HMM Secures $3.4 Billion 25-Year Iron Ore Shipping Deal with Vale
South Korean carrier HMM has agreed to a multi-decade bulk shipping contract valued at $3.4 billion to haul iron ore for Brazilian miner Vale starting in 2030.
South Korean ocean carrier HMM has finalized a substantial long-term shipping agreement with Brazilian mining company Vale, valued at approximately KRW 4.7 trillion ($3.4 billion). The commercial arrangement spans a 25-year period, significantly broadening the operational ties between the liner operator and the resource major.
Under the terms of the transaction, HMM will manage the maritime transportation of Vale's iron ore volumes starting from 2030. The multi-decade duration provides long-range freight coverage for the miner while securing substantial forward revenue for HMM's dry bulk division.
This transaction marks the third major long-term freight agreement concluded between HMM and Vale. The mining house and the South Korean carrier previously finalized two separate 10-year shipping contracts earlier in May and September 2025.
The long-dated commitment reflects ongoing efforts by major raw material producers to lock in dedicated ocean transport capacity well into the next decade.
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