State Trading Organisation on Wednesday established Maldives State Shipping (MSS), a subsidiary company to kickstart its shipping operations.
The company publicised this information shortly after President Ibrahim Mohamed Solih announced the arrival of the first vessel of STO's shipping line in Maldives, speaking at Wednesday's press conference held at Dharubaaruge.
"Our container vessel is expected to arrive next week, and heralds an important step towards reviving the local shipping industry", STO confirmed.
The vessel's maiden voyage is scheduled to take place between Maldives and Sri Lanka.
Speaking on the formation of the state-run shipping company, STO's Managing Director Hussain Amru earlier said dependence on imports meant Maldives required a reliable shipping line.
STO - Maldives' largest importer of staples, fuel and other goods says the new shipping line would provide a more feasible pathway for imports.
Maldives boasted an extensive shipping line from the late 1960s to the early 1980s. However, the national shipping line halted operations amidst a series of corruption scandals and mismanagement.