Banana selling prices in St Petersburg were USD 22.40-24.70 per box CIF, according to brand, volume and type of packing, an increase compared to the previous week, notwithstanding a weak demand.  In week 47, nearly 1.55 million boxes were discharged, and around 1.48 million are expected for week 48. The effect on the market remains to be seen as some specialised reefer vessels loaded in Ecuador are heading to St Petersburg, taking the longer route through the Magellan Strait due to the troubles at the Panama Canal. The transit time from Ecuador to the Baltic port via Magellan Strait is 31-32 days instead of the 17-18 days of the journey via Panama. The difference in distance is over 5.000 nautical miles, and the higher costs for bunkers do not compensate for the savings of the Panama Canal tolls.   The difficulties at the Panama Canal might disrupt the regularity of the arrivals at St. Petersburg for some months, depending on the slots available for transit for the vessels employed in the regular service from Ecuador. Owners have been trying to reserve the transit at the Canal until February and over to avoid long idle time at anchorage at the Canal. Under the current situation, it might not be easy to secure the transit in the coming months should the condition not improve.  The exchange rate was 1 USD=88.12 RUB. 

Prices in the Mediterranean, depending on brand, volume, and region, were USD 16.00-17.00 per box CIF for the Ecuadorian bananas and around USD 2.00 less per box for Central American or Colombia origin.  Prices were slightly higher in Libya, with Ecuadorian bananas sold at around USD 18.00 per box CIF and Central American fruit at USD 16.00 per box CIF.  Prices for the re-exported bananas from Ecuador at the Mersin Free Zone were USD 16.50-19.00 per box depending on volume, brand, and weight, while bananas from Central America and Colombia sold at around USD 12.50-14.00 per box. 

According to local traders, bananas available in the Free Zone were limited to around 40-50 FEUS since one of the significant shippers was not calling at the Turkish transit port for some weeks.  Prices in the Free Zone could strengthen in the coming weeks should the volumes remain low.  The exchange rate was 1 USD =28.87 TL. Of the two Specialised Reefer Vessels which loaded in Ecuador after the release of import licenses in Algeria, one which left Ecuador with around 160,000 boxes of bananas on November 4 and arrived at Balboa on November 6 was finally able to transit the Canal after waiting over two weeks for the Northbound transit and is now advising ETA at Oran on December 1st. The other vessel with around 168,000 boxes of bananas, which left Ecuador on November 10 and arrived at Balboa roads on November 12, could not manage to transit the Canal and is now reported underway, heading South to Magellan Strait with ETA Algiers on December 23. The voyage is expected to be almost 4,500 Nautical miles longer with 12-13 days extra steaming time. Apart from the more extended trip, the vessel was idle for nearly nine days at the Balboa anchorage, awaiting transit without success. 

At the Iranian domestic market prices improved compared to the previous week as volumes shipped from Mersin were reduced. Ecuadorian bananas were sold at around 64.000-67.000 Toman per kg, and Indian bananas at about 51.00-54.000 Toman per kg.  The price for the 13.50 kg box of Indian bananas was USD 9.00-10.00 C&F Bandar Abbas. According to local traders, volumes from India increased considerably compared to previous weeks, and an additional vessel carrying 200 FEUS is expected to be placed on the route from India to Iran. 

One vessel discharged around 220.000 boxes of bananas from Davao at Bushehr, and two vessels are expected to be employed regularly from the Philippines in the coming weeks with one expected to load on December 15. The exchange rate was 1 USD=506.000 IRR or 50.600 Toman. 

Prices in the Ecuadorian Spot Market were mainly at around USD 9.00-11.00 per box, only for the fruit. However, there were also lower prices on Thursday depending on quality, weight, and production area. Bagging was low, production was reduced, and fruit did not reach the required grade due to erratic weather conditions. Temperatures are increasing in some producing regions with more extended periods of solar luminosity but lack of rain. Demand increased in the Spot Market also due to the troubles affecting the banana industry in Panama with strikes of farm workers and roadblocks.   

Although shippers attempted to lower prices, they generally failed due to the scarce volumes of good-quality bananas available. 

 Regarding the Chartering Market, there was a general sensation that rates are poised to rise due to the difficulties in transit to the Panama Canal and the extended journeys as more vessels might be required on the route from Ecuador to Europe or the Baltic in case of passing the Magellan Strait instead of Panama. 

The Morocco Citrus season has started with the first vessels loading for the USA.  There were also requirements for seed potatoes and fish. 

Time Charter for large vessels, depending on the trade, was around US Cents 45-50 and almost identical levels or higher for smaller tonnage, although there were still some idle vessels awaiting cargo. 

Bunker prices    

                                       VLSFO               MGO    

Gibraltar                         $605.00            $865.00  

Rotterdam                      $590.00            $803.00  

Panama Canal               $607.00            $897.00