During week 12, banana prices in St. Petersburg started at USD 22.60–23.20 per box CIF at the beginning of the week. However, prices began to decline, falling to USD 21.40–22.00 per box CIF by Wednesday and further dropping to USD 20.20–20.80 per box CIF by Thursday.

Approximately 1.750 million boxes were discharged, and around 2.040 million boxes are expected to arrive in week 13. The exchange rate was 84.84 Rubles for 1 USD. 

In the Mediterranean, the price for Ecuadorian bananas varied between USD 18.00 and 19.00 per box CIF, depending on volume, region, packing, and weight. Central American bananas were priced at about USD 17.00 per box CIF.

In the Mersin Free Zone, re-exported bananas of Ecuadorian origin reached prices between USD 28.00 and 29.00 per box, depending on brand, packing, volume, and weight, due to low availability. Bananas from Central America were sold at approximately USD 2.00 less.

Delays occurred in discharge, customs clearance, and logistics because of the Eid al-Fitr festivities, which mark the end of Ramadan, the month of fasting. Eid is celebrated on the first day of Shawwal, which is the 10th month of the Islamic lunar calendar. Eid began at sundown on Thursday, March 19, and the main day of celebration was Friday, March 20. Most countries continue the festivities for 2–3 days, so Eid effectively will end between March 21 and 22, 2026, depending on local customs.  The exchange rate in Mersin  was 1 USD = 44.34 TL.

The Iranian domestic market has been severely impacted by ongoing military activities, leading to disruptions in logistics, the economy, and financial markets, as well as the devaluation of the local currency, the Iranian Toman (IRT), against the US Dollar. This situation has made daily life challenging for the population.

Further complications arose during the festivities of Nowruz, which is the Persian New Year—a celebration of the spring equinox, renewal, and the beginning of the new year in the Iranian calendar. Nowruz began on March 20 and lasts for 13 days.

During this week, banana prices surged due to a limited supply and increased demand associated with the celebrations, as people traditionally consume a variety of fruits, particularly in major cities. The price of Ecuadorian bananas reached between 250.000 and 300.000 IRT per kilogram, while Indian bananas were priced between 180.000 and 200.000 IRT per kilogram.

At the same time, the exchange rate for the US Dollar was 150.000 IRT.

A 12.50 kg box of Indian bananas was sold for USD 12.00 (CIF Chabahar Port). Prices have risen to around USD 12.00 per box due to strong demand and increased insurance premiums to cover the risks, along with freight rates that have surged to approximately USD 8.000 per FEU. This significantly impacted shipping costs.

Currently, only a limited number of vessels are operating on the Nhava Sheva–Chabahar route, which contributes to a constrained supply.

All banana exports from the Philippines have been put on hold due to the war and the dangers transiting the Strait of Hormuz.

In Ecuador in the local  Banana Spot Market the week concludes with spot prices for the fruit consolidating between USD 8.00 and USD 9.50 per box, depending on quality, certifications, and exporters' specific needs.

Logistics remain complicated due to the curfew implemented on March 15, which runs from 11:00 PM to 5:00 AM the following day. As a result, vehicles and containers that do not leave the farm by 6:00 PM are delayed until the next day. It was reported that  there are still shipments on farms that may take up to two days to clear.

Fortunately, the container shortage was eased this week by the loading of three ships bound for Russia, which will carry volumes of bananas that might otherwise have been stranded on plantations.

With the rains having stopped, farms are experiencing plenty of sun and heat, leading to harvest ages of approximately 11 to 12 weeks. However, some farms still have water-saturated soil and quality issues.

Logistical challenges persist due to the container shortage, the curfew, and now, in some areas, a lack of personnel.

Time charter rates for larger vessels have reached levels of 125-130 US cents per cubic foot per month, with similar rates for smaller ships.

Bunker Prices:

                                               VLSFO          MGO

Rotterdam                 $815.50         $1287.50      

Gibraltar                    $878.00         $1431.00      

Panama Canal         $861.00         $1429.00