As of July 26, the number of such vessels had fallen 21% from a month earlier and 28% from a year earlier, leaving 97 bulk carriers still transporting cargo.
"Earlier, insurance companies stopped providing coverage for vessels entering the Azov-Black Sea basin," the publication said. "As a result, medium- and large-tonnage bulk carriers may shift to other shipping routes, while smaller vessels unable to operate elsewhere have already been laid up in cold storage until the situation stabilizes."
Against that backdrop, Russian exporters have not concluded a single coal export deal in the Black Sea over the past week.
At the same time, available shipping capacity for fuel cargoes in the Sea of Japan has declined. Combined with stronger demand for Russian coal in South Korea, this pushed Panamax (80,000-ton) freight rates from the Vostochny port up by 5% to 10% over the past week, depending on the route.
Freight rates to western and eastern India rose to $21.80-$23.80 per ton, to northern China to $12.50 per ton, and to South Korea to $11.50 per ton.
Handysize (40,000-ton) freight rates to northern China and South Korea increased 6% to 7%, reaching $13.30 and $12.30 per ton, respectively.
The shortage of vessels is unlikely to cause an overall coal shortage in Asia, but it could undermine the economics of Russian coal exports and lead to localized shipping delays, Oleg Yemelchenkov, junior director for corporate ratings at Expert RA, said.
"A decline in vessel availability could increase the price of Russian coal for buyers by $10-$15 per ton," said Maksim Shaposhnikov, adviser to the Industrial Code investment fund. "Faster growth in freight costs will hurt the profitability of Russian exporters and could also reduce coal export volumes."
According to Kpler, Russia's seaborne coal exports reached 11.45 million metric tons in July, up 11.2% from July 2025 and 7.9% from June.
As reported, Moscow warned that navigation in its section of the Black Sea had become dangerous after Ukraine intensified attacks on Russia-linked vessels operating in the area.
According to Ukraine's General Staff, at least 124 Russia-linked vessels, including 89 tankers, were struck in the Black Sea and the Sea of Azov between July 8 and July 20.