Insurance Companies Refuse Cover For Russian Coal Ships In Azov & Black Sea Due To Ukrainian Attacks

There is a shortage of ships to transport coal from Russia through the black sea ports due to Ukrainian drone attacks, which has led to difficulties in getting insurance coverage for vessels operating in the Azov and Black Sea region.

The number of bulk carriers available to transport Russian coal has declined to 97 by the end of July. This is a 28% decrease compared to the same period in 2025 based on the information obtained from the Russian Centre for Price Indices.

The number of vessels involved in the Russian coal trade through the Black Sea region fell by a drastic 21% in a single month over growing security risks, prompting ship owners to either suspend operations in the region or stop serving the black sea ports.

According to sources familiar with the situation, market concerns increased after a Turkish-owned bulk carrier, MV Rehan Sari, came under attack on July 22, 2026, while it was carrying coal from the Russian port of Taman to Trabzon in Türkiye.

After this incident, large bulkers began to relocate to other regions, while small-capacity dry cargo ships are currently waiting for the security situation to improve so that they can resume operations.

Due to a shortage of ships, coal trade from Russia has been severely impacted. Reports suggest that no new deals regarding the transport of coal were concluded last week as freight rates increased and exporters in Russia face difficulties in securing vessels for their cargo.

Buyers in Turkiye are experiencing a shortage due to a shortage of coal after the attack on the MV Reyhan Sari led to the disappearance of bulk carriers from the region.

The shortage of ships to carry Russian coal comes amidst a wider disruption of trade in the region. In the last week of July, Ukrainian naval drones attacked many vessels at Russian Ports.

Russian-flagged container ship Yanina, which was operated by FESCO, sank after it came under an attack, 130 nautical miles from Novorossiysk. The ship’s 17 crew members were rescued.