Limassol, Cyprus. Petronav Ship Management Ltd, the vessel management arm of Island Oil Holdings, has supported the Cyprus Shipping Chamber’s Adopt a Ship programme by connecting its vessels with classrooms and introducing students to life at sea and the maritime industry. The company congratulated the chamber as the programme marks its 20th anniversary.
Maritime education
Petronav said the programme has grown, evolved and expanded beyond Cyprus, inspiring thousands of young people to explore the maritime industry.
The company described investment in maritime education as an investment in the future of shipping. Its participation forms part of Island Oil Holdings’ wider focus on education, community support and sustainability.
Group operations
Island Oil Holdings’ latest sustainability report outlines the group’s development from a Cyprus marine fuel trader into a maritime services organisation operating in fuel supply, ship management, maritime software, vessel equipment, seafarer training and renewable energy.
The privately owned group has offices in eight countries, physical supply operations at 11 ports and a fleet of 10 owned oil tankers with a combined deadweight of 48,228.10 tonnes. Three vessels are contracted by the European Maritime Safety Agency for pollution-prevention services, while the group employed 288 people at the end of 2024.
Company development
The group’s history dates to 1992, when Island Oil Limited was founded and began international trading in bunkers and lubricants. In 1993, it acquired the M/T VERONICA and started physical bunkering operations and ship agency services in Cyprus.
In 1998, Island Petroleum was established to manage the group’s physical activities, while Petronav Ship Management was formed to provide full management services for its vessels.
Island Oil Holdings was formed in 2005, bringing the group’s companies under one umbrella to improve tax planning and operational structure as the business expanded.
In 2008, the group acquired its first newly built oil tanker, the 6,380-deadweight-tonne M/T ALEXANDRIA. That year, NavTech Supplies was established to sell marine spare parts and equipment to shipowners and ship managers worldwide.
Physical bunkering operations expanded to Constanta, Romania, in 2009 through Island Petroleum S.R.L. In 2010, Petronav secured its first European Maritime Safety Agency pollution-prevention contract for the eastern Mediterranean, while the group acquired shares in E.J. Papadakis, a Cypriot company involved in the local supply and trading of industrial fuels.
