Toro Corp. Announces Vessel Acquisition

Rhea-AI Summary

Toro Corp. (NASDAQ: TORO), a global energy transportation services provider, has announced the acquisition of a 2021-built MR tanker vessel for $36.25 million from an unaffiliated third party. The acquisition will be funded with cash on hand and is expected to be completed during Q2-Q3 2025, subject to customary closing conditions. Upon completion, Toro's fleet will expand to include four LPG carriers and one MR tanker vessel, strengthening its capacity to transport petrochemical gases and refined petroleum products worldwide. The acquisition represents a strategic expansion of Toro's fleet with a relatively new vessel, enhancing its operational capabilities in the energy transportation sector.

Positive

• Acquisition of a relatively new vessel (2021-built) indicating modern fleet maintenance
• Purchase to be funded with existing cash, demonstrating strong liquidity position
• Strategic fleet expansion to 5 vessels, improving operational scale
• Diversification of fleet composition with addition of MR tanker to existing LPG carriers

Negative

• Significant cash outlay of $36.25 million may impact available working capital
• Execution risk related to closing conditions and delivery timing
• Increased exposure to MR tanker market segment risks

News Market Reaction

+1.26%

1 alert

+1.26% News Effect

On the day this news was published, TORO gained 1.26%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LIMASSOL, Cyprus, June 11, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) (“Toro”, or the “Company”), a global energy transportation services provider, announces it has entered into an agreement, through a wholly owned subsidiary, to acquire a 2021-built MR tanker vessel from an unaffiliated third-party for a purchase price of $36.25 million. The Company expects to fund the acquisition with cash on hand.

The acquisition is expected to conclude by taking delivery of the vessel during Q2-Q3 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. Upon completion of the above-mentioned acquisition, the Company’s fleet will comprise of four LPG carriers and one MR tanker vessel, transporting 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 acquisition 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 transactions 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:

Petros Panagiotidis
Toro Corp.
Email: ir@torocorp.com

FAQ

What is the purchase price for TORO's new vessel acquisition?

Toro Corp. is acquiring the 2021-built MR tanker vessel for $36.25 million.

When will TORO complete the vessel acquisition?

The acquisition is expected to be completed during Q2-Q3 2025, subject to customary closing conditions.

How many vessels will TORO own after this acquisition?

After the acquisition, Toro's fleet will comprise of five vessels: four LPG carriers and one MR tanker vessel.

How is TORO funding the vessel acquisition?

Toro Corp. plans to fund the acquisition using cash on hand.

What type of vessel is TORO acquiring?

Toro is acquiring a 2021-built MR (Medium Range) tanker vessel.