According to Internet news, PIF Energy, an American energy trader, recently disclosed that it plans to spend US $2 billion to purchase 15 second-hand VLCCs, with the goal of transporting crude oil from Iraq and Saudi Aramco to India, Indonesia and Europe via the Strait of Hormuz.
Ben Morrow recently revealed that PIF Energy has been seeking opportunities in Iraq and has discussed cooperation with the oil department. PIF Energy's goal is to build a fleet of approximately 15 VLCCs by purchasing second-hand VLCCs, and as of now, not all vessels have been locked in.
Ben Morrow characterized this investment as an 'unconventional business opportunity'. In short, unlike traditional oil traders who usually rent ships instead of directly purchasing oil tankers, PIF Energy plans to invest $2 billion to build its own fleet, highlighting that available capacity in the VLCC market has become a scarce commodity.
