos N.K.
  14. 2016 Conference - 2nd Symposium on Quantitative Finance and Risk Analysis (QFRA 2016). (Conference) Rhodes, Greece (2016).
    Paper: Vessel Valuation: Model Formulation, Estimation and Optimal Investment Decision
    Author: Kyriakou I.
    Co-authors: Pouliasis P.K., Papapostolou N.C., Nomikos N.K.
  15. 1st Symposium on Quantitative Finance and Risk Analysis (QFRA 2015). (Conference) Santorini, Greece (2015).
    Paper: Real Assets Investor Sentiment and International Stock Return Predictability
    Author: Papapostolou N.C.
    Co-authors: Pouliasis P.K., Nomikos N.K., Kyriakou I.
  16. 1st Symposium on Quantitative Finance and Risk Analysis (QFRA 2015). (Conference) Santorini, Greece (2015).
    Paper: Jumps and stochastic volatility in crude oil prices with application in option pricing
    Author: Kyriakou I.
    Co-authors: Pouliasis P.K., Papapostolou N.C.
  17. The 3rd Athens Triennial Meeting. (Conference) Athens, Greece (2014). Panel Member Invited speaker.
  18. Winter 2014 Conference of the Multinational Finance Society. (Conference) Athens, Greece (2014).
    Paper: Affine-structure models and the pricing of energy commodity derivatives
    Author: Kyriakou I.
    Co-authors: Nomikos N.K., Pouliasis P.K., Papapostolou N.C.
  19. International Association of Maritime Economists - IAME. (Conference) Norfolk, Virginia USA (2014).
    Paper: Real Assets Investor Sentiment and International Stock Return Predictability
    Author: Papapostolou N.C.
    Co-authors: Pouliasis P.K., Nomikos N.K., Kyriakou I.
  20. Shipping Sentiment. (Seminar) Cass Business School (2013). Organising Committee
    Paper: Investor Sentiment for Real Assets: The Case of Drybulk Shipping Market
    Author: Papapostolou N.C.
    Co-authors: Nomikos, N.; Pouliasis P.K.; Kyriakou, I.
  21. Cass-ESCP 51st Meeting of the Euro Working Group on Commodities and Financial Modelling. (Conference) London, UK (2013).
    Paper: Pricing of Asian-style options with discrete sampling under affine models: Application and analysis in oil markets
    Author: Kyriakou I
    Co-authors: Nomikos N.K., Pouliasis P.K. and Papapostolou N.C.
  22. International Association of Maritime Economists (IAME). (Conference) Copenhagen, Denmark (2009).
    Paper: Optimal Portfolio Selection and Index Tracking for the Shipping Equity Markets
    Author: Papapostolou N
    Co-authors: Pouliasis P; Andriosopoulos K.
  23. International Association of Maritime Economists (IAME). (Conference) Limassol, Cyprus (2005).
    Paper: Estimating the Probability of Default for Shipping high Yield Bond Issues
    Author: Papapostolou N
    Co-authors: Grammenos C. Th.; Nomikos N.
  24. Maritime Economics and Business Seminar. (Conference) Cass Business School, London, UK (2004). Organising Committee
    Paper: Estimating the Probability of Default for Shipping high Yield Bond Issues
    Author: Grammenos, C.Th.
    Co-authors: Nomikos, N.; Papapostolou, N.C.
  25. International Association of Maritime Economists (IAME). (Conference) Izmir, Turkey (2004).
    Paper: Factors Affecting the Dynamics of Yield Premia on Shipping Seasoned High Yield Bonds
    Author: Papapostolou N
    Co-authors: Grammenos C. Th.; Alizadeh A.
  26. 19th Annual Meeting of the Association Francaise de Finance (AFFI). (Conference) Strasbourg, France (2002).
    Paper: Options Implied PDFs: What Causes Skewness and Kurtosis, Evidence from the UK Market
    Author: Papapostolou N
    Co-authors: Dikos G.

Media appearances (5)

  1. Νίκος Παπαποστόλου: Το νέο αίμα στις ναυτιλιακές σπουδές του Σίτι. (2015) Η Καθημερινή.
  2. Today's risk return profile of shipping is not attractive to equity capital. (2014) Shipping & Finance (newspaper).
  3. Changing face of ship finance. (2013) Lloyd's List (newspaper).
  4. Sentiment index guides asset play. (2013) Lloyd's List (newspaper).
  5. Gauging the mood of shipping. (2013) Lloyd's List (newspaper).