HMM, a South Korean container transportation and shipping company, has sealed a ten-year dry bulk transport contract with Brazilian mining company Vale, valued at roughly US$462 million. The agreement, announced on May 27, covers freight shipments between Brazil and China, and is scheduled to begin in July of this year, running through June 2035.

This deal marks a significant step in HMM's strategy to expand its dry bulk operations, particularly into high-margin routes in South America and Australia using small- and mid-sized vessels.

Vale had recently sought new tonnage, having also signed a separate charter deal with South Korea's Pan Ocean earlier in May.

HMM knows ongoing challenges in the dry bulk market, citing severe geopolitical uncertainties and global economic slowdown concerns impacting demand.