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LIMASSOL, Cyprus - Toro Corp. (NASDAQ:TORO), a shipping company with a market capitalization of $39.72 million and impressive gross profit margins of ~52%, announced Thursday it has agreed to sell its LPG carrier vessel Dream Syrax to a subsidiary of Robin Energy Ltd. for $18 million.
The 2015-built 5,000 cbm vessel is being purchased by a Nasdaq-listed entity controlled by Toro’s own Chairman and Chief Executive Officer. Due to this related-party nature, the transaction was approved by independent and disinterested board members from both companies following negotiations by special committees.
The vessel is expected to be delivered to its new owner during the third quarter of 2025, subject to customary closing conditions.
Following the transaction, Toro’s fleet will consist of three LPG carriers and one MR tanker, the latter being part of an acquisition agreement announced on June 11, 2025.
Toro Corp. is a Marshall Islands-incorporated global energy transportation services provider that transports petrochemical gases and refined petroleum products worldwide.
This information is based on a press release statement from the company.
In other recent news, Toro Corp. announced the acquisition of a 2021-built MR tanker vessel for $36.25 million. The purchase, set to be completed by the third quarter of 2025, will expand Toro’s fleet to include five vessels. This strategic move marks Toro’s entry into the MR tanker segment, diversifying its existing LPG-focused fleet. Additionally, Toro Corp. appointed Theologos Pagiaslis as its new Chief Financial Officer, succeeding Ioannis Lazaridis. Pagiaslis brings over 15 years of experience in investment banking and capital markets, which is expected to bolster Toro’s financial management. Furthermore, the company has fully repaid its senior term loan to Castor Maritime Inc., initially granted in December 2024. This early repayment is part of Toro’s strategy to enhance its financial flexibility and strengthen its balance sheet. These developments reflect Toro Corp.’s ongoing efforts to adapt and grow within the global energy transportation sector.
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