Cargo theft in US and Canada soars to record in 2024
Published On Jan 24, 2025, 12:09 PM
Cargo theft has reached record highs in the U.S. and Canada, with a 27% increase from 2023 to 2024, resulting in 3,625 reported incidents valued at over $454 million. The trend is attributed to sophisticated criminal enterprises employing both traditional theft methods and sophisticated fraud techniques, including redirecting shipments through fake identities. Major hotspots for these thefts include California and Texas. This situation affects logistics companies and, consequently, consumers, as rising theft leads to increased freight and insurance costs.
Stock Forecasts
DSX
Negative
The surge in cargo theft is expected to elevate operational costs for logistics and shipping companies due to increased insurance premiums and the need for enhanced security measures. This might limit profit margins in the supply chain sector.
PLNT
Positive
With rising cargo theft incidents, logistics and transportation industries may experience increased demand for security services and technology solutions, which could benefit companies focused on security measures and innovative logistics solutions.
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