Petros Panagiotidis-led Toro Corp. has sealed an agreement through a wholly-owned subsidiary to acquire a 2021-built MR tanker.
The Nasdaq-listed company will buy the vessel from an unaffiliated third-party for a purchase price of $36.25m.
As it is reported, the company expects to fund the acquisition with cash on hand.
The acquisition is expected to conclude by taking delivery of the vessel during the second and third quarter of 2025 and is subject to the satisfaction of certain customary closing conditions.
Upon completion of the acquisition, the company’s fleet will comprise of four LPG carriers and one MR tanker vessel, transporting petrochemical gases and refined petroleum products worldwide.
It’s worth mentioning that the spin-off of the company’s handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. (Robin) was completed on April 14, 2025.
