You're right: not all do, but they're 'hands' most of the time, if you see what I mean: they're just lowly pirates who'd probably be emptying slop buckets when not fighting. All the captains had belts though, and this is a captain as far as I can tell. Don't get me wrong, I really like the coat, but I find not having a belt somewhat annoying. Especially because I've just read Martin's ghost ship review and can see that PM will be using this new coat left and right from now on, like they did with the 'Romans' arms ...
I see your point Bolingbroke, but it's not such a big issue for me. I like the coat style, and if that means not having a scabbard so be it. Having nowhere to store your weapon is a common problem - three of the six "Bronze Wolf Knights" have nowhere to put their weapon when not holding it.
It's less of a problem in a ship where you can put a weapon down on the deck next to you. I put this guy at the tiller, and it would be easy to warm-glue a small scabbard (just the clip) to the side of the ship next to him for easy access in case of boarding.