CONTAINER shipping costs between Europe and Korea experienced a sharp rise of nearly 40 per cent in February, driven by escalating tensions in the Red Sea, marking the highest surge since 2019, reports Korea JoongAng Daily.
Data from the Korea Customs Service revealed that the average shipping cost for an FEU on this route surged 38.7 per cent month-on-month to US$934.16 last month.
Similarly, the average shipping expense from Korea to the EU also increased 11.4 per cent in February.
Tensions persist along the critical Middle East route as Iranian-backed Houthi forces, stationed in Yemen, continue to target ships in the Red Sea.
Consequently, carriers have been compelled to halt transit through this maritime corridor, resulting in extended shipping durations and heightened shipping costs.
In addition to the Europe-Korea route, shipping costs on other routes surged in February, propelled by the growth in Korea's export volumes.
The expense of shipping from Korea to the US west coast witnessed an 18.1 per cent month-to-month increase, while shipping costs to the US east coast climbed 13.5 per cent.
These figures encompass freight rates, commissions, and other charges reported by local exporters.
SeaNews Turkey
Data from the Korea Customs Service revealed that the average shipping cost for an FEU on this route surged 38.7 per cent month-on-month to US$934.16 last month.
Similarly, the average shipping expense from Korea to the EU also increased 11.4 per cent in February.
Tensions persist along the critical Middle East route as Iranian-backed Houthi forces, stationed in Yemen, continue to target ships in the Red Sea.
Consequently, carriers have been compelled to halt transit through this maritime corridor, resulting in extended shipping durations and heightened shipping costs.
In addition to the Europe-Korea route, shipping costs on other routes surged in February, propelled by the growth in Korea's export volumes.
The expense of shipping from Korea to the US west coast witnessed an 18.1 per cent month-to-month increase, while shipping costs to the US east coast climbed 13.5 per cent.
These figures encompass freight rates, commissions, and other charges reported by local exporters.
SeaNews Turkey
