HMM (KRX:011200) signed a long-term shipping contract worth 4.7 trillion won with Brazilian miner Vale, according to a Tuesday press release.
Under the contract, HMM will begin transporting iron ore in 2030, with a contract term of 25 years per vessel.
The company previously signed two 10-year agreements with Vale in 2025.
HMM, in June, ordered eight new 210,000 DWT Newcastlemax bulk carriers to meet the contract requirements.
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