Business

Maldivian National Shipping Line Continues to Generate Profit – MSS

Managing Director of Maldives State Shipping, Abdulla Saeed states that the Maldivian National Shipping Line continues to generate profits even at the time of the pandemic.

Speaking at a webinar organized by the National Federation of Maldivian Employers on “Tackling New Challenges in Shipping and Logistics”, Abdulla Saeed stated that the time chosen to start its services is not the right phase in term of financial statistics.

While the travelling is banned and borders of the countries remain closed and due to COVID-19, the national Shipping Line had been assisting in supplying the necessary materials and construction materials. Saeed also added that it is important that a country has a national shipping line at times like this. According to Saeed having a company like this is of great use, as it reduces the dependence of Maldives on other countries.

Maldives State Shipping Line, which started its services in the month of April, is a subsidiary company introduced by the Maldivian Government under State Trading Organization (STO) to import supplies at a lower cost rate. 99.9% shares of Maldives State Shipping Company Pvt Ltd is occupied by STO while the remaining 0.01% is shared by Fuel Supplies Maldives.

STO believes that the company will make a good profit with the assistance of its own subsidiary Shipping Line. This will also reduce the loss bared by the Company when importing supplies with the help of other Shipping Lines paying an unfeasible price.

Full details are available at the link below:

Source URL: Corporate Maldives

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