US charges seven Chinese executives and four firms with illegal shipping container cartel

(Reuters) - The United States has charged seven Chinese executives and ​four of the world's largest shipping ‌container companies with conspiring to restrict supply, raising the price of containers during the COVID pandemic, ​Department of Justice officials said on ​Tuesday.

The companies together manufacture about 95% of ⁠the world's standard dry shipping containers ​and conspired to restrict output and fix ​prices between November 2019 and January 2024, the DOJ said. Prosecutors allege the scheme resulted in U.S. ​consumers paying more, and waiting longer, for ​goods during the pandemic.

"Around the start of the global ‌pandemic, ⁠these manufacturers exploited the crisis and their market power to squeeze the supply chain for profit," Associate Attorney General Stanley Woodward ​said while ​announcing the ⁠case.

One of the executives, Vick Ma, 54, a marketing director ​Singamas Container Holdings Ltd, was arrested ​in ⁠France in April, the DOJ said. Singamas did not immediately respond to a request for ⁠comment ​on the allegations.