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 14-day improvement in cross-ocean transit times over the same quarter in 2022, suggesting that ocean shipment transit times are rebounding to pre-pandemic levels despite ongoing geopolitical concerns, labor strikes, threats of recession, and other supply chain disruptors.
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 because it captures the shipment booking date, adding deeper insight for decision-making.
“Amidst ongoing supply chain challenges, companies are benefiting from available capacity, lower freight rates, and reduced ocean shipment transit times—a reversal from the height of the pandemic,” said Pawan Joshi, executive vice president, products and strategy for e2open. “The latest index suggests the time it takes for ocean shipments to move in the major trade lanes is stabilizing around the current number of days, reducing the uncertainty in inventory planning for brands and enabling them to optimize merchandise availability and selection in time for peak season.”
Key takeaways from the latest e2open Ocean Shipping Index report include:
As of July 1, 2023, it takes a company an average of 58 days to deliver goods to truck or rail carriers after booking with an ocean carrier and completing the cross-ocean journey, a 14-day improvement from the same quarter last year.
All trade lanes saw a reduction or remained flat in the total booking to receipt time from the previous quarter.
Exports from Europe to North America and North America to South America decreased by five days since the previous quarter, the most significant decrease among all trade lanes.
Compared to the same quarter in 2022, goods moving from Europe to North America took 23 days less, and the journey for ocean shipments from North America to South America took 12 days less.
This report is one of several benchmark reports available from e2open to help companies navigate increasingly complex global supply chains.
