MOL Chemical Tankers (MOLCT) and Fairfield-Maxwell have secured all of the necessary regulatory approvals and that MOLCT has completed its acquisition of all of the shares of Fairfield Chemical Carriers in an all-cash transaction for about $400m.

Akira Sasa, MOLCT’s chief executive, said: “Today, MOL Chemical Tankers and Fairfield Chemical Carriers are one company.”

“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’ stainless-steel fleet, which consists of 36 chemical tankers, will join MOLCT’s existing 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.

Anthony Dowd, chief executive of Fairfield-Maxwell, noted: “This transaction gives the Fairfield Chemical Carriers business access to the resources it requires to continue to succeed and grow.”

Source: MOL Chemical Tankers