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Island Oil records USD 29.0 million net profit in FY 2023, second-best year in 30-year history

Total comprehensive income for FY 2023 was USD 32.5 million, down 25% from USD 43.2 million in FY 2022, showed financial figures.

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Island Oil and Island Petroleum receive ISCC EU certification for bio bunker fuels

Editor’s note: Manifold Times on Tuesday (16 July) released a report detailing financial figures of Island Oil Holdings calculated under guidelines from international ESG reporting standards that also assesses the cost of non-financial items such as emissions, social contributions, etc.

The report has been updated on Friday (19 July) with figures based on the entity’s actual financial results calculated using standard accounting practices.

Cyprus-based Island Oil (Holdings) Limited, which principal activities include marine fuel trading and physical bunkering operations, recorded its second-best year in its 30-year history for the financial year ended 31 December 2023.

The group posted net profit of USD 29.0 million in FY 2023, a 29% decrease over net profit of USD 41.0 million in FY 2022.

Total comprehensive income for FY 2023 was USD 32.5 million, down 25% from USD 43.2 million in FY 2022.

Revenue was USD 1.40 billion in FY 2023, 23% lower from revenue of USD 1.82 billion in FY 2022.

“The Group’s development to date, financial results and position as presented in the consolidated financial statements, are considered satisfactory,” stated Chrysostomos S. Papavassiliou, Chief Executive Officer/Chairman of the Board of Directors.

“The bunkering industry has become very competitive, and the Group has developed its pricing policy accordingly in an effort to further penetrate the market.”

Papavassiliou acknowledged an imperative for sustainable practices in the industry and noted the Group is poised to implement an ESG and decarbonisation strategy.

“This ambitious initiative aligns with our dedication to environmental stewardship and underscores our role in contributing to a low-carbon future. We are also committed to environmental responsibility in our operations, aiming to enhance our energy efficiency and decrease our Greenhouse Gas (GHG) emissions,” he shared.

“The Group recognises the maritime industry’s ongoing transition to alternative fuels, driven by international and EU regulations, including the EU Emissions Trading System (EU ETS). Proactively responding to this shift, the Group has obtained in 2023 the International Sustainability and Carbon Certification (ISCC EU) as recognised biofuel traders, enabling the Group to engage in the trading of marine biofuels.”

In 2023, two subsidiary companies of the Group obtained the International Sustainability and Carbon Certification (ISCC EU), as recognised Traders of biofuels. In particular, Island Oil Limited, the Group’s marine fuels trading arm, has attained certification as Trader of biofuels.

Additionally, Island Petroleum Limited, which offers physical supply of marine fuels, has achieved the same certification, as Trader with Storage of biofuels.

The Group is also involved in two projects funded by its Research and Innovation Fund including a pilot initiative on using biomethane as a drop-in marine biofuel.

“This pilot initiative aims to demonstrate an up to 80% reduction in lifecycle GHG emissions using BioMethane as a marine biofuel. Leveraging innovative technologies, the team has established a virtual gas grid with a mobile biogas Upgrading, Storage, and Refueling Unit (USRU),” the company said in the report.

“Successful evaluation would lead to scaling up the model, integrating local biogas production, BioMethane upgrading, and utilisation in PetroNav Ship Management’s fleet,” it said. PetroNav Ship Management is one of the Group’s subsidiaries.

Related: Island Oil and Island Petroleum receive ISCC EU certification for bio bunker fuels
Related: Island Oil eyes Korean market with new Seoul office
Related: Island Oil continues expansion into Chinese markets with new Hong Kong trading office

 

Photo credit: Island Oil
Published: 23 July 2024

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Methanol

China: Zhejiang completes first ship-to-ship methanol bunkering operation at shipyard

Zhejiang Free Trade Zone PetroChina Fuel Oil’s bunker tanker “JIA CHEN 17” supplied 795 mt of methanol to a newly built 5,900 TEU Maersk methanol dual-fuel container vessel.

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China: Zhejiang completes first ship-to-ship methanol bunkering at shipyard

China (Zhejiang) Pilot Free Trade Zone on Tuesday (30 June) said it has completed the province’s first ship-to-ship (STS) methanol bunkering operation at a shipyard, marking a new milestone in Zhoushan’s efforts to expand its portfolio of alternative marine fuel bunkering services.

The operation took place recently at Qingshan West Berth No. 2 of Tsuneishi Group (Zhoushan) Shipbuilding, where Zhejiang Free Trade Zone PetroChina Fuel Oil’s bunker tanker JIA CHEN 17 supplied 795 metric tonnes (mt) of methanol to the newly built 5,900 TEU methanol dual-fuel container vessel MAERSK FLINDERS.

The bunkering operation was completed in approximately 5.5 hours, making it significantly more efficient than truck-to-ship methanol bunkering, which authorities said would have taken around nine times longer to deliver the same volume

According to local authorities, the operation is the first of its kind at a shipyard berth in Zhejiang Province, filling a gap in on-site bunkering capabilities for shipbuilding and repair yards. Zhoushan has previously conducted truck-to-ship methanol bunkering, truck- and ship-to-ship LNG bunkering, and blended biofuel bunkering operations.

The demonstration project forms part of Zhejiang’s strategy to develop green marine fuel bunkering under the China (Zhejiang) Pilot Free Trade Zone Bulk Commodity Resource Allocation Hub Development Plan, which calls for pilot bunkering of alternative fuels including green methanol, liquid hydrogen and ammonia.

Earlier this year, the China (Zhejiang) Pilot Free Trade Zone‘s Zhoushan Administrative Committee identified three priority projects: the world’s first anchorage ammonia bunkering operation, Zhejiang’s first shipyard-based STS methanol bunkering operation, and simultaneous LNG bunkering alongside cargo operations at Yongzhou Terminal, Ningbo-Zhoushan Port.

Authorities said the shipyard-based STS model offers operational advantages over both ship-to-ship and anchorage STS bunkering. In addition to reducing inter-island transport and lowering overall costs, conducting the operation alongside at the shipyard minimises weather-related disruptions and improves operational safety and schedule certainty.

 

Photo credit: China (Zhejiang) Pilot Free Trade Zone
Published: 2 July, 2026

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Business

JERA establishes LNG, lower-carbon fuels and shipping unit in Singapore

As a wholly owned company, JERA GES will develop and manage JERA’s long-term LNG, upstream, lower-carbon fuels, and shipping portfolio.

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Swapnil Bapat on Unsplash

Japan’s power generation company JERA on Wednesday (1 July) announced the establishment of JERA Global Energy Solutions (JERA GES). 

As a wholly owned company, JERA GES will develop and manage JERA’s long-term LNG, upstream, lower-carbon fuels, and shipping portfolio. 

As global energy markets become increasingly volatile and complex, JERA has launched JERA GES, creating a vertically integrated LNG company which can quickly respond to the market needs while maintaining security of supply for Japan as its highest priority.

As JERA’s exclusive long-term LNG origination platform, JERA GES brings together an integrated strategy, portfolio management capabilities, and a focus on market development. With these, JERA GES will focus on developing a stable and diversified long-term LNG portfolio that balances supply sources with market opportunities, while advancing lower-carbon fuels such as ammonia and hydrogen. 

JERA GES will be headquartered in Singapore, with integrated operations in Japan and across the globe where it has investments. The company will maintain close coordination with JERA’s power generation and domestic energy market functions.

As part of JERA’s integrated LNG platform, JERA GES will work with JERA Global Markets (JERAGM), JERA’s exclusive global trading and optimization business. JERA GES will manage long-term LNG portfolio strategy and development, and JERAGM will continue to provide trading and optimisation capabilities that support portfolio flexibility and market responsiveness.

Together, the two companies will manage JERA’s LNG portfolio across different time horizons, combining long-term portfolio resilience with short-term market agility to unlock further growth and maximise value for JERA.

Irtiza H. Sayyed has been appointed Chief Executive Officer of JERA GES and will lead the company’s overall business development and execution. Ryosuke Tsugaru, JERA’s Chief Low Carbon Fuel Officer, will provide strategic direction from JERA headquarters and ensure close alignment with JERA’s broader LNG and lower-carbon fuels strategy.

Yukio Kani, JERA’s Global CEO and Chair, said: “The establishment of JERA GES represents an important step in strengthening JERA’s operating model for the next phase of its growth. By bringing greater focus, accountability and specialization to our long-term LNG and lower-carbon fuels portfolio, JERA is better positioned to respond to changing market conditions while continuing to support stable energy supply. 

“Together, JERA GES and JERAGM bring distinct and highly complementary capabilities to JERA, combining long-term portfolio management with world-class trading and optimization to create a stronger, more integrated LNG platform. I look forward to seeing both organizations continue to deliver long-term value for JERA.”

JERA GES will gradually assume responsibility for JERA’s existing long-term LNG and lower-carbon fuel business activities in line with the relevant transfer schedule. JERA will manage this transition carefully, maintaining continuity for existing business relationships and communicating any changes directly to relevant stakeholders.

Through JERA GES, JERA will connect its global LNG capabilities with the development of future energy solutions. This dedicated platform will support JERA’s growth in global energy markets and contribute to its mission of providing cutting-edge solutions to the world’s energy issues.

 

Photo credit: Swapnil Bapat on Unsplash
Published: 2 July, 2026

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Shipping Corridor

BV and Shenzhen Port Group to advance green shipping corridor development

Through resource sharing and complementary capabilities, they will jointly develop green shipping projects to deliver replicable and scalable outcomes.

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BV and Shenzhen Port Group to advance green shipping corridor development

Bureau Veritas Marine & Offshore (BV) on Tuesday (30 June) said it signed a strategic cooperation agreement with Shenzhen Port Group on 29 June in Shenzhen, China.

The two parties engaged in in-depth discussions on strengthening collaboration across key sectors and jointly advancing the development of green shipping corridors.

Under the agreement, both parties will leverage their respective strengths and resources to deepen collaboration focused on the development of green shipping corridors and related businesses. Through resource sharing and complementary capabilities, they will jointly develop green shipping projects to deliver replicable and scalable outcomes.

Bureau Veritas will provide professional technical support to Shenzhen Port Group and industry players at large, helping them navigate evolving maritime regulatory policies and translate emerging international rules into practical, implementable measures to align domestic and global industry standards.

Backed by its comprehensive global business footprint, BV offers end-to-end testing, inspection and certification services covering the entire green fuel industrial chain, spanning renewable energy production to bunkering infrastructure for marine fuels. It has also built extensive hands-on experience in numerous domestic green fuel projects.

Alex Gregg-Smith, President of Bureau Veritas Marine & Offshore, said: Global decarbonization of the shipping industry requires concerted efforts and in-depth collaboration across the entire industrial value chain. 

“As a world-class port conglomerate, Shenzhen Port Group boasts strengths that are highly complementary to Bureau Veritas’s expertise in technical services and standard-setting. Deepening our partnership is of great significance for the green transition of the shipping sector. We hope this collaboration will serve as a catalyst to align domestic and international standards and jointly develop viable pathways for low-carbon maritime trade.”

Hu Zhaoyang, Secretary of the Party Committee and Chairman of the Board at Shenzhen Port Group, stated: “Bureau Veritas Marine & Offshore is a globally recognized authoritative body in the maritime sector, with a wealth of decarbonization solutions and practical experience for the global shipping industry. Its vision aligns perfectly with Shenzhen Port Group’s green development strategy. 

“Building on this agreement, we will further expand all-round cooperation across relevant fields, and maximize the combined value of Shenzhen Port Group’s diverse industrial application scenarios and BV’s authoritative technical certification capabilities to achieve mutual benefit through complementary strengths.”

 

Photo credit: Bureau Veritas Marine & Offshore
Published: 2 July, 2026

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