$400M Fairfield Acquisition Sees MOLCT Increase Tanker Fleet

MOL Chemical Tankers (MOLCT), an entity fully owned by Mitsui O.S.K. Lines (MOL), has finalized its purchase of Fairfield Chemical Carriers, thereby establishing itself as a dominant player in the stainless steel chemical tanker industry.

The purchase was carried out entirely in cash and has secured all required approvals from regulatory bodies, amounting to a total of approximately US$400 million.

"This signifies the beginning of a new chapter for our company. Our goal is to excel in every area of operation. Combining our efforts will enhance our fleet's capabilities and bolster our service offerings to clients," stated Akira Sasa, MOLCT's Chief Executive Officer.

With the addition of Fairfield Chemical Carriers' 36 stainless steel chemical tankers, MOLCT’s fleet will expand to 117 vessels, predominantly equipped with stainless steel tanks. This amalgamation positions the company among the largest of its kind worldwide.

Sasa mentioned that MOLCT plans to initially manage Fairfield Chemical Carriers as a wholly-owned subsidiary to better understand the acquired company and its processes. Fairfield Chemical Carriers, headquartered in Singapore, maintains four sales offices located in Connecticut (USA), Durban, Rotterdam, and Tokyo, and employs about 65 individuals.

Fairfield-Maxwell's CEO, Anthony Dowd, expressed that this deal equips FCC with the necessary resources for its continued expansion. "We are eager to witness the combined achievements of our staff and the MOL Chemical Tankers team in the days ahead," he remarked.

The MOL Group sees the chemical tanker division as a crucial investment focus, aiming for growth within this area as part of its strategic plan known as “BLUE ACTION 2035.”

Sasa further elaborated that the integration with Fairfield, effective as of March 1, 2024, will diversify MOLCT's operational foundation and enhance the variety of services available to its clientele.