The State Trading Organisation (STO) and Maldives Ports Limited (MPL) have signed a Memorandum of Understanding (MoU) to collaborate on providing enhanced services to vessels offering bunkering services in the northern Maldives. The agreement marks a significant step towards boosting maritime services in the region, which is a crucial route in international shipping.
The MoU was signed at a ceremony held at the MPL office, with MPL's CEO Mohamed Wajeeh Ibrahim and STO's Managing Director Shimad Ibrahim representing their organisations. Under the agreement, STO will handle the bunkering services, while MPL will offer additional support services required by the vessels.
The collaboration between STO and MPL aims to provide a comprehensive range of maritime services, including pilot boat services to guide ships approaching the Maldives, as well as the provision of water, food, and other necessary equipment. The agreement also includes efforts to market these services effectively to attract more international vessels to the region.
CEO of MPL Wajeeh emphasized the strategic importance of the northern region in international maritime routes and highlighted the potential benefits of offering bunkering and other maritime services in this area. He noted even without significant advertising, 6 to 8 new boats request water services from the area each month, indicating strong demand. The introduction of oil and water services is expected to create substantial business opportunities.
Additionally, the government is working on launching a banking service, which is anticipated to significantly boost the country's revenue. Two vessels are currently being brought in to initiate this service, further enhancing the maritime infrastructure in the northern Maldives.