The Maldives has welcomed its first ship dedicated to bunkering services in the northern region of Ihavandhippolhu, marking a significant development in the country’s maritime industry.

The vessel has docked near Kulhudhuffushi City, with a second ship expected to arrive soon, according to the State Trading Organization (STO).

The STO is bringing two oil tankers, each with a 4,000-ton capacity, to the Maldives as part of their initiative to launch bunkering services.

This follows an agreement signed in March between STO and the Netherlands-based Vitol, aimed at establishing an international bunkering facility in Ihavandhippolhu, also known as the Maldives Economic Gateway.

Economic Minister Mohamed Saeed, speaking at the Maldives Trade and Investment Corporation Conference—a forum aimed at enhancing trade ties between China and the Maldives—highlighted the potential economic impact of the new bunkering services.

He projected that the initiative, which is expected to be operational before July of next year, could contribute an additional USD 400 million to the country’s GDP, currently standing at USD 6.5 billion.