A.P. Moller – Maersk would like to inform you of the next steps in the EU Emissions Trading System (ETS) and the impact compliance will have on your supply chain. As of 1 January 2024, shipping will be included into the EU ETS, which sets an annual absolute limit on emissions of certain greenhouse gases (GHG) and requires the purchase of allowances for emissions. Therefore, the inclusion of shipping in the EU ETS puts a price on GHG emissions.

• Unprecedented synergies and investments from private and public stakeholders to decarbonize the shipping industry. • Call for targeting the highest levels of ambition of the IMO GHG Strategy to achieve Net Zero by 2050 and implementing newbuilding standards that support the energy transition.

This report is performed to the best of our knowledge based on the market conditions prevailing at the time mentioned. The report relates solely to the date/place referred to and we emphasize that it is a statement of information collected from various market sources. All particulars above are from information given to us and such information as we have been able to obtain from relevant references in our possession but we can accept no responsibility and we bear no liability for any loss or damage incurred to.

The Main Banana Ports of Ecuador

On November 6, Ecuador raised the minimum price per box that exporters pay producers from USD 6.50 to USD 6.85, only for the fruit. The new price will be applied starting January 1, 2024, as announced by the Ministry of Agriculture and Livestock.

According to the National Oceanic and Atmospheric Administration (NOAA), NOAA's National Weather Service of the USA, above-average sea surface temperatures (SST) across the equatorial Pacific Ocean were indicative of a strong El Niño, with anomalies increasing in the central and east-central Pacific in the past month. The latest weekly Niño index values were +1.4ºC in Niño-4, +1.8ºC in Niño-3.4, +2.1ºC in Niño-3, and +2.2ºC in Niño-1+2.

Banana workers from more than 21 farms in the province of Bocas del Toro decided in a General Assembly to join the strike against the concession granted to Minera Panama. This decision has the country convulsed. The strike approved by the Union of Workers of the Banana Industry, Agriculture and Related Companies (Sitraibana) is for 48 hours, extendable, throughout the banana division of the province of Bocas del Toro.

Banana growers from Bolivia and Paraguay who export their fruit to Argentina demand payment from that country for the fruit and have protested in front of the Argentine embassies in Bolivia and Paraguay. During the mobilizations, they asked the authorities in those countries to demand that Argentina pay for the bananas they sold to them since they lived in a "distressing" situation.

On November 10, the Banana Export Marketing Association (ACORBANEC) celebrated seven years since its foundation. Currently, ACORBANEC is made up of 61 members, which represents 43% of the total banana exports in the country.

The Philippines has secured $603 million worth of purchasing agreements at the China International Import Expo (CIIE), with fresh fruits, such as bananas and durian, occupying the more significant chunk of the exports pie, according to the Philippines's Agriculture Attaché in Beijing. During the first two days of the trade fair in China, Anna Abejuela, Agriculture Counselor at the Embassy of the Philippines in Beijing

The Union of Pilots of the Panama Canal views with extreme concern the current situation of the low water levels of the Gatun and Alajuela lakes as a result of the climatological changes that the hydrographic basin is suffering and that not only affect the operations of the waterway, but also the supply of drinking water to approximately 50% of the population of the provinces of Panama, West Panama, and Colón.

Fresh Del Monte Produce Inc. announced a strategic partnership with Arena Packaging, a leading packaging, design, and pooling company in North America, to introduce Reusable Plastic Containers (RPCs) for bananas. The groundbreaking invention aims to transform industry standards for the leading fruit in fresh produce while significantly reducing food waste, carbon emissions, operational costs and preserving the fruit's health. With the introduction of RPCs, banana shipments now enjoy improved airflow and extended shelf life.

CMA CGM SA, the world's No. 3 container carrier, urged the industry to avoid a price war as the delivery of new vessels threatens to push global shipping to a protracted slump. "New capacity expected on the market in 2024 will likely continue to pull down freight rates," the French company controlled by billionaire Rodolphe Saade and his family said in an earnings statement on November 10. "The slowdown in the global economy is expected to continue weighing on our industry in the period ahead."

According to the preliminary report, the flooding of the Sula Valley hit national production again with millions of dollars in losses, especially with the destruction of bananas and other crops. The flooding of the Ulúa River flooded plains of the Sula Valley, mainly in the lower parts of the municipalities of Pimienta, Villanueva, Potrerillos and San Manuel in Cortés, in Santa Rita and El Negrito in Yoro, extending to the Ramal del Tigre in Tela, Atlántida.

Heavy rains in the upper part of the Sierra Nevada de Santa Marta and the municipality of Zona Bananera caused the water level to rise, seriously affecting small banana and palm producers. José Francisco Zúñiga, Executive President of the Association of Banana Growers of Magdalena and La Guajira (Asbama), said: "From Asbama, we call on the authorities of the department, mayor's office and governor's office to declare an emergency.