Ferrexpo Halts Sea Exports Due to Russian Attacks
29 July 05:50
Ferrexpo, one of Ukraine’s largest mining companies, has announced a temporary suspension of iron ore pellet exports through the ports of Greater Odesa. This decision was prompted by Russian attacks on maritime infrastructure and damage to a vessel carrying the company’s products.
This is stated in an official announcement by Ferrexpo, according to "Komersant Ukrainian"
Why Ferrexpo Suspended Maritime Exports
The company reported that a vessel carrying iron ore pellets was recently damaged as a result of a Russian drone attack in Ukrainian waters of the Black Sea.
According to Ferrexpo:
- the vessel remains afloat;
- the condition of the cargo has not yet been definitively determined;
- the extent of the vessel’s damage is being assessed;
- one crew member was killed.
The company notes that following this incident, a number of shipowners have canceled their scheduled voyages, making it currently impossible to use the Black Sea route.
“The company believes that this route will be unavailable for exports in the near future,” the statement reads.
What losses has the company incurred?
Due to the suspension of maritime transport, Ferrexpo is unable to ship significant volumes of finished products.
As of today, the company has:
- 189,000 metric tons of pellets ready for shipment;
- of which 55,000 metric tons had already been loaded onto the damaged vessel;
- and another approximately 90,000 metric tons of product are in stockpiles.
Ferrexpo noted that it had planned to significantly increase exports in the second half of 2026, but the current situation has forced it to revise its logistics plans.
The company has contacted its insurers
Ferrexpo reported that it has already initiated the insurance claim settlement process.
The company has approached insurance companies to seek compensation in accordance with existing vessel and cargo insurance contracts.
Russian attacks are increasingly affecting Ukrainian businesses
Ferrexpo’s problems are yet another example of how Russian attacks on port infrastructure are affecting the Ukrainian economy and exports.
In recent days, Russian troops have been regularly attacking ports in the Greater Odesa area and civilian vessels in the Black Sea.
Earlier, the Ukrainian Sea Ports Authority reported that since the start of the full-scale invasion, Russia has:
- attacked more than 200 civilian vessels;
- damaged or destroyed more than 960 port infrastructure facilities;
- caused the deaths and injuries of hundreds of civilians.
What is known about Ferrexpo
Ferrexpo is an international mining company with its main production assets in Ukraine. The company specializes in the production of high-quality iron ore pellets, a significant portion of which is exported to European countries and other regions of the world.
The seaports of Greater Odesa remain one of the key routes for the company’s exports, so a suspension of this route could significantly impact its production and financial performance.
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