MOL Chemical Tankers has acquired Fairfield Chemical Carriers (FCC) and its fleet of stainless-steel tankers.

The acquisition, valued at around US$400 million (about $615 million), follows a share transfer agreement signed in September last year.

Singapore-headquartered MOL Chemical Tankers is a wholly owned subsidiary of Japan’s Mitsui O.S.K. Lines.

FCC is also based in Singapore, and operates four international offices in Japan, the US, South Africa the Netherlands.

FCC operates a fleet of 36 chemical carriers – all with stainless steel tanks – which MOL Chemical Tankers would integrate into its own fleet of 81 multi-segregated chemical vessels.

“Today, MOL Chemical Tankers and Fairfield Chemical Carriers are one company,” MOL Chemical Tankers CEO Akira Sasa said in a statement on 4 March.

MOL claims the combined fleet would be one of the largest fleets of its kind in the world.

“This is the beginning of a new era in our great company. Our aim is to become an excellent operator in every aspect,” Mr Sasa said.

“By combining the companies, MOL Chemical Tankers will now have a broader, stronger fleet and service network for customers.”

Anthony Dowd, CEO of FCC parent company Fairfield-Maxwell, said the transaction would give the FCC business access to the resources it needs to grow.

“We wish our colleagues and the MOL Chemical Tankers team great success in the future,” he said.

MOL Chemical Tankers and FCC noted all necessary regulatory approvals had been secured.

FCC employs about 65 people.