Singamas Container Holdings Ltd

Two US companies have filed class action lawsuits against four Chinese container manufacturers accused of price fixing. The suits target China International Marine Containers, Shanghai Universal Logistics Equipment, CXIC Group Containers, and Singamas Container Holdings, along with seven executives, following a Department of Justice indictment last month. Plaintiffs C.A. Spalding and Daybreak Express allege the manufacturers restricted output and fixed prices on standard dry shipping containers from at least November 2019 through January 2024, causing them to pay artificially inflated costs. The four firms, together with two unnamed co-conspirators, control nearly 95 percent of the global dry container supply, and the alleged scheme helped push 40-foot container prices from roughly $2,800 to over $5,900 between 2019 and 2021. The complaints seek treble damages under antitrust laws, though no specific amount has been stated.