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Container shipping rates surge 40% on Korea-EU route amid Red Sea crisis

Posted on April 22, 2024 |

Shipping expenses from Korea to Europe saw a nearly 40% increase compared to March 2023, due to ongoing tensions in the Red Sea region.

The average cost for a 40-foot container on the Korea-European Union route rose to 4.25 million won ($3,071) last month, marking a significant jump from the previous year.

However, there was a slight decrease of 6.6% in shipping costs compared to the previous month.

Tensions in the Red Sea region forced carriers to suspend transit, leading to longer shipping times and increased costs, especially due to strikes on ships by Iranian-backed Houthi rebels in Yemen.

On the other hand, the average shipping cost from the EU to Korea decreased by 18.4% compared to the previous year but increased by 10.3% compared to the previous month.

Shipping costs from Korea to the U.S. West Coast decreased by 5% month-on-month to 4.93 million won in March, while those to the U.S. East Coast dropped by 2.1% to 5.24 million won.

Costs for shipping to China increased by 5.6% to 521,000 won, and to Japan by 4.4% to 684,000 won.

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