Key Points

The shipping cost for two twenty-foot equivalent units (TEUs) of containers from South Korea to the US west coast decreased 3.9 per cent from the previous month to 5.28 million won (US$3,802), according to data from the Korea Customs Service.

Shipping rates to the U.S. east coast dropped 7.5 per cent to 5.84 million won during the same period, reports Yonhap news agency.

Shipping costs to the two U.S. regions had fallen for the past two months after rebounding in June, the agency said.

Freight rates from South Korea to the European Union also fell 4.3 percent on-month in August, to 3.77 million won.

Meanwhile, shipping costs to China and Vietnam fell 16.9 percent and 21.4 percent, respectively, during the same period.

In contrast, shipping costs to Japan rose 2.4 percent from the previous month to 727,000 won, according to customs agency data.

Meanwhile, HD Korea Shipbuilding and Offshore Engineering Co. said on Monday it has secured a 651.9 billion-won ($469.6 million) order to build four container ships for a shipper based in the British Virgin Islands.

The vessels will be constructed at the shipyard of HD Hyundai Samho Heavy Industries Co., one of its shipbuilding units, with delivery scheduled for the second half of 2028, the company said in a regulatory filing.

With the latest contract, HD Korea Shipbuilding has secured orders for a total of 90 vessels worth $12.2 billion so far this year, achieving 67.7 percent of its annual order target of $18.05 billion.

HD Korea Shipbuilding is a subholding company under HD Hyundai Co., formerly known as Hyundai Heavy Industries Holdings. It has three affiliates, including HD Hyundai Heavy Industries Co. and HD Hyundai Mipo Dockyard Co.

na/

- IANS