Brazilian miner Vale has signed a 10-year dry bulk transport contract worth approximately $462 million with South Korean shipping company HMM, according to media reports. The contract is scheduled to begin in July 2025 and last in June 2035.
The contract, which will cover freight shipments between Brazil and China, marks a significant progress in HMM’s strategy to expand its dry bulk business.
In the first quarter, HMM operated 17 bulk carriers with a total 1.87 million dwt, including 14 owned vessels and three chartered-in vessels.