historysepia

I.A.S. History

2012

Blu Star was redelivered to Owners.

 

2011

Orange Stars 114,700 DWT product carrier was delivered to the company from Samsung Heavy Industries.

FSO Petrostar was sold and technical and crewing operations remained under Andromeda management.

Yellow Star 37,720 DWT product carrier was sold.

 

2010

Pink Stars 114,700 DWT product carrier was delivered to the company from Samsung Heavy Industries.

FSO CNOOC 114 was sold and technical and crewing operations remained under Andromeda management.

 

2009

After nearly five years of providing FSO service in Indonesia, Andromeda was awarded for a ten years renewal of the FSO tender contract with it LPG FSO Petrostar.

 

2008

Vessel Blue Star 35,970 dwt was profitably sold to a foreign investment fund and taken back on bareboat charter.

 

2006

With the aim of continuing expanding the fleet in terms of number and size, the Group signed with Samsung Heavy Industries a contract for the construction of three NB 114,700 DWT coated aframax tankers

 

2005

Delivery of Scarlet Star 37,252 DWT, Emerald Star 37,720 DWT and T.C. Gleisner 37,720 DWT following re-named Yellow Star, from Hyundai Mipo Shipyards.

VLGC Yuyo was converted into a LPG FSO and renamed Petrostar; it was located in Indonesia to perform a 5+5 years tender contract awarded to the Group.

 

2004

Pink Purple and Coral Star were profitably sold in block after one year of trading on the spot market.

To diversify its business Andromeda entered the FSO market.

The 127,278 DWT St. Andrews was converted into an OIL FSO and renamed CNOOC 114 and located in Indonesia to perform a 10 years contract awarded to the Group.

The second hand 83,000 CBM LPG carrier gascarrier named Yuyo was purchased the same year.

 

2003

Pink Star, Purple Star and Coral Star all 37,000 DWT were delivered from Hyundai Mipo Shipyards.

Fleet expansion path still pursued by ordering three more 37,000 DWT product tankers from Hyundai Mipo Shipyards.

 

2002

A second hand 127,278 DWT tanker named British Success was purchased by the company, and re-named St. Andrews.

 

2001

Green Star 36,038 DWT and Blue Star 35,970 DWT were delivered from Daedong Shipyards.

Ruby Star 36,038 DWT and New Radnor 37,000 DWT were delivered from Hyundai Mipo Shipyards and immediately sold back to back to an interested purchaser given the favorable offer proposed.

The same year three further 37,000 DWT tankers have been ordered by the Group at Hyundai Mipo Shipyards.

 

2000

Expanding the MR fleet, placing orders of two new building 37,000 DWT tankers from Hyundai Mipo Shipyards.

 

1999

The positive results achieved motivated the Group to change its policy on the acquisition of the fleet moving from purchasing  second-hand vessels to the building of new ones.

Two 36,000 dwt MR tankers were ordered at Daedong Shipyards.

Because of the Group focus and effort in maintaining high quality standards it was decided to give up third party manning and to form the Mumbai office for the manning of all group vessels.

 

1998

Exploiting the market upside trend taking vessels on t/c in and out and trading them on spot, the Group kept expanding the fleet and its reputation within the shipping industry.

 

1994

Six tankers were forming the fleet. This scale justified the creation within the Group, of a technical management company and International Andromeda Shipping S.A.M. was established in Monaco as the technical, operations and crewing manager for the whole Group fleet.

 

1992

The first vessel named Blue Star, a secondhand 29,990 DWT tanker was acquired and since then the fleet was expanded constantly and considerably. The chartering and commercial activities of the vessels were carried out internally while crewing and technical management was outsourced to third party ship management companies.

 

1990

In the early 1990s the three founders and current shareholders, decided to combine their experience and their knowledge achieved by transporting oil on third party owned vessels and in the chartering industry, starting out their own fleet.