Korean tire manufacturers fret rising ocean freight rates
Rising ocean freight rates pose a growing threat to Korea’s top three tire manufacturers – Hankook Tire, Kumho Tire and Nexen Tire – as their business structure relies heavily on exports, according to data and industry officials.
Amplifying jitters, the global freight index shows few signs of stabilizing amid ongoing geopolitical tensions near the Red Sea and in the Middle East. The Shanghai Containerized Freight Index (SCFI), a key barometer of container freight rates worldwide, soared to over 2,700 for the first time since September 2022.
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