STO and MPL Sign MoU to Enhance Maritime Services in Northern Maldives

The State Trading Organisation (STO) and Maldives Ports Limited (MPL) have signed a Memorandum of Understanding (MoU) to collaborate on improving services for vessels providing bunkering in the northern Maldives. 

This agreement is expected to strengthen the region’s position as a key point in international shipping routes.

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The MoU was formalised during a ceremony at the MPL office, with Mohamed Wajeeh Ibrahim, CEO of MPL, and Shimad Ibrahim, Managing Director of STO, representing their respective organisations. Under the terms of the agreement, STO will manage bunkering services, while MPL will provide additional support services required by the vessels.

The partnership aims to offer a wide range of maritime services, including pilot boat assistance for ships entering the Maldives, as well as the supply of essential items such as water, provisions, and equipment. The agreement also outlines strategies to promote these services to attract more international vessels to the region.

MPL’s CEO Wajeeh highlighted the strategic significance of the northern Maldives in international shipping and emphasised the potential growth opportunities in the area. He noted that even without extensive promotion, 6 to 8 vessels request water services from the area each month, signalling high demand. The introduction of bunkering and water supply services is anticipated to further boost business prospects.

In addition, the government is preparing to launch a new banking service aimed at increasing national revenue. Two vessels are currently being mobilised to initiate this service, which will further enhance maritime infrastructure in the northern Maldives.

This collaboration is expected to play a pivotal role in advancing the region’s maritime capabilities and stimulating economic growth.