KRW 430 Billion Deal Bolsters HMM’s Bulk Shipping Diversification Strategy
HMM has signed a second long-term contract of affreightment (COA) with Vale, Brazil’s global mining giant, valued at KRW 430 billion. This new agreement solidifies a strategic partnership that provides HMM with guaranteed cargo volume and consistent revenue over the next decade.
Under the terms of this new COA, HMM will utilize five bulk carriers to transport iron ore for Vale. The contract spans a 10-year period, running from the second quarter of 2026 (2Q 2026) through the first quarter of 2036 (1Q 2036). This deal follows a previously secured 10-year contract signed in May, which was valued at KRW 636 billion, marking the second major agreement between the two companies.
This contract is integral to HMM’s broader strategy to diversify its business and reduce reliance on container shipping. The company plans to significantly expand its bulk fleet to 110 vessels (totaling 12.56 million DWT) by 2030 as part of its pursuit of new growth opportunities. An HMM official stated, “Through portfolio diversification, we aim to achieve balanced growth across various markets and secure new opportunities for long-term growth.”
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