Mitsui O.S.K. Lines, Ltd. (MOL) has achieved a significant milestone with the completion of the acquisition of Fairfield Chemical Carriers (FCC) by its subsidiary, MOL Chemical Tankers Pte. Ltd. (MOLCT). The acquisition, valued at approximately US$400 million, positions MOLCT as a global leader with a world-leading fleet of multi-segregated chemical tankers featuring stainless steel tanks.
Strategic Growth Move in Chemical Tanker Business
MOLCT’s strategic move aligns with its group management plan, “BLUE ACTION 2035,” where it identifies the chemical tanker business as a growth domain. The acquisition of FCC’s shares, based on a share transfer agreement signed in September 2023 and approved by relevant authorities under competition law, further solidifies MOLCT’s commitment to proactive investment in this sector.
Integration Strengthens Fleet and Specialized Services
The integration will see MOLCT consolidate its existing fleet of 81 multi-segregated chemical tankers with stainless steel tanks with FCC’s 36 vessels. This consolidation positions MOLCT as one of the largest fleets globally in this category. The move strengthens the company’s highly specialized business, leveraging its expertise in operating multi-segregated chemical tankers with stainless steel tanks.
Akira Sasa, CEO of MOLCT, expressed enthusiasm about the expanded business base, stating, “With the integration of FCC, the MOLCT Group can now offer a wider range of services to its customers. Together, both MOLCT and FCC will strive to provide superior service in all aspects.”
Positive Outlook from Fairfield-Maxwell CEO
Fairfield-Maxwell CEO Anthony Dowd expressed confidence in the growth prospects resulting from the share transfer. “We believe that this share transfer will lead to further growth for both MOLCT and FCC. We wish the new MOLCT Group every success,” commented Dowd.
