The Maldives is set to enter the international bunkering market with the launch of its bunkering service on August 22, 2023. This was announced by Minister for Economic Development and Business Affairs Mohamed Saeed at the opening ceremony of a trade and commerce conference between China and the Maldives.
The government has been actively working to expand the country’s re-export sector, and the new bunkering service is a key component of this strategy. Minister Saeed highlighted the Maldives’ strategic location as a maritime hub and emphasized the potential for significant economic growth through this venture.
State Trading Organization (STO) is leading the initiative, partnering with global cargo carrier Vitol Bankers. Two 4000-tonne oil tankers will be deployed to initially provide bunkering services offshore. The government aims to establish a land-based tank facility in the future through dredging operations.
Bunkering, the supply of fuel to ships, is a highly profitable industry. The Maldives anticipates generating an additional $400 million in revenue annually through this service, creating a new industry valued at USD 6 billion. This is expected to contribute significantly to the country’s GDP, which currently stands at MVR 6.5 billion.
The launch of the bunkering service is anticipated to attract more ships to the Maldives, boosting the local economy and creating new job opportunities.
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