Castor´s Maritime Tanker Spin-Off Toro Sells Aframax Duo, Enters LPG Sector

Toro Corp. tanker

Photo credit: Toro Corp.

Limassol-based tanker and LPG shipowner Toro, established by Castor Maritime, has sealed two deals with an unaffiliated third party for the sale of two Aframax LR2 tankers.

Toro led by Petros Panagiotidis has announced the sales on 18th and 12th of May for the sale of Wonder Polaris, a 2005-built Aframax/LR2 tanker, at a price of $34.5 million, and the Wonder Bellatrix, a 2006-built Aframax/LR2 tanker, at a price of $37.0 million.

The sale deals are subject to the execution of definitive documentation customary for these types of transactions. Both vessels are expected to be delivered to their new owner during the second quarter of 2023.

It also agreed on April to acquire four additional LPG vessels in a pending transaction.

Meanwhile the Nasdaq-listed company expects to record during the second quarter of 2023 a net gain on the sale of the vessel Wonder Polaris of approximately $22.4 million, excluding any transaction-related costs, and a net gain on the sale of the Wonder Bellatrix of approximately $20.5 million, excluding any transaction-related costs.

Petros Panagiotidis, Chief Executive Officer of Toro, commented on the sales: “We are pleased to announce the sale of two of our Aframax vessels for a substantial capital gain. We believe that this sale, along with the recent announcements of the sale of the M/T Wonder Avior, and the entry into the LPG vessel sector with four modern vessels are important steps in the modernization and diversification of Toro’s business. We intend to continue looking for further opportunities to renew, grow and diversify our fleet.”

Prior to the dispositions and the sale of the vessel Wonder Avior which was previously announced by the company, Toro Corp owned a fleet of 8 tankers, with an aggregate capacity of 0.7 million deadweight, consisting of 1 Aframax, 5 Aframax/LR2 and 2 Handysize tankers.

Disclaimer for podcasts and articles

When you view, access or otherwise use our podcasts or articles, you acknowledge the application of this disclaimer:

Shipping Telegraph ApS provides no warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in our podcasts or articles. The information, opinions, recommendations, content, etc. presented in our podcasts or articles are for information purposes only and do not constitute or replace professional advice. Any reliance you may place on the information provided in our podcast or articles is strictly at your own risk.

Unless it is specifically stated, Shipping Telegraph ApS does not approve, recommend or certify any product, process, service, organization, etc. presented or mentioned in our podcasts or articles. Any third-party materials, advertisements or content of any third-party referenced in our podcasts or articles do not necessarily reflect the opinions, standard or policies of Shipping Telegraph ApS, and Shipping Telegraph ApS cannot be held accountable hereof. Shipping Telegraph ApS is not responsible or liable for the accuracy, completeness or compliance with applicable laws of any third-party material, advertisements and content.

Shipping Telegraph ApS shall not be responsible for any errors or omissions contained in the podcasts, the articles or the website used to gain access hereto and reserves the right to make changes without notice. Shipping Telegraph ApS makes no warranty that our podcasts or articles, or the server making them available, are free of viruses, worms, etc.

Shipping Telegraph ApS expressly disclaims any and all liability or responsibility for any direct, indirect, punitive, incidental, consequential or other damages or other claims arising out of or in connection with any individual's and business entity's use of, reference to, reliance on our podcasts or articles or the information presented herein. By ticking the box, I agree with the disclaimer above.