In week 24, the price of bananas in St. Petersburg ranged from USD 23.05 to 24.30 per box CIF, depending on volume, brand, and packaging. Traders anticipate that sales will be unpredictable due to the extended holiday period from Thursday to Sunday for the Day of Russia festivities. Nearly 1.25 million boxes were discharged, and approximately 1.64 million boxes are expected for the upcoming week.

The exchange rate was 1 USD=79.00 RUB.

Prices for Ecuadorian bananas in the Mediterranean market ranged from USD 19.00 to USD 21.00 per box, CIF, while Central American bananas were priced around USD 18.00 per box, CIF. Prices varied based on brand, volume, packaging, and weight.

In the Mersin Free Zone, the prices for re-exported Ecuadorian bananas were between USD 18.00 and USD 22.00 per box. In contrast, Central American bananas sold for approximately USD 16.00 to USD 18.00 per box. Traders reported a decrease in volumes compared to the previous week.

The exchange rate was 39.43 TL to the US dollar.

Prices in the Iranian market, where shipping volumes were lower, were approximately 125.000-135.000 IRT per kilogram for Ecuadorian bananas. For Indian bananas, prices ranged from 85,000 to 95,000 IRT per kilogram. The cost of a 13.50 kg box of Indian bananas was around USD 8.00 to 8.50, CIF Bandar Abbas.

Imports and sales in the Iranian domestic market will largely depend on the ongoing crisis caused by severe air attacks from the IDF in many provinces of the Islamic Republic. These attacks are associated with unresolved negotiations regarding the nuclear agreement. As Iran continues to face these assaults, and with the potential for the crisis to extend for days or weeks, there is significant uncertainty about how the banana trade with the Mersin Free Zone or direct imports from India and the Philippines could be impacted.

The exchange rate was 1 USD = 93,000 IRT, a decline from 85,000 IRT following the air attacks.

Prices in the Ecuadorian Spot Market ranged from USD 10.00 to USD 10.50 per box for the fruit at the beginning of the week. By the end of the week, prices increased to approximately USD 11.00 to USD 12.00 per box, depending on factors such as quality, volume, the source zone of the fruit, and certification.

Overall, activity in the Spot Market was lower compared to the previous week. One of the vessels regularly trading with Russia was expected to be ready for loading at the beginning of week 25 rather than at the end of week 24, according to local traders.

There was limited activity in the chartering market, with only a few reports of vessels being fixed for the fish trade. There were no substantial changes in the rates and the Time Charter rate for large vessels ranged from 65 to 70 US cents per cubic foot per month. This rate varied depending on the nature of the voyage—whether it was geographical or a return trip—and the duration that vessels spent idle while awaiting orders. For smaller vessels, the time charter rate fell between 55 and 60 US cents per cubic foot.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $534.50         $786.00        

Gibraltar                    $487.50         $633.00                    

Panama Canal         $574.00         $755.00