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LIMASSOL, Cyprus - Toro Corp. (NASDAQ:TORO) announced on Thursday that it has completed the sale of the Dream Syrax, a 2015-built 5,000 cubic meter LPG carrier vessel, to an undisclosed buyer.
The company delivered the vessel to its new owner on September 3, 2025, finalizing the transaction that had been previously announced.
Following this sale, Toro Corp.’s fleet now consists of three LPG carrier vessels and one MR tanker vessel. These vessels transport petrochemical gases and refined petroleum products in global shipping routes. The company’s operations have demonstrated impressive efficiency, maintaining a gross profit margin of 48.47% despite challenging market conditions.
Toro Corp. is incorporated under the laws of the Republic of the Marshall Islands and its common shares trade on the Nasdaq Capital Market.
The company did not disclose financial details of the transaction in its press release statement.
Toro Corp. describes itself as a global energy transportation services provider operating a modern fleet of oceangoing vessels.
In other recent news, Toro Corp. has completed a tender offer, accepting 20,344 shares at $2.75 each, amounting to approximately $55,946, excluding fees. The company will promptly pay for all accepted shares. Additionally, Toro Corp. has launched another tender offer to buy back up to 4.5 million shares at the same price of $2.75 per share. This offer will expire on August 7, 2025, unless extended or withdrawn, and is supported by the board as being in the company’s best interest.
In another development, Toro Corp. agreed to sell its LPG carrier vessel, Dream Syrax, to a subsidiary of Robin Energy Ltd. for $18 million. This transaction involves a related party, as the purchasing entity is controlled by Toro’s Chairman and CEO. The sale was approved by independent board members following negotiations by special committees. Furthermore, Toro Corp. plans to acquire a 2021-built MR tanker vessel for $36.25 million. The acquisition will be funded with cash on hand, with delivery expected in the second or third quarter of 2025.
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