SS Teo, one of Singapore’s most recognised shipping figures and executive chairman of Pacific International Lines (PIL), has stepped aside from his leadership role as he prepares to defend himself and his company against a US Justice Department container cartel investigation.
PIL, currently the world’s 12th largest container shipping line, confirmed that Teo will take a leave of absence from his position as executive chairman and director following the US decision to launch legal proceedings earlier this month against him, Singamas, and several other major Chinese container manufacturers.
The investigation centres on allegations that four of the world’s largest container manufacturers and seven executives colluded between 2019 and 2024 to restrict container production and manipulate pricing. US authorities claim the alleged coordination contributed to a sharp increase in dry container prices during the pandemic-era supply chain crisis, significantly boosting industry profits.
Teo is also stepping away from several high-profile institutional roles, including positions at the Singapore Business Federation, the Singapore Economic Resilience Taskforce, the National University of Singapore and Enterprise Singapore, as he focuses on addressing the allegations.
“I have proactively decided to take these leaves of absence to afford myself sufficient time to attend to this matter, and for the best interests of the aforementioned organisations,” Teo said in a statement sent via email.
Singamas, one of the companies named in the US indictment alongside CIMC, CXIC and Dong Fang executives, has denied the allegations of collusion and stated it intends to vigorously contest the case.
The move marks another difficult chapter in Teo’s long career in shipping. He became managing director of PIL in 1992 and later succeeded his father as chairman in 2018.
Shortly after taking the helm, the company faced severe financial pressure, ultimately requiring a major restructuring completed in 2021. The turnaround involved support from Heliconia Capital Management, part of Temasek Holdings, which provided backing to stabilise Singapore’s largest liner operator and install a refreshed management structure.
The latest developments now place PIL’s former leadership in the spotlight as one of the most significant legal disputes in recent container shipping history unfolds, with potential implications for global container manufacturing and pricing practices.
