SINGAPORE — Seven executives of shipping container companies, including Singaporean shipping veteran Teo Siong Seng, have been accused by the US of colluding to fix the prices of dry containers from November 2019 until at least January 2024.As a result, the prices of standard shipping containers are said to have roughly doubled between 2019 and 2021, noted the US Department of Justice in a statement on May 19.Through this alleged scheme, four of the world's largest shipping container manufacturers saw their profits increase almost a hundredfold during the Covid-19 pandemic and the ensuing global supply chain crisis, the department said.The four companies are China International Marine Containers (CIMC), CXIC Group Containers, Shanghai Universal Logistics Equipment, and Singamas Container Holdings.Based on court documents filed on Jan 22 and unsealed on May 19, it is alleged that executives from four companies — CIMC, CXIC Group Containers, Shanghai Universal Logistics Equipment, and a fourth, unnamed company — met at CIMC's headquarters in Shenzhen, China, on or around Nov 14, 2019. Read more