BML launches 9.5% liveaboard finance to support fleet expansion and vessel upgrades

The Bank of Maldives (BML) on Wednesday launched Liveaboard Finance, a dedicated facility for safari vessels and the liveaboard tourism sector in Maldives.

The facility supports the purchase, construction, engine installation and repair of safari vessels, and can also be used to acquire equipment and gear needed for operations.

BML said the financing option gives operators greater flexibility to expand their fleets, refurbish ageing vessels, modernize existing ones, or bring new builds into service.

The facility carries an annual rate of 9.5 percent, which BML said is the lowest vessel financing rate currently available in Maldives. Only the financed vessel is required as collateral.

The repayment period extends up to seven years, with repayments structured around the sector’s peak and off-peak seasons. Operators will therefore be able to make payments in line with their actual earnings rather than a fixed monthly schedule.

BML CEO and Managing Director Mohamed Shareef said liveaboards are one of the most important segments of Maldivian tourism, and operators need a financial partner that understands how the business operates.

“We have introduced a financial service called Liveaboard Finance that is specifically designed to meet the income and expenditure patterns of the industry. This will give operators the opportunity and confidence to invest in growing their business,” Shareef said.

He added that the initiative is part of BML’s efforts to support key sectors of the Maldivian economy.

The financing is expected to help both experienced operators and new entrants raise capital to renew or expand their fleets. BML has long been a financial partner to resorts, guesthouses and tourism operators across the country.