Supply Chain by the Numbers for July 25, 2024


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Supply Chain by the Numbers

- July 25, 2024

Supply Chain by the Numbers for July 25, 2024

Q2 Cargo Theft Remains High; ATA Freight Tonnage Drops again in June; Megawarehouse Market is Strong; EV Demand is Crumbling


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33%
That was the increase in US cargo theft incidents in Q2 versus the same period in 2023, according to the new quarterly “Risk Trends Analysis” report from CargoNet, a freight security company. However, the 771 thefts in Q2 were down 10% from the record levels seen in Q1. The report further found that the average shipment value per theft in the quarter was $150,711, and CargoNet estimates that $68.5 million in freight was stolen during this period. Compared to the first quarter of 2024, CargoNet saw significant growth in targeting of vitamins and supplements, alcoholic beverage shipments (primarily liquor), and over-the-counter skincare products. In contrast, theft of vehicle accessories like tires and motor oils, footwear, and consumer electronics such as televisions and computers decreased notably

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That is the number of “megawarehouses” – those of 1 million square feet or more - that were leased in the first half of 2024. That according to new analysis by real estate firm CBRE released this week. That figure was up a 35% from the 23 megawarehouse leases recorded in last year’s first half. The report also looked at the top 100 leases for warehouse space in the first half of 2024. It found that the average size of leases in the largest 100 increased to 814,000 sq. ft. from 791,000 sq. ft. a year earlier. The largest percentage of the 100 leases were signed by traditional retailers and wholesalers with 30, followed by 3PLs (29), ecommerce operators (14) and food & beverage companies (13).



1.6%
That was the month-over-month drop in the Freight Tonnage Index from the American Trucking Associations for June, according to data released by the ATA this week. That followed a 3.0% increase in June. Compared with June 2023, the index decreased 0.4%. In May, the index was up 1% from a year earlier, which was the first year-over-year gain since February 2023. The full index reading for June was 113.5, versus the baseline of the average month in 2015 (index = 100), meaning nine years later US freight tonnage is only up 13.5%.



6.8%
That was the rise in US electric vehicles in the first half of 2024. That is way down from 50% growth for all of 2023, as demand wanes. That according to Motor Intelligence data this week. With the slowdown in demand, car dealers had on average about 125 days’ worth of supply for EVs at the start of June, according to Cox Automotive, far above the industry norm for all cars of around 60 days. This as many car OEMs have worked to finally streamline their factories to produce EVs in high volumes. So dealers are slashing prices hoping to stimulate demand.

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