Island Energies’ Papavassiliou wins Cyprus shipping award

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, recognising his leadership and contribution to Cyprus’ maritime industry. The award was presented during the ninth annual youth entrepreneurship awards ceremony, organised by the Cyprus Chamber of Commerce and Industry (Keve), at the Presidential Palace in Nicosia on October 7. The recognition comes shortly after the Limassol-based group announced a major change to its corporate identity, bringing more than three decades of maritime and energy operations under the Island Energies name. On September 28, the company, previously known as Island Oil (Holdings) Limited, introduced its new identity to reflect its expanded 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. Founded in Limassol in 1992, the business initially specialised in marine fuel trading before expanding into an international group with operations covering 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 across several major maritime markets. The group was established by Chrysostomos Papavassiliou, its founder, chief executive and chairman, who described the recent rebranding as a new stage in the company’s development. The change was intended to reflect the wider scope of its operations while preserving the relationships built over more than 30 years in the maritime sector. Meanwhile, the latest award recognises Spyros Papavassiliou’s role within the group’s leadership and his contribution to Cyprus shipping, according to Island Energies. The company welcomed the distinction, describing it as particularly meaningful given its longstanding involvement in the island’s maritime industry and its commitment to supporting the next generation of business leaders. The awards aim to encourage young entrepreneurs and recognise their contribution to economic growth, innovation and international business development. This year’s ceremony also introduced categories for young Cypriot entrepreneurs working in Greece and the United Kingdom. Addressing the ceremony, Energy Minister Michael Damianos, representing the president, stressed the importance of a competitive business environment, while Keve president Stavros Stavrou emphasised the need to strengthen links between education, entrepreneurship and the labour market. The distinction also follows the group’s continued work on corporate sustainability. Earlier this year, Island Oil published its latest sustainability report, covering environmental performance, employee welfare, governance and emissions reporting across its businesses. Among the developments was the group’s first double materiality assessment, alongside the inclusion of Scope 3 emissions in its reporting for the first time.