Financial analyses based on maritime companies: A study of maritime companies traded on Istanbul Stock Exchange

This study analyzes the financial performance of TLMAN and GSDDE, which are listed companies operating in the maritime sector, by using daily data for the period 25.01.2018-22.03.2024. These analyzes are later compared with the banking sector. In these kinds of analyses, firstly, correlation analysis is conducted and models such as AR(1)-CCC-GARCH, AR(1)-DCC-GARCH, AR(p)-c.DCC-GARCH, AR(p)-A-c.DCC-GARCH are employed for this purpose. Subsequently, coefficients of variation of the portfolios that represent both sectors are calculated based on the market risk levels using the historical simulation method. The results of this study suggest that portfolios that contain the relevant maritime firms can offer better diversified portfolios to individual and institutional investors when compared to the banking sector. Furthermore, the results also suggest that portfolios composed of related firms representing the maritime sector offer better risk-adjusted rates of return than portfolios composed of related banks. These results are significant in terms of increasing the ability of firms operating in the maritime sector to raise funds from capital markets more efficiently and more effectively, and thus increasing their contribution to the Turkish economy.