Bunkering service, which is expected to transform the Maldives' economy, has been officially inaugurated today.

Economic Minister Mohamed Saeed and five MPs from the Haa Alif atoll inaugurated the service during a ceremony in Haa Alif Hoarafushi island.

The first ship to have obtained the service was YC Barrier operated by Maldives State Shipping (MSS), a subsidiary of the State Trading Organization (STO).

YC Barrier had previously been bunkering from Colombo. The ship has a capacity of 1,100 containers and uses 200 tonnes of oil per month.

The floating bunkering service was launched with the 3258-tonne MT Angel and the 3939-tonne MT Marine Bella.

They were specially designed and built to provide bunkering services. STO said the company will get ownership of the vessels under the Bareboat Charter concept.

Under the bunkering service launched today, services related to crew change, spare parts for the ships and clean drinking water will also be provided.

The service will be provided by STO and Vitol, which also provides bunkering services in Singapore, the UAE and Mauritius.

Vitol is responsible for supplying fuel to the bunkers and advertising the bunkering hub.

STO said 300 vessels per month cross the channel through the Maldives where the service was launched. The company believes that getting just one percent of those vessels would greatly benefit the country's economy.

Minister Saeed has repeatedly said that even if one percent of the ships are serviced, USD 400 million will enter the economy within a year.