Increase the total number of reported thefts of all types of cargo,in USA up by over 60% in 2024 over two years prior.
Fast-moving changes in supply chains across the world are more complex and unexpected than ever says international freight and cargo handling insurer, TT Club. Its’s recent Bulletin focusses on drug smuggling and cargo theft in the US, along with initiatives to combat the risks, including smart containers and online animated guides to spotting fraudulent instructions to operators.
The profit incentive for drug traffickers
A kilo of cocaine is worth between USD 1,500 and USD 2,200 in producing countries such as Colombia. By the time it reaches consumer markets in Europe and North America, it can be worth between USD 30,000 and USD 80,000. Such is the profit incentive for drug traffickers.
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Illicit cargoes
Sea-going containers are an attractive mode of transport for these illicit cargoes. Inspections at ports and increased resources aimed at detection make up part of the armoury in fighting the burgeoning crime of drug smuggling but technology in the form accurate tracking of containers and their contents is becoming more sophisticated.
The data relating to this crime
“Our latest Supply Chain Security Bulletin*tt-club-supply-chain-security-bulletin-july22 delves into the data relating to this crime and also the methods evolving in an attempt to minimise the consequences,” says TT’s Mikle Yarwood. “The graphic below gives some sense of both the level of increase in the problem and the successful seizures in recent years.”
The USA’s cargo crime profile
Focussing on the USA’s cargo crime profile TT’s claims analysis revealed in the Bulletin shows a significant increase in the total number of reported thefts of all types of cargo, up by over 60% in 2024 over two years prior. Thefts of full loads from cargo handling facilities or depots made up nearly half of these last year as opposed to 29% in 2023. A change in regional trends across the States are also examined and illustrated in the graphic below.
Profit incentive trade
“At TT we will continue to interrogate our own, and other sources to better understand the risks across the global supply chain, not just crime,” explained Yarwood. “We are also dedicated to advising and assisting those involved in the container trades to prevent, or reduce these risks. In our current Bulletin for instance we have developed a series of loss prevention animations, available online with the aspiration of raising awareness of how thieves commonly access cargo.”
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About TT Club
TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. The Club’s services include specialist underwriting, claims management and risk and loss management advice, supported by a global office network. TT Club’s mission is to make the industry safer, more secure and more sustainable.
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