• 2024 May 17 13:10

    Container shipping costs on EU-S. Korea route surge over 30 pct amid Red Sea crisis

    Container shipping costs from Europe to South Korea rose more than 30 percent on-month in April amid ongoing tensions surrounding the Red Sea, the customs agency said Thursday, according to Yonhap.

    The average shipping cost for a 40-foot container from the European Union to South Korea went up 32.8 percent on-month last month to 1.85 million won (US$1,368), according to the data from the Korea Customs Service.

    It logged the third consecutive on-month increase, it added.

    Carriers have been forced to suspend transit through the crucial Middle East maritime route, which has led to longer shipping times and an increase in shipping costs, as tensions remain high over strikes on ships in the Red Sea by Iranian-backed Houthi rebels based in Yemen.

    The average shipping cost from South Korea to the EU fell 6.9 percent on-month to 3.95 million won, the second straight on-month decline.

    Compared with a year earlier, however, the shipping cost for exports to the EU marked a 42.6 percent increase.

    Costs for shipping from South Korea to the U.S. west coast rose 4 percent on-month and 7.2 percent on-year in April to 5.07 million won.

    Those to the U.S. east coast declined 4 percent in April compared with a month earlier to 4.99 million won, though the figure marked a 38 percent increase in an on-year term.

    The shipping cost to China rose 12.1 percent on-month to 560,000 won, and that to Japan advanced 16.1 percent to 772,000 won, the data showed.

    The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.




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