Bunkering operations in the Maldives have generated nearly MVR 1 billion in revenue within 18 months of launch, establishing a significant new income stream for the maritime sector.
In an interview, State Trading Organisation (STO) CEO Shimad Ibrahim described bunkering as a profitable, fast-growing business with strong long-term potential, driven by the Maldives’ strategic location on major international shipping routes.
He noted that if the Maldives had not entered the bunkering sector, the opportunity could have shifted to regional competitors such as India or Sri Lanka.
The CEO also stated that efforts are underway to expand the service, including investments in land-based fuel storage to accommodate larger vessels and strengthen long-term customer retention.
The bunkering service was launched in September 2024 through a partnership between STO, Maldives Ports Limited (MPL), and Switzerland-based Vitol.
