The theft of cargo while in transit rose by 4.1 percent to record levels in 2010, according to the 2010 Annual Cargo Theft report released Tuesday by logistics security firm FreightWatch International.
According to the report, an average of 75 cargo theft incidents were reported per month across the transport industry, 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.
“To address these cargo theft issues, we have seen companies utilize additional layers of security to mitigate risk,” said Barry Conlon, CEO 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 become more aggressive and increase active targeting of unprotected loads.”
While the rate of cargo theft continues to grow, data shows that the average value per loss declined in 2010. The Freightwatch report provides an analysis of cargo theft in the U.S. including theft rates per state, the most common locations for thefts and the areas with the highest risk.
Contact Peter T. Leach at firstname.lastname@example.org.