Business
Toro Corp. Announces the Sale of the M/T Wonder Formosa and the M/T Wonder Vega for an Aggregate $49.5 Million and Aggregate Expected Net Gain of $26.7 Million
LIMASSOL, Cyprus, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) (“Toro”, or the “Company”), an international energy transportation services
About this update from Toro Corp.
[{"type":"text","content":"LIMASSOL, Cyprus, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) (“Toro”, or the “Company”), an international energy transportation services company, announces that on September 1, 2023 and September 5, 2023 respectively, the Company entered into two separate agreements with two different unaffiliated third-parties for the sale of the (i) M/T Wonder Formosa, a 2006-built Handysize MR tanker, at a price of $18.0 million, and (ii) M/T Wonder Vega, a 2005-built Aframax tanker, at a price of $31.5 million. Both vessels are expected to be delivered to their new owners during the fourth quarter of 2023. The Company expects to record during the fourth quarter of 2023 (i) a net gain on the sale of the M/T Wonder Formosa of approximately $9.0 million, excluding any transaction-related costs and (ii) a net gain on the sale of the M/T Wonder Vega of approximately $17.7 million, excluding any transaction-related costs. About Toro Corp. Toro Corp. is an international energy transportation services company with a fleet of tankers and LPG carriers that carry crude oil, petroleum products and petrochemical gases worldwide. Toro Corp. currently owns a fleet of eight vessels with an aggregate capacity of 0.3 million dwt, which consists of one Aframax, one Aframax/LR2, two Handysize tankers and four 5,000 cbm LPG carriers and includes the M/T Wonder Formosa and M/T Wonder Vega. Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company's common shares trade on the Nasdaq Capital Market under the symbol “TORO”. For more information, please visit the Company’s website at www.torocorp.com. Information on our website does not constitute a part of this press release. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give the Company’s current expectations and projections about future events, including business strategy, goals, and future financial condition and performance, and so actual results may differ materially from what is expressed or implied by the statements. These statements sometimes use words such as “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “projec...