Banana selling prices in St. Petersburg during the week took a nosedive due to weak demand, falling to USD 17.30-18.35 per box CIF according to brand, volume, and packing. Poor-quality fruit also sold for around USD14.15 per box CIF.

Approximately 1.515 million boxes were discharged, and around 1.320 million boxes are expected for week 41. The exchange rate was 1 USD = 95.03 RUB.

Prices for Ecuadorian bananas in the Mediterranean ranged from USD 15.0 to 18.0 per box CIF, depending on brand, volume, region, and packing. In Libya, prices reached USD 18.0 per box CIF, while Central American bananas were sold at around USD 16.0 per box CIF.

In Mersin, re-exported Ecuadorian bananas were priced between USD 14.0 and 17.50 per box, and Central American bananas were sold for approximately USD 12.0 to 14.0 per box.   All prices varied according to brand, origin, volume, weight, and packing. The exchange rate was 1 USD = 34.25TL.

The Iranian domestic market prices for Ecuadorian bananas ranged from 80,000 to 95,000 IRT per kg and around 69,000 to 75,000 IRT per kg. There were still a limited number of banana import licenses. The price for a 13.5 kg box of Indian bananas was USD 10.50 CIF in Bandar Abbas and around USD 9.50 CIF in Umm Qasr, Iraq.

India has seen a significant increase in banana production, a promising sign for the market. Iranian traders are hopeful that this increase will lead to lower prices in the coming weeks. According to local traders, three vessels will ship bananas from Davao to Bushehr in the next two months, further boosting the market.

Due to geopolitical tensions, the local currency devalued further than the USD, with the exchange rate at 1 USD = 63,000 IRT.

At the beginning of the week, banana prices in Ecuador started at around USD 7.00-7.50 per box. By the end of the week, prices had risen to approximately USD 9.00-9.50 per box for the fruit only.

One vessel has been chartered to transport bananas from Guatemala to the USA for several voyages, with the potential for another boat to be chartered. Additionally, a new ship has been added to the trade route from Davao to Busher, bringing the number of vessels transporting bananas to the Iranian port to three.

Time charter rates for larger vessels range from 40 to 50 US cents per cubic foot per month, depending on the nature of the voyage and trade. For smaller ships, the rates are approximately 40 to 45 US cents per cubic foot per month.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $534.00         $690.00        

Gibraltar                    $564.50         $725.00                    

Panama Canal         $595.00         $740.00