KFML reduces fuel and ice charges for fishermen

Government’s fish processing and export company Kooddoo Fisheries Maldives Limited (KFML) has reduced ice and fuel charges for fishermen.

Managing Director of KFML Mohamed Mutholib told Sun that the company has reduced the charges today to mitigate effects on fishermen as a result of a recent drop in global tuna prices.

“We are looking at the world tuna prices and it has dropped significantly, which has forced a reduction in the buying price of fish in the Maldives. We had to find a way so that fishermen don’t feel the effects and as a first step, we have reduced ice and diesel prices,” Mutholib said.

Kooddoo Fisheries Maldives has reduced the selling price of diesel from MVR 17.25 to MVR 17, a reduction of 25 Laari per liter, and the price of a ton of ice from MVR 1050 to MVR 850, a reduction of 20 Laari per ton.

The world prices have fallen from $2500 per ton to $1850 per ton of tuna. Consequently, Maldivian fishing companies have reduced their buying price for iced catch from MVR 22.50 to MVR 18 per kg and the price of non-iced catch from MVR 20.50 to MVR 16 per kg.

Mutholib said KFML is also considering reducing the price of certain other services provided by the company.

“We are already exploring ways to reduce the burden on fishermen. For example, we have decided to reduce the fee for maintenance work on boat engines, which we provide,” Mutholib said.

The global tuna prices will bounce back within two months, predicts Mutholib. He said KFML is also trying to penetrate new export markets.

“One of our biggest importers is Thailand. We predict this market will also get better within about two month’s time. We are also trying to get better prices from newer markets and we will increase our buying price as soon as we start getting good prices on the global market,” Mutholib said.

The government fishing company is also negotiating with other local companies to ease the loss for fishermen, Mutholib said, which has already resulted in certain big local companies to follow Kooddoo Fisheries Maldives Limited in reducing fuel and ice prices.