The State Trading Organization (STO) has announced that it is fully prepared to launch its international bunkering service tomorrow and has already secured bookings before the service’s debut, signalling strong demand.
In its statement, STO confirmed that all necessary preparations have been completed in collaboration with government agencies. The first vessel to benefit from the new service will be the YC Barrier, operated by Maldives State Shipping (MSS). Previously, the vessel traveled to Sri Lanka for refueling, as low-sulfur fuel was unavailable in the Maldives. Now, the YC Barrier, which operates between Colombo and Malé and consumes around 200 tonnes of fuel monthly, will be able to refuel locally.
STO highlighted that this new service is expected to significantly boost the Maldivian economy. As the service gains reliability, the market for bunkering is projected to grow, positioning the Maldives as a key regional player in an industry historically dominated by Sri Lanka and India. The offshore bunkering service will launch with two ships, in partnership with global bunkering leader Vitol.
The government forecasts that this bunkering service will inject an additional USD 400 million into the Maldives’ GDP. The project is part of the government’s broader strategy to diversify the economy and increase maritime services.
Alongside the launch of bunkering, STO is also working with Maldives Ports Limited (MPL) to roll out 14 additional maritime services under the North Maritime Service umbrella. A dedicated website has been launched to streamline bookings and provide more information.
