Welcome to our dedicated page for Toro news (Ticker: TORO), a resource for investors and traders seeking the latest updates and insights on Toro stock.
Toro Corp. reports developments for a global energy transportation business that owns, charters and operates oceangoing tankers and LPG carrier vessels. Company updates center on vessel revenues, net income and operating costs, as well as fleet adjustments involving MR tankers, LPG carriers and the completed spin-off of its Handysize tanker segment.
Recurring news also covers capital allocation and financing actions, including special dividends payable in cash or common shares, shareholder election results, revolving credit facilities secured by vessels and transactions involving Castor Maritime securities. These items frame Toro’s public updates around fleet composition, vessel-backed financing, shareholder distributions and related-party governance processes.
Toro Corp. (NASDAQ: TORO), a global energy transportation services provider, has announced the sale of its LPG carrier vessel Dream Syrax to a subsidiary of Robin Energy Ltd. for $18 million. The 2015-built 5,000 cbm vessel sale was approved by independent board members, as Robin Energy is controlled by Toro's Chairman and CEO.
Following this transaction, Toro's fleet will consist of three LPG carriers and one MR tanker (pending acquisition announced on June 11, 2025). The vessel delivery is expected during Q3 2025, subject to customary closing conditions.
Toro Corp (NASDAQ: TORO), an international energy transportation services company, has announced the filing of its 2024 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report, containing audited consolidated financial statements for the fiscal year ended December 31, 2024, is now available on both the SEC website and Toro's corporate website.
The company, which specializes in LPG carrier operations, currently maintains a fleet of four 5,000 cbm LPG carrier vessels that transport petrochemical gases worldwide. Shareholders can request a complimentary hard copy of the Annual Report by contacting the company via email at ir@torocorp.com.
Toro Corp (NASDAQ: TORO) reported financial results for Q4 and full-year 2024, showing mixed performance. Q4 net income declined 96.5% to $1.0 million compared to $28.2 million in Q4 2023, while vessel revenues dropped 28.8% to $5.2 million.
For the full year 2024, the company achieved net income of $25.2 million, down 82.1% from 2023. Total vessel revenues slightly increased by 0.4% to $22.4 million. Key transactions include providing a $100 million senior term loan to Castor Maritime and purchasing 50,000 Castor Series D Preferred Shares for $50 million.
The company completed the spin-off of its Handysize tanker business to Robin Energy on April 14, 2025. As of December 31, 2024, Toro maintained $37.2 million in cash and restricted cash, down from $155.6 million year-over-year. The company's fleet of LPG carriers earned an average Daily TCE Rate of $10,724 in Q4 2024, compared to $13,139 in Q4 2023.
Toro Corp. (NASDAQ: TORO) has announced key dates for the spin-off of its Handysize tanker business through its wholly owned subsidiary, Robin Energy Shareholders will receive one Robin common share for every eight Toro common shares held at the close of business on April 7, 2025 (Record Date), with distribution expected around April 14, 2025.
The spin-off completion is contingent on Robin's registration statement (Form 20-F) being declared effective and approval for listing on the Nasdaq Capital Market. Toro Corp. currently operates a fleet of five vessels with a total capacity of 0.1 million dwt, comprising one Handysize tanker and four 5,000 cbm LPG carriers, providing international energy transportation services.
Toro Corp. (NASDAQ: TORO) has announced plans to spin off its Handysize tanker business into a new company called Robin Energy . Toro shareholders will receive one Robin common share for every eight Toro common shares held. The spin-off includes one Handysize tanker and Xavier Shipping Co.
The strategic move aims to create two distinct businesses, allowing each to focus on their respective sectors. Petros Panagiotidis, Toro's current Chairman and CEO, will lead Robin Energy in the same capacity. The transaction is pending SEC registration statement approval and Nasdaq Capital Market listing.
Toro currently operates a fleet of five vessels with 0.1 million dwt capacity, consisting of one Handysize tanker and four 5,000 cbm LPG carriers. The spin-off is designed to enhance operational efficiencies and facilitate strategic expansion while giving shareholders flexibility in their shipping sector investments.
Toro Corp. (NASDAQ: TORO) has announced two significant financial transactions with Castor Maritime Inc. First, Toro will provide a $100 million senior term loan facility to Castor, secured by 10 vessels valued at approximately $235 million. The loan has a 5-year term with an interest rate of SOFR plus 1.80% per annum.
Additionally, Toro has agreed to increase its investment in Castor's Series D Preferred Shares by 50,000 shares for $50 million in cash, bringing its total holdings to 100,000 Series D Preferred Shares. Both transactions were approved by independent board members and special committees, with guidance from an independent financial advisor.
Toro Corp (NASDAQ: TORO) reported financial results for Q3 2024, with total vessel revenues from continuing operations at $5.3 million, down 18.5% from Q3 2023. Net income was $1.0 million, a 97.2% decrease from $35.1 million in Q3 2023. For the nine months ended September 30, 2024, the company reported total vessel revenues of $17.2 million, up 14.7% year-over-year, and net income of $24.2 million. The company maintained a strong cash position of $192.1 million as of September 30, 2024, up from $155.6 million at the end of 2023. The company also sold M/T Wonder Sirius for $33.8 million, resulting in a $19.6 million capital gain.
Toro Corp. (NASDAQ: TORO), an international energy transportation services company, held its 2024 Annual General Meeting of Shareholders on September 6, 2024, in Limassol, Cyprus. The meeting resulted in two key approvals:
1. The re-election of Mr. Petros Zavakopoulos as the Company's Class A Director until the 2027 Annual General Meeting.
2. The appointment of Deloitte Certified Public Accountants S.A. as the Company's independent auditors for the fiscal year 2024.
Toro Corp. currently operates a fleet of five vessels with a total capacity of 0.1 million dwt, consisting of one Handysize tanker and four 5,000 cbm LPG carriers. The company specializes in transporting crude oil, petroleum products, and petrochemical gases worldwide.