China COSCO Bulk Group continued to deepen the bulk cargo system reform, enhance market research, and constantly adjusted and optimized the vessel and cargo mix, striving to enhance synergy of the service-profit chain and continuously reinforcing its cost control capability. Despite a sharp downturn of the market as compared to last year, the average level of time charter during the year increased significantly, achieving a significant decrease in losses in respect of operating gross profit. COSCO Pacific progressed further with its terminal strategy and the efficiency of its terminal business increased steadily. However, with intensive competition in the container leasing industry, the container leasing and sale businesses of returned containers were facing downward pressure on gross profit margin.