Report: Cargo Theft Losses on the Rise
July 2009, TruckingInfo.com - Feature
While thefts rates vary between commodity groups and industries, across the board the average loss per cargo theft incident is sharply on the rise, according to a report from FreightWatch International,
a global logistics security provider.
FreightWatch recorded 74 cargo theft incidents in the month of June, well beyond the average of 48 to 50 thefts per month recorded throughout 2008 and 2009. Cell phones, in particular, are being stolen at a rate of 50 percent higher than in 2008, and at an average loss per incident has risen from $1.1 million in 2008 to 2.1 million in 2009, according to the company's Bi-Annual Cargo Theft Report.
"In contrast, full truckload pharmaceutical thefts rates are down," according to Barry Conlon, president of FreightWatch USA. "The significant decrease in the number of pharmaceutical cargo thefts is attributed to the hardening of supply chains in the top pharmaceutical companies in the United States." Pharmaceutical companies are taking steps to secure their supply chain, protecting their high-value, temperature-sensitive medications and products.
The research conducted by FreightWatch shows that the average loss per incident for virtually every commodity group except pharmaceuticals and electronics has significantly increased from the first six months of 2008 to the same time period in 2009.
FreightWatch International offers an array of customized logistics security solutions designed to prevent cargo theft at every point in the supply chain.
For more about how to protect yourself from cargo theft, see "Security Smarts" in the June issue of Heavy Duty Trucking magazine.