Seoul: Container shipping costs from South Korea to China sharply increased in January from a month earlier, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to China increased 14.9 percent from a month earlier to 8.7 million won (US$6,050) last month, according to the data from the Korea Customs Service.
According to Yonhap News Agency, this rise is part of an ongoing upward trend that began in February last year, with only brief slowdowns in October and December. Experts attribute the surge in shipping costs to disruptions in the critical Middle East maritime route. Attacks on ships in the Red Sea by Iranian-backed Houthi rebels in Yemen have forced carriers to suspend transit through the region, leading to increased costs.
Meanwhile, the average shipping cost from South Korea to the U.S. east coast also increased 6.8 percent on-month to 7.4 million won. On the other hand, shipping costs for containers to Europe fell by 10.6 percent to an average of 5.3 million won.
The calculations factor in freight rates, commissions, and other charges reported by local exporters, according to the agency.