During week 08, banana selling prices in St. Petersburg ranged from 23.70 to 24.40 USD per box, CIF. Approximately 1.8 million boxes were discharged, and an additional 2.175 million boxes are expected in week 09. The exchange rate is currently 76.64 Rubles for 1 USD.

Rosstandart has approved the first regulations in Russia for bananas intended for import and subsequent sale in various markets. These new rules will monitor the importation of bananas based on several criteria, including appearance, taste, smell, and degree of ripeness.

Remarkably, the import of yellow bananas is prohibited. Other requirements specify that the fruit should have a subtle banana flavour, produce latex when cut, measure at least 14 centimetres in length, and have at least three fingers per hand. 

These new regulations will take effect in March and are advisory, like most existing regulations in Russia.

In the Mediterranean, the price for Ecuadorian bananas ranged from USD 17.00 to USD 18.00 per box, CIF, depending on brand, volume, region, and packing. In comparison, Central American bananas were priced at 1 to 2 USD less.

In the Mersin Free Zone, the price for re-exported Ecuadorian bananas ranged from USD 17.00 to 20.00 per box, depending on factors such as brand, packaging, volume, and weight.  The exchange rate was 43.84 Lira for 1 USD.

The Iranian banana market has continued to grow this week, driven by strong demand amid currency volatility. 

Sales prices for Indian bananas have risen to approximately 150.000-160.000 IRT per kilogram due to robust buying interest and limited supply. 

In major cities, prices for Ecuadorian bananas are currently ranging from 190.000 to 200.000 IRT per kilogram. This increase is attributed to tight availability and higher import costs resulting from the further devaluation of the local currency. 

The USD/IRT exchange rate is fluctuating between 163.000 and 167.000 IRT, which is maintaining upward pressure on import prices and contributing to a generally negative market sentiment, fueled by fears of potential hostilities with the USA. 

For Indian bananas (CIF Bandar Abbas), prices have strengthened to approximately USD 9.30-9.45 per box of 13.50 kg, reflecting higher procurement and logistics costs. 

Additionally, freight rates have surged to around USD 4.500 per container, significantly increasing importers' costs.

In the chartering market, there were several fixtures for various trades. Grapes volumes out of Chile for the USA East and West coast have finally increased and are now abundant The time charter rates for large vessels range from 105 to 110 US cents per cubic foot per month, while smaller ships are priced at approximately 70 to 90 US cents per cubic foot per month, depending on the nature of the voyage, waiting time, etc.

Bunker Prices:

                              VLSFO         MGO

Rotterdam               $473.00        $698.00       

Gibraltar                  $507.00        $765.00       

Panama Canal        $568.00        $793.00