Managing Director of Maldives State Shipping (MSS) Abdulla Saeed has stated the establishment of a national shipping line in Maldives is a major step taken to boost the economic development of Maldives.
Speaking at the ceremony held to officially launch the services of the national shipping line, Managing Director Saeed said the establishment of MSS is crucial to Maldives, especially during the current COVID-19 crisis which has restricted transport and movement between countries, affecting the import of items to the country. Saeed said it is important that Maldives has its own shipping line instead of depending on other countries to bring in food and other essential items. He added the establishment of MSS will reduce the prices of imported items in Maldives, facilitating a higher profit for businesses.
Furthermore, the managing director said the establishment of MSS also creates more job opportunities for shipping officers and crew members. He said launching a national shipping line was a major step taken to boost the economic development of the country.
MSS is the second shipping line to be launched in Maldives. The first shipping line, Maldives National Shipping Limited (MNSL), was abolished due to bankruptcy.
The new shipping line was formed as a subsidiary company of State Trading Organisation (STO). Managing Director of STO Hussain Amr said the organisation entered the shipping industry fully prepared for the market, noting the reason behind the bankruptcy of MNSL was lack of preparation to the evolving market of the shipping industry. He said STO has a strategic plan to maximise the profits through the shipping line.
MSS has been formed nearly 8 years after the first national shipping line MNSL was abolished. MNSL reported a loss of USD 70 million by the time the company was liquidated.