The Maldives has generated approximately USD 47.4 million (MVR 730 million) in state revenue from its international bunkering services since their launch in 2024, Minister of Economic Development and Trade Mohamed Saeed announced on Wednesday.

Speaking at a press conference held at the President’s Office, the minister said the revenue was recorded as of March 31.

The bunkering services, introduced in Ihavandhippolhu, are part of the government’s broader efforts to expand economic activity and strengthen the country’s position in regional maritime trade.

The initiative is projected to contribute around USD 400 million annually to the national economy.

The service is operated through a partnership between the State Trading Organization (STO) and global energy firm Vitol.

According to officials, STO currently deploys three vessels for bunkering operations.

These include the YC Barrier, operated by its subsidiary Maldives State Shipping, which has a monthly fuel transport capacity of 200 tonnes.

In addition, two dedicated bunkering vessels with capacities of 4,000 metric tonnes and 3,200 metric tonnes have been introduced to support the expanding service.

Prior to the establishment of bunkering operations in the Maldives, such services in the Indian Ocean region were largely dominated by ports in Colombo and various Indian ports.