In St. Petersburg, banana selling prices ranged from USD 18.50 to 19.05 per box CIF, depending on the brand, volume, quality, and packing. Approximately 1.75 million boxes were discharged in week 14, with around 1.18 million boxes projected for week 15.

The situation has improved in the former USSR republics of Central Asia as the volumes of imported Chinese bananas have nearly vanished. The exchange rate was 1 USD = 92.31 RUB, and the year-on-year inflation in the Russian Federation  was 7.7%.

Mediterranean prices ranged from USD 18.0 per box CIF for Ecuadorian bananas, depending on brand, volume, and region. The highest prices were achieved in Libya, around USD 19.0 per box CIF and USD 17.0 per box CIF for bananas of Central American origin, and in Algeria, where the price reached USD 23.0 per box CIF.

According to local traders, new import licenses have been released, and Charterers required specialised reefer vessels for prompt loading to arrive at discharge ports Algiers or Orane within April. The first spot vessel might only be load-ready in Ecuador after 10-14 days, depending on the transit of the Panama Canal. There were no confirmations of any fixture for that destination, and bananas are expected to be shipped by container.

In the Mersin Free Zone, prices for the re-exported bananas of Ecuadorean origin were USD 16.0-18.0 per box depending on brand, volume, quality, and weight and around 12.0-15.0 USD per box for Central American bananas. The exchange rate was 1 USD=32.04 TL.

The Iranian domestic market prices were around 64.000-65.000 and up to 70.000 Toman per kg for Ecuadorian bananas and around 55.000-60.000 Toman per kg for Indian bananas. The exchange rate was 1 USD=64.000-65.000 Toman. The local currency devaluated around 20 % after the Israeli attack on Iranian military forces in a compound of  the Embassy of the Persian country in Damascus-Syria, which reinvigorated tensions in the ME. An inflation rate of over 50-60% YoY in Iran jeopardises banana imports, and traders have suffered losses again recently.

It remains to be seen how they might afford to import current volumes of bananas from the Mersin transit market for Ecuadorian and Central American bananas or from India or the Philippines. Freight rates for reefer FEUs from India have also increased considerably recently, and some importers refrained from buying.

Prices in the Ecuadorean Spot market ranged during the week between USD 6.85 and USD 8.0-8.50 per box for fruit only, according to quality, volumes, and region. The majority of shippers completed loading on Friday. However, one of the vessels of the liner service to Russia was delayed, and it was uncertain whether the shippers regularly loading for Russia would have been able to load on Friday or Saturday. According to local traders, there were volumes left in the farms.

Regarding the chartering, there were inquiries for medium-large vessels to load bananas in Ecuador for Algeria in 1-2 weeks, but no reports of ships were fixed. The citrus season from South Africa is expected to start soon, with shipments to Russia, Northern Europe, and the USA. Grape shipments from Chile to the USA are nearing their end.

Several ships are still employed in the Southern Atlantic and the Falklands squid campaign. The Time Charter for larger vessels was reportedly around US Cents 85-90 per cbft per month, and almost the same values were also given for the smaller ships.

Bunker Prices:

                        VLSFO           MGO

Rotterdam     $614.00         $807.50

Gibraltar        $652.50         $877.00                                            

Panama         $655.00         $855.00