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South Korean shipping company HMM has signed a long-term contract with Brazilian mining company Vale, valued at approximately KRW 4.7 trillion (roughly $3.4bn), to transport iron ore over a 25-year term per vessel, beginning in 2030.
The agreement marks HMM’s third long-term contract with Vale, following two 10-year contracts concluded in May and September 2025, respectively.
To meet the requirements of the new contract, HMM disclosed in June an order for eight newbuild 210,000-DWT Newcastlemax bulk carriers, with sequential deliveries scheduled to begin in 2030.
According to HMM, the vessels will be equipped with tri-fuel propulsion engines capable of operating on methanol, ethanol and conventional bunker fuel. The newbuilds will also be constructed with an LNG- and ammonia-ready design and fitted with rotor sail wind-assisted propulsion systems, designed to maximise fuel efficiency.
An HMM spokesperson said: “This long-term contract reaffirms our strong, strategic partnership with a premier global charterer. We remain committed to strengthening our earnings stability by expanding our portfolio of long-term contracts, while continuing to advance sustainable and high-value fleet operations.”
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Axpo completes first LNG bunkering in Valencia, with over half bio-LNG
Ship-to-ship transfer to a container vessel makes Valencia the company's fourth Spanish port for LNG bunkering. |
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Matson christens Makua, first of three LNG-ready Aloha Class container ships
Dual-fuel vessel, due for delivery in early 2027, is the first of three ships worth around $1bn. |
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CMB.Tech seeks Singapore-based ammonia operations manager for Asia Pacific
New hire will oversee ammonia chartering and bunkering and liaise with Far East partners. |
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IINO Lines deploys first Ice Class IB VLGC on long-term charter to Borouge International
LPG-fuelled Lumi Aurora will carry North American gas to Borouge International's Porvoo plant in Finland. |
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Wagenborg launches first EasyMax 2.0 vessel, prepared for methanol, ammonia and LNG
Abelina Wagenborg, built at Niestern Sander, is the first of a new generation designed for multiple alternative fuels. |
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NYK–MISC joint venture signs charter for 18,700-cbm LNG carrier with Malaysia LNG
Asia LNG Transport will operate the dual-fuel diesel-electric newbuild, due from Hudong-Zhonghua in 2028, on routes to Japan. |
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Study finds methanol dual-fuel retrofit of Kamsarmax bulk carrier would take about 75 days
Report by Mærsk Mc-Kinney Møller Center, involving Tsuneishi, puts conversion costs at 25–30% of the cost of a conventionally fuelled newbuilding. |
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Lloyd's Register, Shell and GTT launch joint project on hybrid-electric 200,000-cbm LNG carrier
Partners to develop a concept combining hybrid-electric propulsion with GTT NEXT1 cargo containment technology for larger LNG carriers. |
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ClearMariner expands maritime sanctions screening with ESG, emissions and API support
Online service now combines sanctions checks with voyage CO₂, CII, EU ETS and FuelEU Maritime estimates. |
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Flex Commodities adds Long Jing Xin to Singapore marine fuels team
Company appoints associate for marine fuels as part of plan for regional expansion. |
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| Matson christens Makua, first of three LNG-ready Aloha Class container ships [News & Insights] |
| IINO Lines deploys first Ice Class IB VLGC on long-term charter to Borouge International [News & Insights] |
| Wagenborg launches first EasyMax 2.0 vessel, prepared for methanol, ammonia and LNG [News & Insights] |
| NYK–MISC joint venture signs charter for 18,700-cbm LNG carrier with Malaysia LNG [News & Insights] |
| Study finds methanol dual-fuel retrofit of Kamsarmax bulk carrier would take about 75 days [News & Insights] |
