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.