Global integrated logistics company HMM has entered into a long-term shipping contract with Brazilian mining company Vale, valued at around $3.5bn (Won4.7tn).
Under the agreement, HMM will transport iron ore for Vale, starting from 2030.
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Each vessel covered by the deal will operate under a 25-year contract term.
This is the third time HMM has reached a long-term shipping arrangement with Vale, following two separate ten-year contracts finalised in May and September 2025.
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.”
To support its new commitments, HMM announced in June that it had ordered eight Newcastlemax bulk carriers, each with a capacity of 210,000 deadweight tonnes.
The company stated that these new vessels will be delivered beginning in 2030 and equipped with tri-fuel engines capable of running on methanol, ethanol or bunker fuel.
The carriers will also be constructed with an ‘LNG [liquefied natural gas] and ammonia ready’ design and fitted with ‘Rotor Sail’ wind-assisted propulsion to improve fuel efficiency.
Besides iron ore, Vale produces copper, nickel, cobalt and platinum group metals.
In August 2026, Vale entered into a strategic alliance with ABB to advance digital transformation in its iron ore operations across Brazil.
The partnership aims to expand automation, AI and digitalisation at site level, drawing on technologies developed at the Conceição II Model Plant in Itabira, Minas Gerais.
According to Vale, solutions proven at the Itabira facility will be gradually introduced to other processing plants, with expectations of enhanced operational safety, performance and product quality.
