Mitsui O.S.K. Lines (MOL) has announced an agreement in principle for its subsidiary, MOL Chemical Tankers, to acquire the business of Fairfield Chemical Carriers (FCC) in a deal approved by both companies’ boards of directors. This acquisition, valued at around $400 million, would give MOL full ownership of Fairfield Chemical Carriers Pte. Ltd. pending regulatory approvals. MOL views the chemical tanker business as a growth area and intends to invest proactively in it, aligning with their “BLUE ACTION 2035” management plan. The move would consolidate MOL’s fleet of 85 vessels, including 36 operated by FCC, and expand its presence in key growth areas. Additionally, MOL aims to leverage Fairfield’s brand and expertise to enhance safety, digital transformation, human capital, and environmental strategies while addressing sustainability concerns.