Συγκριτική ανάλυση χρηματοοικονομικών δεικτών σε ελληνικές ναυτιλιακές εταιρείες
A comparative analysis of financial ratios in Greek shipping companies
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Keywords
Χρηματοοικονομική ανάλυση ; Χρηματοοικονομικοί αριθμοδείκτες ; Ναυτιλιακές εταιρείες ; Ελληνόκτητη ναυτιλία ; Ναυλαγορές ; Συγκριτική ανάλυσηAbstract
This thesis provides a comparative assessment of the financial development of Star Bulk Carriers Corp., Danaos Corporation, and Tsakos Energy Navigation Limited over the period 2016–2025, with emphasis on the longitudinal analysis of financial ratios and the interpretation of the results in relation to the specific characteristics of the respective shipping markets. The empirical analysis is based primarily on audited consolidated financial statements, Annual Reports, and Form 20-F filings prepared in accordance with U.S. GAAP, applying a common methodological framework across the three companies. The analysis covers liquidity ratios, activity and turnover ratios, profitability ratios, and capital structure, leverage, and solvency ratios, with particular emphasis on the comparability of accounting figures and the combined interpretation of financial indicators. The findings reveal distinct financial patterns and different timing of changes across the three companies. Danaos Corporation records the most pronounced improvement in a range of liquidity and capital structure ratios, Star Bulk Carriers Corp. is characterized by a more pronounced cyclical pattern in profitability, while Tsakos Energy Navigation Limited exhibits a different profitability cycle and greater relative stability in key accounting capital structure ratios. Overall, no single company consistently emerges as the strongest across all dimensions examined. The interpretation of the results becomes more meaningful when strategic, investment, and financing choices, changes in corporate scope, and conditions in the respective shipping markets are considered jointly, without attributing the observed financial changes to any single factor in a deterministic causal manner.
Postgraduate Studies Programme
ΔΠΜΣ στη Διοίκηση στη Ναυτική Επιστήμη και ΤεχνολογίαDepartment
Σχολή Ναυτιλίας και Βιομηχανίας. Τμήμα Ναυτιλιακών ΣπουδώνCorporate Department
Σχολή Ναυτικών ΔοκίμωνNumber of pages
210Language
GreekCollections
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Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα