Vale has signed a long-term contract of affreightment (COA) with South Korea’s largest shipping company, HMM, worth KRW 430 bln (USD 310 mln). Under the deal, HMM will transport iron ore using five bulk carriers over a 10-year period from Q2 2026 to Q1 2036.
This is the second agreement between the two companies, following a similar 10-year deal in May. The partnership secures stable cargo volumes for HMM while supporting Vale’s global iron ore supply chain.
As part of its diversification strategy, HMM plans to expand its bulk fleet to 110 vessels by 2030, reducing its reliance on container shipping.
Vale, one of the world’s largest miners, expects to produce 325-335 mln tons of iron ore in 2025.
1 USD / 1,386.75 KRW
