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MPL Shifts Stevedoring Fees Back to US Dollars

MPL Shifts Stevedoring Fees Back to US Dollars

The Maldives Ports Limited (MPL) has announced a return to US dollar billing for stevedoring fees, effective April 1st, 2024. This shift applies to the loading and unloading of containers at Maldivian ports. The new fees are set at USD 195 for a 20-foot container and USD 211 for a 40-foot container.

Previously, MPL charged these fees in Maldivian Rufiyaa (MVR) following a government policy change in 2011. However, MPL’s Chief Financial Officer, Mohamed Muizzu, cited upcoming company investments and difficulties acquiring US dollars through traditional channels as reasons for the switch back.

“This decision will allow MPL to generate much-needed US dollars, both to meet our own requirements and to contribute to the government’s foreign currency reserves,” Muizzu explained. He estimates the new fee structure will bring in approximately USD 25 million for MPL.

Furthermore, Muizzu believes the change will streamline currency exchange for shipping agents. Since container transportation costs already utilize US dollars, this eliminates the need for agents to seek alternative sources for USD, potentially including the black market. The two main container shipping agents in the Maldives are MSS and Total Transport Solution (TTS).

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MMJ News Desk
Author: MMJ News Desk

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