In St. Petersburg, banana prices  dropped considerably during the week and  fluctuated between USD 10.55 and USD 11.65 per box CIF. These prices were contingent upon factors such as brand, quality, volume, and packaging. The lack of robust demand negatively impacted sales.

During week 34, approximately 1.284 million boxes were discharged, and around 1.141 million boxes are projected to be discharged in week 35.

The prevailing exchange rate was 1 USD = 91.29 RUB.

According to Rosstat, the State Statistics Service, the year-on-year inflation rate stood at 9.04%.

In the Mediterranean, Ecuadorean bananas were priced between USD 16.0 and 18.0 per box, CIF  with the cost varying depending on brand, volume, region, and quantity.

In Libya, Ecuadorean bananas were priced around USD 21.0-22.0 per box CIF, while Mexican bananas were sold at approximately USD 20.0 per box CIF.

In the Mersin Free Zone, re-exported bananas of Ecuadorean origin were priced between USD 15.0 and USD 18.0 per box, depending on brand, volume, packing, and weight.

Bananas from Central and Southern America were sold at around USD 13.00-15.0 per box, with the price varying based on brand, volume, packing, and quality.

Prices were lower than the previous week due to a drop in prices in Iran, where banana consumption was affected by the availability of large volumes of local summer fruit in the market at prices more reasonable and lower than those of bananas.

Hot temperatures also contributed to the lower sales of bananas.

The exchange rate in Turkey was 1 USD=33.91 TL.

In Iran, the price range for Ecuadorean bananas was 67,000-72,000 IRT per kg, with peak prices reaching up to 78,000 IRT per kg. These prices varied based on factors such as brand, volume, packaging, and the location where the fruit was sold. Lower prices were also observed throughout the week.

Indian bananas, on the other hand, were sold at 53,000-55,000 IRT per kg. Sales were challenging, especially for Indian bananas, which traders reported as inferior to the Ecuadorean fruit.

The price for first-quality Indian bananas was approximately USD 10.50 per box CIF Bandar Abbas for the 13.50 kg box. At the time, 1 USD was equal to 59,500 IRT.

During the week, prices in the Ecuadorean spot market fluctuated between USD 9.0 and USD 10.0 per box, for the fruit only, with a slight dip at the week’s start. Currently, prices are at historically high levels for this time of year, primarily due to the scarcity of high-quality fruit. This shortage can be attributed to colder temperatures impacting the three primary banana-producing regions, as reported by industry insiders.

No banana fixtures were recorded during the week when the only reported fixtures were in the fish trade. Fish carriers operate in the North Atlantic/Barents Sea, Faroes, and Iceland, loading for Russia and West Africa.

According to brokers, about a dozen small-mid reefer vessels were reported idle, awaiting orders in the Canary Islands or elsewhere. Time Charter rates remained relatively stable compared to last week, with large ships 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, had a return of approximately U.S. Cents 55-60 per cbft per month.

Bunker Prices:

                                    VLSFO           MGO

Rotterdam                 $536.00          $654.50         

Gibraltar                    $576.00          $725.00                     

Panama Canal          $612.00          $791.00