Container Shipping Costs to Europe Surge 45% in One Month

Amid a general rise in average shipping costs for maritime containers heading to the western and eastern United States and the European Union (EU) in June, the costs for maritime export containers bound for Europe notably increased by 44.6 percent compared to the previous month. This represents a 121.6 percent increase compared to the same month last year.

According to the “transportation cost status of exports and imports in June 2024” released by the Korea Customs Service on July 15, the shipping cost for containers bound for the EU last month amounted to 6,135,000 won (approximately $4,435), marking a 44.6 percent increase compared to the previous month. Compared to the same month last year, the cost increased by 121.6 percent.

The shipping cost for containers bound for the western United States was 6,021,000 won, representing a 12.9 percent rise compared to the previous month. Compared to the same month last year, there was a 30.8 percent increase.

The shipping cost for containers bound for the eastern United States was 6,016,000 won, showing a 15.3 percent increase compared to the previous month. Compared to the same month last year, the cost increased by 26.9 percent.

Additionally, container shipping costs to China increased by 6.4 percent, to Japan by 7.0 percent, and to Vietnam by 16.8 percent compared to the previous month.

Maritime shipping costs refer to the average transportation costs of a 40-foot standard container, which equals 2 TEUs. These costs include freight charges, surcharges, and forwarder fees, among other statistics.

The import costs to South Korea saw shipping costs from the eastern United States at 2,361,000 won, marking a 19 percent increase compared to the previous month. From the western United States, the cost was 2,819,000 won, showing a 1.1 percent rise from the previous month. Costs from China and Vietnam also increased by 7 percent and 7.7 percent, respectively. In contrast, costs from the EU and Japan decreased by 10.8 percent and 8.5 percent, respectively.
Source: Business Korea