Some things to know about Teo Siong Seng, the Singapore shipping veteran accused by US of price collusion

[SINGAPORE] The US Department of Justice (DOJ) this week issued a statement accusing four of the world’s largest shipping container manufacturers of colluding to fix the prices of dry containers over four years.

The companies – China International Marine Containers, Singamas Container Holdings, Shanghai Universal Logistics Equipment and CXIC Group Containers – are alleged to have coordinated efforts to cut container output between 2019 and 2024.

The alleged collusion caused prices of standard shipping containers to skyrocket, and pushed the four companies’ profits up almost a hundredfold during the Covid-19 pandemic and the ensuing global supply chain crisis, DOJ said.

Singamas Container’s CEO Teo Siong Seng, also known as SS Teo, is among seven executives from the four companies named in the statement.

In a filing on the Hong Kong Stock Exchange on Wednesday (May 20), the company said: “Neither the company nor Teo has been served with any legal process or other legal documentation by the US DOJ in relation to the matter.”

Here are some nuggets about Teo’s various corporate and leadership roles.

Early years

Born in December 1954 in Singapore, Teo is the son of the late billionaire Chang Yun Chung, also known as Teo Woon Tiong, who founded Singamas parent Pacific International Lines (PIL) in 1967.

The younger Teo graduated from Glasgow University in 1979 with a first class honours degree in naval architecture and ocean engineering.

He started his shipping career with PIL in 1979 and was appointed managing director in 1992. The Singapore-headquartered firm is currently the world’s 12th-largest container ship operator.

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Singamas was incorporated in 1988 and went public on the Hong Kong Stock Exchange in 1993. Singamas also had a secondary listing on the Singapore Exchange from 1994 until it voluntarily delisted in 2005.

In its early years of its listing, PIL held a controlling 51 per cent stake in the company. The stake has since dropped below 50 per cent, but PIL remains a controlling shareholder. Teo is currently executive chairman at PIL.

Shipping juggernaut

Teo took PIL’s container shipping business beyond southern Asia to China, the Middle East, East Africa, Europe and North America, and it now has a presence in more than 100 countries.

It owns and operates a fleet of 106 vessels with a total capacity of 443,154 20-foot equivalent units (TEUs).

Singamas is ranked No 4 globally among container manufacturers with an annual capacity of about 270,000 TEUs. It also operates five specialised production factories and eight container depots, all within China.

Covid rescue

During the Covid-19 pandemic, PIL was rescued in a high-profile package in 2020 by Temasek’s wholly owned Heliconia Capital Management.

It involved an initial emergency credit lifeline of US$112 million, followed by a US$600 million investment amid liquidity concerns – and eventually resulted in Heliconia becoming the majority shareholder in the PIL group.

PIL is currently led by CEO Lars Kastrup and reported a 21.7 per cent drop in net profit to about US$1 billion for 2025, amid lower freight rates.

Beyond shipping

In addition to running his family’s maritime empire, Teo is also chairman of the Singapore Business Federation.

In that capacity, he is a member of the Singapore Economic Resilience Taskforce, which helps businesses and workers navigate geopolitical shifts, technological disruption and tariff uncertainties.

He is also a member of the Future Economy Council, which brings together government ministers, labour union leaders and business figures to reshape the nation’s economy and workforce.

Teo served as a Nominated Member of Parliament from 2009 to 2014, and is honorary president of the Singapore Chinese Chamber of Commerce & Industry.

He has held positions in Enterprise Singapore, the Singapore Shipping Association, Maritime and Port Authority of Singapore and the China Overseas Exchange Association in Beijing.  

He leads the Singapore chapter of the Asean Business Advisory Council, is honorary consul of the United Republic of Tanzania in Singapore, joint chairman of the Africa South East Asia Chamber of Commerce and pro-chancellor of the National University of Singapore.