India’s Burhanpur District Hosts Two-Day Banana Festival

2024-02-23

The Burhanpur district administration inaugurated a two-day Banana Festival aimed at enhancing the quality and quantity of the crop. The festival, which is part of the “one district-one product” initiative, provides a platform for selling bananas and setting up industries to produce its byproducts, thereby generating employment opportunities.

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Fresh Del Monte Produce to Release Earnings on February 26

2024-02-23

Several large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its Fresh Del Monte Produce position by 2.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,385 shares of the company's stock valued at $693,000 after acquiring an additional 615 shares in the last quarter. Barclays PLC grew its Fresh Del Monte Produce position by 91.8% in the fourth quarter.

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Market Overview – Week 08/2024

2024-02-23

Banana selling prices in St Petersburg ranged from USD 20.10 to 22.25 per box CIF. Approximately 1.79 million boxes were discharged in week 8, and around 2.25 million are expected for week 9. The exchange rate was 1 USD = 92.44 RUB. The Russian Federation had a long weekend as Friday, February 23rd, was a national holiday, the Public Life Defender of the Fatherland Day. Most schools, banks, and official buildings were closed on this day. After the ban on banana imports from five Ecuadorian companies was lifted, all discharge and custom-clear operations were expected to proceed smoothly. However, cold temperatures during the week delayed operations in the St Petersburg port. The weather improved later in the week. In the Mediterranean, prices for Ecuadorean bananas were USD 17.0-18.0 per box CIF, depending on the brand, volume, packing, and region, with peaks up to USD 20.0 in Libya. In Algeria, prices were around USD 17.0 per box CIF, which only allowed importers to break even without any gain.

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Ecuador’s Trade Landscape: A Delicate Balance

2024-02-23

The Ecuadorian Federation of Exporters (Fedexpor) has called for prudence in the nation’s international trade dealings. This appeal follows Russia’s recent decision to lift suspensions on five Ecuadorian banana exporting companies. Miguel Ribadeneira, Fedexpor’s president, underscored the necessity of robust international relations, asserting that Ecuador cannot afford to lose even a single dollar in exports.

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Ecuador and Russia Forge Ahead After the Banana Dispute

2024-02-23

A significant development in international phytosanitary control has been reported. Russia and Ecuador have agreed on a memorandum concerning this critical agricultural health and safety aspect. Interfax, a non-governmental news agency based in Moscow, disclosed on February 22 that an agreement had been reached between Rosselkhoznadzor, Russia's Federal Service for Veterinary and Phytosanitary Supervision, and the Agriculture Quality Assurance Agency of Ecuador.

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Uzbekistan’s Banana Imports in 2023: A Closer Look

2024-02-23

In 2023, Uzbekistan’s banana imports experienced a 5% decrease, with the total import volume reaching 133.5 thousand tons. This was a drop from the previous year’s figure of 140.2 thousand tons. Despite this decline, Ecuador maintained its position as the primary supplier of bananas to Uzbekistan, a trend that continued from 2022 to 2023. The Statistics Agency of the Republic of Uzbekistan reported that the country’s expenditure on banana imports amounted to $95.1 million in 2023.

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MSC Nears Historic 20% Global Market Share

2024-02-23

The Mediterranean Shipping Company (MSC) is on the verge of a significant milestone, set to become the first shipping liner to command a 20% global market share since Maersk achieved this briefly in early 2018. This development highlights MSC’s impressive growth and strategic acumen in the intricate realm of international trade. This impending achievement coincides with MSC’s preparation to end its 10-year partnership with Maersk next year, marking the termination of their 2M vessel-sharing agreement.

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Laura Maersk deploys new Methanol Supply System

2024-02-23

System used by Maersk’s methanol dual-fuel container ship boosts safety and saves energy. Danish engineering company Eltronic FuelTech has launched its low-flashpoint fuel supply system (LFSS) for Laura Maersk. The company said it is the first in the industry to offer equipment for supplying fuel from tanks to engines on methanol-powered ships.

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A.P. Møller – Mærsk A/S Receives Average Recommendation of “Reduce”

2024-02-23

Shares of A.P. Møller – Mærsk A/S (OTCMKTS:AMKBY ) have been given an average recommendation of “Reduce” by the twelve ratings firms that are currently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and three have issued a buy recommendation on the company.

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Development of Robotic Arm to Automate Banana De-handing

2024-02-23

Australian scientists are spearheading a research initiative to develop a robotic arm aimed at automating the labor-intensive and repetitive aspects of banana processing. The A$2m research program, delivered through Hort Innovation, is a collaborative effort involving the Queensland University of Technology (QUT), Future Food Systems, the Advanced Robotics for Manufacturing (ARM) Hub, and BNL Industrial Solutions.

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Significant Increase in Georgia’s Banana Imports in 2023

2024-02-23

In 2023, Georgia experienced a significant increase in banana imports, with a 45% rise compared to the previous year. The country imported 40,148 tons of bananas, valued at USD 34.2 million, a substantial increase from the 37,233 tons worth USD 29.1 million in 2022. In January 2024, Georgia’s banana imports continued to grow, with the country purchasing 4,244 tons of bananas worth USD 3.5 million, 1.8 times more than the same period last year.

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UK: Morrisons’ Competitive Pricing Strategy

2024-02-23

Morrisons, the leading British retailer, has launched a new ‘Price Match’ campaign, promising its customers that it offers products at the same or even lower prices than discounters like Aldi and Lidl. This initiative is part of Morrisons’ commitment to provide quality products at competitive prices.

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Revamping its Ecuadorian Service: Cool Carriers’ Commitment to Excellence

2024-02-22

On February 21st, a significant event marked a new chapter in the history of Guayaquil, Ecuador. Cool Carriers, in partnership with Contecon Terminal, signed a contract for exclusive use of state-of-the-art cold store, symbolically laying the first stone in a ceremony that heralded a new era of Cool Carriers service from Ecuador. The cold store, aptly named the “Guayaquil Banana Gateway,” is set to be constructed at the prime location in front of quay #5, replacing the old dry facility.

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Honduras: Banana Exports Drop Due to Damage to Invaded Farms

2024-02-16

The invasions of the banana plantations of La Esperanza, La Paz and Guanacaste last November left extensive damage to banana plantations. It has led to the temporary closure of these farms, leading to the suspension of jobs for some 500 temporary workers and a 50% reduction in fruit exports. The banana company will stop exporting a thousand containers of bananas, and 25 million lempiras in salaries will not circulate during this time of suspension of production, which will be for several months.

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Market Overview Week 07/24

2024-02-16

The selling prices for bananas in St. Petersburg ranged from USD 21.35 to 22.40 per box CIF. These prices varied based on factors such as brand, quality, type of packing, and weight. However, there were operational delays and disruptions related to Customs and Sanitary formalities. These issues arose due to the ban imposed on five Ecuadorian companies following alleged findings of the humpback fly in their banana shipments. According to Russian authorities, the ban is expected to be lifted on Monday, February 19. However, in the meantime, there are still hundreds of containers that have recently arrived at the St. Petersburg port, and which are blocked due to the ban. During week 7, approximately 1.890 million boxes were discharged, and around 1.790 million boxes are anticipated for week 8. The exchange rate during this period was 1 USD = 91.83 RUB.

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