In week 14, the price of bananas in St. Petersburg decreased from USD 28.40 per box CIF on Monday to a range of USD 26.60 to 27.20 per box CIF starting Tuesday as demand weakened. The prices varied based on the brand, volume, and packaging. The exchange rate was 1 USD = 84.38 RUB.

Prices for Ecuadorean bananas in the Mediterranean region ranged from USD 21.00 to USD 23.00 per box, CIF, depending on brand, volume, and packaging. In contrast, prices in the Maghreb were significantly higher, with Ecuadorean bananas priced around USD 29.00 to USD 30.00 per box CIF in Libya. Central American bananas were slightly lower, at approximately USD 27.00 to USD 28.00 per box. In Algeria, prices for Ecuadorean bananas also remained elevated, ranging from USD 28.00 to USD 30.00 per box CIF.

In the Mersin Free Zone, re-exported Ecuadorean bananas were valued between USD 22.00 and USD 24.00 per box, influenced by brand, volume, weight, and packaging. Central American bananas were priced at about USD 18.00 to USD 20.00 per box.

Discharge, custom clearance and other operations  resumed on Wednesday, April 2nd, after an extended holiday due to the Eid al-Fitr festivities marking the end of Ramadan. The exchange rate was 1 USD=38.01 TL.

Following the Eid al-Fitr holidays and Nowruz, the Persian New Year, banana prices increased in Iran. This rise was mainly attributed to many bananas being held in containers that did not reach the market, resulting in a lower supply. Other contributing factors included the devaluation of the local currency. Prices reached 185.000-200.000 IRT per kg for Ecuadorean bananas and 115.000-120.000 IRT per kg for Indian bananas. Additionally, the 13.50-kilogram box of Indian bananas was priced at USD 8.50-9.00 CIF Bandar Abbas. The local currency continued to face devaluation against the US dollar, with the exchange rate at 1 USD = 105,000-106,000 IRT.

Prices in the Ecuadorian spot market continued to decline. Due to a severe shortage of reefer containers, many bananas could not be exported. The highest weekly prices reached a maximum of USD 7.25 per box just for the fruit.

Intense rains affected nearly all banana-producing areas, causing floods in the lower regions of Guayas, Los Ríos, and El Oro provinces. The heavy rainfall exacerbated the spread of Black Sigatoka in several plantations, leading to quality issues with the bananas. Excess water and overgrade also negatively impacted the crop. For the upcoming week, market watchers anticipate that farms may still be affected by heavy rains, and shippers will likely continue to face a shortage of containers.

Ecuador was not the only country affected by the reefer container shortage; Costa Rica and, to an even greater extent, Colombia's Urabá region also experienced challenges in banana exports. However, due to favourable weather conditions, Colombia's banana production in the Uraba` region in the first quarter of 2025 was generally better than in the same period in 2024. Production is expected to remain strong until weeks 17-18, with volumes potentially exceeding those of the previous year.

Despite this solid production, Colombian shippers face a critical shortage of reefer containers.

The time charter rates for larger vessels range from approximately 100-105 US cents per cubic foot per month and 105-110 US cents per cubic foot per month for smaller tonnage.

Bunker Prices:

                             VLSFO        MGO

Rotterdam             $497.50       $666.50      

Gibraltar                $530.00       $699.00                

Panama Canal      $531.00       $694.00