As of Friday, banana selling prices in St. Petersburg have settled between USD 10.80 and 11.40 per box CIF. Earlier in the week, prices averaged around USD 13.70 per box, with peak rates reaching USD 15.20 to 16.47 per box. These fluctuations are attributed to brand recognition, volume, quality, and packaging variations.

Local market insights reveal a subdued demand for bananas, overshadowed by the abundance of local summer fruits currently in season and readily available in the market. Around  1.290 million boxes were discharged in week 32, and around   973.000 boxes are expected for week 33. 

The current exchange rate stands at 1 USD = 84.95 RUB.

In the Mediterranean, banana selling prices have been observed to range from USD 17.0 to 20.0 per box CIF, influenced by factors such as brand reputation, quality, volume, and regional demand. Ecuadorean bananas have seen peak prices reaching up to USD 22.0 per box, reflecting their high demand and perceived quality.

The most notable prices were recorded in Libya, where bananas fetched around USD 22.0 per box CIF, and in Algeria, prices were around USD 20.0 per box CIF. These figures are attributed to the limited availability of bananas in these markets, which has driven up prices.

However, a significant volume of bananas is currently en route to Ghazaouet and Algiers. This influx has local traders concerned about a potential price drop in the coming days as the market adjusts to the increased supply.

Bananas from Central America are trading at approximately USD 2.0 per box less than their Ecuadorean counterparts.

Within the Free Zone of Mersin's transit port, a pivotal nexus for banana re-exports, Ecuadorean bananas have been priced between USD 16.50 and 18.50 per box. Premium quality and heavier boxes have commanded prices up to approximately USD 19.50 per box.

In comparison, bananas from Central America have been trading at around USD 14.0 to 16.0 per box, offering a competitive alternative in the market.

The prevailing exchange rate has been noted as 1 USD = 33.50 Turkish Lira (TL).

Hot temperatures affecting banana consumption affected the Iranian domestic market's demand.

Ecuadorian bananas sold at around 75.000-80.000 IRT (Iranian Toman) per kg and Indian banana for 45.000-57.000 IRT per kg. The exchange rate was 1 USD=61.000 IRT

Colombia is poised to harvest higher volumes of bananas from around weeks 34-35 to weeks 44-47, and Costa Rica has seen a recent uptick in crop production following adverse weather conditions. The spot market has absorbed some surplus, signalling a steady market recovery.

Guatemala has managed to redirect excess banana volumes to European importers and multinational companies and directly from large-scale plantation growers. However, the nation's export operations have been hampered by logistical bottlenecks, with critical road conditions and a recent blockade at the port of Santo Tomas de Castilla disrupting trade flow. Additionally, local truck drivers have announced an impending road blockade for the upcoming weekend, stemming from disputes with the government.

The United States, as Guatemala's primary banana import market, may experience supply disruptions. Moreover, a seasonal dip in demand for bananas in both the U.S. and Europe, a typical trend during the summer months, has further influenced market dynamics.

The Ecuadorean Spot market has recently seen its highest prices, ranging from USD 6.85 to 7.00 per box for the fruit alone. However, a shift in market dynamics is anticipated. Prices are expected to face downward pressure soon, influenced by a decline in demand from European and American markets. Additionally, a surge in production from Colombia, Costa Rica, and other regions is projected in the coming weeks, which may further contribute to the softening of prices.

Regarding the Chartering Market, in week 33, melons will resume shipments from Brazil to Northern Europe, with five vessels expected to be employed from Natal in northern Brazil to Rotterdam and Sheerness in the U.K. as last year.

Several vessels were fixed for the fish trade. Time Charter rates for large vessels ranged from U.S. Cents 45-50 per cubic foot (cbft) per month, depending on the nature of the trip. Smaller ships with capacities of 265,000-300,000 cbft commanded rates around U.S. Cents 55-60 per cbft per month.

Bunker Prices:

                                    VLSFO           MGO

Rotterdam                 $535.50          $681.00         

Gibraltar                    $575.50          $760.00                     

Panama Canal          $654.00          $895.00