This is the second agreement finalized between both companies, following a ten-year, 636 billion KRW deal made last May.
Under the new contract, HMM will transport iron ore using five bulk carriers over a ten-year period, from the second quarter of 2026 to the first quarter of 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 seek new growth opportunities.
“Through the diversification of our portfolio, we aim to achieve balanced growth in various markets and secure new long-term growth opportunities,” stated an official from the shipping company.
