USD 7 million earned from bunkering services: Minister Saeed

The international bunkering service launched at the Maldives Economic Gateway has generated USD 7.5 million in revenue since its launch, according to Economic Minister Mohamed Saeed.

Speaking on the progress of the initiative, Saeed noted that the service, which began on September 18 last year, has so far brought in MVR 114 million, equivalent to USD 7.4 million, in just over five months.

Minister Saeed highlighted that 95 percent of the revenue was earned through the supply of Very Low Sulphur Fuel Oil (VLSFO), a fuel product that had not been available in Maldives prior to the launch of this service.

He said the demand for bunkering services, especially VLSFO, is growing steadily.

The government is now working to improve the related legislation and regulatory frameworks to support further development of the sector.

Offshore bunkering services are provided in the Ihavandhippolhu zone in collaboration with Maldives Ports Limited (MPL), with the State Trading Organization (STO) responsible for supplying the fuel directly to vessels.

STO currently provides both diesel and low sulphur fuel under the service. Diesel is mainly supplied to yachts and luxury vessels, while cargo and container ships are supplied with low sulphur fuel.

The services are carried out using two vessels including 3,258-tonne MT Marine Angel and the 3,929-tonne MT Marine Bella.

Both vessels have been constructed in accordance with international safety and environmental standards, STO said.