In week 12, banana selling prices in St. Petersburg ranged from USD 16.95 to 19.70 per box CIF, depending on the brand, quality, and type of packing. Prices were unstable across most regions of the Russian Federation due to weak demand and challenging sales.

Local traders attributed the market turbulence to events in February, which saw the import prohibition for five Ecuadorean companies. This led to delays in phytosanitary control ,discharge at the St. Petersburg port and backlogs in delivery,the Ramadan period, fluctuating prices at origin in Ecuador, and the unusual import of larger volumes of bananas from countries like Egypt, China, and India contributed to the fall in selling prices.

According to local traders, imports might be slow in the coming weeks until the market recovers. Approximately 1.73 million boxes were discharged in week 12, and nearly 3.2 million boxes are expected for week 13. Due to the huge volumes expected for the next week, the market is anticipated to weaken further. The exchange rate was 1 USD = 91.95 RUB.

In the Mediterranean, the price for a box of Ecuadorian bananas ranged from USD 17.50 to USD 20.0 CIF, depending on the brand, region, and volume. In Libya, the price for a box of bananas from the Andean country was between USD 20.0 and USD 21.0 CIF, while the price for Central American bananas was around USD 19.0 per box CIF.

In the Mersin Free Zone, the price for re-exported Ecuadorian bananas was between USD 16.50 and USD 20.0 per box, depending on the brand, quality, weight, and volume. The price for bananas of Central American origin was between USD 13.0 and USD 15.0 per box. The exchange rate was 1 USD = 32.03 TL.

In Iran's domestic market, the price for Ecuadorian bananas was between 75,000 and 80,000 Toman per kg, and for Indian bananas, it was around 60,000 to 65,000 Toman per kg. The market improved substantially, with prices increasing nearly 20% due to strong sales for the celebration of Nowruz, the Persian New Year.

The price for 13.50 Kg of Indian bananas was around USD 10 CIF Bandar Abbas. There was a drop in exports from India recently due to an increase in freight for the 40 reefer FEU, which reached USD 6.000. However, there have been recent rumours that the container liners might have decreased this.

Local traders expect the market to remain buoyant due to an anticipated reduction in exports from Davao to Bushehr. The exchange rate was 1 USD = 60,000 to 61,200 Toman, indicating further erosion of the Iranian currency.

Prices in the Ecuadorian Spot market were primarily around USD 8.50-9.0 per box for the fruit only, with peaks up to USD 10.50-11.0 per box depending on quality, volumes, area, and day of the week.

Regarding chartering activity, many Specialised Reefer Vessels are currently employed in the Southern Atlantic and the Falkland Isles for trade with the Far East and other destinations. Some smaller reefers were used in the intra-African trade and from Chile to other destinations;  one vessel was reported fixed for a meat voyage from Brazil to Russia.

The New Zealand kiwi season has begun, with vessels directed to the Far East and Europe. The Chilean grape season continues, with Specialised reef vessels loading for destinations on the East and West Coasts of the USA.

Following the grapes and deciduous fruit shipments from South Africa, citrus shipments are expected shortly.

The Time Charter rates for larger ships reached US Cents 100-105 per cbft per month and US Cents 95.0-100 per cbft for the smaller vessels.

Bunker Prices:

                        VLSFO           MGO

Rotterdam     $597.00         $794.50        

Gibraltar        $637.50         $888.00

Panama         $633.00         -