In week 15 in St. Petersburg, banana selling prices were around USD 18.10 per box CIF for nearly all brands. Approximately 2.25 million boxes were discharged, with around 2.35 million expected to arrive in week 16. The exchange rate for the USD was 77.84 RUB.

In the Mediterranean region, prices ranged from USD 17.00 to 18.00 per box CIF for Ecuadorian-origin fruit, depending on the brand, volume, and packaging, while Central American fruit was about USD 2.00 lower. In the Mersin Free Zone, Ecuadorian bananas re-exported to neighbouring countries were priced at USD 24.00-25.00 per box, depending on brand, volume, and packaging. Prices remained high due to increased demand and low supply.   The exchange rate was 44.67 Turkish Lira for 1 USD.

In Iran, the ongoing war has severely disrupted logistics, the financial system, and retail markets, leading to higher banana prices due to reduced arrivals and diminished consumer purchasing power. Prices remained similar to the previous week, at approximately 300.000 to 310.000 IRT per kg for Ecuadorian bananas and around 240.000 to 245.000 IRT per kg for Indian bananas. The USD was traded at around 165.000 IRT.

In the Ecuadorian spot market, prices were considerably lower due to a severe shortage of reefer containers, which hindered the loading of large volumes of bananas. This shortage is typical for this time of year, as many containers are utilised for the trade in grapes and other fruit in the Southern Hemisphere, particularly from Chile to the East and West coasts of the USA. More critically, the failed repositioning of containers shipped to the Persian Gulf states has exacerbated the situation. 

According to industry sources, the closure and dangers in the Hormuz Strait have disrupted services to the Gulf for all shipping lines that previously served the region, including the UAE, Kuwait, Iraq, Bahrain, and Oman. An estimated 2.3 to 2.4 million boxes of bananas cannot be exported from Ecuador to those destinations. Bananas from India and the Philippines couldn't make it to Iran or the Gulf Countries, either.

Further disruptions in Ecuador are occurring due to delays of some vessels destined for the Baltic. Some exporting companies, including major players, are selling their own fruit or contracted fruit to traders in the Mediterranean or elsewhere, while others have reduced their exports by 10% or more. Market watchers expect an increase in production and a higher ratio, which may lead to severe problems in May and June.

Time Charter rates for large vessels were around US cents 120-125 per cbft per month, and for smaller ships, around US cents 145-150 per cbft per month.

Bunker Prices:

                                    VLSFO           MGO

Rotterdam                 $695.50          $1323.50      

Gibraltar                    $761.00          $1418.00      

Panama Canal          $803.00          $1343.00