Limassol-based Island Oil (Holdings) Ltd has announced the acquisition of two oil tankers, Island Polaris and Island Horizon, further expanding its owned fleet as it seeks to strengthen its position in marine fuel transportation. 

The move forms part of the company’s long-term investment strategy, with Island Oil aiming to boost its logistics capabilities and support growing demand for marine fuel transportation across the Mediterranean and Black Sea. 

By adding high-quality double-hull tankers to its fleet, the company said it is continuing to invest in operational efficiency, while maintaining high standards of safety and environmental compliance. 

At the same time, the investment also fits into the group’s wider Environmental, Social and Governance strategy, as well as its decarbonisation roadmap. According to Island Oil, the new tonnage is expected to enhance fuel efficiency and help reduce greenhouse gas emissions per tonne-mile. 

Chrysostomos Papavassiliou, CEO and chairman of the board of directors of Island Oil, said that “The acquisition of Island Polaris and Island Horizon represents another important step in the execution of our long-term growth strategy.” 

He added that “Investing in modern, efficient vessels enables us to strengthen our operational capabilities, improve service reliability and continue supporting our customers with safe and dependable marine fuel solutions.” 

Papavassiliou also noted that “These additions also demonstrate our confidence in the future of the maritime sector and our commitment to delivering sustainable value to our stakeholders.” 

The new vessels are expected to support Island Oil’s expanding marine logistics operations by increasing transportation capacity and improving service reliability across its network of physical supply locations and international trading activities. 

The acquisition also comes as shipping companies place increasing emphasis on more efficient fleet operations, with fuel performance, emissions reduction and reliability becoming central to long-term competitiveness. 

Island Oil said it will continue to invest in its people, infrastructure and fleet, while focusing on the delivery of innovative and dependable energy solutions to the global shipping industry. 

Through the latest additions, the company said it remains committed to contributing to a safer and more sustainable maritime sector, while supporting customers across its international operations.