E2open Parent Holdings, Inc., a leading connected supply chain SaaS platform, has released its latest Ocean Shipping Index, a quarterly benchmark report revealing key insights for global ocean shipments. Despite recent stability, the report shows a general increase in transit times across major shipping lanes during the fourth quarter of 2023 and into the first month of 2024. This trend is attributed to various global challenges, such as a drought in the Panama Canal and security threats in the Red Sea, prompting shippers and carriers to explore alternative, albeit longer, routes.
The E2open Ocean Shipping Index, based on data from E2open’s extensive business network comprising over 480,000 connected enterprises, provides valuable information for decision-making. With details down to booking dates, the report equips the market with timely insights to anticipate and adapt to factors causing delays.
Pawan Joshi, Executive Vice President of Products and Strategy for E2open, emphasizes the significant impact of disruptions on global logistics, affecting transit times, costs, and environmental considerations. He advises companies to stay vigilant and proactive in updating their planning parameters to mitigate the evolving challenges.
Key findings from the latest E2open Ocean Shipping Index (Q4 2023) include:
- Global average shipment duration increased by two days to 60 days.
- All major shipping lanes experienced duration increases.
- Asia to North America and Asia to Europe exports averaged 60 and 64 days, respectively, with a three-day increase compared to the previous quarter.
- North America to Europe shipment duration rose by four days, surpassing forecasts.
- Asia to South America routes witnessed a two-day increase from the previous quarter and a four-day increase from the same quarter in 2022.
To explore further data and insights, read the complete e2open.com Ocean Shipping Index at e2open.com. This report is part of E2open’s suite of benchmark reports designed to assist companies in managing the complexities of today’s global supply chains.
About e2open
E2open is the connected supply chain software platform that enables the world’s largest companies to transform the way they make, move, and sell goods and services. With the broadest cloud-native global platform purpose-built for modern supply chains, e2open connects more than 480,000 manufacturing, logistics, channel, and distribution partners as one multi-enterprise network tracking over 15 billion transactions annually. Our SaaS platform anticipates disruptions and opportunities to help companies improve efficiency, reduce waste, and operate sustainably. Moving as one.™ Learn More: www.e2open.com.
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