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Black Sea Dirty Tanker Loadings Plunge, BIMCO

[ August 7, 2026   //   ]

Dirty tanker exports from Russian ports in the Black Sea and Sea of Azov fell 62 percent during the last two weeks of July, highlighting the growing impact of Ukraine’s maritime drone campaign on regional oil exports.

According to BIMCO, loadings averaged 0.98 million barrels per day during the period, down from 2.59 million barrels per day during the previous four-week average.

BIMCO Chief Shipping Analyst Niels Rasmussen said the decline follows Ukraine’s launch of Operation MoLoChKa on July 6, a maritime drone campaign initially targeting Russia-linked shipping in the Sea of Azov before expanding into the Black Sea on July 15. Ukraine has claimed more than 200 ships were attacked by July 28.

The operation has disrupted shipping from Sea of Azov ports and reportedly contributed to Russia suspending navigation through the Kerch Strait and the Don-Azov Canal, significantly reducing export flows. Rasmussen said attacks in the Black Sea could also make some shipowners more reluctant to participate in the trade, creating additional pressure on exports.

The disruption has extended beyond Russian crude.

Oil exports from the Caspian Pipeline Consortium (CPC) terminal at Novorossiysk, which primarily handles Kazakh crude, also fell 62 percent during the same period. BIMCO noted that several Ukrainian attacks have appeared concentrated around the Novorossiysk area, despite nearly three-quarters of year-to-date CPC exports being destined for European Union countries.

India, the largest destination for crude exported from Russian Black Sea and Sea of Azov ports this year, has been particularly affected. Shipments to India declined 66 percent during the past two weeks, exceeding the overall reduction in export volumes.

BIMCO said Aframax and Suezmax tankers, which have carried roughly 20 percent and 80 percent, respectively, of exports from the region this year, experienced similar declines in cargo volumes.

While Russian Black Sea and Sea of Azov exports account for only about 5 percent of global dirty tanker loadings, Rasmussen warned that sustained disruption could have broader market consequences.

“If volumes continue at the reduced levels seen over the past two weeks, global dirty tanker volumes could decline 3 percent in a market already challenged by a 5.6 percent fall in volumes so far this year compared with the same period last year,” he said.

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