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Seven executives from Chinese companies and four of the largest container manufacturers worldwide have been charged by the U.S. due to an alleged conspiracy that spans over a period of more than four years. According to a statement from the U.S. Department of Justice, the defendants are accused of manipulating the production and prices of standard shipping containers. These practices are said to have occurred from November 2019 to at least January 2024 and, according to a statement from the U.S. Department of Justice, constitute a violation of the Sherman Antitrust Act.
According to the department, the collusion between 2019 and 2021 led to a doubling of prices for standard shipping containers. During this time, there was also a significant increase in the profits of container manufacturers, which occurred during the COVID-19 pandemic and the associated global supply chain crisis. One manager, Vick Nam Hing Ma, who served as the marketing director at Singamas Container Holdings Ltd., has already been arrested according to U.S. authorities. However, his extradition to the U.S. is still pending. Six other indicted managers are currently at large.
The indictment includes a total of eleven individuals, including Vick Nam Hing Ma and ten of his accomplices. U.S. authorities accuse them of restricting the production of nearly all standard shipping containers available worldwide and setting their prices.
