Banana selling prices in Russia were USD 15.10-17.45 per box CIF, occasionally extending to USD 18.60 per box. However, prices decreased due to weak demand for bananas caused by high temperatures and the availability of large volumes of local summer fruit in the market.

In week 30, approximately 1.516 million boxes were discharged, and around 833,000 boxes are expected to arrive in week 31.

The exchange rate was 1 USD=85.41 RUB.

Regarding inflation, Russia faces a high year-on-year inflation rate of over 9%, while the government intended to reach a target of 4%. Initial plans to start easing monetary policy in the year's second half failed as the expected slowdown in inflation did not materialize.

As price growth accelerated, the Central Bank's decision to hold the benchmark rate at 16% after its June meeting was not maintained, and rates were raised recently 200 points to 18%. Labour shortages and factors beyond the Central Bank's control have contributed to the situation.

Additionally, on June 12, 2024, the U.S. introduced a new package of sanctions targeting Russia's financial, energy, and technological infrastructure. These secondary sanctions have disrupted Russia's financial operations, affecting payments, currency exchange rates, and interbank dynamics. So far, banana imports have not suffered. However, trade might be affected in the future in case of higher inflation or difficulty paying through international channels due to current problems.

In the Mediterranean, Ecuadorean bananas were priced at USD 16.0-18.0 per box CIF, depending on brand, volume, region, and packing. There was a notable exception in Libya, where prices reached USD 22.00-23.00 per box CIF. For Central American bananas, the price was around USD 20.0 per box CIF.

In the Mersin Free Zone, the re-export hub, the prices for re-exported bananas were USD 16.50-18.50. Extra-quality heavy boxes of Ecuadorean origin commanded higher prices, while Central America-origin bananas were priced at USD 15.0-17.0 per box.

The exchange rate was 1 USD = 32.97 TL (Turkish Lira).

In Iran, demand for bananas was weaker due to high temperatures. Local summer fruits were abundant and available at competitive prices compared to bananas.

Ecuadorean bananas were priced at 78,000-85,000 Toman per kg, while Indian bananas (lower quality) were available in smaller volumes at around 58,000-62,000 Toman per kg.

The box weighing 13.50 kg was sold at approximately USD 9.50 CIF Bandar Abbas.

The exchange rate in Iran was  1 USD = 58,500 Iranian Toman (IRT).

In the Ecuadorean spot market, banana prices vary based on quality, the day of the week, and the region. During the week, prices for the fruit alone ranged from USD 7.0 to USD 8.0-8.80 per box.

The liner service vessels from Ecuador to St. Petersburg are experiencing delays. They are now expected to be loaded on Friday and Saturday.

There have been several fixtures in the fish trade within the chartering market. 

The citrus season from Argentina to St. Petersburg will end in week 33 (around August 14-18). 

Time charter rates for both larger and smaller vessels are approximately U.S. Cents 45-50 per cubic foot (cbft) per month.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $558.50         $720.50        

Gibraltar                    $590.50         $771.00                    

Panama Canal         $597.00         $810.00