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Analyzing loss activity over the past year, the report found that cargo theft is increasing – in frequency, scope, and sophistication. Theft is the standout trend for cargo claims. For shippers with cargo insurance, the rise in the frequency of theft claims is driving higher loss ratios amid large, repeated thefts of attractive goods.
Why PTL works: You avoid overpaying for empty trailer space There's less handling, reducing the risk of damage No freight class needed, which simplifies quoting Key benefit: Cost efficiency and cargo protection 2. This is especially important for higher-value PTL shipments. Why Worldwide Express for PTL shipping?
Supply chain riskmanagement firm Overhaul also recently helped authorities recover stolen cargo from trains in three separate cases in California and Illinois. Border agents in the U.S. and Canada seized cocaine, methamphetamine and marijuana worth more than $31.6
Cargo thieves love the holidays. That time of year when the industry ships a higher volume of desirable, in-demand goods. Appliances and furniture, food and beverages, and electronics are hot commodities. Warehouses and distribution centers are top targets.
Further noted was a statement from the CEO of the Long Beach terminal operator indicating that the automation plan aims to move twice as much cargo with the same workforce. The key difference reportedly is the overall mix of jobs.
Freight fraud has emerged as one of the most rapidly growing and financially devastating risks in today’s global supply chain landscape. This shift from reactive to preventive riskmanagement marks a breakthrough in how the industry combats increasingly sophisticated cargo theft schemes. “It
Resilinc Study Supply chain riskmanagement technology provider Resilinc released this week this providers findings of the top drivers of supply chain disruptions for 2024. This data was compiled from Resilincs EventWatchAI , a risk monitoring database provided to customers.
In the context of supply chain management, liability insurance is crucial for covering claims related to defective products, accidents during transportation, or other incidents that could lead to costly lawsuits. Cargo Insurance Cargo insurance specifically covers goods in transit.
The pandemic showed vulnerabilities in the supply chain, which were amplified by subsequent eventssuch as the Red Sea tensions, which caused cargo traffic to fall from around 5000 containers per day in November to 2000 in December 2023. Before the pandemic, many companies relied on static, reactive planning methods.
Deploying technology and predictive tools for riskmanagement. For pharmaceutical importers in 2025, riskmanagement begins not with reaction but with prediction. Will Correct Extremely Regrettable Tariff Error Global Trade & Economics FAA Proposes Extending Newark Flight Restrictions Through 2026 Air Cargo U.S.
Even if the traffic along the Suez Canal route returns to full throttle in 2025, this shift would cause weeklong processing delays, container backlogs, and a spike in congestion at many European seaports due to the sudden increase in cargo volume. In Ukraine, Russian forces now occupy around 20% of the country.
The company’s standout solution, Risk Factors, is transforming how freight brokers identify and prevent fraud, establishing new standards for riskmanagement across the logistics sector. Risk Factors is built to transform fraud prevention and riskmanagement in the freight industry,” Truckstop wrote in its application.
It demands a deep dive into complex calculations and multi-faceted considerations that impact everything from sourcing and production strategies to long-term investment and riskmanagement. Manufacturing Sector Global Supply Chain Management Digital Edition SupplyChainBrain 2025 ESG Guide: Is ESG Still Relevant?
These audits focus on cargo security, risk assessment, and anti-terrorism compliance measures. Structural Audits Structural audits assess the safety and stability of factory buildings, identifying risks related to fire hazards, emergency preparedness, and overall structural integrity.
The Suez Canal, for example, is crucial for energy and cargo shipments moving between Asia and Europe. Avoiding these critical chokepoints leads to higher costs because of longer journeys. The average voyage was estimated to be 4,675miles in 2000 versus 5,186miles in 2024. Avoiding this Canal means going around the Cape of Good Hope.
Understanding Long-Haul Trucking Insurance Long-haul trucking insurance is a specialized commercial auto insurance that offers coverage for vehicles and cargo traversing long routes. According to Infinite RiskManagement & Insurance Solutions, comprehensive insurance protection is essential in the transportation industry.
Bowman, SupplyChainBrain Podcast | Mitigating Supply Chain Risk: Is Insurance Up to the Challenge? More from this author Subscribe to our Daily Newsletter! Timely, incisive articles delivered directly to your inbox.
Mexico is considered to be a net beneficiary from the [move] from cost efficiency to geopolitical riskmanagement.” Nearshoring, or friendshoring, appears much more likely to benefit from tariffs this time around,” the June 5 BofA report said. Financial analysts argue that Mexico faces less protectionist pressure than other U.S.
Mexico border, aims to separate commercial cargo from regular traffic, cut down inspection times, bolster security, and support far more efficient trade flows along a corridor that handles over $300 billion annually. The elevated freight-only system, a first-of-its-kind at the U.S.–Mexico Congressional leaders like Rep.
million worth of stolen cargo; and freight theft cases in Illinois and Kentucky surged in April. Instead of being delivered to its intended destination in Childress, Texas, the cargo was transported through New Mexico and eventually into Arizona. The trailer and its cargo, valued at $1.6 Truck carrying $1.6
With the main focus on maximizing time and cost efficiencies, cargoriskmanagement is often skipped over despite being a critical step in protecting your company. The risk of […]. The post Transportation RiskManagement: Keep Your Cargo Out of Danger appeared first on Logistics Viewpoints.
This post is the second in a series of “How to Spot Supplier Risk.” ” In the process of business procurement and especially in the supply chain, supplier riskmanagement is a skill set that needs focus day in and day out. Enhancing Supplier RiskManagement Through On-Site Evaluations.
However, there is probably one industry that most of us would not think of in this list: the cargo theft industry. According to the National Insurance Crime Bureau (NCIB), cargo theft in the United States is a $15 to $35 billion industry. Cargo Theft Tactics Cargo theft comes in many shapes and sizes. Keep a vigilant eye.
Cargo theft continues to be a problem, especially around the holidays. And I don’t just mean the winter holidays; cargo theft typically spikes during any holiday season where businesses may be closed for an extra day or two. But what exactly is cargo theft? Cargo theft comes in many shapes and sizes.
states, obvious disruptions to supply chains and supply chain riskmanagement were a given. Starting with Miami, this port primarily handles containerized cargo with small amounts of breakbulk, vehicles and industrial equipment. containerized loaded cargo volume and more than 18% of the East Coast container trade.
As shoppers count down the days until they can score deals on the hottest products, cargo thieves are counting on cashing in on opportunities to swipe unattended trailers and shipments. The industry experiences more cargo theft incidents when there is a higher volume of consumer goods moving through the supply chain.
Over the past four years, due in large part to the Covid pandemic, there has been significant discussion about the importance of riskmanagement in logistics and how companies must create more resilient supply chains. We were reminded of this again recently when a cargo ship crashed.
RiskManagement in Global Ocean Context Feature Article by LSCMS Shippers Council Rates have gone down massively in most trade lanes; congestion has eased, and capacity seems sufficient in most sectors. It appears that operational and procurement risks for beneficial cargo owners or shippers, in the short term, are minimal.
Risks in halal supply chains The halal integrity of a brand (and its products) is a function of its supply chain, where a breakage in halal integrity anywhere in a supply chain becomes a breakage of its halal integrity. Halal riskmanagement is essential for trust in halal certified brands.
Air cargo for example, though continuing to make digital strides, is still behind – and is often compared to – passenger travel where digitized capacity, pricing and online bookings have been around for decades and is in some ways the digitalization template air cargo is referencing.
One of the fastest growing forms of cargo theft is deceptive pick-ups (aka fictitious pick-ups). According to a September 2013 white paper published by CargoNet and the Cargo Security Alliance , 8 percent of cargo thefts in 2013 (as of August 31, 2013) were due to fictitious pick-ups, up from 5 percent in 2011.
Ocean RiskManagement part 2: Navigating Global Shipping Alliance The shipping industry continues to evolve. Additionally, we examine the decision between using a carrier or a Non-Vessel Operating Common Carrier (NVOCC) as a vendor and how this choice can impact riskmanagement.
Reliance Partners’ Borderless Coverage is a global insurance program designed to protect businesses of all sizes from the risks associated with international operations. About Mark Vickers Mark Vickers is a leading expert in domestic and cross border transportation riskmanagement and insurance.
Air Cargo World. This American based niche news site specialises in air cargo. Cargo Business News.com. based niche site, covering air, sea, rail and road cargo news. But within that, it has a very broad scope covering, not just air cargo, but all aviation, aerospace and space news. ACWmagazine. CargoBusiness.
The alarming rise in cargo theft across the United States is becoming a significant concern for businesses, logistics providers, and consumers alike. As prices rise and certain goods become scarce, the value of stolen cargo on the black market increases. Remote monitoring systems offer eyes on the cargo even when physically distant.
trillion in cargo annually. As I’ve written many times before, when it comes to supply chain riskmanagement, many companies are falling short. The sooner companies embed supply chain riskmanagement within their corporate DNA, the sooner they’ll be able to adequately address this growing threat of cyber-terrorism.
When we think of fraud in the supply chains, often we think about organized cargo theft. According to Travelers Insurance, there are five main cargo theft tactics to watch out for. The first is straight cargo theft, where cargo is physically stolen from a location.
Stagnation of Air Cargo and Sea Freight Rates. Air cargo rates will also remain static. However there is good news at the moment because of the drop in jet fuel costs, improving the financial performance of the air cargo companies. ManagingRisk. To mitigate the risks of the supply chain, it needs to be nimble.
As noted in the press release, companies are required to use ACE for all electronic import and export manifest filings for all modes by May 1, 2015 and use ACE for all electronic cargo release and related entry summary filings by Nov. Note: Elemica and Kewill are Talking Logistics sponsors.
Fortunately, strategic planning can help you deliver your land cargo on-time , despite the abundant labor shortages. Low Land Cargo Capacity. Solutions for On-Time Land Cargo Delivery. Either option creates opportunities for better consistency, improved riskmanagement, and better professional relationships.
The post ‘Tis the Season for Cargo Theft appeared first on Enterra Solutions. Nobody likes to get ripped off; but, experts note the holiday shopping season presents an almost irresistible opportunity for thieves. … Continued.
The Los Angeles and Long Beach ports handle nearly half of the nation’s cargo, and are the main gateway for imports from Asia including automobiles, furniture, clothing, electronic products and […].
AI and machine learning provides more accurate information during the transportation planning process; using IoT to monitor shipments, cargo conditions, and yard management have allowed companies to make quick adjustments when disruptions occur; and mobile digital assistants provide feedback and instant visibility into shipments and inventory.
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