South Korean shipping giant HMM (formerly Hyundai Merchant Marine) announced on Tuesday that it has secured a long-term maritime transport contract valued at 4.7 trillion won (approximately $3.5 billion) with Brazilian mining titan Vale.

Under the agreement, HMM will deploy eight newly constructed vessels to transport bulk cargo for Vale. These new ships are scheduled for delivery starting in 2030 and will operate under a 25-year contract term.

This marks the third major partnership between HMM and Vale. Previously, the two companies signed two 10-year shipping contracts in May and September of last year, with a combined value of 1.1 trillion won.

The eight 210,000-ton Newcastlemax bulk carriers will be equipped with the world's first triple-fuel propulsion engines, capable of running on methanol, ethanol, and conventional fuel oil. These vessels will also feature compatibility for liquefied natural gas (LNG) and ammonia, allowing for future retrofitting to use these cleaner energy sources as power.

The ships will additionally incorporate eco-friendly technologies, including rotor sails that assist with wind-powered propulsion, helping to improve fuel efficiency and reduce carbon emissions.

This collaboration comes as HMM seeks to strengthen its bulk shipping operations and diversify beyond its core container shipping business. In the first half of this year, HMM's bulk carrier fleet expanded from 44 vessels at the end of March last year to 61 vessels.