Maldives Ports Limited (MPL) has reverted to charging stevedoring fee in USD.

The fees are incurred for loading and unloading and unloading containers at the port by agents.

MPL had previously charged stevedoring fees in USD until 2011 but changed to MVR due to some changes made by the then administration.

The revert to USD is effective 1 April 2024, MPL said. As such, USD 195 is charged per 20ft container and USD 211 per 40ft container.

MPL's Chief Financial Officer Mohamed Muiz said that the decision to revert stevedoring fees to USD was made to assist with the dollar crisis in Maldives and to make foreign purchases easier.

"We can secure foreign funds for company expenses and also provide USD for the state by charging stevedoring fees in USD," he said.

Muiz further said that ship agents collect transportation fees for containers in USD from businesses. He said that the stevedoring fee paid to them are charged in USD but that the agents exchange USD in the black market and pay MVR to MPL.

"This leads to devaluation of MVR in the market," Muiz said.

He said that with the change, MPL can get USD 25 million per year for stevedoring fees.

"Of this, USD 15 million will be reserved for MPL and the remaining will roll within the banking system," Muiz said.

There are two main ship agents that carry containers in Maldives - MSS and Lanka's Total Transport Solutions (TTS) company.