Economies of scale

The dedicated methanol carrier

Millennium Explorer

has twice the capacity of any another vessel of its type.

Industrial demand for methanol is increasing worldwide, creating significant opportunities for shipowners and operators prepared to invest in the specialised tonnage.

Japan`s MOL-Navix group has been alert to the rapidly emerging market potential for methanol carriers and now operates 14 such ships, a fleet which makes up around 60 per cent of the worldwide total. Earlier this year the company further strengthened its position in this sector by taking delivery of the world`s first 100,000 dwt methanol carrier, Millennium Explorer, which is at least twice the size of any other vessel of its type currently in service.

Built in Japan at the Namura yard, the Panamanian-flag Millennium Explorer is on long-term charter for at least ten years to Methanex, the world`s largest producer and marketer of methanol, a company which is based in Vancouver. Methanex will use the vessel to deliver methanol to Rotterdam and Houston from the company`s 3 million tonnes per year production centre in Punta Arenas, Chile.

Methanex has commissioned a carrier of this huge size primarily to secure economies of scale. Mike Wilson, Methanex`s operations and marketing director, says, “We are quite excited about Millennium Explorer, which as a result of its size gives significant cost savings. We need a couple of voyages under our belt to confirm all our cost savings, but our expectation is about $1 million a voyage, with five to seven voyages a year.”

Cargo carrying capacity overall onboard the double-hulled Millennium Explorer is around 120,000m³. Methanol is transported in 12 cargo tanks, arranged in pairs of six, all of which have been coated with an environmentally-friendly, inorganic zinc silicate paint system supplied by the TOHPE Corporation. This coating system has also been used to protect the inside of the cargo lines.

The vessel is almost certainly the biggest newbuilding project yet to utilise zinc silicate coatings, given the size of the vessel and the capacity of the tanks. While it is theoretically possible to carry methanol in mild steel tanks it is not considered advisable. Methanol can be relatively easily contaminated, thereby presenting a risk that the delivered cargo might be rejected for being outside the required specification. Consequently the owner and charterer opted for this coating system, rather than an epoxy paint, to ensure that a high level of protection is given to the methanol cargoes the vessel will be transporting.

In addition to the main cargo tanks, there are two further slop tanks onboard, located just in front of the pump room. There is also a freshwater tank for use in connection with cargo tank cleaning operations.

Although it is anticipated that Millennium Explorer will be employed only as a methanol carrier, the vessel is capable of transporting other chemical and oil products cargoes. The cargo tanks have been designed and equipped to carry Type 3 IMO noxious liquid cargoes, permitting loading of pollution category C & D cargoes.