HMM, a South Korean logistics and shipping company, has signed a long-term shipping contract with Brazilian miner Vale, worth about US$3.5 billion, to transport iron ore from 2030.

The deal covers 25-year terms per vessel and is HMM’s third long-term arrangement with Vale, following two ten-year contracts in May and September 2025. An HMM spokesperson said it reaffirms the company’s strategic partnership with a premier global charterer and supports earnings stability through long-term contracts.
To support the commitment, HMM ordered eight 210,000-dwt Newcastlemax bulk carriers for delivery from 2030.

These vessels will have tri-fuel engines for methanol, ethanol or bunker fuel, LNG- and ammonia-ready designs, and Rotor Sail wind-assisted propulsion.