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State Trading Organization establishes Maldives State Shipping company

Shahudha Mohamed
26 March 2020, MVT 22:27
(FILES) In this file photo taken on March 29, 2019 A cargo ship loaded with containers departs from the Chinese-majority owned Colombo International Container Terminal (CICT) in Colombo on March 29, 2019. - Business leaders from the shipping industry are in London on November 11, 2019 discussing the rules to be implemented in order to reach a target of reducing 40% of its greenhouse gas emissions by 2030. (Photo by ISHARA S. KODIKARA / AFP)
Shahudha Mohamed
26 March 2020, MVT 22:27

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.