E2open Parent Holdings, Inc. (NYSE: ETWO), the connected supply chain SaaS platform with the largest multi-enterprise network, has published the latest edition of its Ocean Shipping Index, a quarterly benchmark report that provides insight for decision-making around global ocean shipments. Report data indicates significant year-over-year increases in the average total time for container transport, from booking to receipt, for several major global shipping lanes. The global average shipment duration increased to 66 days; an eight-day increase from the same period a year ago.The e2open Ocean Shipping Index provides shippers with data-driven findings to better anticipate and adapt to factors contributing to delays. The report, published quarterly, is based on ocean shipping activity on e2open’s business network, encompassing over 480,000 connected enterprises managing 16 billion transactions and tracking more than 70 million containers annually. Providing details down to booking date, e2open’s Ocean Shipping Index arms the market with unique and timely insights for proactive and optimal decision-making.
“The expected increase in average global shipment durations is a reflection of the ongoing disruptions that continue to impact ocean shipping,” said Pawan Joshi, EVP products and strategy for e2open. “The latest Ocean Shipping Index shows how weather, geopolitical conflict, port congestion and closures, and route diversions due to turmoil in the Red Sea region and drought issues in the Panama Canal are affecting the primary mode of transportation for global trade: ocean shipping. While most of these ongoing factors are unpredictable, shippers and carriers can utilize transit time data insights to make informed decisions when navigating the dynamic environment.”
Key takeaways from the latest e2open Ocean Shipping Index report covering the second quarter of 2024 include:
- The global average shipment duration increased over the last quarter by two days, up to 66 days, an eight-day increase from the second quarter of 2023. The most significant contributor to the increase year-over-year is actual transit time, up five days.
- Exports from South America to Asia averaged 87 days, an increase of six days from last quarter and up 15 days from Q2 2023. Asia to South America averaged 78 days, an increase of three days from last quarter and up 10 days from Q2 2023.
- Asia to Europe container transport averaged 75 days, an increase of two days over last quarter and a 14-day increase from the same period a year ago. Europe to Asia averaged 84 days, the same duration as last quarter but up 11 days from Q2 2023.
- Exports from Asia to North America and North America to Asia averaged 63 and 84 days, respectively, reflecting an increase of seven and three days in the respective routes compared to the year-ago period.
- Europe to North America was the only major shipping lane with the same container transport duration, 51 days, as the year-ago period.
Read the full e2open Ocean Shipping Index for additional data points and insights; view and subscribe at e2open.com. This report is one of several benchmark reports available from e2open to help companies manage increasingly complex and rapidly shifting global supply chains.