Toro Corp to acquire 2021-built MR tanker vessel for $36.25 million

LIMASSOL, Cyprus - Toro Corp. (NASDAQ: TORO), a shipping company with a market capitalization of $35.66 million, announced Wednesday it has entered into an agreement to acquire a 2021-built MR tanker vessel for $36.25 million through a wholly owned subsidiary.

The global energy transportation services provider plans to fund the acquisition with cash on hand, according to a company press release. InvestingPro data shows Toro maintains a robust current ratio of 11.77, with more cash than debt on its balance sheet. The transaction is expected to be completed with vessel delivery during the second or third quarter of 2025, subject to customary closing conditions.

Upon completion of the acquisition, Toro’s fleet will expand to five vessels, comprising four LPG carriers and one MR tanker vessel. These ships transport petrochemical gases and refined petroleum products worldwide. The company maintains impressive gross profit margins of 51.64%, according to InvestingPro analysis, which offers 10+ additional insights about Toro’s financial performance.

The vessel will be purchased from an unaffiliated third party, though specific details about the seller were not disclosed in the announcement.

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 announcement comes as part of the company’s fleet expansion strategy in the global energy transportation sector. The addition of this vessel represents Toro’s entry into the MR tanker segment, diversifying its previously LPG-focused fleet.

In other recent news, Toro Corp. has announced the appointment of Theologos Pagiaslis as its new Chief Financial Officer, succeeding Ioannis Lazaridis. Pagiaslis brings over 15 years of experience in investment banking and corporate strategy, which Toro aims to leverage for its next phase of financial management. This leadership change is part of Toro’s strategic initiative to strengthen its executive team amid global industry challenges. In a separate development, Toro Corp. has fully repaid its senior term loan facility to Castor Maritime Inc., initially granted in December 2024. The early repayment is part of Toro’s strategy to enhance its financial flexibility and strengthen its balance sheet. These recent developments reflect Toro Corp.’s commitment to transparent corporate governance and financial management. The company has filed the relevant information with the Securities and Exchange Commission, adhering to regulatory requirements for foreign private issuers. Investors are encouraged to review Toro’s SEC filings for further details on these strategic moves.

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