CARGO crime rose 49 per cent year on year in the first half of 2024 as thieves focused on high-value goods, reports New York's Journal of Commerce.
According to Overhaul, a global supply chain risk management and intelligence firm, the financial toll of cargo crime is soaring.
Average losses per incident jumped 83 per cent to US$115,230, Overhaul said in its report.
'I'd be surprised if we don't wind up with another one or two large strategic cargo theft groups operating in the US within the next three years,' said Overhaul intelligence chief Danny Ramon.
Cargo crime 'is up across the board and it's pretty scary,' he said. In its report, Overhaul cited 787 cargo thefts in the US and Canada in the first half of the year. That number likely is smaller than the actual number of incidents, as much cargo crime goes unreported.
'The rising tide of cargo theft is lifting all the boats in the bay, whether it's over-the-road theft, rail pilferage or strategic theft,' Mr Ramon said.
Electronics led the list of products targeted by thieves, accounting for 23 per cent of the thefts recorded by Overhaul. And 45 per cent of overall thefts occurred in one state - California. More specifically, 36 per cent of thefts in the first half occurred in Southern California.
Thefts tend to occur near freight hubs and large cities, such as the ports of Long Beach and Los Angeles. California's percentage of all US cargo theft increased nine percentage points from a year ago.
The Southern California 'red zone' - which extends about 200 miles from a shipment's origin point - experienced as many cargo thefts in the first half as Texas, Tennessee, Illinois, Georgia and Arizona combined, according to the report.
Texas ranked second in terms of cargo crime, accounting for 14 per cent of all thefts, a seven per cent year-on-year increase.
In addition to electronics, thieves are stealing home and garden products, which accounted for 14 per cent of thefts. Clothing and shoes were targeted in 11 per cent of thefts, and food and drinks in 10 per cent.
'It's not necessarily the high value of the item that attracts thieves, it's the profit margin,' Mr Ramon said. For example, that profit margin might be higher on a cheaper item easily resold - such as baby food or energy drinks - than on more expensive electronics.
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According to Overhaul, a global supply chain risk management and intelligence firm, the financial toll of cargo crime is soaring.
Average losses per incident jumped 83 per cent to US$115,230, Overhaul said in its report.
'I'd be surprised if we don't wind up with another one or two large strategic cargo theft groups operating in the US within the next three years,' said Overhaul intelligence chief Danny Ramon.
Cargo crime 'is up across the board and it's pretty scary,' he said. In its report, Overhaul cited 787 cargo thefts in the US and Canada in the first half of the year. That number likely is smaller than the actual number of incidents, as much cargo crime goes unreported.
'The rising tide of cargo theft is lifting all the boats in the bay, whether it's over-the-road theft, rail pilferage or strategic theft,' Mr Ramon said.
Electronics led the list of products targeted by thieves, accounting for 23 per cent of the thefts recorded by Overhaul. And 45 per cent of overall thefts occurred in one state - California. More specifically, 36 per cent of thefts in the first half occurred in Southern California.
Thefts tend to occur near freight hubs and large cities, such as the ports of Long Beach and Los Angeles. California's percentage of all US cargo theft increased nine percentage points from a year ago.
The Southern California 'red zone' - which extends about 200 miles from a shipment's origin point - experienced as many cargo thefts in the first half as Texas, Tennessee, Illinois, Georgia and Arizona combined, according to the report.
Texas ranked second in terms of cargo crime, accounting for 14 per cent of all thefts, a seven per cent year-on-year increase.
In addition to electronics, thieves are stealing home and garden products, which accounted for 14 per cent of thefts. Clothing and shoes were targeted in 11 per cent of thefts, and food and drinks in 10 per cent.
'It's not necessarily the high value of the item that attracts thieves, it's the profit margin,' Mr Ramon said. For example, that profit margin might be higher on a cheaper item easily resold - such as baby food or energy drinks - than on more expensive electronics.
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