The economic slowdown in China, a recent drop in commodity prices, and a possible increase in U.S. interest rates has increased uncertainty about global growth in the air cargo industry, according to the International Air Transport Association.

Cargo volumes at Hong Kong International Airport fell 3.1 percent year-over-year in November to 407,000 tons.

China-owned container carriers COSCO and China Shipping say a proposed merger, which they expect to complete within one year, will bring shippers an “optimal product offering,” but it leaves the future of the CKYHE and Ocean3 alliances unclear.

The state-owned shipping companies have told the Chinese media a merger between COSCO and China Shipping will improve their competitive edge in the face of an industry-wide downturn.

Matt Rose, executive chairman of the Warren Buffet-owned railway, says he does not think the industry needs major rail mergers at this point, but that “if there is consolidation to be had, we would participate.”

Despite the proposed plan to bring current G6 member APL into the Ocean3 Alliance after its acquisition by CMA CGM, officials with the G6 say the ocean carrier alliance will remain unchanged while regulators review the deal.

Although rates from Shanghai to Northwest Europe rose 156 percent, rates from Shanghai to the Mediterranean tumbled 25 percent compared to last week.

Cargo volumes at U.S. ports are expected to grow at a slower rate in 2016, according to a new report from Moody’s Investors Service.

The West Coast seaport posted a cargo throughput of 619,699 TEUs for November and 6.6 million TEUs for the first 11 months of 2015.

Ro-ro carrier and auto processor Wallenius Wilhelmsen Logistics already has more than 200 full-time employees at the Port of Baltimore, but officials said the new contract will support almost 1,000 direct jobs at the port and 1,500 indirect jobs.