In St. Petersburg, banana prices during week 05 were set at approximately USD 19.70 per box CIF on Monday and Tuesday. By Friday, these prices surged to USD 20.70-21.20, influenced by brand, volume, and packaging. This increase was a direct result of robust demand.  

During this timeframe, around  1.41 million boxes were unloaded, with traders expecting around 2.580 million boxes for week 06. The exchange rate of the USD stood at 98.01 RUB.

Furthermore, as reported by Rosstat, inflation in the Russian Federation has consistently reached 1.14% since the start of the year.

Prices in the Mediterranean for the Ecuadorean bananas were mainly around USD 15.0-16.0 per box CIF depending on the brand, volume, weight and packing, except Algeria, where prices kept at high levels as the past week, at around USD 25.00 per box CIF due to the low volumes shipped mainly due to the ban on importing Ecuadorean bananas not replaced by other producing countries short on volumes at least until March. Should Algeria and Ecuador not reach a diplomatic settlement , the Algerian domestic market is expected to remain very hot, with prices that might go higher than the actual levels, particularly during Ramadan, the ninth month of the Islamic calendar. This year, it starts on the evening of Friday, February 28th, lasting 30 days and ending at sundown on Saturday, March 29.

The Mersin Free Zone prices for re-exported bananas of Ecuadorean origin were USD 15.50-17.0 per box, depending on brand, volume, weight, and packing. Central American bananas were sold at around USD 2.0 per box lower.

The exchange rate was 1 USD=35.84 TL. The Turkish Central Bank recently lowered its key interest rate by 2.5 percentage points to 45% on January 23, 2025. This was the second rate cut in as many months, following an earlier reduction in December 2024. The central bank's decision came as official figures showed inflation was easing. As of December 2024, the annual inflation rate in Turkey slowed to 44.38%, down from 47.09% in the previous month. This marked the seventh consecutive month of gradual disinflation and the lowest reading since June 2023. Inflation decreased across various categories, including food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels.

The Iranian domestic market improved, and there were fewer volumes of Indian bananas. Prices were higher, around 76.000-80.000 IRT per kg for Indian bananas and 90.000-94.000 IRT  per kg for  Ecuadorian fruit. The exchange rate was 1 USD = 84.000-84.500 IRT.

The limited number of import licenses available and the unfavourable exchange rate hindered imported volumes, with the local currency weakening further against the US currency.

Prices in the Ecuadorean Spot Market during the week ranged from USD 7.50 to USD 8.50 per box for fruit alone, with occasional sales rising to USD 9.00 per box. Prices varied depending on the area where the bananas were bought and the volumes involved. Exporters who delayed payments to growers also tended to pay higher prices. According to industry sources, higher production is expected around week 10. So far, the rain has not been intense, although temperatures have been high. Heavy rain could affect production after mid-February.

The chartering market has seen a surge of activity in the fish trade, highlighted by two significant fixtures involving large vessels moving from Alaska to Europe. Notably, one vessel was chartered open Gibraltar, with charterers agreeing to cover the long ballast to the loading port. This scenario clearly illustrates that negotiating power is firmly in the hands of owners, driven by a shortage of available tonnage. At present, most vessels are engaged in contracts of affreightment (COAs) from key markets like Chile, South Africa, and Morocco.

With demand for tonnage outpacing supply, owners may occasionally opt to pull a vessel from its regular trade to seize high-paying spot cargo opportunities, especially when these jobs align closely with their open positions. Currently, time charters for both small and large ships are fetching prices between US cents 110 and 125 per cubic foot per month, varying by trade. This is a clear sign of strong market conditions, and those looking to charter should act decisively to secure favorable terms.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $549.00         $675.50        

Gibraltar                    $572.00         $750.00                    

Panama Canal          $585.00         $765.00