Maldives' Bunkering Service Already Profitable, Says Economic Minister

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The bunkering service launched by the Maldivian government in September 2024 is already generating strong revenue, according to Minister of Economic Development and Trade Mohamed Saeed.

Speaking at a press conference held at the President’s Office on Monday, Minister Saeed described the venture as a promising source of income for the country, citing early profits and a growing footprint in the global bunkering market, which he noted is a multi-billion-dollar industry.

“We didn’t wait around to build a port. Instead, we launched offshore bunkering services because we didn’t want to make excuses and delay. So, god willing, we are reaping profit from what we started,” Saeed told reporters.

The service, operated by the State Trading Organization (STO) in partnership with Swiss-based energy and commodities company Vitol, was launched as part of a broader initiative to diversify the national economy and tap into strategic maritime trade.

Saeed revealed that the administration has ambitious plans to grow the sector further, with projections of up to MVR 400 million in profit. He acknowledged that while daily revenue figures may not be readily available, full details are maintained by the STO.

In November 2024, the Minister had previously disclosed that the state had already earned USD 1.5 million from the service.

Commenting on infrastructure, Saeed acknowledged the challenges of developing bunkering facilities to international standards, calling it a massive undertaking. He said the government is actively working toward this goal and will pursue foreign investment if necessary, should domestic financing fall short.

The rapid progress of the bunkering initiative reflects the administration’s commitment to fast-tracking economic diversification and leveraging the Maldives’ strategic location along global shipping routes.