HMM signs long-term contract with Brazil's Vale
HMM has signed a long-term contract of affreightment (COA) with Brazil’s Vale, valued at KRW 430 billion.
This is the second contract signed between the two companies, following a KRW 636 billion 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 2026 2Q to 2036 1Q.
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.
An HMM official said, “Through portfolio diversification, we aim to achieve balanced growth across various markets and secure new opportunities for long-term growth.”