US PIF Energy Plans to Invest USD 2 Billion to Acquire Up to 15 Tankers

en.Wedoany.com Reported - On October 9, US energy trading and logistics company PIF Energy plans to invest USD 2 billion to acquire up to 15 crude oil carriers and build its own tanker fleet. The company said the vessel acquisition process has already begun, and the vessels it intends to purchase will be used to transport crude oil from Middle Eastern oil-producing countries such as Iraq and Saudi Arabia through the Strait of Hormuz to Asian and European markets. The plan mainly involves purchasing secondhand tankers, and the specific vessel list and financing arrangements have not yet been announced.

PIF Energy is headquartered in Dallas, Texas, USA, and is led by Chief Executive Officer Ben Morrow. The vessels the company plans to acquire this time are mainly secondhand very large crude carriers, with a maximum crude oil carrying capacity of about 2 million barrels per vessel. Based on the upper limit of the procurement plan, the planned fleet's theoretical carrying capacity per batch would be up to about 30 million barrels, while actual volume will depend on the final number of vessels, vessel type configuration, and loading conditions.

The planned fleet will serve the company's existing crude oil procurement and physical delivery business, including loading crude oil at Basra Port in southern Iraq and then sailing through the Strait of Hormuz to destinations such as India, Indonesia, and Europe. Unlike chartering capacity from third-party shipowners, PIF Energy plans to arrange crude oil transportation by directly holding vessel assets. The company has not yet determined the delivery time of all vessels or the specific operating routes.

Tanker traffic through the Strait of Hormuz has recently declined. Data from ship tracking agency Kpler shows that on October 6, only 7 commodity transport vessels passed through the strait, the lowest level since July 23. During the same period, crude oil transported through the strait was about 10.1 million barrels per day, down 27% from the wartime weekly high. Some shipowners have suspended loading crude oil in the Persian Gulf or reduced related voyages due to security risks.

PIF Energy plans to include private security measures in the operation of the new fleet, and the relevant security arrangements still need to meet the actual requirements of the navigable areas.