Market Overview – Week 19/24


In week 19, banana selling prices in St. Petersburg hovered around USD 24.60 per box CIF. Factors such as brand, quality, volume, and type of packaging influenced these prices. Demand remained strong despite the extended holiday period from May 9th to 12th.

Nearly 2.15 million boxes were discharged during the week and around 880.000 boxes are expected for week 20.The prevailing exchange rate was 1 USD = 91.82 RUB.

The selling prices for Ecuadorean bananas in the Mediterranean ranged from USD 16.0 to 18.0 per box CIF, depending on the brand, volume, region, and type of packing. Central American fruit was priced around USD 2.20 less per box.

In the Mersin Free Zone, the prices for re-exported bananas of Ecuadorean origin were approximately USD 16.0 to 18.50 per box. For Central American bananas, the prices were around USD 13.0 to 15.50 per box.

Prices consolidated compared to the previous week due to a decrease in the available banana volumes. This was a result of the delay of a vessel from a line that regularly docks at the Turkish transit port.

The prevailing exchange rate was 1 USD = 32.23 TL.

In the Iranian domestic market, prices remained relatively stable compared to the previous week, with slight improvements in some areas. Ecuadorean bananas were sold at around 65,000-70,000 Toman per kg, while Indian bananas were priced around 55,000-57,000 Toman per kg.

The price for a 13.50 box of bananas from India dropped to around USD 8.0-8.50 CIF Bandar Abbas due to a decrease in the freight rate for the reefer FEU from India to Iran.

Indian bananas discharged at the Iraqi port of Umm Qasr were sold at around USD 6.0 per box CIF.

There were also volumes of Pakistani bananas sold at lower prices. More Pakistani bananas are expected to arrive in the market in September-October.

The exchange rate was 1 USD = 61,000-61,500 Toman.

In the Ecuadorian Spot Market, prices fluctuated between USD 7.85 per box for fruit only and USD 8.50-9.50 per box. These prices varied based on quality, volume, the area where the fruit was purchased, and the day of the week.

The conclusion of the Southern Atlantic and Falkland Island squid trade has had an impact on the Chartering Market. This development has led to the availability of more vessels, which have joined the ones that became free after the end of the Chilean grape trade. However, idle vessels are absent despite this influx, as many ships are being utilized for transporting foodstuff or other general cargo, with additional vessels engaged in the South Africa citrus trade.

An increase in the employment of small and medium-sized vessels in the fish trade has been reported. Meanwhile, the Time Charter rates have remained nearly the same levels as last week, US Cents 80-85 per cbft per month for larger ships and approximately US Cents 75-80 for smaller ships.

Bunker Prices:

                        VLSFO            MGO

Rotterdam       $569.00           $733.00                                      

Gibraltar          $615.00           $803.00                                      

Panama          $607.00           $785.00