In the second such announcement within a month, the Panama Canal revealed further easing of draught and transit limits for the critical trade corridor. Through an Advisory to Shipping, the Panama Canal has announced that, effective June 26, the maximum authorised draught was raised to 14.33 metres (from 46 to 47 feet) and will increase to 14.63 metres (48 feet) on July 11. Additionally, a new booking slot for the Neopanamax locks will be added beginning on August 5, bringing the total number of transits to 35 daily ships.

The warehouse has been built to BREEAM Excellent standards with zero direct emissions from operations, complying with high environmental standards. The groundbreaking ceremony for this low-emission warehouse was held about two years ago near Taulov Dry Port in Fredericia, Denmark, and the warehouse was inaugurated on June 24. With this facility, Maersk pioneers and has set the benchmark for developing low-emission warehouses and logistics facilities, reaching its vision to achieve net-zero CO2 emissions by 2040.

Víctor Villalobos, Minister of Agriculture, in collaboration with the Michoacan government, initiated a strategic project to enhance the productivity of the banana production chain. This initiative aims to boost the economy and improve the well-being of rural families in the state. For the second consecutive year, Villalobos inaugurated the Banana Flour Processing and Dehydrating Plant in Coahuayana as part of the Fertilizers for Well-Being program, which benefits the region's small—and medium-scale producers.

The Ecuadorian banana is entering South Korea with force. From January to May, it almost tripled its shipments, an unprecedented growth of 276%. The Asian country went from buying 532,000 boxes of fruit in the first five months of 2023 to just over 2 million boxes in the same period this year, according to the latest figures from the Association of Marketing and Export of Bananas of Ecuador (Acorbanec).

Fairtrade International proudly presented its 2023 annual report, 'Driving the Fairne's Agenda', at the general assembly on June 19. The report is an organization's significant strides in addressing critical issues such as deforestation, human rights, and a living income, underscoring our commitment to the positive partnership report underscores the Fairtrade system's and its partners' accomplishments over the past year, including programs and initiatives that have expanded benefits for more than 2 million farmers and workers across 68 countries.

This year, nine technicians and two engineers will traverse approximately 11,000 hectares of banana and plantain crops. This exercise will include collecting 1,000 samples that will be analyzed in different laboratories in the country. The ICA and Asbama have signed a new technical cooperation agreement to contain and exclude the Tropical Race 4 Fusarium -TR4- on the farms of 305 banana and plantain producers in the departments of Magdalena, Cesar, and La Guajira.

During week 25, the demand for bananas in St. Petersburg showed improvement compared to the previous week. On Monday and Tuesday, banana selling prices hovered around USD 23.05-24.25 per box CIF. Later in the week (from Wednesday), prices increased slightly to USD 24.25-25.45 per box CIF. These prices varied based on brand, quality, volume, and packaging. Approximately 1.540 million boxes were discharged during week 25, and around 1.320 million boxes are expected for week 26. The exchange rate was 1 USD=87 RUB. Ecuadorian bananas in the Mediterranean were priced at USD 17.00-19.00 per box CIF with prices around USD 21.0 per box CIF in Libya. The price varied based on brand, volume, region, and quality. Central American bananas were cheaper, selling around USD 2.00 less per box. In the Mersin Free Zone, the price range for re-exported Ecuadorian bananas was USD 17.0-18.0 per box. However, for extra quality fruit and heavier boxes, prices could go up to USD 20.0-21.0 per box. Bananas from Central America were sold at USD 15.0-16.0 per box.

The bacterium Ralstonia solanacearum Race 2, known as "moko", affects bananas, plantains, and other musaceae. The Agency for Phytosanitary Regulation and Control (Agrocalidad) is intensifying controls to detect this pest in Musaceae, using various strategies, including training, sampling, and drone overflights. The pest spreads through soil, water, and contaminated plant material or by handling tools or machinery that has yet to be previously disinfected.

A satellite image provided by the National Oceanic and Atmospheric Administration shows Hurricane Idalia, centre, over Florida and crossing into Georgia, and Hurricane Franklin, right, as it moves off the East coast of the U.S., on August 30, 2023. Federal forecasters say the climate p that which brought warmer-than-normal ocean temperatures to the Eastern Pacific — and helped drive global temperatures to new heights — since June 2023 is officially over. As expected, the National Weather Service's Climate Prediction Center declared that neutral conditions returned during the past month.

American sportswear corporation Nike will christen A.P. Moller–Maersk's new methanol-enabled containership at the Port of Los Angeles Outer Harbor on August 27, 2024. This cutting-edge vessel, powered by green fuel for its maiden voyage, can carry over 16,000 containers (TEUs). It will receive its new name during a private ceremony. Maersk's innovative containerships stand out from traditional designs. Notably, they position crew accommodation and the bridge at the bow, with a single funnel at the stern.

Ocean freight container shipping spot rates are predicted to rise further, although the growth rate may decelerate, per the ocean freight rate benchmarking firm Xeneta. Xeneta's data suggests that the average spot rates from the Far East to the U.S. West Coast are projected to increase by 4.8%, reaching USD 6,178 per 40ft equivalent unit (FEU). This contrasts with a 20% increase on the same trade route earlier in the month.

The Panama Canal has successfully averted a shipping crisis that threatened to disrupt $270 billion worth of annual trade. This was achieved through meticulous water management and a touch of good fortune. Last year, as drought conditions prevailed in the Central American nation, the Panama Canal Authority was compelled to reduce the daily number of vessels permitted to cross the canal to 22, approximately 60% of the usual traffic. This led to shippers paying hefty sums to bypass the growing queue and evade wait times beyond two weeks.

In a proactive move to curb food price inflation, the South Korean government has announced an extension of the tariff exemption for ten imported fruits until the end of September. This strategic decision is part of the government's ongoing efforts to maintain market stability. The fruits that will continue to benefit from zero import duty include bananas, pineapples, mangoes, grapefruit, kiwifruit, avocados, mangosteens, cherries, durian, and mandarins. Initially set to expire at the end of June, Korea's Deputy Prime Minister and Finance Minister, Choi Sang-mok, extended the tariff exemption.

In St. Petersburg, banana selling prices fluctuated between USD 20.71 and 21.85 per box CIF, depending on the brand, volume, quality, and packaging. Due to weak demand, the prices were lower than the previous week. In week 24, approximately 1.395 million boxes were discharged, and 1.540 million are expected for week 25. The exchange rate was volatile. The official rate was 1 USD = 88.21 RUB. However, the exchange rate at local banks for purchasing U.S. currency was 1 USD = 91-93 RUB. The U.S. has imposed new sanctions against Russia, immediately ending dollar and euro trading on Russia's leading financial platform, the Moscow Exchange (MOEX.MM). The exchange and the central bank issued statements within an hour of Washington's announcement of these sanctions on June 12, a public holiday in Russia. These sanctions aim to disrupt the flow of money and goods that sustain Russia's war in Ukraine. The central bank stated, "The U.S.'s imposition of restrictive measures against the Moscow Exchange Group has resulted in the suspension of exchange trading and settlements of deliverable instruments in U.S. dollars and euros." This development means that banks, corporations, and investors will no longer be able to trade either currency through a central exchange, which typically offers liquidity, clearing, and oversight benefits. The impact of these developments on the banana trade remains to be seen. In the Mediterranean, Ecuadorean bananas were sold at CIF prices of USD 16.0-17.0 per box while Central American fruit was priced around USD 2.0 less per box.

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