HMM secures $3.5bln iron ore shipping deal with Vale

Hyundai Merchant Marine (HMM), a South Korean integrated logistics and container shipping company, has signed a long-term iron ore transport contract with Brazilian mining giant Vale, valued at approximately KRW 4.7 trillion ($3.51 billion), according to HMM's press release on September 8.

The agreement will see HMM carry iron ore for Vale beginning in 2030 using eight newly built bulk carriers, with each vessel committed to a 25-year term. This represents HMM's third major long-term contract with Vale, after two 10-year contracts were concluded in May and September, respectively, last year,