Vale seals $3.5B iron ore shipping deal

Vale entered into a long-term shipping contract valued at around $3.5 billion with South Korean logistics firm HMM on 9 September 2026. Under the agreement, which is valued at roughly 4.7 trillion won, HMM will transport iron ore for Vale starting in 2030.

Each vessel covered by the agreement will operate under a 25-year contract term. This marks the third long-term shipping arrangement between the two companies, following two separate ten-year contracts finalised in May and September 2025.

To fulfill these commitments, HMM ordered eight Newcastlemax bulk carriers in June, each with a capacity of 210,000 deadweight tonnes. Delivery will start in 2030. The vessels feature tri-fuel engines capable of running on methanol, ethanol or bunker fuel, along with LNG and ammonia-ready designs and Rotor Sail wind-assisted propulsion.

Alongside iron ore, Vale produces copper, nickel, cobalt and platinum group metals. In August 2026, the company also formed a strategic alliance with ABB to expand automation, artificial intelligence and digitalisation across its Brazilian operations, building on technologies tested at the Conceição II Model Plant in Itabira, Minas Gerais.