US charges 7 Chinese executives and 4 shipping firms over container price-fixing cartel

The US Department of Justice has charged seven Chinese executives and four of the world's largest shipping container manufacturers with conspiring to restrict supply and fix prices during the Covid-19 pandemic. The companies, which together produce about 95% of global standard dry containers, allegedly colluded from November 2019 to January 2024. Prosecutors say the scheme led to higher costs and longer waits for US consumers. Associate Attorney General Stanley Woodward accused the manufacturers of exploiting the crisis for profit. One executive, Vick Ma, 54, a marketing director at Singamas Container Holdings, was arrested in France in April. Singamas has not commented.