A.P. Moller – Maersk would like to inform you of the next steps in the EU Emissions Trading System (ETS) and the impact compliance will have on your supply chain. As of 1 January 2024, shipping will be included into the EU ETS, which sets an annual absolute limit on emissions of certain greenhouse gases (GHG) and requires the purchase of allowances for emissions. Therefore, the inclusion of shipping in the EU ETS puts a price on GHG emissions.

• Unprecedented synergies and investments from private and public stakeholders to decarbonize the shipping industry. • Call for targeting the highest levels of ambition of the IMO GHG Strategy to achieve Net Zero by 2050 and implementing newbuilding standards that support the energy transition.

This report is performed to the best of our knowledge based on the market conditions prevailing at the time mentioned. The report relates solely to the date/place referred to and we emphasize that it is a statement of information collected from various market sources. All particulars above are from information given to us and such information as we have been able to obtain from relevant references in our possession but we can accept no responsibility and we bear no liability for any loss or damage incurred to.

According to the country's leading business association, the roadblocks initiated almost one month ago in Panama against a controversial mining contract have caused losses of 1.7 billion dollars. The protests erupted on October 20 when Congress approved a contract signed by the government allowing Canadian company First Quantum Minerals to operate the largest open-pit copper mine in Central America for 40 years.

Carriers are driving the rates' race to the bottom' they warned would lead to a "dire situation" in 2024 – Maersk singled out as one of the worst offenders. Announcing the Group's third-quarter flop last week, the Danish carrier's CEO, Vincent Clerc, told investors that the coming year would prove difficult for ocean shipping without an uptick on the spot market in the final three months.

The insecurity and lack of guarantees to continue with banana exports, Ecuador's main non-oil exports, has led the Banana Cluster to undertake a campaign to defend the interests of the production chain. José Antonio Hidalgo, the inter-union coordinator of the Plantain and Banana Cluster of Ecuador, said at a press conference that, in the last six months, they have identified estimated losses of around 280 thousand dollars per quarter, due to robberies in the plantain and banana sector.

According to the company's release, Hapag-Lloyd has concluded the first nine months of 2023 with a Group EBIT of USD 4.5 billion (EUR 4.2 billion) and a Group EBIT of USD 3.0 billion (EUR 2.8 billion). The Group's profit stood at USD 3.4 billion (EUR 3.2 billion). These results are significantly below the prior-year level due to the severe change in market conditions.

Banana growers in the departments of Magdalena and La Guajira have been declared on red alert, as criminal groups have attacked them to pressure extortion payment, according to the country's banana growers' associations. On Tuesday, November 14, armed men broke into two farms, intimidating workers and setting fires, one in the village of Comejenes, Riohacha, and the other in the municipality of Zona Bananera, in Magdalena.

Chiquita announced its exclusive collaboration with Joester Loria Group, a leader in the licensing industry. JLG will serve as Chiquita's official licensing agency, working to expand the brand's reach and create brand extension opportunities. The company said this collaboration signifies a significant step for Chiquita.

"The El Niño phenomenon will make its biggest incursion in mid-December, according to experts from the National Institute of Meteorology and Hydrology (INAMHI)," said Mario Benavides Rojas, zone 7 coordinator of the National Risk Management Service. After learning that after a month of oceanographic and meteorological exploration in the Ecuadorian sea to verify the proximity of the El Niño phenomenon, the scientific research vessel Orion of the Ecuadorian Navy returned from the campaign.

Around 260,000 hectares between Ecuador, Colombia, and Peru will be under active surveillance in a plan against Fusarium Tropical Race 4. In addition, 8,000 producers and agricultural workers will be trained in managing the disease on banana farms, and all members of the cooperation network in Ecuador, Colombia, and Peru will sign an agreement to fight the pest.

Dole has reported higher revenues and adjusted EBITDA for the three months leading up to the end of September. The company said its third-quarter revenues rose 4.2% to $2 billion. In comparison, its adjusted EBITDA increased by 7.6% to $85.2m, and revenue at its Fresh Fruit division decreased by 0.3% due to lower banana prices in North America. This dip was partially offset by higher worldwide volumes of bananas sold, increased worldwide pineapple pricing, and more substantial European banana pricing.

The Intersectoral Roundtable on Banana Competitiveness (Menicob) and the Paraguayan Chamber of Bananas and Pineapples (Capabap) decided to suspend the loading of fruits to Argentina as of November 13. On the one hand, the US$ 10 million debt held by Argentine importers is concentrated in three regions of Paraguay. These are Caaguazú, San Pedro, and Cordillera, and the US$12 million owed to Bolivia is for fruit from the Cochabamba region.

The Main Banana Ports of Ecuador

On November 6, Ecuador raised the minimum price per box that exporters pay producers from USD 6.50 to USD 6.85, only for the fruit. The new price will be applied starting January 1, 2024, as announced by the Ministry of Agriculture and Livestock.