Four of the world’s largest shipping container manufacturers indicted for price-fixing conspiracy

The U.S. took action against multiple shipping container manufacturing companies and company executives, accusing the companies of a wide-ranging conspiracy that “roughly doubled” the price of containers for several years.

DOJ: Price-Fixing Scheme Doubled Costs Of Containers

On May 19, 2026, the Department of Justice announced that world’s four largest shipping container manufacturers and seven Chinese company executives have been indicted “for conspiring to restrict the output of — and fix the prices of — nearly all of the world’s standard unrefrigerated shipping containers for over four years.”

Officials said that between 2019 and 2021, the scheme resulted in consumers paying double the price for shipping containers while profits for manufacturers increased approximately one hundredfold during the pandemic and the resulting supply chain crisis.

On April 14, 2026, marketing director for Singamas Container Holdings Ltd, Vick Nam Hing Ma, was arrested in France and is waiting extradition to the U.S. The other six company executives remain at large.

From the DOJ:

“Following Ma’s arrest, the U.S. District Court for the Northern District of California unsealed today a superseding indictment charging Ma and 10 of his co-conspirators for conspiring to restrict the output of—and fix the price of — nearly all the world’s standard unrefrigerated shipping containers (also known as standard dry containers), the intermodal containers which carry billions of dollars of goods across the oceans to American households each year.“

Conspirators Limited Shifts To Slow The Manufacture Of Dry Containers: DOJ

According to the indictment, the conspirators curbed container production by limiting the number of shifts and hours that each production line for standard dry containers could run per day and installing surveillance cameras to ensure that the agreed upon standards were not violated.

The conspirators are further accused of “not building any new container manufacturing factories” to limit production and drive up costs.

What Are They Saying?

“Cheaters never prosper,” said Associate Attorney General Stanley Woodward. “This Department of Justice is ensuring that when American pocketbooks are pilfered, accountability will follow. And yet the last administration saw fit to prioritize the weaponization of the Department through novel criminal prosecution theories rather than focus on criminal actors most responsible for manipulating markets to profit from a global pandemic. Thankfully, this Department has righted that wrong, eliminating the weaponization of Government and prioritizing ensuring affordability for all Americans.”

“Global price-fixing cartels strike at the heart of our economic liberty. The defendants held hostage the world’s supply of ocean shipping containers during the Covid pandemic when our supply chains needed it the most. They stole from everyday Americans who paid more and waited longer for vital goods as a result,” said Acting Assistant Attorney General Omeed A. Assefi of the Justice Department’s Antitrust Division. “The Justice Department’s Antitrust Division is committed to protecting consumers and holding accountable anyone — anywhere in the world — who exploits Americans for ill-gotten gains.”

“These defendants, as alleged, sought to exploit a global pandemic to increase their own profits. Their illegal agreement to fix prices and limit supply of these shipping containers resulted in the American consumer paying more and waiting longer for critical goods,” said U.S. Attorney Craig H. Missakian for the Northern District of California. “We will not tolerate any attempt to manipulate the free markets and will continue to work with our partners at the Antitrust Division to protect the public from these defendants and others like them.”

“The FBI remains committed to protecting the American people from global entities illegally conspiring to engage in price fixing,” said Operations Director Joe Perez of the FBI’s Criminal and Cyber Branch. “We are proud to work with our partners to ensure that criminals seeking to enrich themselves at the expense of consumers are brought to justice.”

“These charges represent the U.S. Postal Service Office of Inspector General’s commitment to work with the U.S. Department of Justice Antitrust Division and our law enforcement partners to prosecute individuals and companies who restrict trade for personal benefit,” said Executive Special Agent in Charge Kevin Cloninger of the U.S. Postal Service Office of Inspector General. “We will continue to pursue and bring to justice those that conspire to engage in anticompetitive practices and harm U.S. citizens.”

“We will continue working with law enforcement partners to protect our supply chain and aggressively investigate all allegations of price fixing,” said Assistant Inspector General for Investigations Jason Suffredini of the U.S. General Services Administration Office of Inspector General.

Who Was Indicted?

See below for the 10 co-conspirators named in the indictment along with Ma.

• Singamas Container Holdings Ltd. (Singamas) was a publicly traded company, organized and existing under the laws of Hong Kong in the People’s Republic of China. Singamas was engaged in the business of manufacturing dry shipping containers and selling them to customers in the United States and elsewhere.
• China International Marine Containers (Group) Co., Ltd. (CIMC) was a publicly traded company, organized and existing under the laws of the People’s Republic of China. CIMC was engaged in the business of manufacturing dry shipping containers and selling them to customers in the United States and elsewhere.
• Shanghai Universal Logistics Equipment Co., Ltd. was a company organized and existing under the laws of the People’s Republic of China. Shanghai Universal Logistics Equipment Co., Ltd. (hereinafter “Dong Fang”) owned, managed, and did business as a brand of shipping containers called Dong Fang International Containers, also known as “DF”, “DFIC”, or Dong Fang. Dong Fang was engaged in the business of manufacturing dry shipping containers and selling them to customers in the United States and elsewhere.
• CXIC Group Containers Co. Ltd. (CXIC) was a company organized and existing under the laws of the People’s Republic of China. CXIC was engaged in the business of manufacturing dry shipping containers and selling them to customers in the United States and elsewhere.
• Siong Seng Teo, 71, was employed by Singamas as Chief Executive Officer and Chairman. Teo is believed to be a resident of the Republic of Singapore.
• Boliang Mai, 67, was employed by CIMC in various senior roles. From August 2015 through July 2020, Mai served as President and Chief Executive Officer of CIMC. From August 2020 through the rest of the period covered by the Superseding Indictment, he served as Chairman and CEO of CIMC. Mai is believed to be a resident of the People’s Republic of China.
• Tianhua Huang, 62, was employed by CIMC as Vice President. Huang is believed to be a resident of the People’s Republic of China.
• Yongbo Wan, 47, was employed by CIMC as General Manager of CIMC’s Operation Management Center. Wan is believed to be a resident of the People’s Republic of China.
• Qianmin Li, 62, was employed by Dong Fang as General Manager. Li is believed to be a resident of the People’s Republic of China.
• Yuqiang Zhang, 49, was employed by CXIC as CEO. Zhang is believed to be a resident of the People’s Republic of China.