Toro Corp. To Sell LPG Carrier Dream Syrax To Robin Energy Subsidiary For $18 Mln

(RTTNews) - Toro Corp. (TORO), a global provider of energy transportation services, has entered into an agreement to sell its 2015-built 5,000 cbm LPG carrier vessel, Dream Syrax, for $18 million to a wholly owned subsidiary of Robin Energy Ltd., a Nasdaq-listed company led by Toro's Chairman and CEO.

The deal was reviewed and approved by the independent and disinterested board members of both Toro and Robin. Special committees composed of independent directors from both companies handled the negotiations and recommended the transaction.

The vessel is expected to be delivered in the third quarter of 2025, pending the fulfillment of customary closing conditions.

Thursday, TORO closed at $2.96, up 32.14%, and is trading after hours at $3.12, a further gain of 5.41%, on the NasdaqCM.