MOL wraps up acquisition of Fairfield Chemical Carriers for $400M

Chemical tanker operator MOL Chemical Tankers, a subsidiary of Japanese shipping major Mitsui O.S.K. Lines (MOL), has completed the acquisition of all shares of Fairfield Chemical Carriers (FCC), a chemical tanker service company based in the US.

The acquisition, completed on March 1, is based on a share transfer agreement signed at the end of September 2023. The company obtained approval from the relevant authorities under competition law. The acquisition price of the shares will be about $400 million.

Through this acquisition, MOL Chemical Tankers will integrate its fleet of 81 multi-segregated chemical tankers with stainless steel tanks with 36 vessels owned by FCC, making it one of the largest such fleets in the world.

The company allocates 81 chemical vessels on routes all over the world. Most of the fleet, featuring stainless steel cargo tanks, is engaged in the transport of a wide variety of liquid chemicals, animal and vegetable oils, and lubricants.

The firm plans to strengthen its highly specialized business using multi-segregated chemical tankers with stainless steel tanks.

“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,” MOL Chemical Tankers’ CEO Akira Sasa commented.

“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.

In April last year, Fairfield Chemical Carriers launched Fairchem Pioneer, its first LNG-powered stainless steel chemical tanker.