The Maldives has generated USD 1.5 million in revenue from international bunkering services in the Ihavandhippolhu Economic Zone, according to Economic Development Minister Mohamed Saeed. This service, launched on September 19 and led by Maldives Ports Limited (MPL) and State Trading Organization (STO), marks the Maldives’ entry into offshore bunkering, a new industry for the nation.
Minister Saeed highlighted on PSM’s Hafthaa 52 program that this is the first time a Maldivian budget projects revenues beyond tourism, with the 2025 budget now factoring in income from sectors like bunkering. The bunkering initiative is designed to diversify national income sources amid economic challenges.
STO supplies fuel using two vessels, the MT Marine Angel and MT Marine Bella, both of which meet international safety standards. While diesel is available for luxury yachts, low-sulfur fuel is provided to cargo ships. MPL also recently added water bunkering services, which are projected to bring in USD 1.5 million monthly.
Despite these initiatives, Saeed noted that the daily government revenue of MVR 65 million still falls short of daily expenses, which total MVR 96 million. This shortfall leads to a daily debt increase of MVR 40 million. To address this, Saeed emphasized the President’s focus on exploring new revenue sources to strengthen the nation’s economy.
