Financial market volatility and maritime freight indices: A connectedness approach

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dc.authorid0000-0002-2684-184X
dc.contributor.authorTarkun, Savas
dc.date.accessioned2026-02-08T15:15:29Z
dc.date.available2026-02-08T15:15:29Z
dc.date.issued2025
dc.departmentBursa Teknik Üniversitesi
dc.description.abstractThis study investigates the dynamic and time-varying connectedness between global financial markets and maritime freight indices, emphasizing the transmission and direction of volatility shocks during periods of economic uncertainty. Using the Connectedness Decomposition Approach (TVP-VAR-based), we explore the interaction between major global stock indices (e.g., S&P 500, DJIA, DAX, NIKKEI225) and maritime freight indicators (BDI, BDTI, BCTI) over the period from January 2013 to December 2024. Our results reveal that stock market volatility significantly influences shipping indices, especially during global crises such as the COVID-19 pandemic. However, freight indices are not merely passive receivers of financial shocks; in certain episodes, they act as net transmitters of volatility, affecting financial markets in return. This dual behavior indicates a structural shift in the maritime sector's role within the global economic system. Furthermore, the findings show a declining trend in total connectedness post-2016, reflecting increased segmentation between freight and financial markets. These insights are particularly valuable for policymakers, investors, and maritime stakeholders seeking to develop hedging strategies, strengthen supply chain resilience, and better forecast market dependencies during financial and geopolitical turmoil.
dc.identifier.doi10.1016/j.rtbm.2025.101506
dc.identifier.issn2210-5395
dc.identifier.issn2210-5409
dc.identifier.scopus2-s2.0-105015319035
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1016/j.rtbm.2025.101506
dc.identifier.urihttps://hdl.handle.net/20.500.12885/5783
dc.identifier.volume63
dc.identifier.wosWOS:001568834500001
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherElsevier
dc.relation.ispartofResearch in Transportation Business and Management
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzWOS_KA_20260207
dc.subjectFinancial market shocks
dc.subjectMaritime freight indices
dc.subjectSpillover effects
dc.subjectConnectedness decomposition
dc.subjectEconomic crises
dc.titleFinancial market volatility and maritime freight indices: A connectedness approach
dc.typeArticle

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