Saturday
28th Sep 2024
Dhivehi Edition
Bunkering
International Bunkering Services Launched in Ihavandhippolhu: A Transformative Step for the Maldivian Economy
Inauguration ceremony of International Bunkering Service
International bunkering services were officially launched today at the Maldives Economic Gateway in Ihavandhippolhu.
The Maldivian economy is poised for significant enhancement with the official launch of international bunkering services at the Ihavandhippolhu facility on Thursday. This initiative represents a key component of President Dr. Mohamed Muizzu’s vision for economic revitalization, with the potential to positively impact the country's GDP, as noted by Minister of Economic Development and Trade, Mohamed Saeed.
The inauguration ceremony, attended by members of parliament from the upper northern region, Minister Saeed, and senior officials from Maldives Ports limited and State Trading Organization (STO), including Managing Director Shimad Ibrahim, marked a pivotal advancement for the maritime sector. The new service aims to provide comprehensive support for vessels navigating the northern channels of the Maldives.
STO, tasked with the management and operation of the bunkering facility, has entered into a strategic partnership with Swiss-based Vitol, recognized as the world’s largest independent energy trader. In a statement, STO confirmed that offshore bunkering operations will be conducted in collaboration with Maldives Ports Limited (MPL), ensuring adherence to international safety standards and efficient service delivery.
The facility will deploy two state-of-the-art tow boats: the 3,528-tonne MT Marine Angel and the 3,929-tonne MT Marine Bella. Both vessels are constructed in compliance with stringent safety regulations and are part of a bareboat charter arrangement with Vitol, granting STO full ownership after a two-year period.
In his remarks during the ceremony, Shimad Ibrahim, Managing Director of STO, detailed the types of services to be provided. Currently, the facility offers diesel fuel for luxury yachts and low-sulfur fuel for cargo and container vessels.
As international bunkering services officially commence, stakeholders are optimistic about the transformative potential of this initiative, which positions the Maldives as a competitive player in the regional maritime industry and bolsters its economic landscape.
The international bunkering service is anticipated to generate approximately $400 million annually for the Maldives' GDP.