Japan's MOL Acquires Nordic Tankers

Japanese shipping giant MOL's Chemical Tankers unit has agreed to take full control of Triton-owned Nordic Tankers. The deal expected to close in February 2019.

Denmark-based Nordic Tankers said in a press release that its current sole shareholder Triton agreed to sell and deliver 100% of shares to MOL Chemical Tankers (MOLCT) and MOLCT buys and takes delivery of 100% of shares of NT from Triton, in each case together with all rights attached to them on and with effect from the closing date.

Nordic Tankers will be renamed MOL Nordic Tankers A/S and all existing management and employees will remain in the company.

MOLCT currently operates 56 chemical tankers, and the addition of Nordic Tankers will add a further 19 chemical tankers to its fleet.

"Even though trading areas of both companies are mostly separated in areas, their business strategies are very much similar, i.e. (a) with high COA portfolio and (b) multi-segregation tankers. Therefore, the acquisition of NT by MOLCT shall create a stronger business platform as one of the major owners/operators of stainless-steel chemical tankers in the world, which will provide more competitive options for customers in the market of chemical tankers, which undoubtedly will continue to grow in the future," said the press release from the company.

Tsuneo Watanabe, CEO, MOL Chemical Tankers said: "We are confident enough that the collaboration between MOLCT and NT should provide better and more efficient services to all existing customers of them. It should also create extra values to our customers, ship-owners and any other stakeholders, as well as management and employees of both companies."

Per Sylvester Jensen, CEO, Nordic Tankers said: "MOL Chemical Tankers is a well-respected company with a successful history in the chemical tanker industry with strong customer focus that mirrors Nordic Tankers strategy. We expect that the new owner will enhance Nordic Tankers ability even further in delivering exceptional value to our customers, owners, employees and other stakeholders and are looking forward to further grow and develop Nordic Tankers in a close partnership with MOL Chemical Tankers."