In week 07, banana prices in St Petersburg were around USD 24.90 per box CIF, with peaks up to USD 26.00 per box CIF, boosted by good demand. Nearly 1.720 million boxes were discharged, and around 1.920 million are expected for week 08. The exchange rate was 1 USD=91.03 RUB.

Ecuadorian bananas in the Mediterranean commanded prices between USD 18.00 and USD 20.00 per box CIF, varying based on brand, volume, region, and packaging. In Libya, these bananas were sold at a price of around USD 17.00 per box CIF. Central American bananas, on the other hand, were priced lower at approximately USD 16.00 per box CIF.

The situation in Algeria is starkly different, where prices have soared to USD 26.00 per box CIF due to significantly reduced import volumes caused by the ban on Ecuadorian bananas.

The prices for re-exported Ecuadorian bananas in the Mersin Free Zone ranged from USD 19.00 to USD 21.00 per box, depending on the brand, weight, packaging, and volume. These prices have increased compared to the previous week, mainly due to lower banana availability and rising demand, particularly from Syria and the Turkish domestic market. In contrast, Central American bananas cost around USD 16.00 per box. The exchange rate was 1 USD=36.20 TL.

Prices in the Iranian domestic market increased compared to the previous week due to lower shipping volumes, a limited number of import licenses, and a religious celebration that heightened fruit consumption. Ecuadorian bananas were sold for approximately 90,000 IRT per kg.

The market is currently very active, as the volume available is constrained by import license limitations. Indian bananas were sold for around 90,000 to 95,000 IRT per kg, which is a record price for that origin.

The local currency has further depreciated against the USD, with the exchange rate ranging from 92,000 to 93,000 IRT. According to local traders, many containers of Indian bananas are stuck at the port of Bandar Abbas due to the lack of clearance licenses. Currently, Ecuadorian bananas are selling for 120,000 IRT per kg, while Indian bananas are priced around 90,000 to 95,000 IRT per kg.

The price for a 13.50 kg box of Indian bananas, which are free from chilling damage, is firmly set between USD 8.50 and 9.00 CIF Bandar Abbas.

The Ecuadorian Spot Market prices for the fruit are firmly set between USD 12.00 and USD 14.00 per box. 

In the chartering market, Time Charter rates have reached US Cents 120 to 125 per cbft per month for both large and smaller ships. Shipowners are determined to secure rates of US Cents 140 to 145 per cbft per month, capitalizing on the ongoing shortages of tonnage and refrigerated containers, which vary depending on specific trades.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $541.00         $679.00        

Gibraltar                    $564.00         $754.00                    

Panama Canal         $593.00         $760.00