The State Trading Organisation (STO) has announced that it is ready to launch its international bunkering service on September 19, with bookings already being received ahead of the service's official start.
In a statement, STO confirmed that all preparations have been completed in coordination with relevant government agencies. The company's first bunkering service will be provided to the YC Barrier, a vessel operated by the national shipping company, Maldives State Shipping (MSS). The vessel, which previously traveled to Sri Lanka for bunkering due to the unavailability of low-sulfur fuel in the Maldives, will now receive fuel locally.
The YC Barrier, which operates between Colombo and Malé, uses approximately 200 tonnes of fuel per month and has a capacity of 1,100 containers.
STO emphasised that the new service will contribute significantly to the Maldivian economy, with further market expansion expected as the service gains reliability. Bunkering services in the region are typically provided by Sri Lanka and India, but STO's new offshore service will now be available with two ships in collaboration with Vitol, a global leader in bunkering.
The government has projected that the launch of the bunkering service will generate an additional USD 400 million for the Maldives' GDP, marking it as one of the largest economic diversification projects in recent history. STO is also set to collaborate with Maldives Ports Limited (MPL) to offer 14 additional maritime services under the North Maritime Service, as part of the government's wider economic development strategy.