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Limassol-Based Island Oil Receives ESG Shipping Social Leadership Award

by THEFUTURE.TEAM

May 22, 2026

Award Recognition At Athens Ceremony

Island Oil Holdings received the Silver Award in the Social Leader category at the ESG Shipping Awards International 2026 ceremony held in Athens on May 15. The award recognised the Limassol-based company’s performance in areas including employee wellbeing, inclusion, labour practices and broader social responsibility initiatives across its maritime operations.

Commitment To ESG And Ethical Governance

Dimitris Lemesianos, representing Island Oil at the ceremony, highlighted the group’s collective effort and steadfast adherence to ethical governance and sustainable practices. The Social Leader Award recognizes superior performance in social reporting, labor practices, human capital development, diversity, inclusion, and corporate social responsibility — pillars that have bolstered Island Oil’s enviable ESG journey.

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Expansive Maritime Services And Global Footprint

Founded in 1992 and headquartered in Limassol, Island Oil operates a diversified portfolio that extends across the global maritime sector. Initially focused on the supply and trading of marine fuels, the group now spans physical supply stations in Cyprus, Romania, and Israel, with trading desks in key financial and maritime hubs including Piraeus, Singapore, London, Hong Kong, Seoul, and Dubai. The expansion into marine lubricants, ship-agency services, technical supplies, and ship management has reinforced its position as a forward-thinking industry leader.

Leadership In Sustainability And Future Outlook

The award reflects broader efforts within the shipping industry to strengthen ESG standards and sustainability reporting practices. Island Oil has continued investing in management systems focused on health, safety, environmental compliance and sustainability performance. Other maritime companies, including Fleet Management Limited and V.Group, were also recognised in separate ESG Shipping Awards categories.

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Cyprus Employment Rises 1.7% To 525,167 In Q2 2026

by THEFUTURE.TEAM

September 7, 2026

Cyprus employment increased 1.7% year over year to an estimated 525,167 people in the second quarter of 2026, according to the state statistical service, Cystat. Employees accounted for 472,254 of the total, while 52,913 were self-employed. The increase points to continued labor market growth across both wage employment and independent work.

Trade, Construction And Leisure Lead Employment Growth

Wholesale and retail trade, including motor vehicle and motorcycle repair, recorded some of the strongest employment gains, alongside construction and arts, entertainment and recreation.

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Those sectors are closely linked to domestic economic activity, with trade reflecting consumer demand and construction reflecting investment. Employment growth in leisure-related industries also points to continued activity in consumer-facing services.

Hours Worked Rise Faster Than Employment

Labor input increased faster than headcount. Cystat estimated that employees and other workers put in 246.57 million hours during the second quarter, up 2.2% from a year earlier.

The increase suggests that businesses were not only employing more people but also recording higher total hours worked. Wholesale and retail trade, construction, and arts, entertainment and recreation again recorded the strongest gains.

Labor Market Expansion Remains Broad-Based

The combination of higher employment and hours worked points to continued expansion in Cyprus’ labor market during the second quarter. The pace remains moderate, but gains across several major sectors indicate that labor demand continued to support economic activity.