The Maldives has reported significant early revenue from its newly established offshore bunkering service, generating USD 12.46 million since its launch, Minister of Economic Development and Trade Mohamed Saeed confirmed this week.
The initiative, introduced under President Dr Mohamed Muizzu, is a central element of the government’s strategy to diversify the economy beyond its reliance on tourism and fishing. Minister Saeed disclosed the figures in response to questions from Members of Parliament.
The service began operations in September 2024 and reached the USD 12.46 million milestone within its first year. Preliminary figures show that USD 2.91 million was generated by the end of 2024, with monthly revenue rising steadily throughout the current year. Government officials noted that the service has operated continuously without interruption as it approaches its one-year anniversary.
The operation has also contributed USD 1,126,006.43 in taxes to state coffers during the reporting period. Minister Saeed observed that the increase in revenue reflects growing demand and utilisation of the service. Structured as an offshore operation, the service employs a specialised, dedicated vessel and is managed domestically through the State Trading Organization (STO).
A major factor in the service’s early success has been the introduction and sale of low-sulphur fuel. “I wish to highlight that 83 percent of this [revenue] is attributable to low-sulphur fuel. This product was not previously imported or utilised for bunkering activities in the Maldives, and I want to highlight that fact,” the minister said.
The project was launched in partnership with Switzerland-based Vitol Group, a company recognised for its extensive international experience in bunkering services. At its inception, the government set an ambitious target: to facilitate an annual increase of USD 400 million in Gross Domestic Product (GDP) through the service. Current efforts are directed at strengthening the initiative, expanding its scope, and raising revenue beyond present levels.