FreightWatch: Cargo theft incidents, loss values fall compared with 2014

By Greg Grisolano, Land Line associate editor | Thursday, November 05, 2015

For the second consecutive quarter, the number of incidents of cargo theft in the United States has dropped compared with a year ago, according to the latest report from FreightWatch International.

The 152 verified incidents of cargo theft in July, August, and September 2015 represent a 24 percent decrease in volume compared with the same time period last year, according to a new report published Thursday. The average loss value per incident of $199,467 is a 38 percent decrease in average loss values from the same time period in 2014. The report notes that compared to the second quarter of 2015, the numbers represent an 18 percent reduction in number of thefts, but a 7 percent increase in average loss value.

FreightWatch, which specializes in tracking supply chain information and cargo thefts around the globe, publishes quarterly reports in addition to an annual report on cargo theft. The report also states that figures from the most recent quarter are expected to rise in the coming weeks, due to what the company in the past has referred to as a “substantial underreporting” of cargo thefts nationwide.

Food and drinks continue to be the most-stolen product type, accounting for 22 percent of total thefts in the U.S. during the quarter. Electronics and auto parts were the second- and third-most stolen cargo type, accounting for 12 percent and 11 percent of all reported thefts respectively.

California displaced Texas to become the top state where cargo thefts were reported, with 20 percent of all reported incidents. Texas, Florida, Georgia and Illinois rounded out the Top 5 states with the most verified reports of cargo theft.

The report also states that full truckload thefts were the most common type during the quarter, accounting for 81 percent of all reported thefts. Pilferage, with 9 percent, was second-most and fictitious pickup and facility theft accounted for roughly 5 percent each of all reported thefts.

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