US charges 7 Chinese executives and 4 shipping firms linked to container cartel

⁠The ⁠US 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-19 pandemic, Department of Justice officials said on Tuesday. The companies together manufacture about 95 per cent 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...

Original source: South China Morning Post