China Cosco Group is restructuring its three dry bulk freight companies into one firm following a sharp downturn in the market that has left the company unwilling or unable to make payments on previously signed contracts, Reuters reported. Cosco Bulk Carrier, Cosco Hong Kong Shipping and Qingdao Ocean Shipping will be consolidated into one unit that together will operate more than 400 vessels, said a company official who declined to be named. Cosco, the parent company of listed firm China Cosco Holdings (601919.SH, 1919.HK), has become embroiled in a public dispute in recent weeks over its refusal to make payments on high-priced charter contracts that were signed at the height of the market in 2007 and 2008. Executives at DryShips Inc (DRYS) and Jinhui Shipping & Transportation (JIN) also said Wednesday that Cosco had resumed payments for several ships that were previously subject to arbitration, Bloomberg reported.