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.”

Weekly U.S. intermodal rail traffic dropped 1.7% from the same period last year, the Association of American Railroads reported.

New trailer orders totaled 33,400 in October, the second strongest figure in 2015 despite dropping 30% from the same month a year earlier, which was the highest on record, ACT Research reported.

Package carrier DHL Express on Nov. 19 announced a 4.9% average rate increase for U.S. customers next year, matching the direction of package pricing adjustments by UPS Inc. and FedEx Corp.

Canadian Pacific Railway Ltd. last week presented Norfolk Southern Corp. with an acquisition offer worth at least $28.1 billion, rekindling the fires of rail consolidation that have been dormant since 1999.