Limassol, Cyprus. Island Oil (Holdings) Ltd has announced the acquisition of two oil tankers, Island Polaris and Island Horizon, as it expands its owned fleet to strengthen its position in marine fuel transportation. The company said the move is part of its long-term investment strategy focused on increasing logistics capacity across the Mediterranean and Black Sea.
Fleet expansion strategy
Island Oil said the addition of the two double-hull tankers is intended to enhance its logistics capabilities and support growing demand for marine fuel transportation. The company said the vessels will also contribute to operational efficiency while maintaining safety and environmental compliance standards.
Environmental and operational goals
According to Island Oil, the investment is aligned with the group’s Environmental, Social and Governance strategy and its decarbonisation roadmap. The company said the new vessels are expected to improve fuel efficiency and reduce greenhouse gas emissions per tonne-mile.
Company statement
Chrysostomos Papavassiliou, CEO and chairman of the board of directors of Island Oil, said the acquisition of Island Polaris and Island Horizon marks another step in the execution of the company’s long-term growth strategy. He said that investing in modern, efficient vessels would strengthen operational capabilities, improve service reliability and support customers with marine fuel solutions.
Papavassiliou also said the additions reflect the company’s confidence in the future of the maritime sector and its commitment to delivering sustainable value to stakeholders.
Support for wider operations
Island Oil said the vessels are expected to support its expanding marine logistics operations by increasing transportation capacity and improving service reliability across its network of physical supply locations and international trading activities.
The company added that it will continue investing in its people, infrastructure and fleet while focusing on delivering energy solutions to the global shipping industry.