E2open Ocean Shipping Index Indicates Reduction In Cross-Ocean Shipment Transit Time Across All Major Ocean Routes
E2open Parent Holdings, Inc. the connected supply chain SaaS platform with the largest multi-enterprise network, has released the latest edition of its Ocean Shipping Index, a quarterly benchmark report that provides insight for decision-making around global ocean shipments.
Report data reflects a downward trajectory in cross-ocean transit times over the last nine months, signaling an ongoing reduction in global demand for goods out of Asia.
The e2open Ocean Shipping Index provides a data-driven reference for shippers to understand how long it takes to move goods internationally and the factors contributing to observed delays.
The report is based on historical data from e2open’s business network, encompassing over 420,000 connected enterprises managing 14 billion transactions and tracking 71 million containers annually.
The Ocean Shipping Index is unique in the market because it captures the shipment booking date, adding deeper insight for decision-making.
“With continued uncertainty around available supply for components for manufacturing, raw materials, and agricultural goods, companies are evaluating their supply networks and looking to expand their options worldwide.
The latest edition of the index includes import and export data about South American ports utilizing both the Atlantic and Pacific Oceans to move agricultural products, minerals, and oil and gas exports that play a role in global trade,” said Pawan Joshi, executive vice president, products and strategy, for e2open.
“The global ocean shipping environment continues to have a choppy outlook, but the silver lining in all this is the global trend of decreasing booking-to-receipt times for shipments.”
Key takeaways from the latest e2open Ocean Shipping Index report include:
- As of April 1, 2023, the global average total booking to receipt time for ocean container shipments declined 12 days from the same quarter last year.
- Exports from Asia to North America saw the most significant quarterly drop, down 11 days in the last three months and 24 days from the same quarter in 2022.
- Exports from Europe to North America decreased by 18 days from Q1 2022, the shortest overall duration in the past eight quarters. From North America to Europe, these journeys were down eight days since the previous quarter and nine days from Q1 2022, pointing to improvements across the entire maritime container shipping workflow.
- New shipping lane data for exports from North America to South America and Europe to South America indicates a decrease of 12% and 13%, respectively, in total booking to receipt time from the same quarter in 2022. The cross-ocean journeys of exports from South America to North America and South America to Europe also decreased during the same period.
- This report is one of several benchmark reports available from e2open to help companies navigate increasingly complex global supply chains.