Toro Corp. Sells LPG Carrier Dream Syrax for $18 Million
Toro Corp. Finalizes Sale of LPG Carrier Dream Syrax
Toro Corp., a renowned name in energy transportation services, has recently confirmed an exciting development in its operations. The Company has successfully entered into an agreement with Robin Energy Ltd., a Nasdaq-listed entity, for the sale of the LPG Carrier Dream Syrax. This 2015-built vessel, with a capacity of 5,000 cbm, has been valued at $18 million.
Details of the Transaction
The approval for this transaction came from independent and disinterested board members from both Toro Corp. and Robin Energy. The negotiations were orchestrated by special committees from both companies, ensuring that the transaction met the necessary governance standards.
Expected Delivery Timeline
The Dream Syrax is anticipated to be handed over to its new owner during the third quarter of 2025, contingent upon the fulfillment of customary closing conditions. This deal aligns with Toro’s strategy for optimizing its fleet operations and maintaining its competitive edge in the energy transportation market.
About Toro Corp.
Incorporated under the laws of the Republic of the Marshall Islands, Toro Corp. operates a modern fleet that specializes in the transport of petrochemical gases and refined petroleum products worldwide. With the completion of this latest transaction, the Company’s fleet will now comprise three LPG carriers and one MR tanker, bolstering its capacity and enhancing operational efficiency.
Market Position and Outlook
Toro Corp.'s shares are traded on the Nasdaq Capital Market under the symbol "TORO," and the Company is poised for growth. With an expanding fleet and strategic transactions like the sale of the Dream Syrax, Toro is focusing on enhancing its market position and exploring new opportunities within the energy sector.
Contact Information
For additional information regarding this or other inquiries, please feel free to reach out to Toro Corp.'s Investor Relations:
Toro Corp.
Email: ir@torocorp.com
Frequently Asked Questions
What is the sale price of the Dream Syrax?
The Dream Syrax was sold for $18 million.
Who is acquiring the Dream Syrax?
The vessel is being sold to a wholly owned subsidiary of Robin Energy Ltd.
What is Toro Corp.'s primary business focus?
Toro Corp. specializes in energy transportation services with a focus on petrochemical gases and refined petroleum products.
How is Toro Corp. structured in terms of fleet operations?
Following the sale, Toro will have three LPG carriers and one MR tanker in its fleet.
Where are Toro Corp.'s shares traded?
Toro Corp. trades on the Nasdaq Capital Market under the ticker symbol "TORO."
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