What did HMM agree to do for Vale in its new shipping contract?

HMM will transport bulk cargo for Vale using eight newly built vessels under 25-year contracts. The ships are Newcastlemax bulk carriers and are scheduled for sequential delivery starting in 2030.

Why is HMM making another deal with Vale now?

HMM said the agreement is part of its effort to strengthen its bulk shipping business and diversify beyond its core container shipping operations. The company has also been expanding its bulk carrier fleet.

What eco-friendly features will HMM's new Vale ships have?

The eight ships will have the world's first tri-fuel propulsion engines capable of running on methanol, ethanol and conventional fuel oil. They will also be LNG- and ammonia-ready and fitted with rotor sails to improve fuel efficiency and reduce carbon emissions.

HMM secures $3.5 bil. shipping contract with Brazil's Vale

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Summary

HMM said Tuesday it has secured a 4.7 trillion-won shipping contract with Brazil's Vale. The deal covers eight newly built 210,000-ton Newcastlemax bulk carriers to be delivered from 2030 and run under 25-year contracts. The ships will use tri-fuel engines and eco-friendly features such as rotor sails. HMM said the agreement supports its effort to expand bulk shipping and diversify beyond container operations.

Key Facts

The contract is worth 4.7 trillion won, or about $3.5 billion.
HMM said the deal is its third major contract with Vale, following two 10-year agreements signed in May and September last year worth a combined 1.1 trillion won.
The eight vessels are 210,000-ton Newcastlemax bulk carriers and will be delivered sequentially from 2030.
The ships will be equipped with tri-fuel propulsion engines that can run on methanol, ethanol and conventional fuel oil.
HMM said its bulk carrier fleet rose to 61 vessels in the first half of this year from 44 at the end of March last year.

By Yonhap

Published Sep 8, 2026 1:51 pm KST

HMM's dry bulk carrier Global Trust / Courtesy of HMM

Korean shipper HMM said Tuesday it has secured a 4.7 trillion-won ($3.5 billion) long-term shipping contract with Brazilian mining giant Vale.

Under the deal, HMM will transport bulk cargo for Vale using eight newly built vessels, which will be delivered sequentially from 2030 and operated under 25-year contracts.

The latest contract marks HMM's third major deal with Vale, following two 10-year long-term shipping contracts signed in May and September last year worth a combined 1.1 trillion won.

The eight 210,000-ton Newcastlemax bulk carriers will be equipped with the world's first tri-fuel propulsion engines capable of running on methanol, ethanol and conventional fuel oil.

The ships will also be built LNG- and ammonia-ready, allowing them to be converted to run on liquefied natural gas or ammonia in the future.

They will also feature environmentally friendly technologies, including rotor sails that harness wind power to assist propulsion, helping improve fuel efficiency and reduce carbon emissions.

The deal comes as HMM seeks to strengthen its bulk shipping business and diversify its portfolio beyond its core container shipping operations.

Its bulk carrier fleet increased to 61 vessels in the first half of this year from 44 at the end of March last year.

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