In week 12, the selling prices of bananas in St. Petersburg ranged from USD 27.20 per box CIF to USD 29.55-30.75 per box CIF, depending on the brand, volume, and packaging. Approximately 2.0 million boxes were discharged, and around 1.835 million boxes are expected to be delivered in week 13. The Exchange rate was 84.40 RUB to 1 USD.

Prices for bananas in the Mediterranean region varied based on brand, volume, weight, packaging, and origin, ranging from USD 20.00 to USD 23.00 per box, CIF. In Libya, however, prices were higher, with Ecuadorian bananas selling for approximately USD 25.00 to USD 27.00 per box CIF. In contrast, Central American bananas were priced at USD 23.00 to USD 24.00 per box CIF.

In Algeria, prices remained higher at USD 30.00 per box CIF or more. The government sanctioned 53 local fruit companies for artificially manipulating prices -according to local media-to raise them during Ramadan. Nonetheless, local traders pointed to a ban on imports of Ecuadorian bananas due to high prices in the domestic market.

The Mersin Free Zone's prices varied by brand, weight, volume, and packaging. Ecuadorian bananas were priced at USD 23.00 to USD 24.00 per box for re-export, and Central American fruit was priced at USD 17.00 to USD 20.00 per box. The exchange rate was 38.05 TL.

The recent decline of the Lira may impact banana imports. On Thursday, March 20, the Turkish central bank unexpectedly increased one of its key interest rates to counteract the Lira's depreciation. The monetary authority raised the overnight lending rate by two percentage points to 46%. After tumbling 3.2% the previous day, the Lira experienced a brief rise following the announcement, but it was trading lower by 0.1% at 37.9520 per dollar in the evening.

In Iran, banana and other fruit sales surged due to Nowruz, the New Year celebration that began on Thursday, March 20. This holiday, which has been observed for several centuries, marks the arrival of spring and lasts about two weeks. Celebrations typically include festive meals with high fruit consumption, dancing, and singing.

The price of Ecuadorean bananas reached 155.000-165.000 IRT per kg, while Indian bananas were sold for approximately 80,000 to 88,000 IRT per kg. The box of 13.50 kilograms of Indian bananas cost around USD 8.50 to 9.00, and it was delivered CIF  to Bandar Abbas.

However, the local currency continued to devalue against the USD, dropping to around 100,000 IRT. This situation made trading bananas difficult for local importers, resulting in significant losses for many.

During the week, the prices in the Ecuadorean Spot Market ranged from USD 7.50 to USD 8.50 per box for the fruit alone. 

In the Chartering Market, the first shipments of kiwi from New Zealand to China were noted. Shippers reported that there might  be 61 Kiwi shipments from the island to various destinations. 

The trade of Chilean grapes is expected to continue until the final shipment arrives in the USA by April 10. After that, more vessels will join the New Zealand trade. In South Africa, the citrus trade will soon transition to the trade of deciduous fruit. 

Time Charter (T/C) rates remained relatively stable compared to the previous week.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $495.00         $628.00        

Gibraltar                    $524.00         $727.00                    

Panama Canal         $557.00         $734.00