E2open Parent Holdings, Inc., a leading connected supply chain SaaS platform with the largest multi-enterprise network, has unveiled the latest edition of its Ocean Shipping Index. This quarterly benchmark report offers valuable insights for decision-making in the realm of global ocean shipments. The data compiled in the report reveals a significant reduction in cross-ocean transit times over the past nine months. Indicating a notable decrease in global demand for goods originating from Asia.
Introduction
E2open Parent Holdings, Inc. is a renowned provider of connected supply chain solutions, empowering organizations with its robust SaaS platform. With a vast multi-enterprise network, E2open connects over 420,000 enterprises, managing a staggering 14 billion transactions and tracking 71 million containers annually. One of the key offerings by E2open is the OSI, a benchmark report that draws from their extensive business network to shed light on the duration it takes to transport goods internationally and the contributing factors to delays.
Reduction in Cross-Ocean Shipment Transit Time
Cross-ocean transit times hold immense significance for shippers and businesses involved in international trade. They directly impact the speed at which goods reach their destinations, influencing operational efficiency and customer satisfaction. The latest edition of the OSI from E2open reveals compelling data that showcases a downward trajectory in transit times, signaling a remarkable reduction in global demand for goods originating from Asia.
Understanding the Factors Contributing to Delays
E2open provides a data-driven approach to understand the factors contributing to observed delays in cross-ocean shipments. The report leverages historical data from their extensive business network, encompassing over 420,000 connected enterprises. With a vast amount of data at their disposal, E2open tracks a staggering 14 billion transactions and monitors 71 million containers annually. This comprehensive dataset allows for in-depth analysis and provides valuable insights for decision-making. One unique aspect of the Ocean Shipping Index is its inclusion of the shipment booking date.
In today’s uncertain global market, companies are constantly evaluating their supply networks to adapt to changing demands and ensure a steady flow of goods. With ongoing concerns about the availability of components for manufacturing, raw materials, and agricultural products, businesses are expanding their options worldwide. The latest edition of the OSI provides import and export data for South American ports, shedding light on the movement of agricultural products, minerals, and oil and gas exports that play a significant role in global trade.
Positive Trend: Decreasing Booking-to-Receipt Times
Despite the choppy global ocean shipping environment, there is a silver lining. The Ocean Shipping Index report highlights a positive trend of decreasing booking-to-receipt times for shipments worldwide. As of April 1, 2023, the global average total booking to receipt time for ocean container shipments has declined by 12 days compared to the same quarter of the previous year.
Moreover, exports from Asia to North America experienced the most significant quarterly drop in transit times. In just the last three months, transit times decreased by 11 days, and there was a remarkable reduction of 24 days compared to the same quarter in 2022. Similarly, exports from Europe to North America demonstrated impressive progress, with a notable reduction of 18 days from Q1 2022. This marked the shortest overall duration in the past eight quarters. Furthermore, journeys from North America to Europe also showed improvements, with transit times down by eight days since the previous quarter and nine days from Q1 2022.
These encouraging trends indicate the optimization of shipping processes and increased efficiency in the maritime container shipping workflow. Despite the challenges posed by the global ocean shipping environment, there is a clear improvement in transit times, benefiting businesses and shippers involved in international trade.
New Shipping Lane Data
The latest Ocean Shipping Index report introduces new shipping lane data that highlights noteworthy changes in transit times. For exports from North America to South America, there was a decrease of 12% in total booking to receipt time compared to the same quarter in 2022. Similarly, exports from Europe to South America showed a decrease of 13% during the same period.
Furthermore, cross-ocean journeys from South America to North America and South America to Europe also experienced a decrease in transit times. These findings provide valuable insights into the efficiency of shipping lanes across different regions, enabling shippers to make informed decisions and optimize their supply chains accordingly.
Other Benchmark Reports by E2open
The Ocean Shipping Index report is just one of several benchmark reports available from E2open. In an increasingly complex global supply chain landscape, these reports serve as essential resources for companies aiming to navigate challenges and seize opportunities. E2open’s benchmark reports provide valuable data-driven insights, helping businesses improve efficiency, reduce waste, and operate sustainably.
Conclusion
The latest edition of the OSI by E2open highlights a significant reduction in cross-ocean shipment transit times, signaling a decrease in global demand for goods out of Asia. With a data-driven approach and insights derived from their extensive business network . E2open provides valuable information for decision-making in global supply chains. The positive trend of decreasing booking-to-receipt times offers optimism amidst the challenges of the ocean shipping environment. By leveraging these insights, companies can optimize their supply networks and adapt to the evolving demands of the global market.
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