South Korean carrier HMM has signed a long‑term iron ore transport contract with Brazilian mining giant Vale worth about KRW 4.7 trillion. To fulfil the agreement, HMM plans to order eight Newcastlemax bulk carriers equipped with triple‑fuel propulsion capable of burning methanol, ethanol and heavy fuel oil, with deliveries scheduled to start from 2030.
Korean business media report that on September 8, 2026 HMM announced a new long‑term transport contract with Brazil’s largest mining company, Vale, covering iron ore shipments valued at approximately 4.7 trillion Korean won. Under the deal, each vessel deployed on the service will operate on a 25‑year charter starting in 2030, giving both sides long‑term visibility on capacity and freight costs. To implement this contract, HMM previously disclosed in June that it would place a newbuilding order for eight Newcastlemax bulk carriers of around 210,000 dwt.
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