The present invention is a fairlead for guiding and securing an anchor chain between an offshore structure and an anchor. The fairlead comprises a fairlead frame, a pivoting latch, and an actuator. The fairlead frame is pivotally mounted to the offshore structure and supports an axle for a chain sheave. The pivoting latch is mounted to pivot on the axle and comprises a tension link with a chain latch and a counterweight for urging the chain latch into engagement with the chain. The pivoting latch is configured to engage the chain only when the chain is traveling in the payout direction. The actuator controls the action of the counterweight.