Container shipping costs from South Korea to the U.S. East Coast and Europe increased for the third consecutive month in July amid prolonged geopolitical risks in the Red Sea, data showed on Friday, reports Yonhap News Agency.
The average shipping cost for a 40-foot container from South Korea to the U.S. east coast jumped 28.1 percent on-month to 7.73 million won (US$5,669), according to data from the Korea Customs Service.
Shipping carriers have been forced to halt passage through the vital Middle East maritime corridor following attacks on vessels in the Red Sea by Iranian-backed Houthi rebels based in Yemen, leading to extended transit times and higher shipping costs.
Shipping costs from US
Meanwhile, shipping costs from the U.S. west coast to South Korea decreased 10.7 percent on-month in July, while costs from the east coast rose 3.5 percent.
For shipments from Europe, the cost fell 7.9 percent, while those from China increased 12.8 percent.
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Source: Yonhap News Agency
