In a regulatory filing responding to recent media reports, the South Korean shipping company said it has been in talks to finalize the contract but that no specific terms have yet been confirmed.
HMM said it will make another disclosure once concrete details are finalized or within three months. The next disclosure is scheduled for Nov. 6.
Media reports last month said HMM was seeking a 25-year dedicated shipping contract with Brazilian mining giant Vale.
The reports also said HMM had ordered eight bulk carriers worth about 1.3 trillion won ($917 million) for use under the proposed contract and could generate around 4 trillion won in additional revenue if the deal is completed.
HMM responded to the reports in a July 9 filing, saying discussions related to the contract were underway but that no decision had been made on whether an agreement would ultimately be signed.
In its latest filing, the company said negotiations with the counterparty have continued and that the two sides are now discussing several remaining details, while stressing that the final terms of the contract have not yet been determined.
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