Foreign Trade
Justice Department Indicts Four Chinese Container Makers for Price-Fixing
The U.S. Justice Department secured an indictment against four major Chinese shipping-container manufacturers and seven executives for allegedly conspiring to suppress production and raise prices for standard dry containers from 2020 onwards. The scheme involved installing video cameras on nearly 50 production lines, restricting shifts and hours, and implementing production caps. CIMC's profit surged from $20 million in 2019 to $1.75 billion in 2021, while Singamas swung from a $110 million loss to $190 million profit in the same period.
