Island Horizon. Image Credit: Island Oil

• Island Oil acquires Island Polaris and Island Horizon, expanding its owned tanker fleet
• Vessels to support marine fuel logistics across the Eastern Mediterranean and Black Sea
• Company says acquisitions aligned with its ESG strategy and decarbonisation roadmap

Island Oil has acquired two oil tankers, Island Polaris and Island Horizon, expanding its owned fleet to support growing marine fuel transportation demand across the Eastern Mediterranean and Black Sea.

Island Polaris, formerly B Pacific, is a 7,700 DWT double-hull bunkering tanker built by Chongqing Chuandong in China in October 2015, with a market value estimated by VesselsValue at $10.4 million.

Island Horizon, formerly Marine Future, is an 8,000 DWT double-hull bunkering tanker built by Zhejiang Shenzhou Shipbuilding in China in January 2024, with a VesselsValue market estimate of $13.1 million.

Both vessels form part of Island Oil's long-term investment strategy to strengthen logistics capacity at its network of physical supply opperations across Cyprus, Romania, and Israel.

The company said the new tonnage is aligned with its ESG strategy and decarbonisation roadmap, offering improved fuel efficiency and lower greenhouse gas emissions per tonne-mile.

"The acquisition of Island Polaris and Island Horizon represents another important step in the execution of our long-term growth strategy. 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," said Chrysostomos Papavassiliou, CEO and Chairman of Island Oil.

Island Oil operates physical supply stations in Cyprus, Romania, and Israel, with offices in Limassol, Piraeus, Constanța, Haifa, Singapore, London, Hong Kong, Seoul, and Dubai.