J.B. Hunt Earns Annual Best in Cargo Security Award From Verisk’s CargoNet
15 August 2024 - 4:00AM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240814765844/en/
Brittnee Davie Vice President - Marketing press@jbhunt.com
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