A seminar organised by Korea International Trade Association on 30 January heard that South Korean exporters and forwarders are inclined to substitute air and rail freight for sea freight, as they expect the Red Sea crisis to last until at least mid-2024. The crisis has caused container freight costs to increase by 44% from December 2023.
During the seminar, Seo Don-seok, team leader at forwarding group Samsung SDS’ digital platform Cello Square said, “Transportation times are increasing and...