E2open Ocean Shipping Index Reflects Increase in Cross-Ocean Shipment Transit Times Due to Geopolitical Unrest and Natural Disasters
Latest report finds two-day increase from previous quarter in average global shipment duration across most major shipping lanes
AUSTIN, Texas, January 25, 2024--(BUSINESS WIRE)--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 that despite stability in recent quarters, all major shipping lanes in the index saw duration increases from two to four days for the fourth quarter of 2023, an upward trend that continues in the first month of 2024. Multiple recent global shipping challenges, including a drought in the Panama Canal and the threat of attacks in the Red Sea, have shippers and ocean carriers considering alternate routes that are significantly longer.
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 15 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.
"Two of the world’s most important waterways for moving global ocean shipments are experiencing tremendous challenges," said Pawan Joshi, executive vice president, products and strategy for e2open. "The latest Ocean Shipping Index illustrates how these seemingly local disruptions are quickly impacting global logistics, causing uncertainty, and making it more difficult for companies to meet customers’ expectations. Not only do companies have to deal with longer transit times and cost, but they must also factor in the environmental impact of longer sailings. Longer sailing times also affect available container capacity for full as well as empty containers. The full impact of these disruptions is still unfolding and remains to be told in next quarter’s index; hence shippers and ocean carriers should continue to monitor transit times and update their demand, supply, and logistics planning parameters while taking proactive steps now to mitigate these disruptions."
Noteworthy findings from the latest e2open Ocean Shipping Index covering the fourth quarter of 2023 include:
The global average shipment duration increased over the last quarter by two days, up to 60 days.
All major shipping lanes in the index saw duration increases.
Exports from Asia to North America and Asia to Europe averaged 60 and 64 days, respectively, reflecting an increase of three days in each route compared to the prior quarter.
Shipment duration from North America to Europe increased by four days, greater than forecasted.
Asia to South America routes saw an increase in shipment duration of two days from the previous quarter and four days from the same quarter in 2022.
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 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.
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/20240125768259/en/
Contacts
Media Contact:
5W PR for e2open
e2open@5wpr.com
718.757.6144
Investor Relations Contact:
Dusty Buell
dusty.buell@e2open.com
investor.relations@e2open.com
Corporate Contact:
Kristin Seigworth
VP Communications, e2open
kristin.seigworth@e2open.com
pr@e2open.com
