The banana selling prices in St. Petersburg experienced significant variability, ranging from USD 17.90 per box CIF to USD 20.00-23.00 per box CIF, depending on brand, volume, packing, and the day of the week. A sudden drop in demand for bananas led to a downward pressure on prices. However, traders are optimistic about a potential stabilization of prices on Monday, January 15th, despite the challenges posed by high temperatures and the abundant supply of seasonal local fruit at competitive prices.

Nearly 660,000 boxes were discharged in week 28, with around 1.03 million boxes expected for week 29.  The exchange rate was 1 USD = 87.99 RUB.

Prices in the Mediterranean for Ecuadorean bananas ranged from USD 16.00 to USD 20.00 per box CIF, depending on brand, volume, region, quality, packing, and weight. The lowest prices were in Algeria, where boxes sold for around USD 16.00-16.50 CIF due to large volumes of summer fruit and lower demand for bananas. High temperatures also reduced banana sales  as consumers preferred melons, watermelons, and other typical Mediterranean summer fruits.

The highest prices were in Libya, about USD 20.00 per box CIF for Ecuadorian bananas. Central American or Colombian bananas sold for around USD 2.00 less per box.

In the Mersin Free Zone, re-exported Ecuadorian bananas were priced at USD 20.00-22.00 per box, depending on brand, quality, volume, packing, and weight. Central American bananas sold for around USD 16.00-18.00 per box.

The exchange rate was 1 USD=33.01 TL

The Turkish lira has been strengthening since June 26, trading around 32.5-33.0 per USD, as investors monitor Turkey’s economic and monetary policy landscape. International investors are gradually returning to the Turkish market and increasing their exposure to Turkey.

The Iranian domestic market prices were lower than the previous week due to lower consumption. Demand dropped due to higher temperatures and large volumes of local summer fruit available in the market, sold at more competitive prices than bananas. Sales were also affected by the mourning period of the Muharram -July 7–17, 2024- one of the four sacred months of the year. It is the most important after Ramadan. From the first of Muharram to the twentieth of Safar, Shia and Sunni Muslims commemorate the death of Imam Hussein ibn Ali, the grandson of Muhammad, his family, and followers during the Battle of Karbala. The focal date is the tenth-day mourning, called Ashura. Every year, many Shia make a pilgrimage to the mausoleum of Imam al-Hussein in Karbala (Iraq) and take part in rituals. People of all age groups practice these rituals.

Ecuadorian bananas were sold at around 65.000-70.000 Toman per kg, and Indian bananas were sold at 45.000-50.000 Toman per kg. The price of the 13,50 kg Indian bananas was around USD 9.50-10.00 CIF Bandar Abbas.

According to local traders, there were still issues with the release of banana import licenses.

The exchange rate was 1 USD =59.000 Toman.

Prices in the Ecuadorian Spot Market came under pressure during the week due to reduced demand. The maximum prices were paid on Friday, reaching up to $7.00 per box for the fruit only.

There were a few fish trade fixtures in different regions regarding the chartering market.

The Time Charter rates were around US Cents 50-55 per cubic foot per month for large and smaller vessels.

Bunker Prices:

                                   VLSFO           MGO

Rotterdam                 $574.50          $748.00         

Gibraltar                    $612.00          $822.00                     

Panama Canal          $649.00          $830.00