MOL boosts chemical tanker fleet

MOL Chemical Tankers has completed its acquisition of all shares of Fairfield Chemical Carriers – creating a leading stainless steel chemical tanker company.

The all-cash transaction, which received all necessary regulatory approvals, was valued at about $400 million (€367 million).

“This marks the dawn of a new era in our company. We strive to be excellent operators in every aspect. The merger will result in a more robust fleet and a stronger service network for our customers,” said Akira Sasa, CEO of MOLCT.

Fairfield Chemical Carriers’ fleet, which includes 36 chemical tankers with stainless steel tanks, will join MOLCT’s existing fleet of 81 chemical tankers, most of which also feature stainless steel tanks, making it one of the largest fleets in the sector globally.

Sasa said MOLCT will initially operate Fairfield Chemical Carriers as a wholly-owned subsidiary as they learn more about the company and its operations.

Anthony Dowd, CEO of Fairfield-Maxwell, added: “We look forward to seeing our colleagues and the MOL Chemical Tankers team achieve great success in the future.”