Toro Corp. Announces Vessel Acquisition
- 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
- 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
Insights
Toro Corp is expanding its fleet with a $36.25M tanker acquisition, strengthening its energy transportation capacity and diversifying its vessel portfolio.
Toro Corp's announcement to acquire a 2021-built MR tanker vessel for
The relatively new build (2021) suggests the company is investing in modern, efficient tonnage rather than older vessels with higher maintenance costs and potential regulatory challenges. This acquisition also indicates Toro is leveraging its cash position for growth rather than pursuing debt financing, which speaks to the company's financial health.
The addition of an MR (Medium Range) tanker is particularly notable as these vessels typically transport refined petroleum products and have different market dynamics than LPG carriers. This diversification could help Toro balance revenue streams across different shipping segments and reduce market-specific risks.
MR tankers typically range from 25,000 to 54,999 deadweight tonnage and are versatile vessels that can access most ports worldwide. While the company hasn't disclosed the specific specifications or current employment status of the vessel, the acquisition aligns with Toro's stated focus on energy transportation services and indicates a strategic move to expand their operational footprint in the global shipping market.
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
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?
When will TORO complete the vessel acquisition?
How many vessels will TORO own after this acquisition?
How is TORO funding the vessel acquisition?
What type of vessel is TORO acquiring?
