In St. Petersburg, banana selling prices fluctuated significantly throughout the week. On Monday, prices ranged from USD 11.60 to 13.80 per box CIF. By Wednesday, prices stabilized around USD 13.80. On Thursday, prices increased to approximately USD 14.35 to 15.40 per box CIF. Finally, on Friday, prices reached USD 17.10 per box CIF. Prices were according to brand, volume, quality, and weight.

According to local traders, the considerable price increase was attributed to a delay in the arrival of a container vessel at the Baltic port. The expected arrival date was shifted from September 3 to September 11, which caused a relative shortage of fruit.

The exchange rate was 1 USD = 91.45 RUB.

Prices in the Mediterranean for Ecuadorean bananas ranged from USD 16.0 to USD 19.0 per box CIF, depending on brand, volume, packing, and weight. In Libya, the CIF price for Ecuadorean bananas was around USD 22.0 per box. According to local traders, prices were very high due to limited volumes. In Algeria, where narcotics were found in containers at Gazahouet in bananas shipped from Ecuador, selling prices were reported to be at very high levels. Due to the findings, importers might have rejected many containers still in transit for fear of drug contamination, thus creating a severe shortage of bananas in the market.

Rumours circulated during the week that potential charterers from the Maghreb country were inquiring about chartering specialized reefer vessels to load bananas in Ecuador. However, prices in the local spot market are considerably high, reaching historical levels for this time of year. According to industry sources, if an additional vessel goes under load, prices in the Spot Market might skyrocket. The full details of the potential charterers were not disclosed, and it needed to be clarified whether they had the necessary licenses to import the bananas.

Prices in the Mersin Free Zone, the hub for banana trade, for re-exported bananas of Ecuadorian origin ranged from USD 15.0 to 16.0 per box, with peaks up to USD 19.0 per box, depending on brand, volume, packing, and weight. Second-brand bananas were sold at around USD 14.0 per box, while bananas from Central America or Colombia were priced between USD 13.0 and 16.0 per box.

With their understanding of the market, local traders are confident that prices might increase in the coming days due to the low quantities of bananas available. The Turkish Lira continued to lose value compared to the US dollar, with an exchange rate of 1 USD = 34.08 TL.

The Iranian domestic market, prices for Ecuadorean bananas ranged from 75,000 to 80,000 IRT per kg. In contrast, Indian bananas, still of poor quality as in previous weeks, were priced between 57,000 and 65,000 IRT per kg. The price for a 13.50 kg box of Indian bananas was USD 9.60-10.00 CIF Bandar Abbas. Despite these challenges, local traders are persevering, even as import licenses remain limited. The exchange rate was 1 USD = 60,000 IRT.

Prices in the Ecuadorean spot market ranged from USD 8.00-8.50 per box to USD 10.00-10.50 per box during the week for the fruit only, excluding the costs of the cardboard box and other material employed for packing, transportation, etc., and depending on quality, the region where the bananas were sourced, and the day of the week. The highest prices were paid on Wednesday and Thursday.

According to brokers, there were inquiries about loading bananas in Ecuador destined for Algiers, but no agreements were finalized by the end of the week in the chartering market. Reports indicated that a vessel was fixed for transporting citrus juice from Argentina to the US East Coast, along with some general cargo for various trades.

The first vessel of the melon trade from Natal, Brazil, to Continental Europe was loaded this week, with 15-20 additional shipments expected in the coming months.  Several large vessels remain active in the South African citrus trade. In contrast, many medium-sized or small vessels were reported idle in West Africa or the Canary Islands.

The time charter rate for large vessels was 40-45 US cents per cubic foot per month. For smaller vessels, the rate varied depending on factors such as the nature of the voyage (geographical or return), the length of the trip, and the waiting time. 

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $558.50         $665.50        

Gibraltar                    $597.50         $739.00                    

Panama Canal         $585.00         $730.00