Business
Toro Corp. Announces the Sale of the M/T Wonder Musica for $28.0 Million With an Expected Net Gain of $17.0 Million and the Completion of the Sales of M/T Wonder Bellatrix and M/T Wonder Polaris
LIMASSOL, Cyprus, June 27, 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, June 27, 2023 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) (“Toro”, or the “Company”) an international energy transportation services company, announces that on June 15, 2023, the Company entered into an agreement with an unaffiliated third-party for the sale of the M/T Wonder Musica, a 2004-built Aframax/LR2 tanker, at a price of $28.0 million. The conclusion of the sale agreement is subject to the execution of definitive documentation customary for this type of transaction. The vessel is expected to be delivered to its new owner during the third quarter of 2023. The Company expects to record during the third quarter of 2023 a net gain on the sale of the M/T Wonder Musica of approximately $17.0 million, excluding any transaction-related costs. Toro also announces that the Company completed the previously announced sales of (i) the M/T Wonder Bellatrix, a 2006-built Aframax/LR2 tanker, at a price of $37.0 million, and (ii) the M/T Wonder Polaris, a 2005-built Aframax/LR2 tanker, at a price of $34.5 million on June 22, 2023 and June 26, 2023, respectively, by delivering each vessel to their new owner. The Company expects to record during the second quarter of 2023 (i) a net gain on the sale of the M/T Wonder Bellatrix of approximately $20.5 million, excluding any transaction-related costs, and (ii) a net gain on the sale of the M/T Wonder Polaris of approximately $22.4 million, excluding any transaction-related costs. About Toro Corp. Toro Corp. is an international energy transportation services company with a fleet of tanker vessels that carry crude oil and petroleum products worldwide. Toro Corp. currently owns a fleet of eight vessels, with an aggregate capacity of 0.5 million dwt, consisting of one Aframax, three Aframax/LR2, two Handysize tankers and two 5,000 cbm LPG carriers. As previously announced, Toro Corp. has agreed to sell two of its Aframax/LR2 tankers and has agreed to acquire two additional LPG carriers. 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 ...