MV Iberian Express completes maiden voyage to the Maldives
MV Iberian Express is the Maldives State Shipping Company's (MSS) first vessel
MV Iberian Express
MV Iberian Express - the Maldives State Shipping Company's (MSS) first vessel - has arrived in the Maldives, completing her maiden voyage.
The container vessel arrived on Sunday from neighbouring Sri Lanka. MV Iberian Express can transport 700 containers measuring 20 feet in width. The vessel arrived carrying staple foods.
Maldives State Shipping (MSS) is a shipping and logistics company founded in March 2020 as a subsidiary of State Trading Organisation (STO). The company aims to facilitate inexpensive import of goods into the country.
STO owns 99.99% of MSS whereas the remaining 0.01% is owned by Fuel Supplies Maldives Pvt Ltd (FSM).
Maldives National Shipping Line (MNSL) was the very first shipping line in the country and was founded during President Ibrahim 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.
