Cosco Group said it plans to merge three of its dry bulk freight units − Cosco Bulk Carrier, Cosco Hong Kong Shipping and Qingdao Ocean Shipping.

“It is a very good time for us to restructure so we can give one voice to our clients to bargain with them,” a company official told Reuters. The three units together own and charter more than 400 dry bulk vessels.

Rates in the dry bulk freight market have fallen significantly due to an oversupply of vessels and weak global trade.