Banana selling prices in St. Petersburg, influenced by brand, volume, quality, and packaging, ranged from USD 16.25 to 17.95 per box CIF. Prices were lower than the previous week due to weakened demand, attributed to high temperatures in several regions of the Russian Federation and the abundance of local summer fruits available in the market.

Approximately 1.035 million boxes were discharged in week 29, with an expected increase to nearly 1.515 million boxes for week 30. The exchange rate was 1 USD = 87.88 RUB.

Banana selling prices in the Mediterranean ranged from USD 15.50 to 17.50 per box CIF for Ecuadorean bananas, depending on the region, brand, quality, and volume. An exception was Libya, where sales reached USD 21.00 to 22.00 per box CIF, depending on brand, volume, and quality. Bananas from Central America were sold at around USD 19.00 to 20.00 per box CIF. Prices in Algeria were in line with the average price in the Mediterranean, with boxes priced at around USD 16.00 per box CIF.

In the Mersin Free Zone, prices for re-exported bananas of Ecuadorean origin ranged from USD 16.00 to 18.50 per box, with peaks of USD 21.00 to 22.00 for extra quality and heavy boxes.

According to traders, higher temperatures and large volumes of local summer fruit might hinder the banana trade. The exchange rate was 1 USD = 33.08 TL.

The Iranian domestic market improved during the week. Ecuadorian bananas sold for 80,000 Toman per kg, while Indian bananas were priced around 60,000 to 63,000 Toman per kg. The quality of Indian bananas was lower than that of Ecuadorian fruit due to the intense rains typical of the season in the Asian country.

The price for a 13.50 kg box of Indian bananas delivered in Bandar Abbas was USD 8.50 to 9.00 for good quality fruit. According to traders, the market share for Indian bananas was around 20%.

Some volumes of bananas from Pakistan were sold at around USD 0.50 per kg. According to local sources, the market is expected to remain stable over the next ten days, and prices might remain at current levels for seven to ten more days. The exchange rate was 1 USD = 58,000 Toman.

The Ecuadorean spot market experienced a notable price increase this week. Depending on the day, quality, and sourcing area, prices ranged from USD 7.00 to 8.00 per box for the fruit only, with peaks reaching USD 8.20 to 8.50. These elevated prices are unusual for this time of year, driven by the limited availability of high-quality fruit and balanced production levels in Central America and Colombia, where surplus volumes have yet to materialize.

Looking ahead, production in Central America and Colombia will be heavily influenced by the impact of hurricanes and the La Niña phenomenon, particularly in Colombia. Over the past 4-6 weeks, Colombian crops, especially in the Urabá region, have suffered from dry weather. However, production is beginning to rebound, as indicated by increased bagging data. A peak in production is anticipated between weeks 35 and 45, contingent on the effects of La Niña and potential hurricanes during the season.

There were no reports of fixtures for the banana trade in the chartering market this week. However, a few vessels were chartered for the fish trade in various regions.

Time Charter rates were approximately USD 0.50 to 0.55 per cubic foot per month for large and smaller vessels.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $574.00         $733.00        

Gibraltar                    $612.50         $814.00                    

Panama Canal         $624.00         -