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 that the total time from booking to receipt has stabilised across global shipping lanes.
e2open Ocean Shipping Index
The e2open Ocean Shipping Index provides shippers with data-driven findings to better anticipate and adapt to factors contributing to delays. The report is based on ocean shipping activity on e2open’s business network, encompassing over 420,000 connected enterprises managing 14 billion transactions and tracking 71 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.
“As expected, the average shipment duration time across most key global lanes has been stabilising. While there are a multitude of factors that affect ocean shipment lead times, timely insights to the changes can help manage unplanned impacts on cargo delays.” said Pawan Joshi, EVP products and strategy at e2open.
“Similarly, in-port wait times, customs clearance, and other conditions continue to present expected yet unpredictable disruptions. While not every challenge can be specifically predicted, timely information around shipping lead times and port activity can give stakeholders across the value chain the agility and confidence to make informed decisions when navigating the ever-changing environment.”
Key takeaways from the latest e2open Ocean Shipping Index report
- The global average for shipments was 58 days, from initial booking to clearing the gate at the final port and has not deviated from the previous quarter’s average. The year-over-year average duration is down roughly 10 days, from 68 days in the third quarter of 2022.
- The Maritime Containerised Shipping appears to have stabilised around the current duration to transport freight. It is now time to look for other ways to decrease the duration and remain consistent with best practices for all aspects of the industry sector.
- This quarter, port operations seem to have improved – for instance, the port of Long Beach saw a 23% decrease in time from loading to unloading; the Mexican ports of Manzanillo and Altamira have improved export time performance as well.
- Dun & Bradstreet data shows port performance times dropping between 10 to 18 days over the same time last year for processing through ports in Asia, and North and South America, while European ports are showing slight increases.
This report is one of several benchmarks reports available from e2open to help companies navigate increasingly complex global supply chains.
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Source: e2open
