We are doing really well we will have three more boats come out before the end of the year and nine more next year then the 280’s will be built. We sold two or three of our smaller boats one was the first boat built for this company and as soon as it was sold we signed up for a new build to replace it. The other boat that sold was one that was acquired from c&e that was neglected when it sold to us. We ordered another vessel to replace it also. I think we are doing pretty good for a company that hasn’t been around that long. Reason those boats are being sold is to replace with dp 2 vessels both those were dp0. I think the office and owner are just adapting to what the market wants. I am glad we are growing with the market.
[QUOTE=Adriatic1;144208]We are doing really well we will have three more boats come out before the end of the year and nine more next year then the 280’s will be built. We sold two or three of our smaller boats one was the first boat built for this company and as soon as it was sold we signed up for a new build to replace it. The other boat that sold was one that was acquired from c&e that was neglected when it sold to us. We ordered another vessel to replace it also. I think we are doing pretty good for a company that hasn’t been around that long. Reason those boats are being sold is to replace with dp 2 vessels both those were dp0. I think the office and owner are just adapting to what the market wants. I am glad we are growing with the market.[/QUOTE]
That is good news. Always nice to hear a success story.
[QUOTE=Adriatic1;144208]We are doing really well we will have three more boats come out before the end of the year and nine more next year then the 280’s will be built. We sold two or three of our smaller boats one was the first boat built for this company and as soon as it was sold we signed up for a new build to replace it. The other boat that sold was one that was acquired from c&e that was neglected when it sold to us. We ordered another vessel to replace it also. I think we are doing pretty good for a company that hasn’t been around that long. Reason those boats are being sold is to replace with dp 2 vessels both those were dp0. I think the office and owner are just adapting to what the market wants. I am glad we are growing with the market.[/QUOTE]
Sounds pretty risky. When you build a boat bigger than 260’ these days you better have a contract or a hell of a lot of money to try and play the spot market. I applaud Adriatics ambitions but fear they will be in for a reality check, especially if newbuilds are by C&C. They build decent boats but not anywhere near the caliber of the competitors in that market.
Agreed. That’s one thing you need nailed down before taking that step, certain future clients. I can think of another company getting into the bigger boat market and they aren’t doing it without clients already secured.
[QUOTE=justaboatdriver;144219]Agreed. That’s one thing you need nailed down before taking that step, certain future clients. I can think of another company getting into the bigger boat market and they aren’t doing it without clients already secured.[/QUOTE]
HOS is the only big boat operator that doesn’t care for long term contracts. They live and die by high spot market rates because they are publicly traded and investors focus on each quarter and it’s returns. And even HOS has several long term contracts on some equipment. Again, I admire them but it’s not a recipe for success.
The owner that owns Adriatic also owns c&c the boats have come a really long way since the first few and continue to get better with each build. If things need to changed they are changed in the next build. Also we have seven boats being built by master boats. As far as the big boats go I guess the owner is willing to take the chance. It’s a risk he is willing to take and feels confident enough to build them. Who ever would have thought 8 years ago a guy that never built a boat or owned a work boat would have 23 boats today. It was all done by taking a chance and surrounding himself with the proper people. I understand what you guys are saying but it seems to have worked for him so far and he likes both aspects. Building the vessels and operating them. He has taken care of me since day one and has always cared about the crews on the vessels.