Container price-fixing charges filed

The U.S. Department of Justice has charged four of the world's largest shipping container companies and seven executives with conspiring to fix prices during the COVID-19 pandemic.

The firms allegedly colluded to restrict supply, causing container prices to nearly double between 2019 and 2021.

The companies involved manufacture about 95% of the world's standard dry shipping containers.

Officials stated that the illegal cartel exploited the global supply chain crisis to generate billions in excess profits at the expense of American consumers.