BML Launches Dedicated Financing Facility for Liveaboard Operators

Bank of Maldives (BML) has launched a dedicated financing facility for the Maldives’ liveaboard tourism sector, offering vessel financing at 9.5% per annum.

The Liveaboard Finance facility covers the purchase, construction, mechanisation and renovation of liveaboard vessels, as well as related equipment and gear.

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BML said the facility allows operators to expand their fleets, modernise existing vessels and bring newly constructed vessels into service.

The bank said the financed vessel itself will be accepted as collateral, with no additional collateral required.

Financing amounts will be determined based on the vessel’s price and BML’s credit assessment, while customers must provide a minimum 30% equity contribution.

Repayment periods extend up to seven years, with repayment schedules structured around peak and off-peak tourism seasons. The facility also allows repayments in US dollars.

BML CEO and Managing Director Mohamed Shareef said the financing facility was designed to reflect the seasonal nature of liveaboard operations and support operators seeking to invest in fleet expansion and growth.

The bank said the facility is intended to support both established operators seeking to renovate or expand their fleets and new entrants looking to build or acquire vessels.