Andromeda’s business development strategy moves along the following directions: an important investments program in fleet renewal with numerous new building projects, the entry in new profitable markets by the acquisition of larger size tankers.
Due to Company commitments to quality, safety and to the safeguard of the environment, every new building project has been carried out paying particular attention to environmental aspects, and applying the highest existing and anticipated environmental standard and International legislation.
Specialization in tanker size is for Andromeda a permanent strategic value. Following the market evolution through the years, where the demand for larger size cargoes has increased, the fleet moved from tankers of 30,000 tons DWT up to 150,000 tons DWT including LR2, believing in a market that due to several external factors will most probably lead to the transportation of bigger stems of clean petroleum product.
In the diversification program Andromeda has been studying the profitability of the FSO market. The opportunity to gain experience in FSO’s management operations arose in 1999, when the Company was awarded a contract for the employment of a FSO tanker for a period of two and half years offshore Brazil.
This contract was a real success and in November 2000 the Company decided to charter out one of its vessels, the Purple Star as FSO in Indonesia until December 2001. Following the Orange Star was employed offshore Nigeria for a long term contract.
Andromeda has been further awarded two ten years tender contracts in Indonesia with the FSO CNOOC114 of 127,278 DWT and the LPG FSO Petrostar of 83,000 CBM. For these tenders, in addition to the various complexities of the project, the Technical Department, together with Class ABS and LR, has been studying and successfully accomplishing the full conversions of a 900,000 barrels tanker and a VLGC LPG carrier.
Third party Ship Management
Since 2010 Andromeda started to offer Ship Management services to third parties. Presently 10 units are under Andromeda management.
Andromeda continues to be well supported by a group of internationally respected banks who provides a range of facility for Ship Finance
- Credit Suisse AG
- Credit Agricole
- ABN Amro
- IIG Malta
- BNP Paribas