Cargo Theft Experiences Decline

Cargo Theft Data

A recent report from Commercial Carrier Journal (CCJ) stated that cargo theft reports in the United States dropped 19% from 2017 to 2018. In 2018 alone, there were 592 cargo thefts in the U.S. with an average cargo value of $142,342. According to the CCJ, the fourth quarter was the most active in 2018 for cargo thefts, with a reported 171 thefts.

There are several variables contributing to higher Q4 cargo thefts in general, but 2018’s unusually stimulated theft environment was directly correlated to the ongoing tariff war with China. Countless companies considered pulling their products out of China amid the looming tariff hike and combined with increased shipping during the holidays, heightened cargo theft rates were imminent. Despite the volatile freight environment, the good news is that cargo theft still decreased 19% from 2017. The reasonable assumption for freight moved in 2019 and 2020 is that theft rates will continue to drop. However, there are proactive strategies your company can take to further protect your cargo from any future risks.

Proactive Planning

According to freightwaves.com, one key factor contributing to the decline in cargo theft is shifting overall truck maintenance from a reactive mentality to a proactive mentality.

What is a “proactive mentality”?

Instead of addressing vehicle issues as they arise, trucking companies are now trying to focus more on preventative maintenance. This means less downtime on the road and less maintenance issues during transit. With roughly 74% of cargo thefts happening to full truckload shipments while over the road, it is crucial to decrease idle time at truck stops and maintenance shops to ensure the safety of freight. Are you currently vetting your carriers for preventative maintenance?

At BM2 Freight, we believe in connecting great shippers with great carriers, and that means placing the security of your shipments as one of our top priorities. We vet all of our carriers for proper and regular preventative maintenance, as well as ensure superior cargo safety ratings. Have more questions? Give one of our supply chain experts a call at (859) 308-5100.

BM2 Freight Services, Inc.

Phone: (859) 308-5100

Email: Sales@BM2Freight.com