According to South Korea's "Asian Economy" on January 18, due to tensions in the Red Sea region, shipping companies may further extend the decision to bypass the Red Sea route, which will lead to a surge in shipping costs. On the 17th, South Korean shipping industry insiders said that the Shanghai Export Container Freight Index (SCFI), which represents the freight level of global maritime transportation routes, rose for seven consecutive weeks, breaking through the 2,200-point mark in one fell swoop, doubling compared with 1,093.52 on December 15 last year. The K-Container Freight Index (KCCI) released by the Korea Maritime Promotion Agency increased by 24.21% (377 points) to 1,934 points as of the 8th of this month. Many shipping companies and freight forwarders expect the Red Sea crisis to last longer. Previously, shipping companies had decided to continue detouring the Cape of Good Hope, which added nearly two to three weeks to the round-trip voyage from Asia to Europe.
According to the analysis, the current situation in the Red Sea region has a temporary controllable impact on South Korea's logistics, and the Suez Canal and Panama Canal traffic do not account for a high proportion of South Korea's total throughput. According to statistics released by the Ministry of Oceans and Fisheries, the Suez Canal accounts for only 4.7% of all shipping routes, and the Panama Canal is at the same level.
