U.S. Indicts Chinese Container Makers for Price-Fixing During Pandemic
The U.S. Department of Justice has indicted four major Chinese shipping container manufacturers and seven executives for allegedly conspiring to fix prices and restrict output during the COVID-19 pandemic. The companies involved are China International Marine Containers, Shanghai Universal Logistics Equipment, CXIC Group Containers, and Singamas Container Holdings. The indictment claims that these companies, which account for about 95% of global standard dry shipping container production, coordinated efforts to reduce supply as demand surged, impacting billions of dollars in global commerce.