E2open Ocean Shipping Index Cites Ongoing Conflict, Extreme Weather and Threat of Labor Strikes as Key Drivers of Port Congestion and Longer Transit Times
08 November 2024 - 1:15AM
Business Wire
Latest report indicates year-over-year increase of up to 10
days for average global ocean shipment durations
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. The report data
reveals a considerable year-over-year (YoY) increase in global
average shipment duration, from 58 days in Q3 2023 to 68 days in Q3
2024, along with a two-day increase from Q2 2024. The most
significant contributor to the increase in YoY was the actual
transit time of six days, driven by geopolitical unrest and longer
dwell time at congested ports.
The e2open Ocean Shipping Index empowers shippers with
data-driven insights to better anticipate and adapt to factors
contributing to delays. The report is based on ocean shipping
activity in e2open’s vast network of over 480,000 connected
enterprises and managing billions of transactions and 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 latest Ocean Shipping Index data reflects the impact of
ongoing conflicts like the Red Sea attacks, compounded in recent
months by short-term disruptions such as extreme weather and the
threat of labor strikes,” said Pawan Joshi, EVP products and
strategy for e2open. “The report shows that even when disruptions
are short-term, they compound uncertainty, and the effects can
continue to ripple through supply chains months later. Given the
persistent volatility of the environment in which companies must
operate their global supply chains, data-driven strategies are
invaluable for shippers and carriers to mitigate the risk and
impact of extended transit times.”
Key takeaways from the latest e2open Ocean Shipping Index report
covering the third quarter of 2024 include:
- Shipment duration from Asia to Europe increased a staggering 18
days compared to Q3 2023, rising from 62 days to an average of 80
days from initial booking to clearing the gate at the final port.
The most significant contributors to the increase in the YoY
duration are booking time (five days) and actual transit time (13
days).
- Exports from Europe to Asia averaged 83 days from booking to
receipt, up 12 days from Q3 2023. Actual transit time of nine days
is the most significant contributor. Asia to South America
performed the same, up 12 days from the comparable quarter last
year, averaging 83 days.
- South American shipments headed to North America had an average
transit time of 63 days, up seven days form last quarter and 12
days year-over-year. Key contributors to the increase were booking
time (three days), origin port loading (two days) and actual
transit time (seven days).
- Shipment durations from South America to Asia increased by 12
days year-over-year in Q3 2024, averaging 87 days. This was
primarily due to longer booking, loading, and transit times.
- Overall, global ocean shipments averaged 68 days from initial
booking to clearing the gate at the final port. This represents an
increase of two days versus Q2 2024 and up 10 days from the
duration seen in Q3 2023 (58 days).
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.
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 16 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.
E2open and “Moving as one.” are the registered trademarks of
E2open, LLC. All other trademarks, registered trademarks and
service marks are the property of their respective owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107331644/en/
Media Contact: 5W PR for e2open e2open@5wpr.com
Corporate Contact: Kristin Seigworth VP Communications, e2open
kristin.seigworth@e2open.com pr@e2open.com
E2open Parent (NYSE:ETWO)
Historical Stock Chart
From Oct 2024 to Nov 2024
E2open Parent (NYSE:ETWO)
Historical Stock Chart
From Nov 2023 to Nov 2024