Singamas News & Analysis

U.S. Indicts Four Chinese Container Firms for Price-Fixing Cartel

The U.S. Justice Department indicted four Chinese shipping companies, including China International Marine Containers (CIMC), alleging they colluded to restrict container output from November 2019 to early 2024, effectively doubling container prices between 2019 and 2021. The indictment notes that the conspiracy increased the manufacturers' profits approximately one hundredfold during the pandemic. The companies involved control 95% of the global standard unrefrigerated shipping containers. Following the announcement, shares for CIMC and Singamas Container Holdings fell by 1.5% and 1.6%, respectively.