Market Overview – Week 15/2024


Banana selling prices in St. Petersburg ranged from USD 18.70 to 19.75 per box CIF, depending on brand, quality, volumes, and packing. Demand in most regions of the Russian Federation improved due to a decrease in fruit volumes from China and other origins other than Ecuador in Central Asian countries and former Soviet Union Republics. The conclusion of Ramadan also boosted banana consumption in Muslim territories. The exchange rate was 1 USD = 93.72 RUB.

In the Mediterranean, prices were USD 16.0-17.0 per box CIF for Ecuadorian bananas, depending on the brand, volume, and region, with peaks up to USD 18.0 per box CIF in Libya for Ecuadorean bananas, while Central American bananas sold for around USD 2.0 less per box. In Algeria, prices remained high, reaching USD 2.0 per kg at retail.

In the Mersin Free Zone, prices for re-exported bananas of Ecuadorian origin were USD 15.0-18.0 per box, depending on brand, quality, and volume, with peaks up to USD 19.0 per box for extra quality and high weight. Bananas from Central or Southern America were sold at USD 12.0-15.0 per box. Sales were boosted by increased consumption after the end of Ramadan and the start of the Eid festivities, and a long holiday period started on Friday, April 5, with work resuming only on Monday, the 8th, and half a day on Tuesday, the 9th. According to local traders, the current good demand will continue in the coming days.

The exchange rate was 1 USD=32.35 TL.

Following the conclusion of Ramadan and Eid festivities, banana prices in the Iranian domestic market were as follows:

Ecuadorian bananas: 68.000-75.000 Toman per kg

High-quality Indian bananas: 55.000-56.000 Toman per kg

Additionally, a 13.50 kg box of bananas from India was priced at approximately USD 9.0-9.50 per box CIF Bandar Abbas. The high freight rate from India to Iran was offset by the lower price paid for the bananas at their origin.

Traders anticipate that prices will maintain these favourable levels in the coming days.

The exchange rate was 1 USD=63.500-64.000 Toman.

The Ecuadorean spot market price was lower compared to previous weeks due to an increase in fruit availability. This was also a result of a delay in the arrival of one of the regular vessels to St Petersburg, with operations estimated to start on Sunday, April 14. Reportedly, one of the multinational companies also reduced spot purchases. The highest prices paid during the week were around USD 7.0 per box for the fruit only.

There were no recorded banana fixtures in the chartering market. Several vessels were employed in the intra-African or other trades and were involved in the squid trade in the Southern Atlantic and the Falklands.

Large Specialised Reefer Vessels are currently engaged in several fruit trades. These include the transport of citrus from Argentina to Russia, South Africa to the USA and Europe, kiwi from New Zealand to various markets, and grapes from Chile to the USA.

The Time Charter rates remained consistent with the previous week’s levels, ranging between 85 and 90 US cents per cbft per month for larger and smaller vessels.

Bunker Prices:

                        VLSFO           MGO

Rotterdam     $612.00         $806.00        

Gibraltar        $659.50         $873.00                                            

Panama         $683.00         $895.00