Cargo Theft Loss Values up on Fewer Thefts

August 2, 2013

The average loss value of U.S. cargo thefts increased during the second quarter of 2013 compared with both this year's first quarter and the comparable quarter a year ago, but the volume of thefts declined, according to FreightWatch International (USA) Inc.

The cargo logistics firm said in a report distributed last week that there were 194 thefts in the United States during this year's second quarter, including 45 in April, 66 in May and 83 in June.

The average loss value per incident during the quarter was $164,594. This is a 4% increase in value and a 15% decrease in volume compared with the first quarter of 2013, and a 27% increase in value and a 12% decrease in volume compared with last year's second quarter, according to the report.

Food and drink was the product type most often stolen during the second quarter, accounting for 60 thefts, or 31% of the total. The next most frequent category was electronics, which accounted for 22 thefts, or 11% of the total, primarily of televisions and computers, followed by the building/industrial category, which largely targeted roofing shingles and accounted for 19 thefts, or 10% of the total.

California was by far the top state in terms of thefts, with 576, or 29% of the total, followed by Texas' 32 thefts, or 17% of all incidents. Unsecured parking, which experienced 109 thefts during the second quarter, was the location targeted most often by cargo thieves when a location was recorded.

In terms of type of event, trailer theft was the most common during the second quarter, accounting for 142 thefts, or 73% of the total.

Analyzing the average $164,594 loss value, the alcohol category had the highest loss value, at $571,329, because of several high-end spirit thefts, said the report. The second-highest average value was the tobacco product type at $365,000.

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