The banana selling prices in Russia experienced significant fluctuations throughout the week, influenced by brand, quality, volume, and packaging. On Monday, prices were USD 16.65 per box CIF. By Tuesday, prices ranged from USD 17.10 to 18.00 per box, and from Thursday onwards, prices increased to USD 18.00 to 18.95 per box CIF, highlighting the volatility of the market.

The sudden surge in prices was primarily due to two significant factors. Firstly, a report of a delayed vessel arrival, which was initially expected on December 2nd, caused a ripple effect in the market. Secondly, the substantial devaluation of the Ruble against the US Dollar further exacerbated the situation.

During week 48, approximately 1.915 million boxes of bananas were discharged, indicating a healthy supply. Looking ahead to week 49, we anticipate a similar trend, with an estimated 1.5 million boxes expected to be discharged. The exchange rate was 1 USD = 109.58 RUB after having reached a maximum of 115 on Wednesday.

The price disparity between Ecuadorian and  Colombian or Central American bananas was significant in the Mediterranean. Ecuadorian bananas ranged from USD 15.00 to 16.00 per box CIF, depending on brand, volume, region, and packaging. However, in Algeria, prices were notably higher, ranging from USD 24.00 to 25.00 per box CIF due to limited volumes of bananas available.

In Libya, where banana prices typically exceed those in other Mediterranean ports, Ecuadorian banana prices dropped to USD 14.00 per box and around USD 13.00 per box CIF for Colombian and Central American fruit. This price collapse was attributed by local traders to large volumes of bananas imported from Egypt, highlighting the significant influence of this player in the market.

In the Free Zone of Mersin, prices for re-exported Ecuadorian bananas ranged from USD 16.00 to 20.00 per box, depending on brand, weight, volume, and packaging. Prices for bananas from Colombia or Central America were around USD 14.00 to 16.00 per box. Prices were higher due to lower import volumes.

The exchange rate, a key factor influencing the banana market, was 1 USD = 34.69 TL.

Banana prices in the Iranian domestic market showed improvement over the week, after starting lower at the beginning. Ecuadorian bananas were sold at around 80,000-83,000 IRT per kg, while Indian bananas were priced at 68,000-72,000 IRT per kg.

The price for a 13.50 kg box of Indian bananas was USD 9.0 CIF Bandar Abbas, with quality improving compared to previous weeks. The local currency further depreciated against the US dollar, with the exchange rate at 1 USD = 70.300 IRT.

During the week, prices in the Ecuadorian spot market were mainly around USD 6.85-7.00 per box for the fruit alone.

Industry sources indicate that several exporters might take a significant action by reducing volumes for the upcoming week, opting to source and take only the fruit they have under contract. Rumours that Algeria has suspended banana purchases from Ecuador for unconfirmed reasons could influence the spot market in the coming weeks. Additionally, the devaluation of the Ruble might affect exports to Russia, according to traders.

There were several fixtures in the chartering market, with operators taking added vessels from other operators or owners to cover positions in their trades or contracts, particularly for citrus shipments from Morocco. There were also some fixtures for the potato trade from Northern Europe to Africa in the fish trade. Finally, brokers reported that the new Seatrade container had just been delivered to China. Seatrade Ecuador was taken on Time Charter for one year from Chiquita. Brokers reported also that the first Specialised Reefer Vessel to carry cherries from Chile to China was chartered.

The Time Charter for larger vessels was around US cents 89-85 per cbft per month and around US cents 90-95 per cbft per month for smaller tonnage.

Bunker Prices:

                                    VLSFO             MGO

Rotterdam                    $508.00            $659.50           

Gibraltar                       $544.50            $735.00                       

Panama Canal              $565.00            $700.00