On March 4, Mitsui O.S.K. Lines Co., Ltd.(MOL) announced that its wholly owned subsidiary, MOL Chemical Tankers Pte. Ltd. (MOLCT), has acquired all of the shares of Fairfield Chemical Carriers Pte. Ltd.(FCC) for a total price of approximately $400 million (RMB 2.880 billion). The acquisition has been approved by the relevant antitrust authorities.
Through this acquisition, MOLCT will become one of the largest fleets in the world by integrating 36 FCC-operated vessels into its 81-vessel stainless steel multi-tank chemical fleet. MOLCT will strengthen our highly specialized business utilizing stainless steel multi-tank chemical vessels, which is one of the company’s strengths.
In its management plan “BLUE ACTION 2035,” the MOL Group has positioned the chemical carrier business as a business domain where market growth is expected and will actively invest in it, and this acquisition is part of this plan.
It is understood that MOLCT reached a share purchase agreement with FCC’s parent company Fairfield-Maxwell Ltd. in September last year, and the acquisition included FCC’s subsidiary Fairfield Japan Ltd. Chemical Carriers in the Netherlands, Fairfield Chemical Carriers BV in South Africa and Fairfield Chemical Carriers Pte. Ltd. in Singapore.
Founded in 1996 as a subsidiary of Fairfield-Maxwell, FCC operates 36 chemical vessels around the world, all of which are stainless steel vessels capable of transporting a wide variety of cargo. The company employs approximately 65 executives and employees, and has offices in Singapore, Wilton, Durban, Rotterdam, and Tokyo, Connecticut. In addition, the company has four more 26,300 dwt LNG-powered stainless steel chemical tankers under construction, with deliveries scheduled from 2024 to 2025.
