Cargo theft increasing

| February 22, 2011

FreightWatch International, a global logistics security solutions provider, reported on Feb. 21 that global cargo theft continues to plague supply chains, resulting in billions of dollars in direct losses, downstream costs and derailed efficiencies.

While a global problem, cargo theft trends vary widely from region to region, and having a clear understanding of these shifts is vital to a secured supply chain, according to FreightWatch.

“Supply chain professionals are fighting an uphill battle in almost every region of the world,” said Barry Conlon, FreightWatch chief executive officer. “Cargo criminals are actively targeting supply chains, stealing cargo in vast quantities and making huge profits on the black market. In order to develop a comprehensive security plan, industry professionals must first understand the complexities of the risks they face.”

FreightWatch reported in its annual Global Threat Assessment that the volume of cargo theft grew throughout the western hemisphere, with the United States, Mexico, Brazil and other South American countries reporting substantial increases in theft. By contrast in Europe, overall reporting of cargo theft rates was down, while the average value per loss rose sharply, most notably in the United Kingdom, France and Germany.

FreightWatch’s Global Threat Assessment looks at each region of the world and the countries considered major players in the world’s supply chain, analyzing cargo theft rates, criminal tactics, targeted goods and government efforts to curtail criminal activity.