US prosecutors have indicted CIMC, Singamas, Shanghai Universal Logistics Equipment and CXIC Group Containers, plus seven executives, over an alleged conspiracy to restrict output and fix prices for nearly all standard dry shipping containers from as early as November 2019 to at least January 2024, according to the US Department of Justice.
The indictment alleges the cartel roughly doubled standard dry container prices between 2019 and 2021 and increased manufacturers’ profits about one hundredfold during the Covid-19 pandemic and supply chain crisis.
Vick Nam Hing Ma, 54, a Singamas marketing director, was arrested in France on 14 April 2026, with extradition to the US pending. Six other executive defendants remain at large.
Prosecutors allege the companies limited production shifts and hours, installed 87 surveillance cameras across 49 dry container production lines, agreed not to build new factories and created a penalty fund for breaches of the output restrictions.
The indictment says CIMC’s container manufacturing profit rose from about $19.8m in 2019 to about $288m in 2020 and about $1.75bn in 2021. Singamas moved from a net loss of about $110m in 2019 to profit of about $4.6m in 2020 and about $186.8m in 2021.
The defendants face one count of conspiracy in restraint of trade under Section 1 of the Sherman Antitrust Act. The maximum penalty is 10 years in prison and a $1m criminal fine for individuals, and a $100m fine for corporations. The indictment is an allegation, and all defendants are presumed innocent unless proven guilty.
Singamas Container Holdings was organised under Hong Kong law and manufactured dry shipping containers for customers in the US and other markets.
China International Marine Containers (Group), or CIMC, was organised under Chinese law and manufactured dry shipping containers for customers in the US and elsewhere.
Shanghai Universal Logistics Equipment was organised under Chinese law and owned, managed and operated the Dong Fang International Containers brand.
CXIC Group Containers was organised under Chinese law and manufactured dry shipping containers for customers in the US and other markets.