Federal prosecutors indicted four major Chinese shipping container manufacturers and seven executives for conspiring to fix prices and restrict output from 2019-2024, roughly doubling container costs during the pandemic.
- The price-fixing conspiracy affected nearly all standard shipping containers worldwide and increased manufacturer profits by roughly 100 times during COVID-19.
- One executive was arrested in France and faces extradition to the U.S., while six other charged executives remain at large.
- The scheme ran from November 2019 to at least January 2024 and affected billions of dollars in global commerce.
- Container prices roughly doubled between 2019 and 2021 due to the conspiracy during the global supply chain crisis.
Source: Hawaii Free Press
Share this article
