In St. Petersburg, the price of bananas during week 23 averaged around USD 16.60 per box CIF, with sales ranging from USD 15.25 to USD 16.60 per box CIF, depending on the brand, volume, and packaging. Nearly 1.93 million boxes were discharged, and approximately 1.243 million boxes are expected in week 24. The exchange rate was 74.30 RUB for 1 USD.

In the Mediterranean, prices for Ecuadorian bananas ranged from USD 18.00 to USD 20.00 per box CIF, varying by brand, volume, region, and packaging. Central American bananas were sold for approximately USD 2.00 per box less.

In Mersin’s Free Zone, prices for Ecuadorian bananas re-exported to neighbouring countries ranged from USD 19.00 to USD 20.00 per box. Demand has increased, particularly from Iran and the Turkish domestic market. There was also a rise in arrivals at the Turkish transit port, helping meet growing market demand.  The USD reached 46.08 Turkish Lira, indicating a slight strengthening of the local currency against the US dollar.

The Iranian market remained stable, and demand strengthened despite higher transportation costs from Mersin due to logistical challenges and a limited number of trucks available for transporting goods. Trucking bananas from the Free Zone to the Iranian market now costs between USD 2,400 and USD 4,000 per truck.

Ecuadorian bananas were priced between 300,000 and 340,000 IRT per kg. No prices were reported for Indian bananas, which were nearly absent from the market due to difficulties for ships from India passing through the Strait of Hormuz. Attempts were made to ship Indian bananas to Mersin and then truck them to Iran, but the higher costs and long transportation times reportedly discouraged traders.

The USD exchange rate ranged from 170,000 to 175,000 IRT. The future of the banana trade to the Islamic Republic will largely depend on geopolitical developments, free access through the Strait of Hormuz, and the value of the USD against the IRT.

In the Ecuadorian spot market, the highest price reached during the week was USD 7.50 per box.

In the Chartering Market, brokers confirmed the chartering of at least four ships specifically for the fish and banana trade. The time charter rate for large vessels stood at 75-80 US cents per cubic foot per month, while smaller vessels commanded around 85-90 US cents per cubic foot per month.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $709.00         $1097.00      

Gibraltar                    $734.50         $1197.00      

Panama Canal         $792.00         $1278.00