Five and a half months after the announcement, the transaction is now complete: MOL Chemical Tankers (MOLCT) is acquiring the shipping company Fairfield Chemical Carriers from Fairfield-Maxwell Ltd.
The subsidiary of the Japanese shipping group MOL and Fairfield have now announced that they have received all the necessary regulatory approvals for the takeover announced last September.
MOLCT has completed the acquisition of all shares of Fairfield Chemical Carriers Pte. Ltd. for approximately $400 million. “This transaction gives Fairfield Chemical Carriers access to the resources it needs to continue to succeed and grow,” said Anthony Dowd, CEO of Fairfield-Maxwell Ltd.
“Today, MOL Chemical Tankers and Fairfield Chemical Carriers are one company,” said Akira Sasa, CEO of MOLCT. “This is the beginning of a new era. By merging the companies, MOL Chemical Tankers will now have a broader, stronger fleet and a larger service network for customers.”
MOL Chemical Tankers transports various types of chemicals as well as vegetable oils, base oils, animal fats and other liquid products by sea. The company is headquartered in Singapore and has offices in Tokyo, Copenhagen, London, Rotterdam, Houston, Stamford, Bogotá, Dubai, Busan and Shanghai, among others. Nordic Tankers was acquired and integrated in 2019. Also, in 2019, the company formed a capital alliance with Den Hartogh, a leading Dutch tank container company.
Fairfield Chemical Carriers’ fleet consists of 36 chemical tankers, while MOLCT operates 81 vessels. Sasa explained that initially, Fairfield Chemical Carriers will be operated as a wholly owned subsidiary to learn more about the company, its people, and its operations.
