The Maldives’ international bunkering service has generated MVR 730 million since its launch, reflecting a steady rise in activity in recent months.
Minister of Economic Development and Trade Mohamed Saeed stated that, as of 31 March, this amount equals USD 47 million. He made this announcement at a press conference at the President’s Office in response to criticism of the initiative.
He noted that revenue has increased in recent months. By late December 2025, the service had generated MVR 282 million, with an additional MVR 24 million soon after, and a further MVR 424 million over the next three months.
Launched in September 2024, the bunkering service is operated by the State Trading Organisation (STO) and Maldives Ports Limited (MPL) in partnership with Switzerland-based Vitol.
At its inception, the government projected strong potential for the sector, estimating that capturing a small share of passing vessels could generate around USD 400 million (MVR 6.1 billion) annually.
