Energy Insider: China-U.S. Container Shipping Rates Surge; China’s Carbon Market Inks First Cross-Border Deal

In today’s Caixin energy news wrap: Tesla battery supplier CATL plans $9 billion share placement; China’s power consumption rose 12.8% in July; China Energy Engineering wins approval to absorb Gezhouba Group.

China-U.S. container shipping rates hit record high

Container shipping rates from China and Southeast Asia to the U.S. exceeded $20,000 per twenty-foot equivalent unit, according to state broadcaster CCTV, citing the global container freight index. The surge in shipping rates was driven by multiple factors including changes in the calculation method, increasing surcharge fees by major global shipping companies such as Maersk and Mediterranean Shipping, and expansion of China-U.S. trade. China’s trade with the U.S. reached 2.62 trillion yuan ($405 billion) in the first seven months, up 28.9% from a year earlier.