SEOUL: Container shipping costs from South Korea to the Middle East continued their upward trajectory in May, marking a third straight month of increases, according to data released by the customs agency on Monday.
The average shipping rate for a 40-foot container along the South Korea-to-Middle East route rose 4.9% from the previous month to 6.81 million won ($4,520), as reported by the Korea Customs Service via Yonhap News Agency. This steady rise follows a significant upward trend since February, when the average cost sat at 3.72 million won.
Other major global shipping routes also saw notable increases. The average freight charge for containers headed to the U.S. West Coast jumped 10.1% month-on-month to 5.43 million won, while rates to the U.S. East Coast climbed 9.9% to 5.63 million won. Shipping costs to the European Union saw a more modest growth, ticking up 1.3% to 3.71 million won.
The customs agency noted that these total figures reflect actual freight rates, broker commissions, and additional shipping charges reported by domestic exporters.
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