The Maldives’ bunkering services have generated MVR 124 million in revenue since their launch in September 2023, according to the State Trading Organisation (STO). The update was shared by STO’s CEO and Managing Director, Shimad Ibrahim, during the company’s Annual General Meeting 2024.

The bunkering service, established with an investment of USD 15–20 million, aims to develop the Maldives as a regional maritime fuel hub. Although operations began in Ihavandhippolhu, the Male’ region has so far recorded the most significant performance.

Shimad noted that while early figures reflect strong potential, further improvements are needed to match the standards of regional competitors such as Sri Lanka. Consultations with relevant stakeholders are ongoing to enhance service delivery and infrastructure.

The STO has already supplied fuel and 1,200 tonnes of water to one of the world’s largest shipping lines, demonstrating growing international trust in the Maldives’ bunkering capacity.

Bunkering services are being provided in partnership with global energy company Vitol, using two vessels capable of carrying a combined 4,000 tonnes of crude oil. These vessels operate offshore and through ship-to-ship transfers.

The Government projects that the bunkering initiative will contribute approximately USD 400 million to the national GDP and establish a new MVR 6 billion industry, supporting the country’s broader economic diversification strategy.