This file photo taken April 1, 2024, shows a port in the southeastern city of Busan. (Image courtesy of Yonhap)
SEOUL, Jun. 17 (Korea Bizwire) — Container shipping costs from Europe to South Korea rose for the fourth consecutive month in May amid ongoing tensions surrounding the Red Sea, the customs agency said Monday.
The average shipping cost for a 40-foot container from the European Union to South Korea went up 5 percent on-month last month to 1.97 million won (US$1,420), according to the data from the Korea Customs Service.
The cost has been on the rise since February. Carriers have been forced to suspend transit through the crucial Middle East maritime route due to strikes on ships in the Red Sea by Iranian-backed Houthi rebels based in Yemen, which has led to longer shipping times and an increase in shipping costs.
In an on-year term, the costs for the EU-South Korea route surged 37.9 percent.
The average shipping cost from South Korea to the EU also went up 8.9 percent on-month, or 49 percent on-year, to 4.3 million won in May, the data showed.
Costs for shipping from South Korea to the U.S. west coast gained 2.2 percent on-month, or 2.4 percent on-year, in May to 5.15 million won.
Those to the U.S. east coast also rose around 5 percent, both on on-month and on-year terms, to 5.23 million won.
Costs for shipping from the U.S. west coast to South Korea soared 18.7 percent on-month to 2.79 million won, while those for the U.S. east coast-South Korea route declined 7.2 percent to 1.98 million won.
The shipping cost to China climbed 10.3 percent on-month to 582,000 won, while that to Japan shed 9.1 percent to 672,000 won, the data showed.
For shipping from China to South Korea, the cost grew 6.6 percent to 1.02 million won and the cost for shipping from Japan to South Korea advanced 9.1 percent to 1.34 million won.
The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.
(Yonhap)
