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

Korean shipper HMM has secured a $3.5 billion long-term shipping contract with Brazilian mining giant Vale, according to The Korea Times. The agreement will see HMM transport bulk cargo for Vale using eight newly built vessels, which will be delivered sequentially from 2030 and operated under 25-year contracts. This marks HMM's third major deal with Vale, following two 10-year long-term shipping contracts signed last year.

The eight 210,000-ton Newcastlemax bulk carriers will be equipped with tri-fuel propulsion engines capable of running on methanol, ethanol, and conventional fuel oil, as well as LNG- and ammonia-ready features for future conversion. The deal aims to strengthen HMM's bulk shipping business and diversify its portfolio.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.