State Trading Organization (STO) is set to officially launch its new bunkering services in the Maldives this Thursday, marking a significant development in the local maritime industry. The inaugural service will cater to the ship "YC Barrier," which operates between Colombo, Sri Lanka, and the Maldives.
Currently, YC Barrier sources its fuel from Colombo due to the limited availability of low-supply fuel in the Maldives. The vessel, which has a monthly fuel requirement of 200 tons and a capacity for 1,100 containers, will benefit from STO's new service offering.
STO has already begun accepting bookings for its international bunkering services. The company has introduced two new bunkering vessels to the Maldives, each with a capacity of 3,200 tonnes of fuel. This expansion is expected to significantly enhance the market and improve fuel accessibility in the region.
In March, STO signed a key agreement with the Netherlands-based Vitol to establish the Maldives Economic Gateway International Bunkering Facility. This move comes at a time when over 300 new ships are reported to sail daily near Ihavandippolhu in northern Maldives.
The launch of STO's bunkering services promises to address existing fuel supply challenges and could boost the local maritime industry significantly. As the Maldives continues to expand its maritime capabilities, this new service is a welcome addition for both domestic and international shipping operations.
