The US Justice Department has filed criminal charges against four of the world's largest makers of shipping containers and their top executives for allegedly colluding to raise prices during the pandemic.
The indicted firms, which include China International Marine Containers, Singamas Container Holdings, Shanghai Universal Logistics Equipment, and CXIC Group Containers, manufacture about 95% of the world's standard dry shipping containers. The companies allegedly conspired to cut container output.
This scheme reportedly led the firms to roughly double container prices between 2019 and 2021. Officials stated that the collusion impacted approximately $35 billion in commerce.
The indictment marks the latest in a series of probes by the Justice Department related to the COVID-19 pandemic.