Washington DC [US], May 22 Washington DC [US], May 22 : The United States Department of Justice (DOJ) has indicted seven Chinese executives and four of the world's largest shipping container manufacturing companies for allegedly conspiring to restrict output and fix prices of standard shipping containers during the COVID-19 pandemic and global supply chain crisis.
According to the DOJ, the alleged conspiracy operated from at least November 2019 to January 2024 and involved nearly all of the world's standard unrefrigerated shipping containers, commonly known as dry containers.
The department said the scheme nearly doubled the prices of shipping containers between 2019 and 2021 and significantly increased profits for the companies involved.
One of the accused executives, Vick Nam Hing Ma, also known as Vick Ma, was arrested in France on April 14, 2026, and is currently awaiting extradition to the United States. Six other executive defendants remain at large, DOJ said in a statement.
The superseding indictment, unsealed by the US District Court for the Northern District of California, named 11 defendants, including executives and major container manufacturing firms based in China and Hong Kong.
The companies charged include Singamas Container Holdings Ltd., China International Marine Containers (Group) Co., Ltd. (CIMC), Shanghai Universal Logistics Equipment Co., Ltd. operating under the Dong Fang brand, and CXIC Group Containers Co. Ltd.
While the executives charged, apart from the arrested Vick Nam Hing Ma, are identified as Siong Seng Teo, Boliang Mai, Tianhua Huang, Yongbo Wan, Qianmin Li and Yuqiang Zhang
US authorities alleged that the companies and executives coordinated efforts to restrict production capacity and manipulate container prices during a period of high global demand.
"Cheaters never prosper," said Associate Attorney General Stanley Woodward. "This Department of Justice is ensuring that when American pocketbooks are pilfered, accountability will follow. And yet the last administration saw fit to prioritise the weaponisation of the Department through novel criminal prosecution theories rather than focus on criminal actors most responsible for manipulating markets to profit from a global pandemic. Thankfully, this Department has righted that wrong, eliminating the weaponisation of Government and prioritising ensuring affordability for all Americans."
According to the indictment, executives from the companies met in Shenzhen in November 2019 and agreed on measures to limit output, including reducing production shifts, restricting operating hours, halting construction of new manufacturing facilities, and installing surveillance systems to monitor compliance with production limits, DOJ said in a statement.
The indictment also alleged that the companies later imposed limits on the number of containers manufactured for major customers, including US-based shipping lines, logistics firms and container leasing companies.
US officials said the alleged conspiracy led to a dramatic increase in profits for the manufacturers. CIMC's container manufacturing profits reportedly rose from around USD 19.8 million in 2019 to approximately USD 1.75 billion in 2021. Singamas also recorded a sharp turnaround from losses in 2019 to substantial profits by 2021.
The FBI, the US Postal Service Office of Inspector General and the US General Services Administration Office of Inspector General assisted in the investigation.
The defendants have been charged under Section 1 of the Sherman Antitrust Act, which carries a maximum penalty of 10 years in prison and fines of up to USD 1 million for individuals and USD 100 million for corporations.