Shipping giant Mitsui OSK Lines is making a big push in the chemical tanker segment by buying US-based chemical carrier outfit Fairfield Chemical Carriers.

MOL Chemical Tankers (MOLCT), a wholly owned unit of MOL, disclosed that it has reached an agreement in principle with Fairfield-Maxwell Ltd to acquire the business of Fairfield Chemical Carriers.

“The acquisition has been approved by both companies’ boards of directors, subject to the usual terms and conditions as set forth in the share purchase agreement,” MOLCT said.