Toro Corp. Announces Acquisition of MR Tanker Vessel
Deal News | Jun 11, 2025 | Globenewswire
Toro Corp., a global energy transportation services provider, has announced it has entered into an agreement to acquire a 2021-built MR tanker vessel from an unaffiliated third-party at a purchase price of $36.25 million. This acquisition will be funded through the company's cash reserves. The transaction is expected to complete with the delivery of the vessel during Q2-Q3 2025, pending customary closing conditions. The acquisition will enhance Toro Corp.’s fleet, which, upon transaction closure, will consist of four LPG carriers and one MR tanker vessel. Toro is registered in the Republic of the Marshall Islands and trades on the Nasdaq under the ticker TORO. The company has issued a cautionary statement regarding forward-looking information, indicating potential uncertainties related to the completion of the acquisition.
Sectors
- Energy Transportation Services
- Maritime Shipping
Geography
- Cyprus – The announcement was made from Limassol, Cyprus, which is the operational base for Toro Corp.
- Republic of the Marshall Islands – Toro Corp. is incorporated under the laws of the Republic of the Marshall Islands, which is relevant to its corporate structure and legal jurisdiction.
Industry
- Energy Transportation Services – Toro Corp. operates within the global energy transportation sector, focusing on the movement of petrochemical gases and refined petroleum products via oceangoing vessels.
- Maritime Shipping – The acquisition of a new MR tanker vessel directly involves maritime shipping activities, expanding Toro Corp.'s fleet.
Financials
- $36.25 million – The purchase price for the MR tanker vessel being acquired by Toro Corp.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Toro Corp. | Acquiring Company | Company | A global energy transportation services provider expanding its fleet with the acquisition of an MR tanker vessel. |
| Unaffiliated Third-Party | Seller | Company | The third-party entity from which Toro Corp. is acquiring the MR tanker vessel. |
| Petros Panagiotidis | Contact Person | People | Representative for investor relations at Toro Corp. |