HMM to contract eight bulk carriers for operation with Vale from 2030

HMM signed a long-term shipping contract with Vale valued at 4.7 trillion won, approximately US$ 3.5 billion. The agreement provides for the operation of eight Newcastlemax bulk carriers, each with a capacity of 210,000 tonnes, under 25-year contracts per vessel starting in 2030.

The ships will be used mainly to transport cargo between Brazil and destinations such as China. The final value of the contract may vary according to exchange rates, fuel prices, the routes used, and the vessels' operating days. Payments will be made within up to ten business days after the loading of each voyage.

The fleet will have three-fuel engines capable of operating on methanol, ethanol, and heavy fuel oil. The vessels will also be prepared to use liquefied natural gas and ammonia, in addition to featuring wind-assisted propulsion systems known as “Rotor Sails”. The configuration seeks to reduce fuel consumption and carbon emissions.

This is the third major agreement signed between HMM and Vale. Before the new contract, the companies had signed two ten-year agreements, in May and September of the previous year.

The strategy increases the share of long-term contracts at HMM and accompanies the expansion of its bulk operation. The division recorded an operating profit of approximately 240 billion won in the first half of the year, while the bulk fleet grew from 44 vessels in March 2025 to 61 in the first half of this year. The portfolio also came to include gas carriers, vehicle carriers, and multipurpose cargo ships, in addition to traditional bulk carriers and tankers.