TORO Toro Company

Toro Corp. announced the acquisition of two MR tankers for a combined $83.4 million, expanding its fleet as it seeks to increase its capacity to transport refined petroleum products and petrochemical gases worldwide. The company purchased the M/T Wonder Alasia, a 2018-built MR tanker constructed in Japan, for $45.9 million, with delivery completed on Sept. 17. Toro also acquired a 2014-built MR tanker equipped with a scrubber from a Korean shipyard for $37.5 million. The vessel was delivered on Sept. 18 and is expected to be renamed M/T Wonder Atria. Both transactions were financed with available cash and completed through two separate wholly owned subsidiaries acquired from unrelated third parties. Following the deals, Toro’s fleet consists of six ocean-going vessels, including four MR tankers and two LPG carriers. The acquisitions increase the company’s presence in the product tanker segment while adding relatively recent tonnage to its fleet. $TORO

$TORO proposes a spin-off of its LPG carrier business, creating AI OKTO as an independent Nasdaq-listed company.