HMM has signed a long-term shipping contract worth approximately KRW 4.7 trillion ($3.4 billion) with Vale, Brazil’s leading global mining company, covering iron ore transport starting in 2030.
The contract runs for 25 years per vessel and marks HMM’s third major long-term agreement with Vale, following two 10-year contracts secured in May and September 2025.
The deal signals a long runway of committed volume between two major players in the trade, with implications for berth scheduling and bulk terminal capacity planning well into the 2030s and beyond.
To service the contract, HMM disclosed in June an order for eight new 210,000 deadweight-tonnage (DWT) Newcastlemax bulk carriers, with sequential deliveries scheduled to begin in 2030.
The scale of the newbuild order underscores the extent to which HMM is building dedicated capacity around this single customer relationship, rather than servicing it through existing tonnage.
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The vessels themselves carry notable technical detail. Each will be fitted with tri-fuel propulsion engines capable of running on methanol, ethanol and bunker fuel, alongside an “LNG and Ammonia Ready” design that leaves room for further fuel transitions without a full rebuild.
The ships will also carry Rotor Sail wind-assisted propulsion systems, aimed at improving fuel efficiency, a detail that puts HMM among a growing group of bulk carrier operators experimenting with wind-assist technology at newbuild scale rather than through retrofit trials.
An HMM spokesperson said: “This long-term contract reaffirms our strong, strategic partnership with a premier global charterer. 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.”
