J.B. Hunt Earns Annual Best in Cargo Security Award From Verisk’s CargoNet

Rhea-AI Summary

J.B. Hunt Transport Services Inc. (NASDAQ: JBHT) has been awarded Verisk CargoNet's Best in Cargo Security recognition for 2023. This accolade acknowledges J.B. Hunt's exceptional preventive measures, program engagement, and response preparedness in addressing cargo theft. The company achieved a remarkable 99.99% theft-free rate for full loads in 2023.

J.B. Hunt has implemented advanced technology and analytics to detect carrier fraud and prevent cargo theft. The company has also established a 24/7 Security Operation Center for monitoring high-value and high-risk freight. Additionally, J.B. Hunt has enhanced its teams specializing in supply chain security, investigations, and asset protection.

This recognition comes at a time when organized cargo theft has become a major concern for shippers. According to CargoNet, there was a 59% increase in cargo theft events across the United States and Canada in 2023, with an estimated total loss of $331.9 million.

LOWELL, Ark.--(BUSINESS WIRE)-- J.B. Hunt Transport Services Inc. (NASDAQ: JBHT), one of the largest supply chain solutions providers in North America, has been awarded Verisk CargoNet’s Best in Cargo Security recognition for its preventive measures, program engagement, and response preparedness to address cargo theft in real time throughout 2023.

“We are continually working to ensure our customers’ freight is as secure as possible,” said Spencer Frazier, executive vice president of sales and marketing at J.B. Hunt. “This award from Verisk CargoNet reflects the efforts of our safety, security and technology teams – some of the most talented and innovative people in the industry - to drive solutions that help customers mitigate risk, keep their cargo secure, and manage through the current freight environment.”

J.B. Hunt has worked with Verisk’s CargoNet team, the nation’s leader in cargo theft recovery, intelligence, and analytics for more than a decade. CargoNet’s industry-leading database helps ensure that theft is reported accurately and in a timely manner, alerting law enforcement and other CargoNet members in the event of an incident. Focused on augmenting clients’ security program, CargoNet is part of Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider.

J.B. Hunt’s security organization recorded a 99.99% theft-free rate for full loads in 2023. The company has industry-leading technology and analytics in place that can detect many types of carrier fraud and, in some cases, prevent cargo theft before the load is ever picked up. Additionally, J.B. Hunt has expanded its security efforts to include a 24/7 Security Operation Center for monitoring and protecting high-value and high-risk freight. The company has also enhanced teams that specialize in supply chain security, investigations, and asset protection and recovery to provide real-time prevention, detection and intervention when threats are detected.

Organized cargo theft has risen to one of the top industry concerns for shippers. According to CargoNet, more than 2,800 events were recorded across the United States and Canada in 2023, a 59% increase year-over-year. More than 60% of those involved theft of a full or part of a shipment with an average estimated value of $188,617 per event and an estimated total of $331.9 million.

To provide guidance around the topic, J.B. Hunt published a blog post in March highlighting best practices carriers can follow to prevent cargo theft. The company also shared several theft prevention tips for shippers in a more recent post.

About J.B. Hunt
J.B. Hunt’s vision is to create the most efficient transportation network in North America. The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country and third-party capacity through its J.B. Hunt 360°® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment in-between. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.

J.B. Hunt Transport Services Inc. is a Fortune 500 company, an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240814765844/en/

Brittnee Davie

Vice President - Marketing

press@jbhunt.com

Source: J.B. Hunt Transport Services Inc.

FAQ

What award did J.B. Hunt (JBHT) receive for cargo security in 2023?

J.B. Hunt (JBHT) received the Best in Cargo Security award from Verisk CargoNet for its outstanding performance in cargo theft prevention and response throughout 2023.

What was J.B. Hunt's (JBHT) theft-free rate for full loads in 2023?

J.B. Hunt's (JBHT) security organization recorded a 99.99% theft-free rate for full loads in 2023.

How has J.B. Hunt (JBHT) improved its cargo security measures?

J.B. Hunt (JBHT) has implemented advanced technology and analytics to detect carrier fraud, established a 24/7 Security Operation Center, and enhanced teams specializing in supply chain security, investigations, and asset protection.

What was the increase in cargo theft events in the US and Canada in 2023?

According to CargoNet, there was a 59% increase in cargo theft events across the United States and Canada in 2023 compared to the previous year.

What was the estimated total loss from cargo theft in 2023?

The estimated total loss from cargo theft in the United States and Canada in 2023 was $331.9 million.