Toro Corp. Announces the Sale of the LPG Carrier Dream Terrax
Toro Corp. (NASDAQ: TORO), a global energy transportation services provider, has announced the sale of its LPG carrier vessel Dream Terrax to a subsidiary of Robin Energy Ltd. for $20 million. The 2020-built 5,000 cbm vessel sale was approved by independent board members of both companies.
The transaction, expected to complete in 2025, is notable as Robin Energy is controlled by Toro's Chairman and CEO. Following the sale, Toro's fleet will be reduced to three vessels, comprising two LPG carriers and one MR tanker vessel that transport petrochemical gases and refined petroleum products worldwide.
Toro Corp. (NASDAQ: TORO), fornitore globale di servizi di trasporto energetico, ha annunciato la vendita della sua nave trasporto GPL Dream Terrax a una filiale di Robin Energy Ltd. per $20 milioni. La nave, costruita nel 2020 e con capacità di 5.000 cbm, è stata approvata dai membri indipendenti dei consigli di amministrazione di entrambe le società.
La transazione, prevista per il completamento nel 2025, è di rilievo poiché Robin Energy è controllata dal presidente e CEO di Toro. Dopo la vendita, la flotta di Toro sarà ridotta a tre navi, composta da due navi GPL e da una tanker MR che trasportano gas petrochimici e prodotti petroliferi raffinati in tutto il mondo.
Toro Corp. (NASDAQ: TORO), proveedor global de servicios de transporte de energía, ha anunciado la venta de su buque portacontenedores de GLP Dream Terrax a una subsidiaria de Robin Energy Ltd. por $20 millones. El buque, construido en 2020 y con una capacidad de 5.000 cbm, fue aprobado por los miembros independientes de los consejos de administración de ambas compañías.
La transacción, que se espera cierre en 2025, es notable ya que Robin Energy está controlada por el presidente y director ejecutivo de Toro. Tras la venta, la flota de Toro quedará en tres embarcaciones, compuestas por dos buques GLP y un buque tanque MR que transportan gases petroquímicos y productos petrolíferos refinados a nivel mundial.
Toro Corp. (NASDAQ: TORO)는 글로벌 에너지 운송 서비스 제공업체로서 Dream Terrax라는 LPG 운반선을 Robin Energy Ltd.의 자회사에 2천만 달러에 매각했다고 발표했습니다. 2020년에 건조된 이 5,000 cbm 선박은 양사 이사회 독립 멤버들의 승인을 받았습니다.
거래는 2025년에 완료될 예정이며, Robin Energy가 Toro의 회장 겸 CEO가 지배하고 있기 때문입니다. 매각 이후 Toro의 함대는 세 척으로 축소되며, 두 척의 LPG 운반선과 한 척의 MR 탱커 선박으로 전 세계적으로 석유화학 가스와 정제 석유제품을 운송하게 됩니다.
Toro Corp. (NASDAQ: TORO), fournisseur mondial de services de transport énergétique, a annoncé la vente de son navire porte-GPL Dream Terrax à une filiale de Robin Energy Ltd. pour 20 millions de dollars. Le navire de 5 000 cbm, construit en 2020, a été approuvé par les membres indépendants des conseils d’administration des deux sociétés.
La transaction, dont la clôture est prévue en 2025, est notable car Robin Energy est contrôlée par le président-directeur général de Toro. Après la vente, la flotte de Toro sera réduite à trois navires, comprenant deux porte-GPL et un navire-citerne MR qui transportent des gaz pétrochimiques et des produits pétroliers raffinés dans le monde entier.
Toro Corp. (NASDAQ: TORO), ein globaler Anbieter von Energies Transportdienstleistungen, hat den Verkauf seines LPG-Trägerschiffs Dream Terrax an eine Tochtergesellschaft von Robin Energy Ltd. für 20 Millionen Dollar bekannt gegeben. Das 2020 gebaute 5.000 cbm-Schiff wurde von unabhängigen Vorstandsmitgliedern beider Unternehmen genehmigt.
Die Transaktion soll 2025 abgeschlossen werden und ist bemerkenswert, da Robin Energy von Toro's Vorsitzendem und CEO kontrolliert wird. Nach dem Verkauf wird Toro's Flotte auf drei Schiffe reduziert, bestehend aus zwei LPG-Trägern und einem MR-Tanker, der petrochemische Gase und raffinierte Petroleumprodukte weltweit befördert.
تورُو كورب (ناسداك: TORO)، مزوّد عالمي لخدمات نقل الطاقة، أعلن عن بيع سفينة ناقلة LPG Dream Terrax إلى إحدى شركات Robin Energy Ltd. التابعة مقابل $20 مليون. السفينة، التي بُنيت في عام 2020 وبسعة 5,000 cbm، قد تمت الموافقة على بيعها من قبل أعضاء مجلس الإدارة المستقلين في كلتا الشركتين.
ومن المتوقع أن تُستكمل الصفقة في عام 2025، وهو أمر ذو أهمية لأن Robin Energy تخضع للسيطرة من قبل رئيس مجلس الإدارة والمدير التنفيذي لشركة Toro. بعد البيع، ستنخفض أسطول Toro إلى ثلاث سفن، تتألف من ناقلتي LPG وناقلة MR واحدة تنقل الغازات petrochemical والمنتجات البترولية المكررة حول العالم.
Toro Corp. (NASDAQ: TORO)，全球能源运输服务提供商，宣布以 $20 million 将其 LPG 运载船 Dream Terrax 出售给 Robin Energy Ltd. 的一家公司子公司。该船于 2020 年建造，容量为 5,000 cbm，交易已获双方公司独立董事批准。
交易预计在 2025 年完成，值得关注的是 Robin Energy 由 Toro 的主席兼首席执行官控制。出售后，Toro 的船队将缩减为 三艘船，其中两艘为 LPG 运载船，一艘为 MR 型油轮，全球运输石化气体和精炼石油产品。
- Sale price of $20 million for the Dream Terrax vessel
- Transaction approved by independent board members, ensuring corporate governance
- Reduction in fleet size from 4 to 3 vessels, potentially impacting operational capacity
- Related party transaction with CEO-controlled company raises potential conflict of interest concerns
Insights
Toro's $20M vessel sale to CEO-controlled entity reduces fleet by 25%, raising questions about strategic direction despite independent board approval.
Toro Corp has announced the $20 million sale of its 2020-built LPG carrier Dream Terrax to a subsidiary of Robin Energy Ltd, a company controlled by Toro's own Chairman and CEO. This transaction represents a significant development for the small-cap shipping company.
The sale materially impacts Toro's operational capacity, reducing its fleet from 4 to 3 vessels - a 25% reduction in fleet size. Post-transaction, Toro will operate just two LPG carriers plus one MR tanker. For context, this substantial fleet reduction could affect the company's revenue-generating capabilities and operational diversification.
What's particularly noteworthy is the related-party nature of this transaction. The buyer is controlled by Toro's own Chairman/CEO, creating an inherent conflict of interest. To address this concern, both companies implemented governance safeguards - the deal terms were approved by independent directors following negotiations by special committees of disinterested board members from both companies.
While the press release doesn't specify how Toro plans to use the proceeds, this $20 million cash infusion could significantly strengthen its balance sheet. For a small shipping company, this capital could fund fleet renewal, debt reduction, or potentially shareholder returns.
The transaction timing is also worth noting - while announced in September 2025, the closing remains subject to "customary conditions" with delivery expected sometime during 2025. This timeline suggests the deal isn't facing regulatory hurdles that would extend the closing period.
Without knowing Toro's total market capitalization or the vessel's book value, it's difficult to assess whether the $20 million price represents fair market value for a 5-year-old (2020-built) LPG carrier. However, the governance procedures implemented suggest efforts to ensure arms-length negotiation despite the related-party nature of the transaction.
LIMASSOL, Cyprus, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) (“Toro”, or the “Company”), a global energy transportation services provider, announces that it has entered into an agreement with a wholly owned subsidiary of Robin Energy Ltd. (“Robin”), a Nasdaq-listed entity controlled by our Chairman and Chief Executive Officer, for the sale of the Dream Terrax, a 2020-built 5,000 cbm LPG Carrier vessel for a sale price of
The terms of the transaction were approved by the independent and disinterested members of the Boards of Toro and Robin, respectively, following the negotiation and recommendation by special committees of the independent and disinterested directors of the Boards of Toro and Robin.
The vessel is expected to be delivered to its new owner during 2025 and is subject to the satisfaction of certain customary closing conditions.
About Toro Corp.
Toro Corp. is a global energy transportation services provider, operating a modern fleet of oceangoing vessels. Following the above mentioned transaction, the Company’s fleet will comprise of two LPG carriers and one MR tanker vessel that transport petrochemical gases and refined petroleum products worldwide.
Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company's common shares trade on the Nasdaq Capital Market under the symbol “TORO”.
For more information, please visit the Company’s website at www.torocorp.com. Information on our website does not constitute a part of this press release.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including those related to the anticipated completion of the vessel sale and the timing of delivery of the vessel. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond our control or precise estimate. Such risks, uncertainties and other factors include, but are not limited to, uncertainties related to the Company’s and its counterparty’s ability to consummate the transaction discussed herein, as well as those factors discussed under “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 and our other filings with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov. Except to the extent required by applicable law, we disclaim any intention or obligation to update publicly or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
Investor Relations
Toro Corp.
Email: ir@torocorp.com
FAQ
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