Iron ore shipments halted as Russian strikes cripple Greater Odesa ports
Ferrexpo (Photo: Ferrexpo)
Iron ore producer Ferrexpo suspended sea shipments of iron ore pellets following Russian strikes on Greater Odesa ports, the company announced on the London Stock Exchange on July 28.
According to the company, a vessel loaded with pellet inventory was recently struck by a Russian drone while transiting Ukrainian Black Sea waters.
The vessel remains afloat; however, the structural integrity of the ship and the status of its cargo remain unverified. One crew member was killed in the attack.
The incident and subsequent flight and voyage cancellations give the company reason to anticipate that this export corridor will remain inaccessible for the foreseeable future, impacting its liquidity position.
Ferrexpo now holds approximately 189k metric tons of pellets for shipment, including 55k metric tons loaded aboard the damaged vessel and roughly 90k metric tons in storage stockpiles. The company had projected increased export sales for the second half of 2026.
Insurance claims have been formally submitted to insurers for loss recovery under existing policies.
Earlier reports indicated that Russia is targeting blocked civilian vessels trapped in Mykolaiv Oblast ports. Ships remaining stranded in Ukrainian ports since the start of the full-scale invasion in 2022 — which conduct no commercial voyages — came under deliberate enemy fire.
Ukrzaliznytsia restricted freight transport heading to port-adjacent railway stations in Odesa Oblast.
The United Nations warned of mounting risks to global food security caused by Russian attacks on Black Sea port facilities.
Additionally, Southern Mining and Processing Plant (Pivdennyi GZK) in Kryvyi Rih partially suspended extraction operations due to Russian attacks on civilian merchant ships heading toward Ukrainian Black Sea ports, which effectively blocked port operations.
The shutdown of grain exports through Odesa ports has already caused domestic wheat prices to collapse threefold, falling to 3,000 UAH (about $75) per metric ton for direct purchases from farmers selling crops straight off the field.
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