UK shipping consultancy Drewry believes that the average size of a methanol ship is anticipated to increase with the addition of new methanol production capacity by the US and Middle East over the next two years,

"The average size of a methanol ship is expected to increase considering the long-haul distance between the major sources of supply and demand," said Drewry's Lead Analyst for Chemical Shipping Hu Qing.

"Shipping cost will remain an integral part of the overall product price. The Middle East and US will be key sources of supply for the product, with China and India being the ultimate destinations," he added.

The additional capacity is expected to have serious implications for chemical shipping trade flow patterns, according to Drewry's Chemical Forecaster.

The build-up of petrochemical capacity in the first wave of US projects, estimated at about 12 million tonnes per year, presents a long-term competitive challenge for Europe and the Middle East's petrochemical industry. Prior to 2015, the US imported approximately 5 million tonnes of methanol per year, mainly from Trinidad and Tobago and Venezuela. Given these new capacity additions the US will become a net exporter of methanol in 2016, Drewry said.

In the Middle East, Iran is the only country to have new projects and expansions in the pipeline. If sanctions are lifted in 2016, Iran will increase its methanol production by 20 million tonnes between 2020 and 2025, with most of the incremental flows moving to Asian markets. The Middle East has absolute advantage in methanol production, but no new capacity will be added until Iran's new projects start up.

Methanol is one of the top 5 seaborne chemical commodities accounting for 35% of the world seaborne chemical and vegoil trade in 2014.