-
The United States has charged seven Chinese executives of four major shipping container manufacturers over an alleged global conspiracy to restrict container supply and fix prices during the COVID-19 pandemic
-
The US Department of Justice said the companies collectively manufacture about 95% of the world’s standard dry shipping containers
-
The DOJ alleged the companies coordinated production cuts and restricted manufacturing output to inflate prices
-
Prosecutors alleged the conspiracy ran from November 2019 to January 2024 and contributed to higher costs and delays for US consumers
-
Authorities said container prices nearly doubled between 2019 and 2021, while manufacturers’ profits surged during the pandemic
-
One executive, Vick Ma of Singamas Container Holdings Ltd., was arrested in France in April and is awaiting extradition to the US
-
The charges fall under the US Sherman Antitrust Act
The United States Department of Justice (DOJ) has indicted seven Chinese executives employed in four of the world’s largest shipping container manufacturers for allegedly conspiring to restrict production and fix container prices during the COVID-19 pandemic.
The US DOJ, in a press release on May 19, said the companies, which account for about 95% of global standard dry shipping container production, allegedly coordinated output restrictions and price increases between November 2019 and January 2024, contributing to higher costs and longer delivery delays during the pandemic-era supply chain crisis.
Prosecutors alleged the scheme violated Section 1 of the Sherman Antitrust Act and affected billions of dollars in global commerce. The DOJ said the conspiracy roughly doubled container prices between 2019 and 2021 and significantly boosted manufacturers’ profits during the period.
“Around the start of the global pandemic, these manufacturers exploited the crisis and their market power to squeeze the supply chain for profit,” Associate Attorney General Stanley Woodward said in announcing the case.
The companies charged are:
- Singamas Container Holdings Ltd.
- China International Marine Containers (Group) Co., Ltd.
- Shanghai Universal Logistics Equipment Co., also known as Dong Fang Ltd.
- CXIC Group Containers Co., Ltd.
One of the executives charged, Vick Ma, 54, a marketing director at Singamas Container Holdings Ltd., was arrested in France in April and is awaiting extradition to the United States, the DOJ said.
Six other executive co-defendants remain at large. They are:
- Siong Seng Teo, 71, Singamas CEO and chairman
- Boliang Mai, 67, various positions in CIMC
- Tianhua Huang, 62, CIMC vice president
- Yongbo Wan, 47, CIMC general manager for Operation Management Center
- Qianmin Li, 62, Dong Fang general manager
- Yuqiang Zhang, 49, CXIC CEO
The DOJ said Teo is believed to be a resident of Singapore while the rest are residents of China.
Singamas did not immediately respond to requests for comment on the allegations, according to Reuters.
“Global price-fixing cartels strike at the heart of our economic liberty. The defendants held hostage the world’s supply of ocean shipping containers during the Covid pandemic when our supply chains needed it the most. They stole from everyday Americans who paid more and waited longer for vital goods as a result,” said Acting Assistant Attorney General Omeed A. Assefi of the DOJ’s Antitrust Division.
READ: Global container trade starts 2026 strong with 4% rise in Jan
The case marks one of the largest antitrust actions tied to the global logistics sector and reflects increasing scrutiny by US authorities over supply chain disruptions and pricing practices that emerged during the pandemic.— Michael Barcas
