STO earns MVR 124 million from bunkering
Despite the promising results, Shimad acknowledged the need for further development to compete with established international markets.
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The State Trading Organisation (STO) has generated MVR 124 million in revenue from its recently launched bunkering services, according to the company's Managing Director Shimad Ibrahim.
He revealed the figures during the company’s Annual General Meeting held Saturday at Barcelo Malé Nasandhura Hotel.
Bunkering services—refueling and providing supplies to ships—were introduced by STO in September 2024, initially in the northern Ihavandhippolhu region. However, Shimad noted that the majority of business activity has been centered around the Malé area.
“We started working in Ihavandhippolhu. The activities there are somewhat low. However, our results in the Malé area are very good,” Shimad said.
Highlighting the service’s progress, Shimad stated that STO has already served one of the world’s largest shipping lines, including the supply of 1,200 tonnes of water as part of the service package.
“We have the confidence of major international shipping lines and the transactions we are conducting are going well,” he added.
Despite the promising results, Shimad acknowledged the need for further development to compete with established international markets. He noted that discussions are ongoing with relevant parties to enhance operations.
On March 13, 2024, STO signed a Memorandum of Understanding (MoU) with Vitol, the world’s largest private energy trading company, to operate a major international bunkering project in the northernmost part of the Maldives.
