Maldives Ports Limited (MPPL) has implemented changes on the stevedoring fees levied on the shipping agents such that the payments are made in dollars. MPL disclosed that the decision to implement the modification was made on April 1.
The stevedoring fee is paid by Maldivian businessmen along with the price of the good during the ordering process. Despite the fee initially being imposed to be paid in dollars, modifications were brought in 2011, allowing the fee to be paid in rufiyaa.
MPL affirmed that the amendment brought to the fee structure will boost the company's revenue while assisting to resolve the dollar shortage within the market. The company released estimates of the revenue to be attained following the change to be at least USD 25 million. It additionally emphasised the primary purpose of implementing the change is to ensure the stabilise dollar shortage within the banking system.
The stevedoring fee is a charge incurred by shipping agents for loading and unloading goods. The fee is imposed at a rate of USD 198 for a 20ft container.