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).
Source: e2open
