Ben Morrow plans $2bn tanker fleet to move Iraqi oil through Hormuz

The Financial Times reports that Morrow, chief executive of Dallas-based PIF Energy, says he is buying $2bn worth of older tankers to carry Iraqi crude through the Strait of Hormuz to refineries in India and China. He says the fleet could have up to 15 ships, each carrying up to 2mn barrels, but he has not secured them all. The plan comes as security risks deter other carriers from loading oil in the Gulf.