Toro Corp. Announces the Sale of the LPG Carrier Dream Syrax
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), un fornitore globale di servizi di trasporto energetico, ha annunciato la vendita della sua nave portacontainer GPL Dream Syrax a una controllata di Robin Energy Ltd. per 18 milioni di dollari. La nave da 5.000 cbm, costruita nel 2015, è stata venduta con l'approvazione dei membri indipendenti del consiglio, dato che Robin Energy è controllata dal Presidente e CEO di Toro.
A seguito di questa operazione, la flotta di Toro sarà composta da tre navi portacontainer GPL e un tanker MR (in attesa dell'acquisizione annunciata l'11 giugno 2025). La consegna della nave è prevista per il terzo trimestre 2025, subordinata alle consuete condizioni di chiusura.
Toro Corp. (NASDAQ: TORO), un proveedor global de servicios de transporte de energía, ha anunciado la venta de su buque portador de GLP Dream Syrax a una subsidiaria de Robin Energy Ltd. por 18 millones de dólares. La venta del buque de 5,000 cbm construido en 2015 fue aprobada por miembros independientes de la junta, ya que Robin Energy está controlada por el Presidente y CEO de Toro.
Tras esta transacción, la flota de Toro consistirá en tres portadores de GLP y un petrolero MR (pendiente de la adquisición anunciada el 11 de junio de 2025). La entrega del buque está prevista para el tercer trimestre de 2025, sujeta a las condiciones habituales de cierre.
Toro Corp. (NASDAQ: TORO)는 글로벌 에너지 운송 서비스 제공업체로서, LPG 운반선 Dream Syrax를 Robin Energy Ltd.의 자회사에 1,800만 달러에 매각했다고 발표했습니다. 2015년에 건조된 5,000 cbm 선박의 매각은 독립 이사들의 승인을 받았으며, Robin Energy는 Toro의 회장 겸 CEO가 통제하고 있습니다.
이번 거래 이후 Toro의 선단은 3척의 LPG 운반선과 1척의 MR 탱커(2025년 6월 11일 발표된 인수 대기 중)으로 구성될 예정입니다. 선박 인도는 2025년 3분기에 이루어질 예정이며, 일반적인 거래 종료 조건에 따릅니다.
Toro Corp. (NASDAQ: TORO), un fournisseur mondial de services de transport d'énergie, a annoncé la vente de son navire transporteur de GPL Dream Syrax à une filiale de Robin Energy Ltd. pour 18 millions de dollars. La vente du navire de 5 000 cbm construit en 2015 a été approuvée par des membres indépendants du conseil, Robin Energy étant contrôlée par le président-directeur général de Toro.
Suite à cette transaction, la flotte de Toro comprendra trois transporteurs de GPL et un pétrolier MR (en attente de l'acquisition annoncée le 11 juin 2025). La livraison du navire est prévue pour le troisième trimestre 2025, sous réserve des conditions habituelles de clôture.
Toro Corp. (NASDAQ: TORO), ein globaler Anbieter von Energietransportdienstleistungen, hat den Verkauf seines LPG-Tankers Dream Syrax an eine Tochtergesellschaft von Robin Energy Ltd. für 18 Millionen US-Dollar bekanntgegeben. Der 2015 gebaute 5.000 cbm-Tankerverkauf wurde von unabhängigen Vorstandsmitgliedern genehmigt, da Robin Energy von Toros Vorsitzendem und CEO kontrolliert wird.
Nach dieser Transaktion wird die Flotte von Toro aus drei LPG-Tankern und einem MR-Tanker bestehen (vorbehaltlich der am 11. Juni 2025 angekündigten Übernahme). Die Lieferung des Schiffes wird im dritten Quartal 2025 erwartet, vorbehaltlich der üblichen Abschlussbedingungen.
- Sale price of $18 million for the Dream Syrax vessel
- Transaction approved by independent board members ensuring proper corporate governance
- Company maintains a focused fleet of 4 vessels post-transaction
- Sale to a related party (CEO-controlled company) could raise conflict of interest concerns
- Reduction in fleet size may impact operational capacity
- Transaction subject to closing conditions which could delay completion
Insights
Toro Corp. selling $18M LPG vessel to CEO-controlled company raises related-party transaction concerns while reshaping fleet composition.
Toro Corp. has entered into an $18 million sale agreement for its 2015-built LPG carrier Dream Syrax to a subsidiary of Robin Energy Ltd., a company controlled by Toro's own Chairman and CEO. This related-party transaction represents a significant development in the company's fleet management strategy.
The transaction has several noteworthy dimensions. First, the sale reduces Toro's operational fleet to just three LPG carriers plus one pending MR tanker acquisition announced last month. This substantial fleet reduction raises questions about Toro's strategic direction and scale in the energy transportation market.
The related-party nature of this transaction deserves particular scrutiny. While the company notes that independent board members from both companies approved the terms following special committee recommendations, such transactions inherently carry potential conflicts of interest. The
This sale continues Toro's apparent fleet restructuring, as they're simultaneously adding an MR tanker while divesting this LPG carrier. This suggests a strategic pivot in vessel composition rather than a simple fleet reduction. The timing of the transaction, expected to close in Q3 2025, indicates the deal is still subject to customary closing conditions.
For investors tracking Toro's development, this transaction signals continued evolution in the company's operational footprint and asset composition, with potential implications for future revenue streams and operational focus in the global energy transportation market.
LIMASSOL, Cyprus, July 10, 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 Syrax a 2015-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 the third quarter of 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 three LPG carriers and one MR tanker the acquisition agreement for which was announced on June 11, 2025, 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
What is the sale price of Toro Corp's (NASDAQ:TORO) Dream Syrax vessel?
When will the Dream Syrax vessel sale be completed?
How many vessels will Toro Corp. (NASDAQ:TORO) own after the Dream Syrax sale?
Who is purchasing Toro Corp's Dream Syrax vessel?
What type of vessel is the Dream Syrax?
