HMM inks $309.6m contract with Brazil's Vale

The parties signed their second contract.

HMM has signed a $309.6m (KRW 430b) long-term contract of affreightment (COA) with Brazil’s Vale.

This is the second contract signed between the two companies, following a $457.92m (KRW 636b) 10-year deal concluded in May.

Under the new agreement, HMM will transport iron ore using five bulk carriers over a 10-year period from Q2 2026 to Q1 2036.

This strategic partnership with Vale is expected to provide stable cargo volumes and consistent revenue for HMM over the next decade.

HMM plans to expand its bulk fleet to 110 vessels (12.56 million DWT) by 2030, as part of its strategy to diversify beyond container shipping and pursue new growth opportunities.

“Through portfolio diversification, we aim to achieve balanced growth across various markets and secure new opportunities for long-term growth,” an HMM official said.