The State Trading Organization (STO) has generated MVR 124 million in revenue from its bunkering operations since the service was launched in September last year, CEO and Managing Director Shimad Ibrahim announced at the company’s 2024 Annual General Meeting on Saturday.
The service, developed in partnership with Switzerland-based energy and commodities company Vitol, is part of the Maldivian government’s plan to establish the country as a regional maritime bunkering hub. Initially projected to contribute up to US$400 million annually to the economy, the project faced several delays before its official launch.
Shimad noted that while the service began in the northern Ihavandhippolhu region, the most promising results have so far been recorded in the Malé area. He also acknowledged that further improvements are needed for the Maldives to compete with established bunkering destinations in the region.
STO currently operates the service using two tankers – the 3,258-tonne MT Marine Angel and the 3,939-tonne MT Marine Bella – deployed under a bareboat charter agreement. The operation provides not only fuel, but also facilitates crew changes, the procurement of ship spare parts, and the supply of clean drinking water.
The service was inaugurated in September 2024 at Hoarafushi Island in Haa Alifu Atoll. The first vessel to be refuelled was YC Barrier, operated by STO subsidiary Maldives State Shipping.
Vitol supplies the fuel and is also responsible for promoting the Maldives as a bunkering destination. The designated channel for the service lies along a major international shipping route, with more than 300 vessel crossings per month. STO estimates that capturing even one per cent of this traffic could deliver significant economic benefits.