Due to weak demand, Banana selling prices in St. Petersburg, depending on brand, volume, quality, and packaging, experienced a noticeable decrease compared to the previous week. The presence of large volumes of local summer fruit available to consumers at competitive prices has impacted banana sales. The lowest prices reported by local traders were USD 10.40 per box CIF, with the main prices hovering around USD 12.05-13.20 per box CIF. Approximately 973,000 boxes were discharged in week 33, and around 1.294 million boxes are expected for week 34. The exchange rate was 1USD = 92.66 RUB.

In the Mediterranean, the banana market has been stable, with prices primarily ranging from USD 16.00 to USD 18.00 per box CIF for Ecuadorian bananas. These prices are influenced by brand recognition, volume, packaging, and regional preferences. Libya is an exception, where premium brands of Ecuadorian bananas command higher prices, approximately USD 20.50 to USD 21.00 per box CIF. Central American and Mexican bananas also have distinct pricing tiers in this market, and the paramount price for those origins was around USD 19.0 per box CIF.

In Algeria, prices have escalated compared to the previous week, with Ecuadorian bananas quoted between USD 19.50 and USD 20.00 per box CIF. This increase is attributed to the limited volumes of bananas available in the market. Traders are cautious and uncertain about the sustainability of these prices, given the market's sensitivity to supply volumes. Consequently, ripening is being controlled to ensure only quantities the market can absorb are processed, mitigating the risk of price drops to USD 16.00 - USD 17.00 per box.

The market is currently in a state of anticipation, with traders expecting the release of new banana import licenses in September. Depending on the market's response to the controlled supply, this regulatory pause could stabilise or even inflate prices.

In the Mersin Free Zone, re-exported bananas of Ecuadorean origin fetch USD 15.50 to USD 18.50 per box, and Central American bananas fetch USD 13.00 to USD 16.00 per box. These prices are influenced by brand, volume, packaging, and box weight. Demand from Iran and Iraq has been lower compared to other regions.

The current exchange rate is 1 USD = 33.63 Turkish Lira (TL).

In Tehran’s domestic market, Ecuadorean bananas are priced between 60,000 to 70,000 Iranian Rial (IRT) per kg, with some traders in other parts of the Islamic Republic reporting prices as high as 80,000 IRT per kg. Indian bananas, predominantly considered of inferior quality by traders, are priced at 48,000 to 50,000 IRT per kg.

Many bananas were imported during the week, especially from Davao. Market stability is uncertain due to potential geopolitical tensions. The possibility of military actions between Iran and Israel, following the assassination of Hamas political leader Ismail Haniyeh on July 31st in Teheran, could lead to a regional crisis affecting the market. The Iranian Toman is particularly sensitive to such geopolitical events and international crises.

the exchange rate was 1 USD=58.000-60.000 IRT.

This week, the average price for a box of bananas in the Ecuadorean spot market ranged from USD 7.00 to USD 8.00  per box for the fruit only. Premiums were observed for heavier boxes, with 43-lb boxes fetching up to USD 8.50 and 50-lb boxes, typically destined for the Southern Cone, commanding prices up to USD 9.50.

Availability was constrained due to reduced volumes due to colder temperatures and quality issues with limited export capabilities. It is anticipated that Colombia and other Central American nations will see an increase in banana volumes in the coming weeks. However, this forecast is contingent upon the impact of  La Niña phenomenon and the potential for hurricanes that could severely disrupt the Caribbean region.

In the chartering market, several fixtures were noted in various regions for the transportation of fish. Time Charter rates remained relatively stable compared to last week, with large vessels quoting rates from U.S. Cents 45-50 per cubic foot (cbft) per month. These rates are contingent upon the specifics of the voyage. Meanwhile, smaller vessels, with capacities ranging from 265,000 to 300,000 cbft, commanded higher rates of approximately U.S. Cents 55-60 per cbft per month. It’s also reported that some vessels remained idle in Africa and other locations.

Bunker Prices:

                                    VLSFO           MGO

Rotterdam                 $535.50          $681.00         

Gibraltar                    $575.50          $760.00                     

Panama Canal          $654.00          $895.00