HMM recently announced the signing of a long-term transportation agreement with Brazilian mining giant Vale for eight Newcastlemax bulk carriers, officially finalizing the order. These vessels are being built by Yangzijiang Shipbuilding—a leading private Chinese shipbuilder—with deliveries scheduled to take place in batches starting in 2030.
The new vessels feature a tri-fuel design capable of operating on ethanol, methanol, and high-sulfur fuel oil. They are designed to be “LNG-ready” and “ammonia-ready,” allowing for future retrofitting to run on LNG or ammonia. Additionally, they will be equipped with eco-friendly technologies, such as rotor sails, to maximize energy efficiency and emission reductions.
The order for these tri-fuel bulk carriers was initially announced in June 2026; HMM stated the cost per vessel at $105 million, bringing the total value of the eight-ship order to $843 million.
It is reported that upon delivery, this batch of new vessels will be chartered on a long-term basis by the Brazilian mining giant Vale. A few days ago, HMM announced the signing of a long-term transportation contract with Vale—valued at 4.7 trillion KRW (approximately US$3.5 billion)—covering eight tri-fuel 210,000 DWT bulk carriers ordered in June; each vessel is chartered for a 25-year term, with the agreements taking effect in 2030.
Notably, this latest US$3.5 billion charter contract marks the third major deal signed between HMM and Vale since May 2025; the contracts signed in May and September 2025 were valued at US$475 million and US$320 million, respectively, with each carrying a 10-year charter term.
Since launching a tender earlier this year for long-term charters or Contracts of Affreightment (COA) involving approximately twenty tri-fuel Newcastlemax bulk carriers (210,000 DWT), Vale has secured charters for multiple new vessels. According to incomplete data, these include four vessels ordered by South Korea’s Wooyang Shipping from New Times Shipbuilding and four ordered by South Korea’s Polaris Shipping from Qingdao Beihai Shipbuilding.
HMM’s order for tri-fuel vessels marks a return for Yangzijiang Shipbuilding to the Newcastlemax bulk carrier sector after an eight-year hiatus; the shipbuilder’s last order for this vessel type dates back to 2018. As of the end of June 2026, Yangzijiang Shipbuilding’s bulk carrier orderbook consisted primarily of small-to-medium-sized vessels—ranging from 32,000 to 83,000 deadweight tonnes (DWT)—totaling approximately 30 ships.
In related news, Yangzijiang Shipbuilding recently signed a letter of intent with a leading liner shipping company to build 12 ultra-large container ships with a capacity of 24,000 TEU. Market rumors suggest that this batch of new vessels is linked to France’s CMA CGM and will feature a triple-fuel (LNG) design. Delivery is expected around 2030, with the total construction cost estimated at US$3 billion.
If confirmed, this major order for container ships would mark Yangzijiang Shipbuilding’s first contract for 24,000 TEU-class vessels since 2023 and its first large container ship order for 2026 delivery; notably, all container ship orders secured by the company in the first half of this year were for small-to-medium-sized vessels, with a maximum capacity of 5,900 TEU.
Public data indicates that as of August 7, Yangzijiang Shipbuilding held an orderbook of 256 vessels valued at a total of US$22.4 billion, with delivery schedules extending to 2030. The company had delivered 43 vessels, achieving 74.1% of its annual delivery target of 58 ships.