Market Overview – Week 04 / 2024


Banana selling prices in St Petersburg were higher than last week, boosted by good demand and more favourable ambient temperatures, favouring street sales and not hindering the vessel’s discharge operations in the harbour.

The main prices ranged from USD 24.55 per box CIF to USD 25.70 per box CIF  depending on brand, quality, packing and volume.

Nearly 954.000 boxes were discharged in week 4, and around 1.731 million are expected for week 5.

The exchange rate was 1 USD=88.59 RUB.

Prices in the Mediterranean were USD 17.0-18.0 USD per box CIF for the Ecuadorian bananas, depending on volume, brand, and region. The fruit from Central America sold at around USD 2.0 less. Large quantities of poor-quality Egyptian bananas were sold at lower prices.

Prices in the Mersin Free Zone for the re-exported fruit of Ecuadorian origin ranged from USD 17.0 to USD 20.0 per box depending on brand, volume, packing and weight. Bananas from Central America or Colombia are sold at USD 1.0-2.0 per box less.

The Turkish Lira lost further value against the U.S. currency, and the exchange rate was 1 USD=30.32 TL.

Prices in Iran increased slightly compared to last week and were around 60.000-70.000 Toman per kg for Ecuadorian bananas and 45.000-52.000 Toman for Indian bananas. 

Due to the further devaluation of the Iranian currency, importers are paying higher prices and selling their fruit almost at breaking-even levels without profit.

The price for the box of almost 13.50 kg of Indian bananas was around USD 8.50-9.50 CIF Bandar Abbas.

The banana imports from the Philippines will end in a few more weeks. According to local traders, the Unifrutti vessel transporting bananas from Davao to Bushehr will soon be removed from service. Crown Jade and Baltic Erica should cease the service in a few more weeks. The Iranian domestic market would be less supplied, and fewer bananas would be available.

The exchange rate was 1 USD=55.000-56.000 Toman.

The local currency lost around 10% of its value, thus making imports more expensive.

Prices in the Ecuadorian Spot market ranged from USD 6.85 per box for the fruit only to USD 9.0 but were mainly at around USD 8.0-9.0 per box on average during the week.

Production increased compared to previous weeks, although according to baggings, the highest show might come in a few more weeks with the possibility of reaching around 8 million boxes per week, according to industry sources.

Time Charter rates for larger vessels were U.S. Cents 60-70 per cbft per month and U.S. Cents 50-60 per cbft per month for smaller ships, depending on trade.

Several small-medium vessels were still reported idle, awaiting cargo.


Bunker Prices:

                                            VLSFO          MGO       

Gibraltar                             $622.00         $950.00 

Rotterdam                          $566.00         $786.50

Panama Canal                   $615.00         $1080.00