International Maritime Associates, Inc.

International Maritime Associates, Inc.

International Maritime Associates (IMA) is a firm of business consultants specializing in market analysis and strategic planning for companies in the marine and offshore sectors.

We provide

  • the front-end research needed to size the available market, analyze customer requirements, benchmark market position, identify new business opportunities, evaluate market positioning options and assess potential acquisitions or strategic alliances.
  • Since formation in 1973, IMA has performed over 350 consulting assignments for clients in more than 40 countries.
  • World Energy Reports (WER) was cofounded by IMA in 2014 and focuses on multi-client analytical studies in the offshore energy sector. Based in New York, WER maintains a proprietary online database of floating production systems and publishes monthly reports on the industry.
  • WER's client base includes many of the major companies in the offshore industry.

Learn more »

Recent Articles

Floater Sector Beginning to Regain Traction -- With More Than 70 Projects Awaiting the Market Upturn Signal

April 15, 2017

Jim McCaul -- Orders for production floaters have finally begun to flow.  The break came early this year when contracts for a production semi for use in the GOM and an FPSO for use off Malaysia were awarded.

Events Over the Past Two Months Have Changed the Dynamics of Domestic Energy Development

December 12, 2016

Jim McCaul -- Donald Trump’s presidential win and Republican sweep of the US government in November – along with OPEC’s oil production cuts in December -- have injected new dynamics into the US energy

Floating Production Systems Contracts Hit by Market Downturn – But the Cycle Seems to Have Bottomed

April 28, 2016

Jim McCaul -- No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence of

Crude Oil Inventory

The global oil market is tightening as excess crude inventory built up over the past several years disappears.   This is the conclusion of the IEA in its January oil market report.

“The oil market is clearly tightening; in the three consecutive quarters 2Q17- 4Q17 OECD crude stocks fell by an average of 630 kb/d; such a threesome has happened rarely in modern history: examples include 1999 (prices doubled), 2009 (prices increased by nearly $20/bbl), and 2013 (prices increased by $6/bbl). Since the nadir for Brent crude in June when the price was $45/bbl, the 2017 OECD crude draws have coincided with a price increase for Brent of nearly $25/bbl.”

Solid indication of stock reduction is provided by the oil inventory survey conducted weekly by the US Energy Information Administration.  The survey results provide clear evidence that crude inventory in the US has fallen over the past nine months.   While US inventory data represent trends in only one area of the global oil market, estimates for global oil inventory are notoriously weak – and industry analysts heavily rely on the weekly US oil inventory data as a surrogate for global inventory movement.  

EIA survey results (see below) indicate that crude oil inventory in the US peaked at end March 2017 – after increasing over the first thirteen weeks of the year.   Since then US crude inventory has fallen 23% – from 535 million bbls at the end of March 2017 to 413 million bbls as of 12 January 2018 (excluding stocks in the Strategic Petroleum Reserve).   

The increase in inventory in early/mid September 2017 was the result of Hurricane Harvey, which shut in production at several refineries and caused US refinery utilization to drop below 80%.  As refinery production increased in early 4th quarter, crude inventory returned to its downward path into 2018.   Crude inventory has fallen steadily over the past nine weeks.

In its latest weekly survey report, the EIA said "U.S. crude oil inventories are in the middle of the average range for this time of year".  At the recent withdrawal pace, pretty soon inventory will likely be below the average range.

 

Consulting Services

Jim McCaul

About Jim McCaul

Jim is the founder and manager of IMA, a consulting firm providing market analysis, competitive benchmarking and business planning support in the maritime and offshore sectors. Over the past 40 years IMA has performed more than 350 business consulting assignments for 170+ clients in 40+ countries.

One of the firm’s specialties is analyzing requirements for floating production systems. IMA has published more than 60 reports since 1996 analyzing this business sector and has been engaged by numerous clients to assist in analyzing specific market opportunities in the floating production sector.

Jim is also the co-founder of IMA/World Energy Reports, a New York based business intelligence service for the floating production supply chain.



International Maritime Associates, Inc.

3131 Connecticut Ave NW #2115
Washington D.C. 20008 USA

January 2018 Monthly Floating Production Systems Report

January 2018 Monthly Floating Production Systems Report

As detailed in the January WER report, 2018 looks to be a good year for the deepwater supply chain. The rebound begun in 2017 has continued into the New Year. Shell contracted in January for an FPSO to use in the North Sea and Golar booked a terminal contract for one of its available FSRUs. Meanwhile, Petrobras has provided details for its spending plans over the next five years, confirming it is back in the FPSO buying business.

Download

Floating Production News

Golar LNG Bags New Long-term FSRU Contract

January 21, 2018

Golar LNG Partners announced that it has executed a 15-year charter with an energy…

SBM Offshore Hands over FPSO Turritella to Shell

January 21, 2018

SBM Offshore said it has completed the transaction related to the sale of floating…

Petrobras: Fire Contained on Platform in Lula Field

January 21, 2018

Brazil's state-controlled oil company Petróleo Brasileiro said on Tuesday a fire…