Island Energies deputy CEO receives 2026 award for shipping enterprises

Nicosia, Cyprus. Spyros Papavassiliou, deputy CEO and executive board member of Island Energies, formerly Island Oil (Holdings), received the 2026 ‘Ge’ Néo Epicheirein’ award for shipping enterprises. According to Island Energies, the award recognises his leadership role within the group and his contribution to Cyprus’ maritime industry.

Award presented at Presidential Palace

The award was presented on October 7 at the Presidential Palace in Nicosia during the ninth annual youth entrepreneurship awards ceremony, organised by the Cyprus Chamber of Commerce and Industry (Keve).

The recognition follows the Limassol-based group’s announcement of a major corporate identity change, bringing more than three decades of maritime and energy operations under the Island Energies name.

Unified corporate identity

On September 28, the company, previously known as Island Oil (Holdings) Limited, introduced its new identity to reflect the expansion of its activities beyond traditional marine fuel trading.

The rebranding brought Island Oil (Holdings) Limited, Island Oil Limited, Island Petroleum Limited and NavTech Supplies Limited together under a unified corporate identity, while retaining the group’s established business relationships and maritime operations.

Chrysostomos Papavassiliou, the group’s founder, chief executive and chairman, described the rebranding as a new stage in the company’s development. The change was intended to reflect the wider scope of its operations while preserving relationships built over more than 30 years in the maritime sector.

Maritime and energy operations

Founded in Limassol in 1992, the business initially specialised in marine fuel trading before expanding into an international group. Its operations cover physical bunker supply, fuel and cargo trading, marine lubricants, ship agency services, technical supplies and onshore energy.

Its physical fuel supply operations extend across Cyprus, Romania and Israel, while its international trading activities serve shipping companies in several major maritime markets.