In St Petersburg, weak demand kept week 18 banana prices near USD 13.80 per box CIF, with some local sales reported as low as USD 12.00 per box CIF.

Nearly 1.51 million boxes were discharged, with 2.045 million expected in week 19. The holiday periods from May 1-3 and May 9-11 typically reduce sales as many people travel outside the cities. As a result, prices may decline further during this period.  Additionally, the US dollar was exchanged at around 74.69 RUB.

In the Mediterranean region, the price for Ecuadorian bananas was between USD 19.00 and 20.00 per box, CIF. For Central American bananas, the price was approximately USD 19.00 per box, also CIF. Prices varied based on brand, volume, packaging, and region.

In the Mersin Free Zone, Ecuadorian bananas intended for re-export were selling for around USD 18.50 to 23.00 per box, depending on the day of the week and factors such as brand, volume, packaging, and weight.

The exchange rate between the USD and the Turkish Lira was 45.17.

Market conditions in Iran remain strained as persistent political uncertainty and economic tensions continue to disrupt trade flows and undermine financial stability. The recent spike in the exchange rate to unprecedented levels has amplified cost pressures across all import-reliant sectors. Overall sentiment is cautious, with traders closely tracking developments and adjusting their market exposure as conditions evolve.

Iran’s annual inflation climbed to 53.7% in the month ending April 20, 2026, marking a 3.1-percentage-point increase, according to data released by the Statistical Centre of Iran (SCI) on April 29. The latest figures highlight persistent inflationary pressures driven by the weakening rial, ongoing subsidy cuts, and recurring supply disruptions, all of which continue to push consumer prices higher.

The consumer price index (CPI) rose to 569.3, indicating sustained inflation momentum despite a slight easing in monthly growth. Month-on-month CPI inflation slowed to 5.0%, down from 5.6% in the previous period. However, the sharp rise in the annual rate to 53.7% underscores the cumulative impact of exchange-rate volatility, fiscal adjustments, and logistical constraints on household purchasing power.

These developments come as Iran’s economy absorbs the effects of heightened regional tensions since late February, which have disrupted logistics and further pressured the national currency. The year-on-year inflation rate reached 73.5%, up 1.7 percentage points from 71.8% in March. Over the past three months, CPI inflation has risen by 26 points, increasing from 68.1% in February to 71.8% in March and 73.5% in April, signaling deepening inflationary inertia and limited short-term relief for consumers. Notwithstanding several constrains, logistical problems and increased costs, bananas still could reach the markets and prices were  185.000–205000 IRT per kg for Indian bananas although arrivals were limited and the quality was poor according to traders. On the other hand, prices for Ecuadorian bananas were around 230.000 IRT per kg.

The higher prices achieved by the Ecuadorian fruit were in function of a higher quality and regular supply considering that they were trucked from Mersin and not entering from the Hormuz Strait as the Indian bananas. In general sales were affected by the decreased buying power of buyers.

In the Ecuadorian banana spot market, prices had been very low due to high volumes available and a shortage of containers. However, prices have recovered, partly because one specialised reefer vessel loaded approximately 230,000 boxes of bananas for one of the largest private banana importers in Europe and headed to the Baltic region. 

Looking ahead, shippers anticipate challenges in the coming weeks due to a curfew from May 3 to May 18, which may disrupt logistics. Additionally, high temperatures could boost crop yields, leading to even higher export volumes in an already challenging market.

Time Charter rates were around US cents 100-105 per cbft per month for larger vessels and US cents 115-120 per cbft per month for smaller ships. Rates for larger vessels for May-June could go to 80-90 US cents.

Bunker Prices:

                                    VLSFO           MGO

Rotterdam                 $792.50          $1336.50      

Gibraltar                    $802.00          $1430.00      

Panama Canal          $925.00          $1446.00