Daily dispatch, Feb. 10: Cargo theft volume increased, average loss value dropped in 2019

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Updated Feb 10, 2020

Trucking news and briefs for Monday, Feb. 10, 2020:

Cargo theft volumes increased in 2019, with the most thefts occurring in California, Texas and Georgia.Cargo theft volumes increased in 2019, with the most thefts occurring in California, Texas and Georgia.

Cargo theft volume up, average loss value down in 2019
The total number of cargo thefts in the U.S. increased in 2019 over the previous year, while the average values of those thefts decreased, according to an annual report from cargo theft recording firm SensiGuard. The firm says its numbers are an indirect representation of the overall cargo theft footprint, as a number of thefts go unreported.

According to SensiGuard, there were 703 cargo thefts recorded in 2019 with an average loss value of $118,396, representing a 17% uptick in volume and a 22% decrease in value when compared to 2018. The firm says the growth in volume is due to cargo thefts diversifying into “advanced cargo theft techniques,” adding that values will likely catch up with the increase in volume.

The firm notes that the volume increase was the first year-over-year increase since 2011.The most common form of theft was theft of full truckload, which accounted for 54% of thefts in 2019.

Additionally, electronics were the most-stolen product type in 2019, accounting for 17% of all thefts, SensiGuard notes. Food and drinks were also among the most-stolen items.

When broken down by location, nearly half of all cargo thefts took place in three states, with 44% occurring in California, Texas and Georgia.

Thieves were most active late in the year with November seeing the most thefts (14%), followed by December (11%) and October (10%).

FreightWeb brokerage focusing on ‘partial truckload’ service
The FreightWeb broker launched what it calls its “Partial Truckload” service, backed by funding from $3 million in venture funding from Madrona Venture Group and 8VC.

The company looks to connect shippers of partial truckloads with carriers available to move them. Offering self-service rate quotes to shippers via myfreightweb.com, the company pitches 25% savings to those shippers over “full truckload-based pricing.” FreightWeb defines “partial truckload” as between six and 20 pallets.