Demand for bananas continued to be weak in St Petersburg and prices were very different during the week, according to quality, brand, volume, and type of packing, ranging from USD 18.30 to USD 20.90 per box CIF.  Due to the delay of one of the regular container liner vessels, expected for week 42 and now scheduled for week 43, only 994,000 boxes were discharged, and almost 2.2 million boxes will be discharged in week 43.  The exchange rate was 1 USD=97.31 RUB. 

Prices in the Mediterranean for Ecuadorian bananas, according to brand, volume, and region, were around USD 15.00-16.00 per box CIF, except in Libya, where Ecuadorian bananas sold at around USD 18.00 per box CIF and Central American bananas at around USD 16.00 per box CIF.  Prices in Algeria during the week were USD 20.00-21.00 per box CIF and up to USD 22.00-23.00 per box CIF, depending on the brand and volumes. 

As expected, import licenses were released to importers in the Maghreb country at the beginning of the week, they will last until the end of 2023. Volumes ranging from 200 and up to 1,500 MT were issued to traders, and more licenses are expected to be released in 2024 well before Ramadan, which is scheduled to start on the evening of March 10th.  Prices in the Mersin Free Zone for re-exported bananas from Ecuador were USD 15.00-16.00 per box, and up to USD 19.00 per box according to brand, volume, weight, and type of packing (break-bulk or palletised).  According to local traders, prices for bananas from Central America or Colombia were USD 12.50-14.0 per box.  Once again, operations were plagued by vessel delays of at least 4-5 days at anchorage before berthing alongside the Mersin International Port (MIP). The Port Authority still needs to organise efficient operations, according to local traders. 

The ongoing hostilities between Israel and Hamas negatively influenced sales of bananas to neighbouring countries, and depending on future developments, the banana trade in the Turkish transit port could be severely affected.  

The exchange rate was 1 USD=28.02 TL. 

Iranian domestic prices for Ecuadorian bananas were 53.000-57.000 Toman per kg and around 39.000-45.000 Toman per kg for Indian bananas. Prices slightly improved compared to the previous week, but local traders still incurred losses as they were obliged to sell below their costs. The exchange rate was 1 USD=510.000 IRR or 51.000 Toman. 

Prices in the Ecuadorian Spot market ranged from USD 6.50 to USD 8.00 per box, only for the fruit, this week but on Friday 20th, there were sales at USD 9.00-10.00 per box, paid by exporters to complete their shipments.  Weather conditions were not favourable, with large volumes of bananas not reaching the appropriate grade to be packed. On many occasions, particularly in the Northern banana farms, there was a gap in the supply of the fruit, which obliged shippers to source additional volumes of bananas in other areas. A sudden increase in demand during the week was believed to be a consequence of the troubles in Guatemala, where the blockades almost entirely paralysed banana exporting operations.  Higher prices are expected for the incoming week, and according to the bagging, lower volumes are expected unless weather conditions become favourable. 

Regarding the Chartering Market, there were inquiries this week for Specialised Reefer Vessels after Algerian authorities released the banana import licenses. Still, potential Charterers opted to perform their shipments by container to avoid pressure on the market for loading large quantities of bananas. The current low volumes available would have caused prices to increase considerably.  Time Charter rates are believed to be US Cents 45-50 per cbft per month for large vessels and US Cents 50-55 per cbft per month for smaller ships. 

Bunker prices:    

                                                 VLSFO            MGO   

Gibraltar                                  $658.00           $985.00   

Rotterdam                               $622.50           $909.00   

Panama Canal                        $640.00           $975.00