World News
HMM Signs Long-Term Shipping Contract With Mining Firm Vale
South Korean shipping firm HMM has signed a long-term shipping contract worth approximately KRW 4.7 trillion ($3.5 billion) with Brazilian mining company Vale for iron ore transportation starting in 2030.
The agreement covers eight 210,000 DWT Newcastlemax bulk carriers, with each vessel contracted for 25 years, HMM said in a statement on its website on Monday.
Deliveries are scheduled to begin in 2030.
It is HMM's third major long-term deal with Vale, following two 10-year contracts signed in May and September 2025.
HMM ordered the eight vessels in June to service the latest agreement.
The ships will feature tri-fuel engines capable of running on methanol, ethanol and conventional marine fuels, as well as LNG- and ammonia-ready designs and rotor sails to improve fuel efficiency.
"This long-term contract reaffirms our strong, strategic partnership with a premier global charterer," an HMM spokesperson said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 892.50 | 3.00 | 1247.50 | 33.50 |
| Rotterdam | 735.00 | 20.00 | 1368.50 | 5.50 |
| Houston | 757.50 | 5.50 | 1393.50 | 26.00 |
| Fujairah | 973.00 | 5.50 | 1677.00 | 17.50 |
| Global 20 Ports Average | 887.50 | 8.00 | 1516.50 | 32.00 |
| Global 4 Ports Average | 839.50 | 6.00 | 1421.50 | 21.00 |
| Global Average Bunker Price | 944.00 | 15.50 | 1584.50 | 8.00 |
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