US energy trader and logistics company PIF Energy announced a planned $2bn investment to acquire up to 15 crude oil tankers, adding seaborne transport capacity at a time when disruption around the Strait of Hormuz intensifies the global fuel crisis.
The rush to secure ships comes as the war with Iran has created a growing shortage of tankers willing to transit the strait, choking the flow of crude from the world’s most important oil-producing region.
The company said vessel acquisitions are already underway and are intended to create a fleet capable of moving oil through the Strait of Hormuz.
“Today, we announced a planned $2 billion investment to acquire up to 15 crude carriers, building a fleet to support the movement of oil through the Strait of Hormuz to refineries and markets that need it,” reads the company’s announcement.
Washington has intensified its efforts to provide security for tankers attempting to transit the strait.
However, many shipping companies have been refusing to load in the Gulf because of the security risk.
The resulting shortage has aggravated a global fuel supply crunch, with the wars in Iran and Ukraine disrupting supplies of diesel that power the world’s industry.
The Dallas-headquartered PIF Energy, led by chief executive officer Ben Morrow, specialises in the sourcing, structuring, and physical delivery of products such as EN590 10ppm ULSD, Jet A1, and crude oil to government entities, refineries, and large-scale industrial buyers, with operations spanning the US Gulf, Europe, and the Middle East.
The company has yet to disclose the vessels being acquired, or how the $2bn investment will be financed.
In a statement in the social media, PIF Energy said: “Behind every fuel bill is someone whose livelihood depends on it: a farmer preparing the next crop, a trucker delivering the next load, a business keeping its doors open, or a family stretching its budget.
“Our investment is focused on a practical contribution: owning and operating the transportation capacity to connect crude supply with refinery demand and support sustained deliveries.
“This is a substantial commitment for PIF Energy, driven by the mission behind our name – Pay It Forward. We believe commercial growth should create opportunities to make a meaningful difference for people and communities. We’ll share further updates as the acquisition program progresses. The work has already begun.”
