During the past decade where the shipping industry has been struggling to face the adverse economic environment IAS has managed to succeed restructuring the company and reviewing its business model. IAS capability of entering and exiting the spot market with lower risk investments in older units as well as reduced financial exposure with back up long term employments of the units gave their profitable results.
2004 40kt shallow draft Coral Stars and 1999 150kt White Trader have joined the fleet.
The owned fleet, currently composed of 7 vessels is entirely employed in TC contracts and the spot activity has been reduced in order maintain a more conservative market approach and be less exposed to market fluctuations.
IAS third party ship management kept expading adding new units under its full, technical and/or commercial management, including Far East FSO’s businesses where the Company has gained deep knowledge and expertees during the past two decades.
The Company moved into new larger offices in the Principality of Monaco aiming to expand in terms of business volumes and personnel.
During the recent economic crisis IAS has brought several changes in order to overcome the adverse financial and industry situation. Changes that involved the fleet and the internal company structure as well as the business itself. Despite the general uncertainty and the advent of new macro companies with new building fleets IAS has managed to mantain its strategic position within the market investing in older units targeting more specific types of trades, facing smaller financial exposures and guaranteed returns, with the result to consolidate its financials and to be able to undertake future market opportunities.
IAS has acquired larger premises and increased the personnel for andromeda india in mumbai to increment its third party manning activity.
As of today ias fleet is composed by both modern and older units employed in spot, tc and floating storage contracts.
Green Trader 156,105 mt and Scarlet Trader 126,646 mt have joined the fleet.
Blu Star was redelivered to Owners.
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.
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.
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.
Vessel Blue Star 35,970 dwt was profitably sold to a foreign investment fund and taken back on bareboat charter.
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
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.
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.
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.
A second hand 127,278 DWT tanker named British Success was purchased by the company, and re-named St. Andrews.
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.
Expanding the MR fleet, placing orders of two new building 37,000 DWT tankers from Hyundai Mipo Shipyards.
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.
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.
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.
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.
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.