The first oil tanker for the Maldives’ new bunkering service has successfully docked near Kulhudhuffushi City. According to the State Trading Organisation (STO), the 4,000-tonne vessel named ‘MT Marine Angel’ arrived yesterday, and a second tanker, with a capacity of 3,200 tonnes, is expected to arrive by September 15th. STO will oversee fuel sales, while Maldives Ports Limited (MPL) will handle the remaining operational responsibilities of the service.
Initially scheduled to commence in July, the bunkering service launch date was first moved to September 12th. However, STO announced yesterday that the start date has been further delayed to September 20th to allow for a more thorough implementation of the service.
In March, STO signed a partnership agreement with Vitol, a Dutch energy and commodity trading company, to set up an international bunkering facility at the Maldives Economic Gateway in Ihavandippolhu. The government estimates that over 300 ships transit the area daily, underscoring its importance for maritime traffic.
Expert Insights
Bunkering services, which provide fuel to marine vessels, are anticipated to be a lucrative addition for the Maldives. By offering refuelling services at key maritime routes, the country stands to gain a significant revenue stream. The government expects this initiative to bring substantial economic benefits.
Maldives Ports Limited (MPL) has consulted maritime experts to optimise the benefits of the new service. Mohamed Shareef, former MPL Chairman, expressed enthusiasm about the project’s potential to boost the Maldives’ revenue.
Abdullah Saeed, former Managing Director of STO, emphasised the strategic benefits of the region. “With longer maritime journeys, including routes around Africa, there will be greater fuel consumption and more refuelling opportunities,” Saeed noted. He added that the service could significantly benefit the Maldives, especially amid shifting global transport routes due to geopolitical tensions in the Red Sea.
Economic Prospects
The government projects that the new bunkering service could generate $400 million in additional revenue, potentially creating an industry valued at MVR 6 billion. Plans are also underway to expand the sector further by dredging land to build oil storage tanks, which could enhance revenue potential.
MPL CEO Mohamed Wajeeh Ibrahim highlighted the substantial growth opportunities in this sector. “There is already considerable interest in these services, and promoting them internationally is essential. STO, Vitol, and MPL are committed to these efforts,” Wajeeh said.
He also stressed the importance of maintaining high service standards. “Customer satisfaction and competitive pricing are critical. The Maldives aims to offer cost-effective services compared to neighbouring countries,” Wajeeh added.
