HMM Signs 4.7 Trillion Won Shipping Contract With Vale

According to The Korea Herald, HMM said Tuesday it signed a 4.7 trillion won ($3.5 billion) long-term shipping contract with Vale, Brazil’s major mining company. Under the agreement, HMM will deploy eight 210,000-ton Newcastlemax bulk carriers under 25-year contracts per vessel starting in 2030. The deal is HMM’s third major contract with Vale, following two 10-year agreements signed in May and September last year. The eco-friendly Newcastlemax vessels will feature the world’s first trifuel engines capable of running on methanol.