MOL Wraps Up Fairfield Chemical Carriers Acquisition
Mitsui O.S.K. Lines (MOL) has, through its subsidiary MOL Chemical Tankers, completed the acquisition of Fairfield Chemical Carriers, creating one of the world’s largest multi-segregated chemical tanker fleets.
The acquisition, valued at $400 million, is based on a share transfer agreement signed at the end of September 2023, which has been approved by the relevant authorities under competition law.
The transaction is in line with MOL’s plan to proactively invest in chemical tanker business, as the company expects to see the growth in this area.
Through the acquisition, MOL Chemical Tankers will integrate its fleet of 81 multi-segregated chemical tankers with stainless steel tanks with the 36 Fairfield Chemical Carriers vessels, making it one of the largest such fleets in the world.
"Effective March 1, 2024, Fairfield Chemical Carriers joined our group. With the integration of Fairfield Chemical Carriers, the MOL Chemical Tankers has expanded its business base and can now offer a wider range of services to its customers. Together, both MOL Chemical Tankers and Fairfield Chemical Carriers will strive to offer our customers superior service in all aspects,” said Akira Sasa, MOL Chemical Tankers’ CEO.
"We believe that this share transfer will lead to further growth for both MOL Chemical Tankers and Fairfield Chemical Carriers. We wish the new MOL Chemical Tankers every success,” added Anthony Dowd, Fairfield-Maxwell CEO.