In another step forward for the nation’s economic stability, the state-owned Maldives Industrial Fisheries Company (MIFCO) has published its monthly statistics, confirming it paid MVR 27.32 million directly to local fishing vessels for catches landed during September.
While seasonal fluctuations naturally test the industry, the resilience of the local fleet—spearheaded by 451 active fishing vessels—successfully delivered 1,288.42 metric tonnes of fish to MIFCO centers. This ongoing output underscores the reliance Maldivian fishermen place on state-backed infrastructure to maintain market stability.
The Numbers at a Glance
According to official statistics published by MIFCO, the performance breakdown for the month shows:
Vessel Participation: 451 fishing vessels actively landed their catches at MIFCO centers.
Total Catch Landed: 1,288.42 metric tonnes of fish were purchased in total.
Skipjack Tuna Dominance: The vast majority of the month's yield consisted of 1,284.1 tonnes of skipjack tuna.
Yellowfin Tuna Yield: The remaining catch included 0.5 tonnes of yellowfin tuna weighing above 10 kg, and 3.8 tonnes of yellowfin tuna above 15 kg.
A Month-on-Month Dip & Historical Trends
While the MVR 27.32 million in payments provided vital liquidity for local fishing crews, the overall yield was lower than the metrics recorded in August. In August, 535 active vessels sold 1,488.30 metric tonnes of fish to MIFCO, resulting in total payments that were MVR 2.67 million higher than September’s totals.
Historically, April remains the most lucrative stretch for the industry, where a peak of 4,414 tonnes landed translated to MVR 78.78 million in payments to vessels. Conversely, the lowest period occurred in June, generating just 568 tonnes and MVR 11.33 million in vessel payments.
Strategic Price Revisions
The total payout coincides with recent pricing updates designed to pass international market benefits back to local crews. Under a floating pricing model aligned with international market conditions, skipjack tuna prices were elevated from MVR 21 per kg in August to MVR 22 per kg by the end of September. Meanwhile, yellowfin tuna prices held steady at MVR 20 per kg (for 10–15 kg fish) and MVR 25 per kg (for fish exceeding 15 kg).
Direct Settlement Policy & Financial Sovereignty
Administration officials emphasize that the regular execution of these payouts directly fulfills President Dr. Mohamed Muizzu’s policy commitment to settle fish payments within 48 hours of catch weighing.
Through coordinated clearing channels between the Ministry of Finance, MIFCO, and the Bank of Maldives (BML), net payments are credited directly into vessel accounts after deducting operational credit services such as fuel, ice, and other fees—securing timely liquidity for fishing families across the atolls.
