Container Shipping Costs To West Asia Extend Gains In August Amid Conflict

SEOUL, Sept 15 (NNN-Yonhap) -- Container shipping costs from South Korea to West Asia extended their gains in August due to the protracted geopolitical conflict in the region, Yonhap News Agency reported, citing the customs agency on Tuesday.

The average shipping charge for a 40-foot container from South Korea to West Asia rose 1.7 per cent from a month earlier to 8.83 million won (US$6,544) in August, according to data from the Korea Customs Service.

The figure has been rising since March.

The average shipping charge for containers bound for the US West Coast also rose 0.5 per cent from a month earlier to 8.58 million won, while that for containers bound for the American East Coast increased 24.8 per cent to 9.97 million won.

Shipping costs to the European Union, on the other hand, fell 9.4 per cent to 5 million won.

The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.

--NNN-YONHAP