Theft on the Decline in Supply Chains
Thieves made off with less cargo, and the value of stolen goods also declined, a new report from FreightWatch International finds.
Food and drink shipments are among the most likely to be stolen, according to FreightWatch International. PHOTO: BLOOMBERG NEWS
Thieves are making off with less cargo and stealing less-valuable shipments, according to a new report by FreightWatch International, which provides supply-chain security services.
In the second quarter of 2015 FreightWatch recorded 178 cargo thefts in the U.S., with an average loss value of $189,307. Volume of thefts was down 11% from the previous quarter and 7% from the previous year, while the average value of a stolen shipment was down 27% from the first quarter and flat compared with a year earlier.
Overall, food and drink shipments were the most likely to be stolen, comprising 16% of all cargo thefts in the quarter, followed closely by home and garden products, electronics and building and industrial supplies.
Criminals target food shipments, rather than electronics or other goods, the report said, in part because they don’t have serial numbers, and are therefore easier to resell. However, the potential resale value must be balanced against the risk that products will spoil.The report found that since 2008, the overall volume of food theft has been dropping, while the average loss value of food and drink thefts has been steadily rising. FreightWatch attributed this development to organized cargo criminals broadening their targets in response to tightened supply chain security among shippers of pharmaceuticals and other high-value products.
“Organized cargo criminals are actively and aggressively targeting food and drinks and will continue to do so,” the report concluded.
