South Korean shipper HMM secured a $3.51 billion iron ore contract with Brazilian miner Vale. The agreement carries a total value of approximately KRW 4.7 trillion.
HMM will transport iron ore for a duration of 25 years. The company will utilize eight newly built bulk carriers for the project. HMM plans to commence shipping operations in 2030.
This marks the third major agreement between the two companies. The deal follows two 10-year contracts established in the previous year. HMM announced the deal on September 8, 2026, and reports followed on September 11.