Container shipping costs from South Korea to the Middle East surged for the fifth consecutive month in June, the customs agency confirmed on Wednesday, attributing the sustained increase to ongoing geopolitical tensions impacting international trade routes.
Data released by the Korea Customs Service revealed that the average shipping charge for a 40-foot container departing from South Korea and bound for the Middle East rose by 15.1 percent from May, reaching 7.78 million won (approximately $5,520) in June. This significant rise reflects persistent pressures on global logistics and supply chains.
Beyond the Middle East, other crucial international shipping lanes also experienced substantial cost escalations. The average container freight rate for shipments heading to the US West Coast witnessed a sharp increase of 45.5 percent month-on-month, now costing 7.86 million won. Similarly, routes servicing the US East Coast saw a notable 26.6 percent jump, with shipping expenses climbing to 7.11 million won.
European Union-bound container shipping expenses also followed this upward trajectory, gaining 17.4 percent to an average of 4.24 million won. These widespread increases highlight the current volatility and rising operational costs impacting global commerce and supply chain management for businesses worldwide.
