Toro acquires tanker following new spin-off

TORO, the tanker and liquefied petroleum gas carrier owner that began life as a spin-off from Nasdaq-listed Castor Maritime, has acquired a modern medium-range tanker that may be destined for the group’s latest spin-off.

Nasdaq-listed Toro confirmed the purchase of the unidentified MR that was built in 2021.

The company expected to fund the purchase price of just over $36m using its own cash, it said.

Delivery of the acquisition is expected to take place within this quarter or during the third quarter of the year although the deal, with an unaffiliated third party, remained subject to typical closing conditions.

The deal, the first tanker acquisition by one of the Petros Panagiotidis-led companies in many months, follows the spin-off from Toro in April of Robin Energy, a new Nasdaq-listed entity to focus initially on tankers but with a broad remit.

Toro investors received one share in Robin for every eight held in Toro.

Robin took over Toro’s single handysize product tanker, the 36,700 dwt Wonder Mimosa (IMO: 9312901), leaving Toro with a fleet of four 5,000 cu m LPG carriers.

The new company has said it intended to expand the fleet and “may acquire additional tankers to reduce the average age of and renew our fleet.”

It has already filed with market legislators to give itself the ability to raise up to $250m from the markets by issuing securities.