Seoul: Container shipping costs from South 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 South Korea to the Middle East rose 1.7 percent from a month earlier to 8.83 million won (US$6,544) in August.
According to Yonhap News Agency, 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.