This file photo, provided by HMM Co. on Feb. 22, 2022, shows a container ship. (Image courtesy of Yonhap)
SEJONG, Dec. 16 (Korea Bizwire) – Container shipping costs from South Korea to China rose in November, reversing the decline recorded the previous month, the customs agency said Monday.
The average shipping cost for a 40-foot container from South Korea to China climbed 14.4 percent from a month earlier to 839,000 won (US$583.93) in November, according to the data from the Korea Customs Service.
This marks a return to the upward trend observed for eight consecutive months starting in February, temporarily disrupted by a dip in October.
The increase in shipping costs was attributed to disruptions in the critical Middle East maritime route. Strikes on ships in the Red Sea by Iranian-backed Houthi rebels based in Yemen have forced carriers to suspend transit through the region.
The average shipping costs from South Korea to major partner nations, including the United States, Japan and Vietnam, all went up in November from the previous month. However, shipping costs to the European Union showed a slight decrease.
Compared with a year earlier, however, the shipping costs of the major routes climbed on rising shipment volume and a subsequent shortage of ships.
The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.
(Yonhap)
