This file photo, provided by HMM Co. on Feb. 22, 2022, shows a container ship. (Image courtesy of Yonhap)
SEOUL, Jul.15 (Korea Bizwire) — Container shipping costs from South Korea to Europe rose for the second consecutive month in June amid prolonged tensions surrounding the Red Sea, the customs agency said Monday.
The average shipping cost for a 40-foot container from South Korea to the European Union soared 44.6 percent on-month, or 121.6 percent on-year, to 6.14 million won (US$4,449) in June, according to the data from the Korea Customs Service.
The growth came after an 8.1 percent on-month rise in June, as 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.
The average shipping cost from the EU to South Korea, however, lost 10.8 percent on-month last month to 1.75 million won, the first on-month fall since February 2024.
But the cost logged a 23.6 percent surge compared with a year earlier.
Costs for shipping from South Korea to the U.S. west coast gained 12.9 percent on-month, or 30.8 percent on-year, in June to 6.02 million won.
Those to the U.S. east coast also jumped 15.3 percent on-month, or 26.9 percent from a year earlier, to 6.02 million won.
Costs for shipping from the U.S. west coast to South Korea inched up 1.1 percent on-month to 2.82 million won, and those for the U.S. east coast-South Korea route climbed 19 percent to 2.36 million won.
The shipping cost to China rose 6.4 percent on-month to 573,000 won, and that to Japan increased 7 percent to 727,000 won, the data showed.
For shipping from China to South Korea, the cost grew 7 percent to 1.09 million won, while the cost for shipping from Japan to South Korea shed 8.5 percent to 1.19 million won.
The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.
(Yonhap)
