State Trading Organization (STO) has revealed that work to establish a national shipping line within this year will soon be underway.

STO's chief executive officer (CEO) and managing director, Hussein Amr made the announcement while speaking at the ceremony held to celebrate the company's 55th anniversary on Tuesday.

According to Amr, a national shipping line is important to the Maldives as most of the country's imports come through via sea route. He also stated that the objective of the shipping line is to provide goods to citizens with ease while reducing costs for local businessmen.

Though Amr disclosed that work to establish a national shipping line within this year will soon be underway, the specific date is yet to be revealed.

Maldives National Shipping Line (MNSL), the very first shipping line of the country, was founded during President Nasir's administration. The company was one of the best shipping lines in the region with over 60 tug boats in operation.

However, the company went bankrupt due to debt in 1990. Many members of the public attributed the company's bankruptcy to inadequate management procedures.

As such, MNCL's former director Mohamed Shareef, better known as Senco Shareef, disclosed that the company's debt has amounted to USD 16.4 million at the time its dissolution. The debt was paid off in full during former President Nasheed's regime.