China's Wuhan Iron and Steel (Group) Corporation ("WISCO") announced September 23 that it has entered into a longterm contract of affreightment (COA) with UK-based Zodiac Maritime Agencies, one of the world's largest shipping companies, to transport more than one million tons of iron ore each year from South Africa to China, as an extension of the 15-year cooperation between the two companies.
In 2007 / 08 WISCO and Zodiac Maritime signed seven COA's, which saved US$80 million in freight rates for WISCO, and contributed over US$10 million from subletting vessels.
WISCO has it that the signing this time of the COA with Zodiac Maritime will be conducive to WISCO's freight cost savings and enhancement of its name in the international shipping markets. |
