From Monday to Wednesday, banana selling prices in St. Petersburg were around USD 20.10 per box CIF. However, they started a downward trend afterwards, dropping to USD 19.05-19.60 per box CIF by Friday, March 29th. The market weakened due to low demand and high volumes of bananas discharged in week 12. According to local traders, this will also affect prices in week 13. Almost 3.29 million boxes were discharged in week 12, and 1.81 million are expected in week 13.

There were difficulties at transit markets, with at least one case reported of importers from Uzbekistan refraining from paying bananas to exporters from Ecuador—an importer with a contract of 30 containers per week abandoned at most minuscule 30 FEUs. Difficulties were also experienced in other transit countries’ markets, such as Kazakhstan, Kyrgyzstan, and Tajikistan, where consistent volumes of bananas from origins other than Ecuador were imported.

According to local traders, the larger volumes of bananas imported from India, China, Egypt, and other countries sold at lower prices affected the trade with Ecuador, and two more weeks might be necessary to clear the volumes of the fruit of origin different from those of Ecuador.

The transit to the markets of some former USSR countries in Central Asia was also partially disrupted by difficulties and delays at the Estonian port of Tallinn, where at least two container liners discharged some volumes of bananas from Ecuador, which were in transit to the mentioned destinations. Operators reported that recently, there were delays of up to two weeks in dispatching the bananas destined for Central Asia, and the bananas were then sold in the local market, affecting sales.

The exchange rate was 1 USD=92.40 RUB. 

Prices in the Mediterranean significantly differed according to brand, volume, and region, ranging from around USD 18.00 per box CIF to USD 25.00-26.00 per box CIF for Ecuadoran bananas. The highest prices were paid in Libya, about USD 19.00 per box CIF for Ecuadorian origin and USD 17.00-18.00 per box CIF for Central American bananas. The highest prices, around USD 26.00 per box CIF, were paid in Algeria, where volumes were reduced due to the limited number of import licenses remaining and colder temperatures, which favoured banana consumption.

Prices in the Mersin Free Zone for re-exported bananas of Ecuadorian origin ranged during the week from USD 15.50-16.00 per box to USD 17.50-18.50 for the best quality and heavy boxes. Bananas from Central America were sold at around USD 12.00-15.00 per box. The exchange rate was 1 USD = 32.39 TL.

The Iranian domestic market weakened due to the long holidays for the Nowruz, the Persian New Year, as many people travelled, and consumption of bananas was reduced. Selling prices were 60.000-65.000 Toman per kg for Ecuadorian bananas and around 45.00-50.000 Toman per kg for Indian bananas. Local traders estimate that prices might recover as no shipments from the Philippines are arriving soon. The exchange rate was 1 USD=60.000-61.000 Toman, a further deterioration of the Iranian currency.

The Ecuadorian Spot Market prices were mainly around USD 7.50-8.50 per box for fruit only during the week, depending on quality, volumes, and the region where the bananas were sourced. 

Regarding the Chartering Market, there were no relevant differences compared to the previous week, and the Time Charter rates remained at almost the same levels as the previous week. 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     $600.00         $777.50

Gibraltar        $639.50         $866.00        

Panama        $687.00         $890.00