Cargo theft rates hit record highs

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FreightWatch International, a global logistics security solutions provider, reported that cargo theft industrywide rose by 4.1 percent in 2010 to an average of 75 cargo theft incidents per month, the most ever recorded.

The food and beverage industry was the most heavily hit by cargo theft, accounting for 21 percent of total theft activity, with an average loss value of $125,000 per incident, closely followed by the electronics sector, accounting for 19 percent of all cargo theft and an average loss per incident of $512,000. But while the rate of cargo theft continued to grow, FreightWatch data shows that the average value per loss declined in 2010.

“To address these cargo theft issues, we have seen companies utilize additional layers of security to mitigate risk,” says Barry Conlon, chief executive officer of FreightWatch. “The increase in protection combined with a decrease in total shipping during 2010, primarily due to decreased global demand, has forced cargo theft gangs to become more aggressive and increase active targeting of unprotected loads.”

Cargo theft in the United States is analyzed in FreightWatch’s 2010 Annual Cargo Theft Report and includes theft rates per state, most common locations for thefts, areas with the highest risk and more. For a copy of the report, e-mail dan.burges@freightwatchintl.com.