How has Island Oil’s 30-year presence in the global bunkering market shaped the perception of Cyprus as a reliable maritime hub?
Cyprus has been a reliable maritime hub for many years, and is only improving. This is the result of a concerted effort from different stakeholders: shipowners who choose to register their vessels with the Cyprus flag; shipmanagement and other shipping companies which entrust their operations to the resources and human capital that our country has to offer; and the increasing receptiveness of the government to the needs of the maritime sector.
Consequently, Cyprus maintains one of the largest ship registries within the European Union and serves as a major maritime hub, positioning the country among the global leaders in ship management. Of particular note is the attention the Government continues to dedicate to the industry, which accounts for roughly 7% of national GDP. The establishment of a dedicated Deputy Ministry was a decisive step in the right direction, offering targeted support to the shipping community.
Safeguarding and enhancing competitiveness, however, requires deliberate and well-directed measures. Chief among them is the continued refinement of the regulatory and fiscal framework, in order to guarantee predictability, transparency, and alignment with international standards, while preserving the flexibility that has historically been a hallmark of Cyprus’s maritime policy.
Further, investment in modern port infrastructure and advanced technological solutions is indispensable for attracting new capital and improving operational efficiency. The integration of digital tools, the adoption of green shipping practices, and the promotion of innovation are all key levers in reinforcing Cyprus’s competitive advantage.
Equally vital is the focus on human resources. Expanding opportunities for education and re-training, particularly for young professionals and seafarers, and ensuring greater participation of Cypriots in the shipping workforce, are essential elements for the sector’s long-term resilience and sustainability.
Within this wider ecosystem, Island Oil has participated with in this joint effort toward strengthening Cyprus’s reputation. Over the past 30 years, we have helped establish the island as a trusted hub for marine fuel bunkering. Leading shipping companies—including many of our long-standing clients—continue to choose both Cyprus and Island Oil, confident in the reliability of our products, the competitiveness of our pricing, and the efficiency of our customer-focused service.
What role can companies like Island Oil play in advancing Cyprus’ position in the international shipping and energy transition landscape?
The reality is that the effect that any one bunkering company can bring about in the transition to more sustainable marine fuels is limited. There are an enormous amount of problems that need to be addressed before alternative fuel solutions are truly market ready. A critical obstacle to the widespread adoption of alternative marine fuels is the absence of robust bunkering infrastructure at key ports, where specialized storage tanks, pipelines, and safety systems for ammonia, hydrogen, and methanol are still in short supply. Even as shipowners commit to dual-fuel vessels, the supply chain is lagging, with most production projects for zero-emission fuels yet to secure final investment decisions—meaning the anticipated demand cannot be matched with reliable, scalable supply. Compounding these bottlenecks are the technical and safety complexities of handling such fuels: hydrogen requires cryogenic storage and poses risks of embrittlement, ammonia is highly toxic and corrosive, and methanol retrofits demand costly modifications while still depending largely on fossil-based production. Taken together, these gaps create a vicious cycle of hesitation, where limited infrastructure discourages investment in vessels, while uncertain demand stalls the finalization of production projects, and all are overshadowed by persistent safety concerns.
The real catalyst for sustainable marine fuels will come from aligning regulation, market demand, and infrastructure with smart public intervention. Clear and escalating carbon pricing, combined with global fuel standards, would send the market a signal too strong to ignore—making it more expensive to pollute than to transition. On the demand side, long-term offtake agreements between producers, shipowners, and cargo owners can unlock the financing needed to push green fuel projects past the drawing board and into large-scale production. But those molecules need somewhere to flow, which is why ports must act as first movers: investing in bunkering infrastructure for hydrogen, ammonia, and methanol will shape the trade routes of tomorrow. Here, public funding has a critical role—not as a permanent crutch, but as a catalytic bridge to de-risk early investments, close the price gap, and promote scalability. Once these elements are in motion, the economics of alternative fuels begin to stand on their own.
Given Island Oil’s ongoing research into biomethane, how do you envision the future of alternative marine fuels in Cyprus?
Cyprus has a real opportunity to be a pilot country in the energy transition, and I see alternative marine fuels playing a key role in shaping the island’s maritime future. In the near term, biomethane is a very practical option because it can fit into existing supply chains and help shipowners reduce emissions without major fleet changes. Our own pilot projects have already shown this works in practice.
Looking further ahead, zero- and near-zero carbon fuels will become increasingly important as technology and infrastructure develop. With its strategic location and active shipping sector, Cyprus is well positioned to become a regional hub for these fuels. The government also has an important role, both in supporting uptake and ensuring the necessary infrastructure is in place.
For Island Oil, our work in biomethane isn’t just about testing new technologies — it’s about laying the groundwork so that when the market and regulations are ready, Cyprus can lead. I believe the future will be a multi-fuel landscape, where flexibility, safety, and sustainability are central. Our goal is to make sure the Cypriot shipping industry is not just prepared for this shift but is helping to drive it forward.
What are the main challenges facing Cypriot maritime companies in shifting away from fossil fuels, and how is Island Oil addressing these?
The transition away from fossil fuels is a major challenge for the global shipping industry, and Cypriot companies face the same hurdles. First, the availability of alternative fuels is still limited, and the supporting infrastructure for bunkering and storage is not yet fully developed. Second, the cost of these fuels remains significantly higher than conventional marine fuels, which makes the business case difficult for shipowners operating in highly competitive markets. Finally, regulatory uncertainty and the need for clear safety and certification frameworks add another layer of complexity.
At Island Oil, we are addressing these challenges in a practical and proactive way. Our pilot projects are aimed at proving the viability of these fuels, both technically and commercially. By conducting demonstrations and small-scale projects, we can build experience, reduce perceived risks, and prepare the ground for larger-scale adoption once regulations and infrastructure catch up. We are also working closely with partners, both in Cyprus and abroad, to explore joint investments in the supply and distribution of alternative fuels, toward the upcoming energy transition.
Island Oil has operations in eight countries. How does this international footprint benefit the Cypriot maritime ecosystem and its global influence?
Island Oil’s international presence enhances our perspective on global shipping trends and fuels innovation, which directly benefits the Cypriot maritime ecosystem. By operating internationally, we gain first-hand experience with different regulatory environments, alternative fuel developments, and market practices. This knowledge allows us to bring best practices back to Cyprus and position the island at the forefront of the industry’s energy transition.
Our business network also creates tangible opportunities for Cypriot shipowners and operators. It strengthens Cyprus’s connectivity to major bunkering hubs, gives local companies access to reliable fuel supply chains, and builds confidence that Cyprus can serve among regional and international players with global reach.
In many ways, our footprint amplifies Cyprus’s influence: it shows that a Cypriot company can compete internationally, it attracts partnerships and investment, and it helps showcase Cyprus as a credible, outward-looking maritime center.
How does Island Oil’s investment in sustainability and human-centric culture set a standard for other Cypriot maritime firms?
As Island Oil has grown through the years, we have invested heavily and strived to ensure that we maintain a human-centric outlook.
Our company values — sustainable growth with respect, accountability, and integrity — drive us to undertake more than ninety initiatives every year, designed to respond to pressing social needs and environmental priorities.
Education stands at the forefront, with scholarships and awards been granted to major local Universities that encourage academic achievement and nurture young talent.
In the sphere of health and social care, Island Oil has built long-standing partnerships with organizations such as PASYKAF, through the “Ambassadors of Life” program, and with “One Dream, One Wish,” helping bring hope and joy to children facing cancer.
Our engagement with culture is equally strong. From supporting artistic events to safeguarding maritime heritage — including the restoration of traditional wooden boats and the landmark vessel “Lambousa” — Island Oil contributes to preserving collective memory. At the same time, our collaboration with the Cyprus Environment Foundation drives initiatives like “Plastic-Free School” and “Schools for Change,” fostering environmental awareness from early childhood.
We also support youth and sports, providing sponsorships for young athletes and backing scouting groups on land, sea, and air. Together, these actions form a coherent and forward-looking CSR strategy, rooted in the principles of sustainable growth and social impact.
Equally, we also recognise that our people are at the heart of the company’s success. To honor that principle, a comprehensive framework of benefits, incentives, and recognition has been established, designed to promote professional growth while safeguarding the wellbeing of every team-member
Financial recognition forms a key part of this approach, with performance-related bonuses, annual salary reviews, a 13th salary, and milestone gifts marking important anniversaries. Family life is also supported, most notably through nursery allowances for new parents. Flexibility in the workplace is encouraged, with options for remote work, alongside robust protections including medical insurance coverage, ISO 45001-certified health and safety systems, and a dedicated committee ensuring safe working conditions.
Island Oil also invests heavily in continuous learning. Employees benefit from in-house and external training, sponsorship for academic studies, annual performance appraisals, and initiatives that reinforce a strong, positive workplace culture. Beyond that, a fair and transparent employee loan scheme provides financial assistance in times of personal or family need — strengthening trust and reinforcing a sense of security.
I cannot say that Island Oil sets the standard for other maritime firms — many of our peers are also doing admirable work. What I can say with conviction is that we feel a deep responsibility to give back whenever and wherever we can. Our commitment goes beyond business performance; it is about being responsible, ethical, and above all, humane. If our efforts inspire others along the way, then we have not only strengthened Island Oil, but also contributed to a more compassionate and sustainable maritime sector for Cyprus as a whole.
What strategic collaborations or regulatory frameworks would best support Cyprus-based companies in achieving decarbonization goals?
Decarbonization in shipping is a global challenge, and Cyprus has a real opportunity to position itself as a proactive contributor. To succeed, I believe two elements are essential: the right partnerships and the right regulatory framework.
On the collaboration side, Cyprus-based companies can benefit enormously from closer partnerships with fuel producers, technology providers, and academic institutions, both locally and internationally. Joint projects in areas such as alternative fuels, energy efficiency, and digitalization can accelerate the pace of innovation and help spread both the costs and the risks. Equally important is collaboration at a regional level — for example, establishing green shipping corridors in the Eastern Mediterranean, which would require coordinated action between ports, shipping companies, and governments.
On the regulatory side, companies need a framework that is clear, predictable, and aligned with international standards. Cyprus should continue refining its fiscal and regulatory regime to provide incentives for investing in low- and zero-carbon fuels and technologies, while ensuring that safety and competitiveness are upheld.
Ultimately, success will come from a coordinated effort: the private sector driving innovation, the government enabling the right conditions, and all stakeholders working together to make Cyprus a leader in sustainable shipping.
With a target to increase its client how is Island Oil preparing its infrastructure and workforce?
Expanding our client base is one of Island Oil’s key strategic priorities, and we are preparing both our infrastructure and our workforce to meet that growth.
On the infrastructure side, we are upgrading our ship and storage assets, logistics, and operational capabilities to ensure we can meet the current and future market needs. At the same time, we are making sure that our facilities and systems are adaptable to serve our clients timely.
Our teamwork is fundamental. We believe that growth is only sustainable if it is people-driven. That is why we are strengthening training and development programmes, expanding continuous learning opportunities, and ensuring our teams have the technical expertise and customer-service mindset required to support a more diverse and demanding client base.
Ultimately, our preparation is about trust. By combining resilient infrastructure with a highly skilled and motivated workforce, we want to assure both existing and future clients that Island Oil will continue to deliver the reliability, competitiveness, and service excellence they expect,.
What can younger maritime professionals in Cyprus learn from Island Oil’s growth model in terms of leadership, innovation, and global expansion?
I think younger maritime professionals in Cyprus can draw several lessons from Island Oil’s journey over the past three decades.
First, on leadership: our growth has been built on consistency, integrity, and a clear sense of purpose. Leadership is not only about making bold decisions, but also about building trust with our team-members, clients, and partners, and staying committed to long-term goals even when the market is volatile.
Second, on innovation: we have always tried to look ahead, whether by investing early in operating systems, new markets, adopting digital solutions, or exploring alternative fuels . The lesson here is that innovation is not a one-time event — it’s an on-going mindset of curiosity and adaptability that keeps a company relevant.
Finally, on expansion: our footprint in eight countries shows that a Cypriot company can compete and thrive internationally. This required patience, strong partnerships, and a willingness to understand different cultures and market realities. For young professionals, it’s a reminder that global opportunities are real and are earned through persistence and openness.
How important is the Maritime Cyprus Conference in fostering dialogue around sustainability, digital transformation, and the future of the Cypriot shipping industry?
The Maritime Cyprus Conference has proven itself as an important forum for the global shipping community, uniting policymakers, regulators, shipowners, and service providers to address the industry’s most pressing challenges. It plays a vital role in driving dialogue on sustainability, by addressing Cyprus’ alignment with international and EU climate objectives while showcasing the sector’s progress in greener practices and alternative fuels. Additionally, it provides a platform to explore digital transformation, highlighting how innovation, data, and automation can enhance efficiency, compliance, and competitiveness. For Cyprus, I believe the conference is more than an event; it is a strategic opportunity to reinforce its standing as one of Europe’s foremost maritime hubs and to demonstrate its commitment to actively shaping the future of global shipping.
*Founder & CEO of Island Oil Holdings
