Shipping
Singapore Shipping Tycoon Indicted in Global Container Price Cartel Case
Singapore shipping tycoon Teo Siong Seng, CEO of Singamas Container Holdings Ltd., was indicted by the US Justice Department for allegedly colluding to raise dry-container prices from 2019 to at least 2024. The indictment involves executives from four of the world's largest container manufacturers, including China International Marine Containers Co., Dong Fang International Container Co., and CXIC Group Containers Co. Teo will take a leave of absence from his roles at the Singapore Business Federation and government agencies to address the charges.
