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.

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Recent Articles

Floating Production Sector Continues to Rebound

February 1, 2020

Jim McCaul — Activity in the deepwater sector took a huge hit in the second half of last decade as a result of a global oil demand/supply imbalance, downturn in oil prices, hiatus in Petrobras production

Which FLNG and FSRU Projects Are Likely To Clear the Investment Hurdle?

February 14, 2019

Jim McCaul — IMA/World Energy Reports has just completed a twelve month detailed assessment of the floating liquefaction and regasification market. The 150+ page study examines future market opportunities

Growth in the FPSO Sector and Outlook for New Orders

February 12, 2019

Jim McCaul — Floating production storage and offloading vessels (FPSOs) are by far the most popular type of floating production system. They account for two thirds of the oil/gas production floaters now

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

Covid 19 and Saudi Misjudgment Sends Oil Market Reeling -- Jim McCaul  17 April 2020  

The coronavirus crisis has upended the offshore oil and gas sector.   We are seeing a repeat of the 2006/07 financial meltdown impact on the sector -- and the impact this time will be worse.

Oil demand has sharply fallen as the virus spread shuts down economic activity worldwide.  Global oil demand is expected to fall 20% in April -- some estimates of the decline are as high as 35%.  Brent is trading at $28 -- up from $25 at the beginning of April, but down 60% from early January.  

In parallel to the virus spread, Saudi Arabia kicked off a full-fledged price war with Russia by flooding the market with oil to see who blinks first.  The result -- an oil glut has been rapidly forming worldwide, especially in the US.    

Tanker tracking shows 20 VLCCs heading toward the US Gulf that loaded in Saudi Arabia in March/early April. They are carrying 40 million barrels of crude -- 8 million bbls to discharge in April, 32 million bbls in May.  These shipments will totally flood the US market, which was the intent of the Saudis.   US oil prices have now dropped below $20 and local producers are unable to cover production costs.   

US crude inventory (excluding crude oil in the Strategic Petroleum Reserve) during the past week increased by 19.2 million barrels from the previous week.   This follows a 15.2 and 13.8 million barrel increase over the preceding two weeks.  At 503.6 million barrels, US crude inventory is 6% above the five year average for this time of year.   With oil demand down US refineries last week operated at only 69.1% of their operable capacity.

The Saudis appear to have greatly underestimated the harm they were inflicting on the market -- and themselves.  Resentment to Saudi Arabia is building in the US as oil workers lose jobs at an unprecedented rate.    

A meeting last week between OPEC and Russia to discuss production cuts resulted in a conditional agreement to significantly cut production.  This was followed by a meeting on Sunday, which included G-20 countries, in which firm agreement was reached to collectively cut 9.7 mb/d from global crude supply.     

But the supply cut agreement will not be enough to return the sector to normality.   Until the virus spread is brought under control, no supply cut deal will be able to overcome the huge drop in oil demand.  Demand destruction has been too great, the oil glut is now too big -- and the producers will cheat on the deal.  

Meanwhile oil pricing will remain under pressure until the virus spread abates -- and market turmoil has forced field operators to defer investment plans.   

  


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

Report

FLOATING LIQUEFACTION AND REGASIFICATION
an Assessment of Future Requirements for FLNGs and FSRUs

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FLOATING LIQUEFACTION AND REGASIFICATION - An Assessment of Future Requirements for FLNGs and FSRUs

2019 Annual Outlook. Our new 150-page report is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle. Many FLNG and FSRU projects are planned – but only some will ultimately will move forward to development. The goal of our report is to objectively sort out likely winners and losers – and explain the rationale for the rating.
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Floating Production News

ABB Solutions for Yinson's Marlim 2 FPSO

July 6, 2020

Swiss-based technology giant ABB will provide electrical, control, and telecommunication…

Petrobras Considers LNG Units for Pre-salt's Natural Gas

July 6, 2020

Brazilian state-controlled oil company Petrobras is considering installing offshore…

Armed Group Attacks FPSO, Kidnaps Crew in Nigeria

July 2, 2020

The article has been updated to include a statement by BW Offshore who confirmed…
June 2020 Monthly Floating Production Systems Report

June 2020 Monthly Floating Production Systems Report

The global oil market is gradually recovering. Oil prices have rebounded to the low $40s as supply cuts of OPEC+ and gradual return of economic activity rebalance oil supply and demand. But the effects of the Covid-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector. New deepwater project starts have been on hold and we expect this situation to continue into the third quarter of this year.

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Energy News

Safety Product: Magnetic Fall Protection System

July 6, 2020

Rotterdam-based McNetiq launched a new line of magnetic anchors for fall protection when working at height.The first product…

Japan's LNG Investments Drive Faces Risk of Souring

July 2, 2020

Japan's banks and public agencies have funneled nearly $25 billion into liquefied natural gas (LNG) projects since 2017 but…

Angola Resisting Pressure to Taper Oil Output

July 2, 2020

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs…