FWI: U.S. cargo thefts increasing in value

Cargo thefts in the United States were down 14% year-over-year by volume in the first quarter, but up 25% in value, according to the FreightWatch International Q1 2015 U.S. Cargo Theft Report.    FreightWatch International Supply Chain Intelligence Center (FWI SCIC) recorded a total of 191 cargo thefts in the United States during the first quarter of 2015.
   According to the FWI Q1 2015 U.S. Cargo Theft Report, the average loss value per incident during this time was $256,966, a 26 percent increase from last quarter and a 15 percent increase from the first quarter of 2014. Cargo theft volumes were up 1 percent in the quarter compared to Q4 2014, but down 14 percent compared to Q1 2014. The total value of these cargo thefts increased 26 percent and 25 percent, respectively, when compared to the previous quarter and the same quarter last year.
   “This is a continuation of the trend identified by the FWI SCIC in Q3-2014 of a large rise in average loss value indicating that organized cargo thieves are targeting more lucrative shipments while many carriers continue to improve the security of their supply chain,” FreightWatch said in a statement.
   The most common incidents during Q1 2015 involved the theft of Full Truckloads, which accounted for 80 percent of all reported thefts.
   Food and Drinks continued to be the most stolen product type in the first quarter of 2015, accounting for 31 percent of total thefts in the U.S. during this time. Products that were primarily targeted in this category include candy, cookies and snacks, meats, sodas, juices, teas and water, and canned and dry goods.
   The Electronics category produced 14 percent of the total, making it the second most stolen product type, primarily consisting of televisions and displays, as well as software, components and peripherals.
   Home and Garden was the third most targeted category with the largest share of its 12 percent of total thefts in cleaning supplies and products.
   The Metals category came in fourth with 11 percent, mostly in Aluminum and Copper thefts and one theft of Precious Metals in the first quarter of 2015.
   Geographically speaking, New Jersey, typically fifth through ninth in state rankings, was the state with the most reported thefts in Q1 2015 with 19 percent of total thefts occurring there. Florida was the second most active state in terms of cargo thefts for the quarter, despite a decrease in thefts compared to Q4 2014 and Q1 2014. FWI attributed the ranking primarily to “the recent and persistent drop in theft volumes within the state of California.”
   “Likely a result of several factors, not the least of which is the continued West Coast port slowdown, the volume of freight in the state to drop. Additionally, due to the long delays experienced at the ports, the freight that is unloaded at the docks is less likely to be at rest for a significant amount of time before it is shipped to its final destination,” FWI added.