The selling prices for bananas in St. Petersburg ranged from USD 21.35 to 22.40 per box CIF. These prices varied based on factors such as brand, quality, type of packing, and weight. However, there were operational delays and disruptions related to Customs and Sanitary formalities. These issues arose due to the ban imposed on five Ecuadorian companies following alleged findings of the humpback fly in their banana shipments.

According to Russian authorities, the ban is expected to be lifted on Monday, February 19. However, in the meantime, there are still hundreds of containers that have recently arrived at the St. Petersburg port, and which are blocked due to the ban. During week 7, approximately 1.890 million boxes were discharged, and around 1.790 million boxes are anticipated for week 8. The exchange rate during this period was 1 USD = 91.83 RUB.

Inflation quickened to 0.86% in January, and 0.21% in the past week; annual figures have been around 7.4% recently.

In the Mediterranean, Ecuadorian bananas were priced at USD 16.0 to 18.0 per box CIF. The price varied based on brand, volume, region, packing, and quality.

In the Mersin Free Zone, the price for the re-exported bananas reached USD 17.50 to 18.0 per box for the highest quality and heavier boxes of Ecuadorian bananas. Bananas from Central America were available at a slightly lower price, ranging from USD 14.0 to 15.0 per box.

The exchange rate was 1 USD=30.37 TL.

There were reports of delayed discharge operations at the Turkish transit port, and many trucks loaded with bananas were also awaiting transit at the Turkey-Iran border.

Regarding the Iranian domestic market, Indian banana prices for the box of around 13.50 kg were approximately USD 9.50-10.0 CIF Bandar Abbas. A limited number of vessels with very high freight are reportedly shipping bananas to the Persian nation.

The retail prices improved during the week, reaching 65.00-77.000 Toman per kg for Ecuadorian bananas and 55.000-65.0000 Toman per kg for Indian bananas. Volumes of bananas from the Philippines were limited.

One Specialised Reefer Vessel is expected to discharge around 260.000 boxes of bananas at Bushehr from Davao on February 18.

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

The Ecuadorian Spot market prices for bananas have shown some variability. They ranged from USD 7.50 to USD 9.00 per box for the fruit only, with occasional peaks up to USD 9.50 per box. Notably, the higher costs were associated with fruit shipments to Algeria in anticipation of Ramadan, which is expected to begin in the Islamic countries on Monday, March 11, 2024 (according to Saudi Arabia) and end on Tuesday, April 9, 2024. 

However, due to the recent Carnival period, banana operations in all banana-producing provinces faced limitations. Harvesting, cutting, and packing was affected by the long weekend, which concluded on Wednesday, the 14th, when normal activities were resumed.

Additionally, there have been reports of saturated terrains on banana farms in the Guayas and Los Rios provinces. Heavy and persistent rains caused these conditions over the past few days. Consequently, there were delays or irregularities in the arrival of some of the Specialized Reefer Vessels for the weekly services to Russia.

The Time Charter  for large vessels was US Cents 80-85 per cbft the previous week. Per month for large ships and around US Cents 70-80 per cbft. Per month for smaller vessels. 

Some small- to medium-sized ships were still reported idle, awaiting cargo. 

Bunker Prices:

                                    VLSFO          MGO

Panama Canal         $588.00         -          

Gibraltar                    $616.00         $913.00

Rotterdam                 $573.00         $822.00