At the start of the week, banana selling prices in St. Petersburg remained steady at approximately USD 21.95 per box CIF. However, a downward trend emerged from Wednesday onwards, with prices eventually reaching USD 20.80 per box CIF. The pricing was influenced by quality, brand, volume, and packaging factors. As the week progressed, demand for bananas weakened, leading traders to anticipate a further decline in prices due to the availability of seasonal fruit at more competitive rates in the market.

Around 1.995 million boxes were discharged in week 22 and nearly 990.000 are expected to be discharged in week 23.

Regarding the exchange rate, there was a minor increase, with 1 USD equating to 89.79 RUB, marking a slight improvement from previous weeks.

Prices in the Mediterranean ranged from USD 17.0-18.0 per box CIF for Ecuadorian bananas, varying by brand, volume, and region. Central American bananas were sold for approximately USD 2.0 less per box.

In Algeria, prices significantly decreased, reaching USD 15.00-16.0 per box CIF, leading to substantial losses for traders. The situation may deteriorate further, given the high prices currently paid in the Ecuadorian spot market, which have surpassed USD 12.00 per box for the fruit alone. Bananas shipped this week and two weeks prior are expected to arrive in Algeria during peak summer, when banana prices typically decline due to the abundance of summer fruits in the market.

Similarly, prices in Libya were lower compared to previous weeks with the box of Ecuadorean bananas sold at around USD 16.00-17.00 per box CIF 

In the Mersin Free Zone, the prices for re-exported bananas from Ecuador were primarily between USD 17.0 and 18.00 per box, with some transactions reaching USD 18.50 to 19.50 per box, depending on the brand, volume, packing, and weight. Meanwhile, bananas from Central America were priced at USD 12.0 to 15.0 per box.

The price increase for Ecuadorian bananas is attributed to the higher costs in the Andean spot market. Despite the elevated prices paid to shippers, local traders anticipate a potential decrease in banana demand. This is due to the influx of local seasonal fruits such as melons, watermelons, peaches, strawberries, and prunes, which are available at more competitive prices. The exchange rate was 1 USD=32.22.

The Iranian domestic market prices ranged from 78,000 to 85,000 Toman per kg for Ecuadorian bananas and approximately 63,000 to 66,000 Toman for Indian bananas.

There were lower volumes of bananas available due to the lack of import licenses. Several containers of bananas were retained in the port, which couldn't be cleared without the import permits.  The cost for a 13.50 kg box of bananas from India was reported at USD 8.00 to 8.85 per box, CIF Bandar Abbas. Several banana plantations in India suffered from adverse weather conditions, with intense rain and strong winds causing havoc across various states.

Further damage to plantations is anticipated shortly during the monsoon season. The rainy season in India typically begins in late May, influenced by monsoon winds, and continues until September. By June, the showers are in full force. Plantations often experience flooding due to the volume of rainfall. Showers generally occur in the evening or at night and may last several hours. The rain is frequently accompanied by lightning and thunder.

The exchange rate  in the Persian country was 1 USD=59.000-60.000 Toman.

In the Ecuadorian spot market, prices for the fruit only, were USD 11.00-12.00 per box. Production has significantly decreased in most  areas, with drops of 25-30% in some regions due to cloudy skies, reduced periods of solar luminosity during the day, and colder temperatures at night. Additionally, the upcoming months may see even less favourable conditions for banana production due to the onset of the La Niña phenomenon, known to cause colder temperatures and drought along the Pacific Coast.

In the chartering market, there have been no reports of spot fixtures.

Cool Carriers have successfully obtained a 6-month contract for the Agricola Famosa melon trade, previously managed by Rotterdam-based GreenSea. The service is scheduled to operate from week 35 of 2024 to week 8-25, with melons being loaded in Natal and offloaded in Vigo, Rotterdam, and Dover. Brokers have reported that the terms offered by Cool Carriers are potentially up to 50% more competitive than those by GreenSea, which has previously handled the shipments.

There were a few fixtures for the fish trade. The Time Charter rates remained comparable to those of the previous week, with larger ships priced at approximately 80-85 US cents per cbft per month and smaller boats at around 75-80 US cents.

Bunker Prices

                    VLSFO   MGO                       

Rotterdam     $561.00          $749.00

Gibraltar         $601.00         $795.00

Panama Canal  -                  $816.00