HMM signed a long-term transport contract worth 430 billion won with Vale, Brazil's largest mining company. HMM, which is expanding its bulk fleet, has signed back-to-back transport contracts with Vale, strengthening the business institutional sector. Earlier this month, HMM also took delivery of a car carrier, reentering the market for the first time in 23 years.
The transport contract HMM signed with Vale is a deal to carry iron ore with five vessels from 2026 to 2036. It is the second contract following a 10-year long-term transport agreement worth 636 billion won signed with Vale 4th, and HMM expects to resolve revenue uncertainty in the container ship institutional sector.
Since announcing its plan to expand its bulk carrier fleet, HMM has been signing successive transport contracts using bulk carriers. HMM plans to expand its bulk fleet to 110 vessels by 2030. Bulk carriers encompass a variety of types, including dry bulk carriers that transport iron ore and coal, tankers that carry crude oil and petrochemical products, and heavy-lift vessels that transport special cargo.
To seek opportunities to enter various new businesses, HMM also added car carriers to its bulk fleet. Ordered in 2023, it took delivery of the first of the seven car carriers ordered earlier this month. After selling that business institutional sector in 2002, it has reentered the market for the first time in 23 years. HMM plans to deploy them to the market in sequence starting next year.
An HMM official said, "At the level of diversifying the business portfolio, we plan to continuously expand the bulk institutional sector along with the core container institutional sector," adding, "Through this, we will continue to generate revenue and growth."