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    Dynamic dependence between sectoral indexes of BRIC countries and the baltic dirty tanker index: An investigation using the generalized R2 approach
    (Elsevier, 2025) Tok, Serife Akinci; Tarkun, Savas
    This study analyzes the dynamic connectedness between the Baltic Dirty Tanker Index (BDTI) and sector indexes in the stock exchanges of the BRIC countries, focusing on the chemical, oil, and raw materials sectors. Using daily data from January 1, 2015, to September 30, 2024, the analysis reveals significant pairwise relationships, highlighting the sensitivity of these sector indexes to shipping costs. The findings indicate that during periods of heightened market volatility, the BDTI has substantial influence, especially on Russia's chemical and India's oil and gas sectors. These results suggest that geopolitical risks and market uncertainty can significantly amplify interdependence. Based on these insights, proactive policies aimed at stabilizing shipping costs and improving cooperation among the BRIC countries are recommended to mitigate the impact of unexpected increases in freight rates. This study offers valuable information for policy makers, investors, and industry representatives for strengthening risk management strategies in shipping and logistics.
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    Impact of Baltic Dry index on critical metal prices: Implications for renewable energy supply chains
    (Elsevier Sci Ltd, 2025) Tarkun, Savas; Tok, Serife Akinci
    This study investigates the dynamic relationship between the Baltic Dry Index (BDI) and the prices of metals essential to renewable energy technologies, such as copper, nickel, and cobalt. Using daily data from 2015 to 2024, we employ wavelet coherence and a TVP-VAR-based connectedness decomposition to uncover timevarying, directional, and frequency-sensitive linkages between maritime transport costs and clean energy metal markets. Our findings show that shipping costs are not merely passive reflections of market conditions but active components shaping price fluctuations-particularly during global disruptions like the COVID-19 pandemic. Copper and zinc exhibit strong comovement with freight rates, while nickel and cobalt display evolving interaction patterns over time. These results underscore the systemic role of maritime logistics in renewable energy supply chains and highlight freight rate shocks as a potential vulnerability for mineral cost stability. We argue about integrating transport risk into mineral sourcing strategies and energy transition planning.
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    Rethinking renewable energy sustainability: The hidden carbon footprint of critical metals
    (Pergamon-Elsevier Science Ltd, 2025) Tarkun, Savas; Tok, Serife Akinci
    As the global energy transition accelerates, the environmental sustainability of renewable energy technologies faces growing scrutiny. This study employs the external connectedness decomposition methodology of Gabauer and Gupta (2018) to analyze the pairwise dynamics between global CO2 concentrations and the prices of critical metals-aluminum, copper, nickel, and zinc-integral to renewable energy systems. Using a TVP-VAR model, we uncover that while renewable technologies promise reduced carbon emissions, the energy-intensive production of these metals significantly contributes to CO2 emissions, creating a paradox at the heart of sustainability. The findings reveal CO2 as a highly reactive and influential variable within the system, amplifying the complex interdependencies between energy transitions and material production. This research underscores the urgent need for innovative policies and technologies that decouple metal production from carbon emissions, ensuring that renewable energy transitions align with global climate goals.