MOL Chemical Tankers Pte. (MOLCT) and Fairfield-Maxwell announced that they have secured all of the necessary regulatory approvals and that MOLCT has completed its acquisition of all of the shares of Fairfield Chemical Carriers Pte. Ltd. with an effective date of March 1, in an all-cash transaction for about US$ 400 million.

“Now, MOL Chemical Tankers and Fairfield Chemical Carriers are one company,” said Akira Sasa, MOLCT’s CEO. “This is the beginning of a new era in our great company. Our aim is to become an excellent operator in every aspect. By combining the companies, MOL Chemical Tankers will now have a broader, stronger fleet and service network for customers.”

Fairfield Chemical Carriers’ fleet consists of 36 chemical tankers. As such, the fleet will dovetail with MOLCT’s fleet of 81 chemical tankers. Sasa further stated that initially, MOLCT intends to operate Fairfield Chemical Carriers as a wholly-owned subsidiary as they learn more about the company, its people and how it operates. “Fairfield Chemical Carriers and MOL Chemical Tankers remain committed to ensuring that customers would not experience any disruption to the superior service to which they’ve become accustomed,” he added.

“This transaction gives the Fairfield Chemical Carriers business access to the resources it requires to continue to succeed and grow,” said Anthony Dowd, CEO of Fairfield-Maxwell Ltd. “We wish our colleagues and the MOL Chemical Tankers team great success in the future.”