Türkiye'de ve Dünya'da denizcilik finansmanı ve deniz sigortaları
Shipping finance and marine insurances in Turkey and the World
Yazar: CEM VARIŞLI
Danışman: DOÇ. DR. LEVENT KIRVAL
İstanbul Teknik Üniversitesi / Fen Bilimleri Enstitüsü / Deniz Ulaştırma Mühendisliği Ana Bilim Dalı
Derece: Yüksek Lisans, 2015
Konu: Denizcilik = Marine ; Sigortacılık = Insurance
Dizin: Deniz sigortası = Marine insurance ; Denizcilik = Maritime ; Denizcilik sektörü = Maritime sector

Özet:
Bu çalışmanın amacı, Dünya'da uygulanmakta olan denizcilik finansmanı yöntemleri ve deniz sigortaları uygulamaları ile Türkiye'de uygulanan finansman yöntemleri ve deniz sigortalarını mukayese ederek aradaki farkları ortaya koymak ve sektörün gelişmesine katkı sağlayıcı tavsiyelerde bulunabilmektir. 
Denizcilik sektörü ve ekonomisi, Dünya ticaretinde oldukça önemli bir role sahip olup Dünya ekonomisi açısından da stratejik öneme sahip sektörlerden biridir. Bu sebeple çalışmada öncelikle denizcilik ekonomisi ve finansmanından bahsedilmektedir.
Denizciliğin finansmanı ise denizcilik sektörü içerisinde oldukça önem arzeden bir husus olup, oldukça çeşitli finansman yöntemleri ile sektöre kaynak sağlayabilen bir uzmanlık alanıdır. Çalışmanın devamında Dünya'daki denizcilik finansmanı uygulamalarından bahsedilmekte ve hemen sonrasında Türkiye'deki uygulamalardan bahsedilmektedir. Bu bölüm altında, Türkiye'deki devlet teşvikleri ile alternatif finansman tekniklerinden de bahsedilerek Dünya'daki uygulamalar ile Türkiye'deki uygulamalar arasında karşılaştırmalara yer verilmiştir.
Denizcilik sektörü açısından bir diğer önemli konu ise deniz sigortalarıdır. Denizcilik varlıklarının çeşitli risklere karşı güvence altında bulunması ve deniz varlıklarının çeşitli sorumluluklarının teminat altında bulunması, denizcilik piyasasının sürekliliğinin sağlanması açısından önemlidir. Çalışmanın devamında Dünya'daki deniz sigortaları uygulamaları konu edilerek deniz sigorta sektöründe bulunan unsurlar ve deniz sigortacılığının yapısından bahsedilmektedir. Bu bölümde, Türkiye'deki deniz sigortaları sektörü ile ilgili bilgilere de yer verilmekte olup, Dünya'daki ve Türkiye'deki sigortacılık ve finansman verileri özet tablolarla mukayese edilmeye çalışılmıştır. 
Denizcilik finansmanı ve deniz sigortaları açısından oldukça yeni ve ilgi gören bir yöntem ise İslami finansman ve sigortalardır. Çalışmada İslami finansman ve sigorta yöntemlerinden kısaca bahsedilerek bu yöntemlerin denizcilik sektöründeki uygulamalarından bahsedilmektedir.
Denizcilik finansmanı açısından deniz sigortalarının yerinde olması, denizcilik sektörüne finansman sağlayan yatırımcılar ve finansal kuruluşlar için ön şart olarak görülmektedir. İlaveten, denizcilik sektörüne finansman sağlayan kuruluşların ipotek alacaklısı olarak kendilerine ait riskler de hem denizcilik sigortaları hem de deniz sigortaları açısından önemli bir husustur. Bu sebeple çalışmanın devamında denizcilik finansmanı açısından deniz sigortalarının öneminden bahsedilmektedir.
Konu çalışma sonuç ve tavsiyeler bölümüyle nihayetlendirilmiştir. Çalışmanın, akademik ve profesyonel hayatta denizcilik finansmanı ve deniz sigortaları ile ilgilenmekte olanlara aydınlatıcı bir kaynak olacağı düşünülmektedir.

Abstract:
The main aim of this thesis is to compare shipping finance and marine insurance practices of Turkey and other markets overseas and to conclude the findings of this study in advice, which can provide support for participants of the local sector in Turkey.
Considering the industrialization, the developments in mass production as well as the shipbuilding sector and the increase of supply and demand, due to the increase of world population since the beginning of 20th century, the carriage of goods from one point in the world to another point has more importance than ever before. Comparing to other transportation ways, maritime transportation provides cheaper costs per unit, availability to carry big volumes and different types of cargoes at once. Therefore, almost 90% of the transportation of goods in the world is distributed by maritime transportation. 
The main elements of the maritime sector are the ships, cargoes and ports. The developments and mobility of these elements affect the global economy. In order to understand and analyze these effects, the second chapter of this study reviews these effects and their influence on the maritime economics. This review includes the 10 variables that may affect the supply and demand of the shipping sector, shipping cycles and financial resources of shipping investments. 
The sale and purchase of ships, port investments, the building of bigger ships and eco-ships etc. require large amounts of financial resources. Therefore, the financial institutions are highly interested in the shipping sector. They are funding the sector by using different financial methods. Generally these methods as a bundle of different financing options are addressed as shipping finance.
The purchase of a second hand ship or the order for a building new ship can be funded by private funds, banks, capital markets and special purpose companies. The private funds generally consist of the owners' private capitals, such as the earnings of the shipping business, other businesses and their private loans. The banks are funding the shipping sector with a wide variety of financing methods, such as mortgage backed loans, mezzanine financing, corporate bank loans, commercial bank loans, syndication loans, asset sales, consumer loans, private placement of the debts of the owners etc. The capital markets also provide an alternative in order to fund a shipping investment for big companies. Some investors fund the shipping sector by establishing a special purpose company, which can purchase, leases or charter ships. The private equity companies and venture capital funds also provide resources for the shipping sector. The first part of the third chapter is a research review of the general shipping finance practices worldwide and these financing options mentioned above. In a second step these worldwide methods and practices are compared to the standard procedures in Turkey. This part also includes a detailed overview of governmental subventions in Turkey.
A ship can face lots of risks during a voyage or the time being at a port. The ship owners, charterers, port authorities, third parties and financial institutions who funds the ship may have big financial problems due to an accident or occurrence of the ship. Therefore the marine insurances play an essential role for all parties involved in the shipping sector. 
Even though there are a lot of markets which provide insurance coverage all around the world, the London insurance market is still the leading market for the marine insurance sector. The fourth chapter takes a closer look at the London insurance markets' structure by identifying the major players, such as Lloyd's, International Group Protection and Indemnity Clubs as well as fixed-market P&I companies, classification societies, brokers, agencies, maritime authorities etc. Maritime conventions and sanctions are an additional important factor of influence in the marine insurance sector. 
In addition the fourth chapter explores all different form of marine insurances including Hull and Machinery insurances, Protection and Indemnity insurances, War and Strikes insurances, Kidnap and Ransom insurances, Loss of Hire and Delay insurances, port operators and charterers liability insurances, ship repairers' liability insurances, builders' risks insurances, mortgagee interest insurances etc. The chapter ends with a detailed comparison of the Turkish marine insurance sector and the procedures overseas.
The fifth chapter of the study reviews Islamic finance and insurances in the shipping sector. In recent years, especially after the financial crisis of 2008, the method of Islamic finance got the interest of financial markets abroad, because of its resistance against financial crisis. As the Islamic law (sharia) prohibits the acceptance of interest for loans of financial assets, the Islamic finance differs from the modern financial markets. The shipping sector can also be funded by Islamic finance methods such as ijarah, musharakah, istisna, murabahah and sukuk. 
The financial institutions who are funding the shipping sector check all the details about the insurances of the shipping assets before they release the funds. These institutions also take the appropriate precautions, such as noting their name as mortgagee on the insurance policies, requesting loss payable clauses, notice of assignment and letter of undertaking documents. In case that the Hull and Machinery insurances and the Protection and Indemnity insurances do not pay a claim, because of a breach of cover, breach of warranty or owner's non-disclosure of facts, the financial institutions are in need of a coverage for the outstanding loans and interests. This form of coverage is called mortgagee interest insurances. The sixth chapter further explores the financial importance of marine insurances for shipping finance, as touched upon in this paragraph.
The study concludes in a directory for the shipping sector by analyzing the shipping finance and marine insurances. This directory provides a detailed overview of practices in Turkey and compares those to the general approaches of other domestic markets. It focuses mainly on the findings concerning the Turkish market. Based on these conclusions are made that can support and further the current status quo of the shippıng sector within Turkey. Benefits and disadvantages of different financing methods and marine insurances practices from all over the world as well as local are reviewed for the Turkish shipping sector.  
Overall this paper provides an insight and overview for academicians and professionals, who take an interest in shipping finance and marine insurances.