MOL in $400 million swoop for Fairfield Chemical CarriersMOL in $400 million swoop for Fairfield Chemical Carriers

The Singapore-headquartered chemical carrier arm of Japanese shipowner Mitsui OSK Lines (MOL) has reached agreement with Fairfield Maxwell to acquire 100% of the shares in Fairfield Chemical Carriers Pte Ltd.

The acquisition will grow MOL Chemical Carriers fleet from 85 vessels to 121 tankers. The purchase price of $400 million is subject to share price adjustment.

“The businesses of MOL Chemical Tankers and Fairfield Chemical Carriers are very complementary,” said Akira Sasa, MOL Chemical Tankers’ CEO.

“Our decision to enter into this agreement is based on not only the value of their attractive fleet, but also on their solid business reputation, respected brand and the people who have created it. I strongly believe that this acquisition would bring even greater value to all of our stakeholders.”

Anthony Dowd, CEO of Fairfield-Maxwell, commented: “Merging with MOL Chemical Tankers would give this business the resources to continue to succeed and grow.”

MOL’s Sasa added, “The addition of Fairfield Chemical Carriers would accelerate our efforts to strengthen our Safety, Digital Transformation (DX), Human Capital and Environmental Strategies to achieve the sustainability goals.”