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Market Chatter: US Charges Shipping Container Giants Over Pandemic Supply Cuts

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The U.S. Justice Department has charged seven Chinese executives and four major shipping container firms with conspiring to restrict supply and inflate container prices during the COVID-19 pandemic, Reuters reported Tuesday.

Together, the companies produce about 95% of global standard dry containers, according to the report.

Officials allege they colluded from November 2019 to January 2024, forcing American consumers to pay more and wait longer for goods, Reuters wrote.

Singamas Container (HKG:0716) executive Vick Ma was arrested in France in April, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Market Chatter: US Charges Shipping Container Giants Over Pandemic Supply Cuts | FINWIRES