Container shipping costs to Middle East extend gains in August amid conflict
Containers are stacked at a port in Pyeongtaek, Gyeonggi Province, Sept. 6. Yonhap
Container shipping costs from Korea to the Middle East extended their gains in August due to the protracted geopolitical conflict in the region, the customs agency said Tuesday.
The average shipping charge for a 40-foot container from Korea to the Middle East rose 1.7 percent from a month earlier to 8.83 million won ($6,544) in August, according to data from the Korea Customs Service.
The figure has been rising since March.
The average shipping charge for containers bound for the U.S. west coast also rose 0.5 percent from a month earlier to 8.58 million won, while that for containers bound for the American east coast increased 24.8 percent to 9.97 million won.
Shipping costs to the European Union, on the other hand, fell 9.4 percent to 5 million won.
The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.