MOL Chemical Tankers forges a global giant with Fairfield acquisition

Chemical tanker operator MOL Chemical Tankers, a subsidiary of Japan’s shipping major Mitsui O.S.K. Lines (MOL), has completed the acquisition of all shares in the Singapore-based Fairfield Chemical Carriers from Fairfield-Maxwell in the US.

The transaction, valued at approximately USD 400 million, reflects MOL’s strategy to expand its chemical tanker business amid anticipated demand growth in the sector, as outlined in the group’s management plan “BLUE ACTION 2035.” In line with the plan, MOL intends to invest proactively in the field.

The acquisition, based on a share transfer agreement signed in September 2023, has received the green light from relevant authorities under competition law, MOL said.

“Effective March 1, 2024, Fairfield Chemical Carriers (FCC) joined our group. With the integration of the FCC, the MOLCT Group has expanded its business base and can now offer a wider range of services to its customers. Together, both MOLCT and FCC will strive to offer our customers superior service in all aspects,” MOLCT CEO Akira Sasa said.

“We believe that this share transfer will lead to further growth for both MOLCT and FCC. We wish the new MOLCT Group every success,” Fairfield-Maxwell CEO Anthony Dowd added.

With the finalization of the transaction, MOL Chemical Tankers will integrate its fleet of 81 multi-segregated chemical tankers with stainless steel tanks with the 36 vessels from FCC.

The union creates one of the largest fleets globally, specializing in multi-segregated chemical tankers with stainless steel tanks.