During week 4, approximately 1.34 million boxes of bananas were discharged in St. Petersburg, and due to a surge in demand, prices rose compared to the past week. Traders were demanding about USD 20.45 per box CIF. While some sales were made at lower prices, ranging from USD 19.40 to USD 19.90 per box CIF, it is essential to note that sales as low as USD 17.40 per box CIF also occurred.

Prices were determined by brand, quality, volume, and packaging. Traders anticipated around 1.86 million boxes to be discharged in the upcoming week. Additionally, the exchange rate stands at 99.10 RUB, reflecting a positive shift for the local currency.

Selling prices for Ecuadorian bananas in the Mediterranean ranged from approximately USD 14.00 to USD 16.00 per box CIF , depending on the brand, volume, packing, and weight. However, in Algeria, prices were as high as USD 25.00 per box CIF.  In Libya, Central American bananas were sold for around USD 15.0 per box, CIF.

In the Mersin Free Zone, Ecuadorian bananas re-exported to neighbouring countries were priced between USD 14.00 and USD 17.00 per box, depending on brand, weight, volume, and packing. Central American bananas in this zone were sold for approximately USD 11.00 to USD 13.00 per box. The exchange rate was 35.63 TL to 1 USD. 

Turkey's annual inflation rate decreased to 44.38% in December 2024, down from 47.09% in November 2024. This marks the seventh consecutive month of gradual disinflation and represents the lowest rate since June. However, independent economists suggest that the actual inflation rate may be higher. On January 23, 2025, Turkey's central bank lowered its key interest rate by 2.5 percentage points to 45%. This was the second rate cut, following a similar reduction in December.

The Iranian domestic market has strengthened compared to last week. Prices for Ecuadorian bananas ranged between 88,000 and 92,000 IRT per-kg, while Indian bananas were priced between 72,000 and 76,000 IRT per kg. 

However, the exchange rate has been unfavourable for the Iranian Toman, which has weakened further against the US Dollar, currently standing at 85,000 IRT. As a result of the loss in purchasing power, traders have reduced their import volumes.

The import of Indian bananas has been particularly impacted by a limited number of available import licenses and quality issues caused by chilling temperatures in some banana-growing regions of India. Nonetheless, traders estimate that volumes from India may increase in about fifteen days.

A 13.5 kg box of Indian bananas costs USD 6.00 to USD 9.00 CIF Bandar Abbas, depending on quality.

The Ecuadorian Spot Market prices for the fruit alone  were generally around USD 8.00 to USD 8.50 per-box. However, prices varied between USD 7.50 and USD 9.50 per-box, depending on the fruit's quality, volume, area, and weight. 

Additionally, one of the regular vessels between Ecuador and St. Petersburg is expected to arrive on Saturday or Sunday, which may have influenced price dynamics throughout the week.

During the week, there were several fixtures of medium-sized vessels to transport bananas from Central America to the East Coast of the USA and from Colombia to the same destination. One vessel was engaged in the fish trade out of Alaska, another operated from the eastern Mediterranean carrying citrus to the Far East, and a third transported goods from Brazil to the Baltic region. Additionally, one vessel was chartered to take citrus juice from Argentina to the East Coast of the USA. 

Moreover, several vessels were fixed in the fish trade. However, spot vessels of any size were not available. 

The Time Charter rates for large vessels ranged between US cents 120 and 125 per cubic foot per month, while the rates for smaller ships ranged between US cents 125 and 130 per cubic foot per month.

 Bunker Prices:

                                    VLSFO          MGO

 Rotterdam                 $549.00         $700.50        

Gibraltar                    $584.50         $770.00                    

Panama Canal         $610.00         $800.00