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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.
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.
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.
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 cargoship crashed.
Ocean RiskManagement part 2: Navigating Global Shipping Alliance The shipping industry continues to evolve. In this article, we explore the pros and cons of the alliance model in the shipping industry, compare the solo strategy versus alliance strategy, and provide tips on how shippers can prepare for market swings.
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.
Freight shipping has relied on the same systems for years, ranging from manual entries to a constant struggle in balancing delivery windows with costs. Before these changes can happen, shippers need to understand a few things about LTL shipping challenges and ways Less Than Truckload technology will impact them. Carrier rates may vary.
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.
One of the fastest growing forms of cargo theft is deceptive pick-ups (aka fictitious pick-ups). Then the con artists offer low bids to freight brokers who handle shipping for numerous companies. Overall, cargo theft is on the rise , as FreightWatch International reported last week. Keep the cargo moving.
Weather delays can affect shipping lanes, manufacturers face product shortages, demand continues to spike for certain products, containers are difficult to acquire, and the trucking industry faces a driver and capacity shortage, just to name a few. When we think of fraud in the supply chains, often we think about organized cargo theft.
trillion in cargo annually. The botnet then sends the scanner a second piece of malware that targets the victim’s corporate financial, customer, shipping, and manifest information. As I’ve written many times before, when it comes to supply chain riskmanagement, many companies are falling short.
Supply chain riskmanagement firm Overhaul also recently helped authorities recover stolen cargo from trains in three separate cases in California and Illinois. Authorities said the shipping container was bound for Spain. Border agents in the U.S. million at the Blue Water Bridge in Point Edward, Ontario, on June 12.
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.
Package delivery or parcel delivery is the shipping of packages (parcels) or high value mail as single shipments. Transportation Service Offering 2 – Air Cargo. Air transportation is used to transport air cargo by plane. Air transportation is used to transport air cargo by plane.
While prior riskmanagement disruptions occurred and quickly established a new normal, in the COVID-19 pandemic, the only normal is constant change. More and more cargo shifted to ocean transport until the container imbalances resulted in issues with “rolling the freight” from ship to ship despite confirmed bookings.
Fortunately, strategic planning can help you deliver your land cargo on-time , despite the abundant labor shortages. Low Land Cargo Capacity. There’s a rising demand for raw materials and products and inadequate drivers to ship products. Fuel prices are also rising, increasing the price of goods and shipping prices.
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.
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.
However, I did see reports on the destruction of Ukraine’s Antonov An-225, the world’s largest cargo aircraft. International shipping has faired well so far. The country’s major service export sectors include air transport; business, professional, and technical services; sea transport, and information services.
When terminals cannot move cargo, the costs can escalate quickly. When shipping giant Maersk fell victim to NotPetya malware in 2017, the costs were estimated at between $200 and $300 million. Port and maritime operations are critical to the stability of the global supply chain and the global economy.
Increased Shipping Costs, Delays, and Transportation Issues. Dealing with the Shipping Container Crisis. Following a March 2022 surge of Covid-19 in Shanghai, shipping company A.P. 95% of supply chain executives report having a formal supply-chain risk-management process following Covid-19. Logistics Management ).
provides transportation management system software to help make freight brokers more profitable – both by helping them bring in more revenue and helping them to operate more efficiently. BrokerWare is a transportation management system (TMS) for Non-Asset Based Freight Brokers. Transportation Service #2 – Air Cargo.
Help With Shipping Crisis (WSJ – sub. market, and as reported by the Wall Street Journal yesterday: Since the shipping company filed for bankruptcy protection in a Seoul court Wednesday, terminal operators, ports, cargo handlers, truckers and others have refused to handle its cargo, for fear they won’t get paid.
In another case, CMA CGM, one of the global leaders in cargoshipping, ultimately disabled its entire core IT systems in response to a cyberattack. A 2020 cyberattack at TFI International, one of the largest trucking and logistics companies in North America, forced them to resort to manually sorting.
West Coast ports continue , causing importers like Lululemon Athletica to delay store shipments by up to 10 days, other shippers are heading to Canada’s West Coast ports, such as Prince Rupert where cargo traffic headed for the U.S. has increased 11 percent so far this year. ports have also spurred some shippers to look north. .
Disruptive risks on the other hand are harder to predict and manage. These risks are low probability and high impact. Examples of disruptive risks are suppliers going out of business or shipwrecks that result in the loss of cargo containers. Natural risks such as weather, fires, pandemics, etc.,
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 delays and lost cargo are real. What risk does your cargo face? How should you estimate your cargorisks?
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. The result was a shift and acceleration towards nearshoring, reshoring, and source diversification.
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.
It’s already on a ship to Halifax!” Borrowing a quote from CBC : “If we can move the cargo out of Halifax in a timely manner, we don’t get into this situation. Any time spent simulating a new plan is potentially time not spent moving cargo. Don’t worry my friend, the car of your dreams will be here soon.
Shipping hazardous materials is an important yet challenging task that requires following strict safety protocols. The risks associated with mishandling hazardous materials can be costly and even catastrophic, so it’s essential for companies shipping such items to understand their requirements and follow them diligently.
The Ever Given vessel is floating, but the ship is not out of hot water. Although the cargo on the Ever Given is still at a standstill, other ships have been able to freely move through the canal over the past few weeks. The BBC reported that 369 ships were stuck waiting for the Ever Given to be refloated.
Zara also works with Air France, KLM Cargo and Emirates Air in order that they can coordinate directly with the airlines to make the outbound shipments to its stores and bring back some raw materials and semi-finished materials with return legs. Moreover, products can be shipped to stores in-time then lost sales is minimal.
In technology news, INTTRA announced a partnership with JDA Software, which will give JDA customers access to INTTRA’s full suite of ocean shipping software, data and services. Twitter), and natural disaster alerting sources to find and disseminate content relevant to global supply chains.
Peak season for ocean freight shipping is underway. That can make it difficult to meet your delivery times unless you take proactive steps now to minimize the risk in your supply chain. Our proprietary Risk Calendar envisions times of the year when disruptions may occur, and why. Yellow: Space is getting tighter. Golden Week.
The world’s oceans have been a vital part of global trade since humans first launched ships from shore. As a result, maritime shipping lies at the very heart of the global logistical system. In this concluding article, I want to discuss how climate change risks are adding to challenges faced by shipping firms and their clients.
Global shipping feels fallout from Maersk cyber attack (Reuters). It’s only a question of time, I believe, before these words from Matthew Mather’s book CyberStorm becomes an actual headline: ‘FedEx and UPS have ground to a complete standstill today due to what they say is a virus in their logistics shipping software.’”.
Originally published on RiskManagement Monitor. A better way of looking at those relationships is as partnerships—albeit ones that require management and alignment of objectives first and foremost, but ultimately mutually beneficial relationships.
Nearly a week ago, a cargoship — which if it stood on its end would be taller than either the Empire State Building or Eiffel Tower — ran aground in the canal completely blocking the waterway. Some ships are carrying security teams that enable them to pass through the piracy zone. Journalists Peter S.
As a supply chain manager, it is impossible (and unwise) to ignore the state of global politics, as it directly impacts nearly every level of the supply chain, from increased shipping rates to access to critical materials and minerals. Energy Information Administration ).
Shipping Gazette Daily News. One of the most comprehensive daily summaries, and by far the leading Asian-based summary, China’s Shipping Gazette provides daily information about carriers, forwarders and technology. Logistics Management. Air Cargo World. This American based niche news site specialises in air cargo.
Each party tries to reduce its risk. And you might tell the buyer, that you will not ship anything, before you have not received the money. 10% financing) the bill of lading at the moment the product is shipped (e.g. 25% financing) Cargo monitoring could increase the value of such securities.
Stagnation of Air Cargo and Sea Freight Rates. Even though there have been concerted efforts to reverse the downturn experienced in the year 2015, most shipping lines have not succeeded in reversing the trends in supply chain. Air cargo rates will also remain static. ManagingRisk. Cost Effectiveness .
Supply Chain Matters provides highlights for the recently released Allianz Safety and Shipping Review 2024 Report. Safety and Shipping Review 2024 Report Global commercial and specialty insurance provider Allianz Commercial has released its annual review of trends and developments in global shipping and safety.
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