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, 猫 stata venduta con l'approvazione dei membri indipendenti del consiglio, dato che Robin Energy 猫 controllata dal Presidente e CEO di Toro.
A seguito di questa operazione, la flotta di Toro sar脿 composta da tre navi portacontainer GPL e un tanker MR (in attesa dell'acquisizione annunciata l'11 giugno 2025). La consegna della nave 猫 prevista per il terzo trimestre 2025, subordinata alle consuete condizioni di chiusura.
Toro Corp. (NASDAQ: TORO), un proveedor global de servicios de transporte de energ铆a, ha anunciado la venta de su buque portador de GLP Dream Syrax a una subsidiaria de Robin Energy Ltd. por 18 millones de d贸lares. La venta del buque de 5,000 cbm construido en 2015 fue aprobada por miembros independientes de la junta, ya que Robin Energy est谩 controlada por el Presidente y CEO de Toro.
Tras esta transacci贸n, la flota de Toro consistir谩 en tres portadores de GLP y un petrolero MR (pendiente de la adquisici贸n anunciada el 11 de junio de 2025). La entrega del buque est谩 prevista para el tercer trimestre de 2025, sujeta a las condiciones habituales de cierre.
Toro Corp. (NASDAQ: TORO)電� 旮�搿滊矊 鞐愲剤歆� 鞖挫啞 靹滊箘鞀� 鞝滉车鞐呾泊搿滌劀, LPG 鞖措皹靹� Dream Syrax毳� Robin Energy Ltd.鞚� 鞛愴殞靷棎 1,800毵� 雼煬鞐� 毵り皝頄堧嫟瓿� 氚滍憸頄堨姷雼堧嫟. 2015雲勳棎 瓯挫“霅� 5,000 cbm 靹犽皶鞚� 毵り皝鞚� 霃呺 鞚挫偓霌れ潣 鞀轨澑鞚� 氚涭晿鞙茧┌, Robin Energy電� Toro鞚� 須岇灔 瓴� CEO臧� 韱奠牅頃橁碃 鞛堨姷雼堧嫟.
鞚措矆 瓯半灅 鞚错泟 Toro鞚� 靹犽嫧鞚� 3觳欖潣 LPG 鞖措皹靹�瓿� 1觳欖潣 MR 韮膘护(2025雲� 6鞗� 11鞚� 氚滍憸霅� 鞚胳垬 雽�旮� 欷�)鞙茧 甑劚霅� 鞓堨爼鞛呺媹雼�. 靹犽皶 鞚鸽弰電� 2025雲� 3攵勱赴鞐� 鞚措（鞏挫 鞓堨爼鞚措┌, 鞚茧皹鞝侅澑 瓯半灅 膦呺 臁瓣贝鞐� 霐半雼堧嫟.
Toro Corp. (NASDAQ: TORO), un fournisseur mondial de services de transport d'茅nergie, a annonc茅 la vente de son navire transporteur de GPL Dream Syrax 脿 une filiale de Robin Energy Ltd. pour 18 millions de dollars. La vente du navire de 5 000 cbm construit en 2015 a 茅t茅 approuv茅e par des membres ind茅pendants du conseil, Robin Energy 茅tant contr么l茅e par le pr茅sident-directeur g茅n茅ral de Toro.
Suite 脿 cette transaction, la flotte de Toro comprendra trois transporteurs de GPL et un p茅trolier MR (en attente de l'acquisition annonc茅e le 11 juin 2025). La livraison du navire est pr茅vue pour le troisi猫me trimestre 2025, sous r茅serve des conditions habituelles de cl么ture.
Toro Corp. (NASDAQ: TORO), ein globaler Anbieter von Energietransportdienstleistungen, hat den Verkauf seines LPG-Tankers Dream Syrax an eine Tochtergesellschaft von Robin Energy Ltd. f眉r 18 Millionen US-Dollar bekanntgegeben. Der 2015 gebaute 5.000 cbm-Tankerverkauf wurde von unabh盲ngigen 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 angek眉ndigten 脺bernahme). Die Lieferung des Schiffes wird im dritten Quartal 2025 erwartet, vorbehaltlich der 眉blichen 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) (鈥淭oro鈥�, or the 鈥淐ompany鈥�), a global energy transportation services provider, announces that it has entered into an agreement with a wholly owned subsidiary of Robin Energy Ltd. (鈥淩obin鈥�), 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鈥檚 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 鈥淭ORO鈥�.
For more information, please visit the Company鈥檚 website at . 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 鈥淪ecurities Act鈥�) and Section 21E of the Securities Exchange Act of 1934, as amended (the 鈥淓xchange Act鈥�). 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 鈥渂elieve鈥�, 鈥渁nticipate鈥�, 鈥渋ntend鈥�, 鈥渆stimate鈥�, 鈥渇orecast鈥�, 鈥減roject鈥�, 鈥減lan鈥�, 鈥減otential鈥�, 鈥渨ill鈥�, 鈥渕ay鈥�, 鈥渟hould鈥�, 鈥渆xpect鈥�, 鈥減ending鈥� 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鈥檚 and its counterparty鈥檚 ability to consummate the transaction discussed herein, as well as those factors discussed under 鈥淩isk Factors鈥� 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鈥檚 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鈥恖ooking statements, whether as a result of new information, future events or otherwise.
CONTACT DETAILS
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Toro Corp.
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FAQ
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