Container shipping costs on Korea-China route rise in February

Container shipping costs from Korea to China continued their upward trend in February partly due to ongoing disruptions in global maritime routes, the customs agency said Monday.

The average cost of shipping a 40-foot container to the country's largest trading partner rose 4.7 percent from a month earlier to 847,000 won ($583) last month, according to the data from the Korea Customs Service.

This marks a continuation of the price increase that began in February 2024, with only brief slowdowns in October and December.

The agency attributed 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 Korea to the U.S. east coast and the west coast fell 14.4 percent and 15.3 percent on-month, respectively.

The agency said the drop in shipping costs to the United States was due to decreased export volumes to the region.

The calculations factor in freight rates, commissions and other charges reported by local exporters, according to the agency. (Yonhap)