Seven Chinese executives and four major global shipping container manufacturers — Singamas Container Holdings Ltd., China International Marine Containers (Group) Co., Ltd. (CIMC), Shanghai Universal Logistics Equipment Co., Ltd., and CXIC Group Containers Co. Ltd. — have been indicted in a multibillion-dollar price-fixing conspiracy. The charges cover a period from November 2019 to January 2024 and allege a coordinated effort to restrict output and fix prices for nearly all standard unrefrigerated shipping containers worldwide. The scheme violated Section 1 of the Sherman Antitrust Act. Prices for standard dry containers doubled between 2019 and 2021, coinciding with the global supply chain crisis and the height of the COVID-19 pandemic, during which the companies' profits increased approximately one hundredfold.
One of the indicted, Vick Nam Hing Ma, 54, also known as Vick Ma, "馬南慶," or "马南庆," was arrested on April 14, 2026, in France. At the time, Ma served as Marketing Director for Singamas. His extradition to the United States is pending. The U.S. District Court for the Northern District of California unsealed a superseding indictment naming Ma and 10 co-conspirators. Singamas, a Hong Kong-based publicly traded company, manufactured and sold dry shipping containers to U.S. customers. CIMC, a publicly traded company in China, held similar operations. Shanghai Universal Logistics Equipment Co. Ltd., doing business as Dong Fang International Containers (DF, DFIC, or Dong Fang), also manufactured and sold containers globally. CXIC, another Chinese firm, engaged in the same business.
Corporate executives named include Siong Seng Teo, 71, also known as "張松聲" or "张松声," who served as CEO and Chairman of Singamas and is believed to reside in Singapore. Boliang Mai, 67, also known as "麦伯良," was President and CEO of CIMC from August 2015 to July 2020, then Chairman and CEO through the end of the indictment period. He is believed to reside in China. Tianhua Huang, 62, also known as "黄田化" or T.H. Huang, served as CIMC Vice President. Yuqiang Zhang, 49, also known as "张钰强" or James Zhang, was CEO of CXIC. Six of the accused executives remain at large. The Justice Department's Antitrust Division stated its commitment to holding accountable those who exploit American consumers. FBI Operations Director Joe Perez said the bureau remains focused on combating global price-fixing conspiracies.
Vick Ma and top executives from Singamas, CIMC, Shanghai Universal, and CXIC face charges for doubling container prices during a global crisis while their profits surged a hundredfold. Their actions directly inflated the cost of goods shipped to consumers during a period of widespread economic strain. If proven, the scheme shows how a small group of industry leaders manipulated essential logistics infrastructure for massive personal gain. The case now hinges on whether extradition and prosecution can hold them accountable across international borders.
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