State Trading Organisation (STO) has docked the second bunkering vessel, Marine Bella, near Kulhuduffushi City, indicating the Maldives' preparedness to launch bunkering services. Aiming to launch bunkering services, STO brought two oil tankers with the capacity of 4,000 tonnes. The first tanker, Marine Angel, docked in Kulhuduffushi City on September 9. Bunkering services will first be launched in Ihavandhippolhu Atoll.
Bunkering services involve supplying fuel to marine ships and vessels. The establishment of such services in commonly travelled maritime areas will attract boats to stop and refuel, making it a profitable venture. The Maldives' has a strategic geographical location as it is situated near two major shipping channels where bunkering services are relatively high in demand. The country also has the advantage of having calm seas and shallow waters, facilitating convenient bunkering for ships of various sizes.
Maldives will be providing bunkering services in collaboration with a multinational energy and commodity trading company, Vitol Bunkers, a company which specialises in providing energy solutions to the maritime sector. Vitol Bunker recognises the Maldives as a key global bunkering destination, positioning the country prominently on the world bunkers map. While the country currently has a Gross Domestic Product (GDP) of USD 6.5 billion, the government projects that the new bunkering service will generate an additional USD 400 million, creating a new industry valued at USD 390 million.
The government is exerting several efforts to launch offshore bunkering services in the Maldives. Efforts are underway to establish the necessary resources and recruit employees to provide the services. The office building for this service is situated in Uligan, Haa Alif Atoll. Maldives Ports Limited (MPL) stated that the building will be inaugurated one day prior to the official launch of bunkering services.
Furthermore, the government aims to reclaim the land in nearby surroundings and expand the international bunkering operations in the near future. This expansion is expected to significantly boost state revenue and create numerous job opportunities within a competitive sector.