The Department of Justice announced an indictment against seven Chinese executives and four major shipping container manufacturers for allegedly operating a global price-fixing cartel in violation of the Sherman Antitrust Act.
The Companies Identified:
- China International Marine Containers (CIMC)
- Singamas Container Holdings
- Shanghai Universal Logistics Equipment (Dong Fang)
- CXIC Group Containers.
Prosecutors allege the firms coordinated production limits starting in 2019, creating artificial shortages that drove up global container prices during the COVID-19 pandemic. The scheme is said to have controlled roughly 95% of standard shipping container production worldwide, contributing to supply chain disruptions and higher costs for goods globally.
One executive has already been arrested in France and is awaiting extradition to the United States. The Justice Department described the case as a major international antitrust enforcement action targeting conduct that significantly impacted global trade and consumer prices.
