The shipping industry’s most-watched measure of rates for hauling commodities plunged to a fresh record amid a persisting glut of ships and speculation weakening Chinese steel output could translate into declining imports of iron ore to make the alloy.

The holiday shipping season is in overdrive now, with the next two Mondays expected to be among the busiest of the year.

Optimism among chief financial officers about the U.S. economy dimmed in the second half of this year, helping explain why companies plan to temper spending on equipment and hold more cash in 2016.

A sharper decline in U.S. railroad cargo this quarter points to weak spots in the economy as a strong dollar crimps exports, retailers whittle down excess inventory and energy investment stalls.

French ocean carrier CMA CGM SA is nearing a definitive offer to buy Neptune Orient Lines Ltd. for about S$3.4 billion ($2.4 billion), people with knowledge of the matter said, consolidating its position in an industry facing its worst year since 2009.

The early holiday shipping season featured more online purchases, which could help to ensure smooth package delivery flow, experts said.

Norfolk Southern Corp. soundly rejected Canadian Pacific Railway Ltd.’s $28 billion merger proposal, labeling the offer “grossly inadequate and not in the best interests of shareholders.”