Container shipping costs to Middle East extend gains in August amid conflict

Container shipping costs from Korea to the Middle East continued to increase in August, according to the Korea Customs Service. The growing geopolitical conflict in the region is believed to be the primary reason for the ongoing surge in shipping expenses. In August, the average cost for a 40-foot container shipping from Korea to the Middle East increased 1.7 percent, reaching 8.83 million won, or approximately $6,544, compared to the previous month.

This trend has been consistent since March. The agency reported that the average shipping charge for containers heading towards the U.S. west coast rose 0.5 percent to 8.58 million won. Meanwhile, the cost for containers bound for the American east coast experienced a significant surge of 24.8 percent, reaching 9.97 million won.

Conversely, shipping costs to the European Union decreased by 9.4 percent, settling at 5 million won. These figures account for freight rates, commissions, and other charges reported by local exporters.