E2open Parent Holdings, Inc. (NYSE: ETWO), a leading provider of connected supply chain SaaS platforms with the industry’s largest multi-enterprise network, has released the latest edition of its Ocean Shipping Index. This quarterly report serves as a critical benchmark, offering valuable insights to inform decisions around global ocean shipments. The data highlights a significant year-over-year (YoY) increase in the global average shipment duration, which rose from 58 days in Q3 2023 to 68 days in Q3 2024—a two-day increase over Q2 2024. A major factor driving the YoY increase is a six-day rise in actual transit time, influenced by geopolitical instability and prolonged delays at congested ports.
E2open’s Ocean Shipping Index provides shippers with data-driven insights to help them anticipate and address factors causing delays. Drawing on shipping data from e2open’s expansive network of over 480,000 connected enterprises, which manage billions of transactions and more than 70 million containers annually, the report offers unique, timely details for optimized decision-making.
“The latest Ocean Shipping Index data reflects the consequences of ongoing conflicts, such as attacks in the Red Sea, compounded by recent disruptions like extreme weather and potential labor strikes,” said Pawan Joshi, EVP of Products and Strategy at e2open. “Our findings show that even short-term disruptions create ongoing uncertainty, with effects rippling through supply chains for months. In today’s volatile environment, data-driven strategies are essential for shippers and carriers to mitigate risks and manage extended transit times.”
Key insights from the Q3 2024 report include:
- Asia to Europe Shipments: Transit time increased dramatically by 18 days, from 62 days in Q3 2023 to 80 days. Key contributors were a five-day increase in booking time and a 13-day increase in transit time.
- Europe to Asia Exports: Averaged 83 days from booking to receipt, marking a 12-day YoY increase, with a nine-day rise in actual transit time as the primary driver. Asia to South America shipments saw a similar increase.
- South America to North America: Transit times rose to an average of 63 days, up seven days from the previous quarter and 12 days YoY, primarily due to longer booking, origin port loading, and transit times.
- South America to Asia: Shipment duration increased by 12 days YoY, averaging 87 days, driven by extended booking, loading, and transit periods.
Overall, the global average shipment duration reached 68 days from booking to final port clearance in Q3 2024, reflecting a two-day rise since Q2 2024 and a ten-day YoY increase from Q3 2023.