Changjiang Daily reported Wuhan Iron & Steel Corporation and Britain-based Zodiac Maritime Agencies Ltd inked a long term contract on transporting ore from South Africa to China recently a symbol that their cooperation is making progress and locks in transport capacity of over 1 million tonnes of iron ore imported from South Africa annually, which helps stabilize the steel maker's transport cost concerning overseas purchasing.

According to the report, Zodiac is one the world largest shipping agencies and its cooperation with WISCO can be backdated to fifteen year ago.

From 2007 to 2008, the two sides signed seven long term contracted and chartering agreements helping WISCO saving a total of USD 80 million and earning more than USD 10 million through sublet.

(Sourced from Changjiang Daily)