From Monday to Wednesday, banana prices in St. Petersburg ranged from USD 21.10 to 20.55 per box CIF. However, starting Thursday, prices began a downward trend, dropping to USD 20.00-18.85 CIF. Banana sales were impacted by high temperatures and the availability of large volumes of summer fruit at competitive prices, which is typical for this time of year. Approximately 990,000 boxes were discharged in week 23, and around 1.41 million boxes are expected for week 24. The exchange rate was 1 USD = 88.76 RUB.

In the Mediterranean, Ecuadorian bananas were sold at approximately USD 17.50-19.00 per box CIF. The price varied depending on the brand, volume, region, and packing. In contrast, Central American fruit was sold at around USD 2.00 less per box.

In the Mersin Free Zone, prices ranged from around USD 17.50 per box to USD 19.50-20.00 for re-exported bananas of Ecuadorian origin. The price depended on the brand, volume, weight, and packing. Central American fruit was priced around USD 14.00-17.50 per box.

In the Iranian domestic market, prices were higher than last week due to the significant ongoing lack of import licenses. This regulatory issue resulted in reduced banana shipments to the country and several containers being detained at port terminals. The impact of such regulatory factors on the market is crucial for stakeholders to understand the market situation.

Ecuadorian bananas reached very high market prices, selling at around 85,000-90,000 Toman per kg, while Indian bananas were sold at around 63,000-70,000 Toman per kg.

The volume of Indian bananas was significantly lower due to severe impacts from recent strong rainfalls and winds, primarily caused by the Summer Monsoon currently affecting India. This weather condition, coupled with reports from local traders about the poor quality of the bananas, provides a comprehensive understanding of the market conditions and can help traders anticipate future trends.

The price for a 13.50 kg box of bananas from India was around USD 8.50-9.00 CIF Bandar Abbas. The exchange rate was 1 USD = 58,500-59,000 Toman.

During the week, prices in the Ecuadorian Spot market ranged from USD 8.00 to USD 12.00 per box, only for the fruit. However, sales occurred at lower or higher prices depending on the day of the week, the area where the fruit was purchased, the quality, and the weight of the box. The highest prices were paid on Tuesday and Wednesday.

Shippers have tried hard to lower prices due to the reduced banana consumption in most export markets during the summer months. Despite this, volumes of good quality fruit remained low, although there was some increase in crops in the Los Rios province. Production in the El Oro and Guayas provinces was still low.

Russian importers decreased volumes in anticipation of lower sales during the summer months when the consumption of local seasonal fruit increases.

There were no reports of fixtures for bananas or fruit in the Chartering Market. Some vessels were chartered for the fish or meat trade. The Time Charter rate was around 75-80 US cents per cbft per month for large vessels and around 70-75 US cents per cbft per month for smaller cargo.

Bunker Prices

                          VLSFO          MGO

 Rotterdam       $528.00         $707.50        

Gibraltar          $578.00         $781.00                    

Panama Canal$606.00         $762.00