Dive Brief:
- Freight Watch International reported 166 cargo thefts in the U.S. during Q2 2016, with an average loss value per incident of $154,184, a decrease in both incidents and average value when compared to the same period last year. No thefts of cargo over $1 million were reported last quarter.
- Full truckload thefts represented 78% of incidents last quarter; 82% of the cargo theft incidents occurred in unsecured parking locations. Food and drinks were the most commonly stolen goods at 23%, although thefts of electronic goods jumped to second most common last quarter. The average loss from theft of electronic goods, however, was over four times the general average at $643,714 per incident.
- California was the most common location for theft incidents, representing 40% of the total last quarter — up 122% from the same period last year. Texas (19%), New Jersey (8%), and Florida (7%) reported the next most common theft locations.
Dive Insight:
Despite the year-over-year decline in value and total incidents, the cargo theft strategy does not appear to be changing: thieves target full truckloads in unsecured parking areas over warehouses, distributions, facilities, or secured parking areas. In addition, organized cargo theft appears to be on the rise by way of pilferage — where thieves target specific loads through intelligence — which increased in frequency by 9% and value by 34% from Q1.
The report highlights the rise of electronics theft as an area of concern. In addition to the standard full truckload thefts, fictitious pickups and facility thefts occurred more frequently for electronic goods compared to other categories.
In addition, it is important to note that cargo theft overseas can also impact the supply chain. The company also releases reports for cargo theft in Mexico, Europe and Brazil. Recent analyses of these reports by American Shipper reveal theft incidence is on the rise worldwide, despite the apparent decline in the U.S.
