Maldives State Shipping (MSS) with the most significant progress in the STO Group.

The annual report of State Trading Organization (STO) demonstrates that the MSS, gateway for efficient shipping solutions in Maldives is with the largest development within the year 2023.

Performance of the Shipping segment demonstrated strong growth in 2023, driven by strategic initiatives and efficient operations. The segment recorded a net revenue of MVR 376 million, significant revenue increase of 22% in 2023, amounting to MVR 68 million, reflecting the ability to capture new market opportunities and expand the service offerings.

Based on the Annual Report of STO, Maldives State Shipping (MSS) carried a 100% of Maersk and Hapag-Lloyd cargo coming into the Maldives via Colombo. It also highlighted that MSS obtained an average of 57% market share for cargo imports from Colombo via regular feeder vessels. MSS has achieved significant milestones in various services and infrastructure development.

Established in 2020, Maldives State Shipping (MSS) serves as the national shipping liner, with the aim of establishing an efficient supply chain transport system within the country. MSS is focused on transforming the nation’s supply chain infrastructure to overcome the challenges faced by Maldivian traders and businesses due to the lack of a reliable shipping line.

Additionally, MSS provides quality, cost-effective, and efficient shipping agency solutions, including general husbandry services such as crew changes, bunkering, and ship chandelling. Since the inception, MSS has invested in fleet and infrastructure development, acquiring four container vessels and one bulk carrier: MSS Chrome, MSS Graphene, MSS Galena, MSS Opal, and Blue Sky (charter).

These investments underscore MSS’s commitment to enhancing its service capabilities and market presence. These strategic initiatives allowed MSS to increase the number of voyages to 101 in 2023, a significant rise from 56 voyages in 2022.

Charting New Waters: In 2023, MSS continued to strengthen its position in the shipping industry by expanding its services and investing in infrastructure. Our strategy is to provide comprehensive and efficient shipping solutions that cater to the diverse needs of our customers, both domestically and internationally.

MSS has achieved significant milestones in various services and infrastructure development. As a Non-Vessel Operating Common Carrier (NVOCC), MSS acts as an intermediary between shippers and ocean carriers, offering direct services between ports to minimize cargo handling. In 2023, NVOCC services were provided from over 35 points of origin across Asia and the Middle East. In freight forwarding, MSS leveraged volume commitments and contracts with various carriers to ensure timely sailings with multiple departure and arrival options from the point of origin to the destination. The liner service, established with the goal of becoming a full-fledged global liner service, currently offers services from the Far East to the Middle East.

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