In week 33, banana prices in St. Petersburg varied by brand, volume, quality, and packaging. At the beginning of the week, the price was approximately USD 15.00 per box CIF. However, due to weak demand from high temperatures and an abundance of local seasonal fruit sold at competitive prices, the price dropped to USD 13.80 per box CIF from Wednesday onwards.

During this week, nearly 1.55 million boxes were discharged, and around 1.52 million boxes are expected for week 34. The USD exchange rate was 84.54 RUB.

In the Mediterranean region, the price of Ecuadorian bananas varied by region, volume, brand, packaging, and weight. Generally, these bananas were priced around USD 12.00 to USD 13.00 per box CIF, while bananas from Central America sold for approximately USD 2.00 less per box.

In the Mersin Free Zone, Ecuadorian bananas re-exported to neighbouring countries were quoted at USD 13.50 to USD 15.50 per box, with occasional peaks reaching USD 16.00 to USD 16.50 per box, particularly for well-established brands and higher weights.

Local traders reported that arrivals included a significant quantity of poor-quality fruit, featuring both ripe and green-soft bananas.

This week, the prevailing exchange rate was 47.77 Turkish lira per USD.

In the Iranian domestic market, prices were lower than the previous week. However, they remained relatively stable despite high temperatures and a large supply of local fruits, particularly mangoes from neighbouring countries, available at significant volumes. 

Sales were also affected by two holidays: the Demise of Prophet Muhammad on Wednesday, August 12, followed by the Martyrdom of Imam Reza on Thursday, August 13.

With bananas from other origins, such as India and the Philippines, unavailable, Ecuadorian bananas were the only option, priced at around 215,000 to 240,000 IRT per kilogram. 

As the mango season nears its end, this may boost banana sales in the coming days; however, trade will largely depend on geopolitical factors affecting free access through the Hormuz Strait, bunkering costs, and the local currency exchange rate. Recently, the Toman was quoted at approximately 188,000 per USD.

Prices in the Ecuadorian spot market remained under pressure, with no clear signs of improvement. However, they could strengthen if periodic selling prices in Europe, the United States, Russia, and other destinations begin to recover and demand additional volumes. According to market watchers, this is unlikely to happen for at least another two to three weeks and will also depend on supply from other banana-producing countries in Central and South America.

Guatemala is reportedly short by about 100,000 to 150,000 boxes per week, following earlier damage to nearly 2,000 hectares of plantations on the Pacific coast and more recent damage in other areas caused by volcanic activity. Costa Rica has also endured almost two months of continuous heavy daily rains, caused by tropical waves that led to flooding, soil saturation, and difficulties in applying treatments against black Sigatoka disease. As a result, disease control has been irregular or absent, causing serious damage to plantations and reducing yields. Analysts warn that after weeks 35–36, the impact of black Sigatoka could become more severe because persistent rains have prevented proper control measures. Colder temperatures have also affected grade and ratio, and market watchers expect this year’s crop to be lower than last year’s already weak performance. According to analysts, the effects of the adverse weather could reduce supply by 130,000 to 200,000 boxes per week during next year’s high season.

Colombia has also been affected by adverse weather with strong rains in the Urabá region which generated floods in the past weeks with consequences on volumes of crops, grade and ratio. There were also in the last days strong winds in the Magdalena region which have caused havoc in about 1.000-1.500 hectares of plantations and whose damages are being assessed.

Once activity returns to normal in importing countries, banana shortages could emerge and prices may rise where fruit remains available. This outlook does not account for any future damage from  El Niño phenomenon, which is expected to affect banana-producing countries across the Caribbean, Central and South America, and Mexico to varying degrees.

Time Charter rates ranged from US cents 55 to 60 per cubic foot per month for large vessels and from US cents 65 to 70 per cubic foot per month for smaller vessels.

Bunker Prices:

                                    VLSFO          MGO

Rotterdam                 $661.00         $1234.00      

Gibraltar                    $690.50         $1338.00      

Panama Canal          $733.00         $1331.00