HMM announced that it has signed a long-term shipping contract valued at approximately KRW 4.7 trillion with Vale, Brazil’s leading global mining company.
Under the contract, HMM will transport iron ore starting in 2030, with a contract term of 25 years per vessel. This marks HMM’s third major long-term contract with Vale, following two 10-year contracts secured in May and September 2025.
To service the new contract, HMM disclosed in June an order for eight new 210,000 DWT Newcastlemax bulk carriers. The newbuilds are scheduled for sequential delivery beginning in 2030.
The Newcastlemax vessels will feature tri-fuel propulsion engines capable of operating on methanol, ethanol, and bunker fuel. Furthermore, the vessels will be built with an ‘LNG and Ammonia Ready’ design and fitted with ‘Rotor Sail’ wind-assisted propulsion systems to maximize fuel efficiency.
“This long-term contract reaffirms our strong, strategic partnership with a premier global charterer,” said an HMM spokesperson. “We remain committed to strengthening our earnings stability by expanding our portfolio of long-term contracts, while continuing to advance sustainable and high-value fleet operations.”