LIMASSOL, Cyprus, Oct. 01, 2025 (GLOBE NEWSWIRE) — Toro Corp. (NASDAQ:TORO), (“Toro” or the “Company”) a global energy transportation provider, today announced its results for the three months and the six months ended June 30, 2025.
Highlights of the Second Quarter Ended June 30, 2025:
- Total vessel revenues from continuing operations: $4.1 million, as compared to $5.4 million for the three months ended June 30, 2024, or a 24.1% decrease;
- Net income from continuing operations: $1.4 million, as compared to $1.1 million for the three months ended June 30, 2024, or a 27.3% increase;
- Net income: $1.4 million, as compared to $1.1 million for the three months ended June 30, 2024, or a 27.3% increase;
- Earnings per common share, basic, from continuing operations: $0.0151 per share, as compared to $0.0017 per share for the three months ended June 30, 2024;
- EBITDA(1) from continuing operations: $1.3 million, as compared to $0.2 million for the three months ended June 30, 2024;
- Cash of $114.7 million as of June 30, 2025, as compared to $37.2 million as of December 31, 2024;
- The spin-off of our Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. (“Robin”) was completed on April 14, 2025.
Highlights of the Six Months Ended June 30, 2025:
- Total vessel revenues from continuing operations: $9.6 million, as compared to $11.8 million for the six months ended June 30, 2024, or a 18.6% decrease;
- Net income from continuing operations: $2.9 million, as compared to $3.5 million for the six months ended June 30, 2024, or a 17.1% decrease;
- Net income: $3.0 million, as compared to $23.3 million for the six months ended June 30, 2024, or a 87.1% decrease;
- Earnings/(Loss) per common share, basic, from continuing operations: $0.0336 per share, as compared to $(0.0121) per share for the six months ended June 30, 2024;
- EBITDA(1) from continuing operations: $2.2 million, as compared to $1.8 million for the six months ended June 30, 2024;
- On May 5, 2025, the $100.0 million senior term loan facility from Toro to Castor Maritime Inc. (‘’Castor”) was fully repaid; and
- On May 3, 2025, the Company entered into an agreement to purchase a 2021-built MR (MR2 class) tanker vessel from an unaffiliated third party for a purchase price of $36.25 million. The M/T Wonder Altair was delivered to the Company on July 11, 2025. Following the acquisition of the new MR tanker vessel, the former Handysize segment was renamed “MR (Handysize/MR2)” to reflect both the updated fleet composition and strategic continuity of the segment.
(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
“In the second quarter of 2025, we delivered solid operational performance across our core operations, reflecting both disciplined execution and market resilience.
This was supported by strong liquidity and a debt-free balance sheet, which together provide us with significant financial flexibility.
We remain focused on fleet optimization while enhancing shareholder value.”
Earnings Commentary:
Second quarter ended June 30, 2025, and 2024 Results
Total vessel revenues, net of charterers’ commissions, from continuing operations decreased to $4.1 million in the three months ended June 30, 2025, from $5.4 million in the same period in 2024. This decrease of $1.3 million was mainly associated with the decrease in the Available Days of our fleet to 335 days in the three months ended June 30, 2025 from 429 days in the same period in 2024 due to the spin-off of M/T Wonder Mimosa on April 14, 2025. During the three months ended June 30, 2025, our fleet earned on average a Daily TCE Rate of $11,492, compared to an average Daily TCE Rate of $11,268 earned during the same period in 2024. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Voyage expenses from continuing operations for our fleet decreased to $0.2 million in the three months ended June 30, 2025, from $0.6 million in the same period in 2024. This decrease of $0.4 million was mainly associated with decreased bunkers consumption costs of $0.3 million in the three months ended June 30, 2025, as compared to the same period in 2024.
The decrease in vessel operating expenses from continuing operations by $0.3 million to $2.0 million in the three months ended June 30, 2025, from $2.3 million in the same period in 2024, mainly reflects the decrease in the Ownership Days of our fleet to 377 days in the three months ended June 30, 2025, from 455 days in the corresponding period in 2024 due to the spin-off of M/T Wonder Mimosa on April 14, 2025.
Management fees from continuing operations decreased to $0.4 million in the three months ended June 30, 2025, from $0.5 million in the same period in 2024, reflecting the decrease in the Ownership Days of our fleet, and offset by the increase in management fees from $1,039 per vessel per day to $1,071 per vessel per day effective July 1, 2024, under the terms of the amended and restated master management agreement between the Company, the Company’s ship owning subsidiaries and Castor Ships S.A.
The decrease in depreciation expenses from continuing operations by $0.2 million to $0.9 million in the three month period ended June 30, 2025 from $1.1 million in the same period in 2024, mainly reflects the decrease in the Ownership Days of our fleet. Dry-dock amortization charges from continuing operations amounted to $0.1 million for each of the three-month periods ended June 30, 2025 and 2024. LPG carrier Dream Terrax and LPG carrier Dream Arrax each completed its scheduled dry-dock in second quarter of 2025.
General and administrative expenses from continuing operations in the three months ended June 30, 2025, amounted to $1.6 million, whereas, in the same period of 2024, general and administrative expenses totaled $2.4 million. This decrease is mainly associated with the stock based compensation cost for non-vested shares granted under our Equity Incentive Plan amounting to $0.8 million and $1.4 million for the six months ended June 30 ,2025 and 2024 respectively.
Interest and finance costs, net, from continuing operations amounted to $(1.2) million in the three months ended June 30, 2025, whereas, in the same period of 2024, interest and finance costs, net amounted to $(2.1) million. This variation is mainly due to the decrease in interest income we earned from our time and cash deposits due to decreased average cash balances during the three months ended June 30, 2025, as compared with the same period of 2024.
Recent Financial Developments Commentary:
Equity update
On July 15, 2025, the Company paid to Castor a dividend amounting to $0.4 million on its 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the “Series A Preferred Shares”) for the period from April 15, 2025 to July 14, 2025.
Tender offer
On July 10, 2025, we commenced a tender offer to purchase up to 4,500,000 of our common shares, using funds available from cash and cash equivalents on hand, at a price of $2.75 per share. The tender offer expired at the end of the day, 5:00 P.M., Eastern Time, on August 7, 2025. The Board of Directors determined that it was in the our best interest to repurchase shares at such time given our cash position and stock price. Based on the final count by the depositary for the tender offer, 20,344 shares, were properly tendered and not properly withdrawn prior to expiration of the tender offer. We accepted all of these shares for purchase in accordance with the terms of the tender offer at a price of $2.75 per share, net to the seller in cash, less any applicable withholding taxes and without interest, for an aggregate cost of approximately $0.1 million excluding fees relating to the tender offer.
As of October 1, 2025, we had 19,073,509 common shares issued and outstanding.
Liquidity/ Financing/Cash flow update
Our consolidated cash position increased by $77.5 million, from $37.2 million as of December 31, 2024, to $114.7 million as of June 30, 2025. During the six months ended June 30, 2025, our cash position increased mainly as a result of $94.9 million of net investing cash flows provided from continuing operations, mainly reflecting the proceeds from repayment of the $100.0 million plus $0.4 million of interest related to the senior term loan facility to Castor, as offset by $5.4 million reflecting the advance deposit for the acquisition of the M/T Wonder Altair which was delivered to the Company on July 11, 2025. These inflows were partially offset by (i) $6.5 million of net operating cash flows used in continuing operations and (ii) $11.1 million of net financing cash flows used in continuing operations, including the capital contribution of $10.4 million to Robin in connection to the Robin Spin-Off and payment to Castor of a dividend on the Series A Preferred Shares for the period from October 15, 2024 to April 14, 2025, amounting to $0.7 million.
Recent Business Developments Commentary:
On July 15, 2025, the Company received from Castor a dividend from the Castor Series D Preferred Shares, amounting to $1,250,000 for the dividend period from April 15, 2024 to July 14, 2025.
On July 15, 2025, the Company received from Robin a dividend from the Robin Series A Preferred Shares, amounting to $125,000 for the dividend period from April 15, 2025 to July 14, 2025.
Toro’s investment in Castor through purchase of 60,000 Series E Preferred shares
On September 29, 2025, the Company agreed to purchase 60,000 Series E Cumulative Perpetual Convertible Preferred shares (the “Series E Preferred Shares) of Castor having a stated amount of $1,000 each for a total consideration of $60 million, in cash. The distribution rate of the Series E Preferred Shares is 8.75%, paid quarterly, and they are convertible into common shares of Castor from the first anniversary of the issue date at a conversion price equal to the 5-day value weighted average price immediately preceding the conversion, subject to a minimum conversion price of $0.30. Castor may at its option redeem the Series E Preferred Shares, in whole or in part, at any time, on or after October 30, 2025, for a cash consideration equal to 100% of the stated amount plus any accrued and unpaid distributions up until that date. This transaction and its terms were approved by the board of directors of Castor and Toro at the recommendation of their respective independent committees who negotiated the transaction.
Vessel acquisition
On September 19, 2025, the Company, through a wholly owned subsidiary, entered into an agreement with an unaffiliated third-party to acquire a 2014-built MR(MR2 class) tanker vessel, the M/T Wonder Maia, for a purchase price of $30.3 million. The M/T Wonder Maia was delivered to the Company on September 29, 2025. On September 24, 2025, the Company paid deposit to the vessel’s seller amounting to $3.0 million, or 10% of the purchase price of the vessel, and the balance of $27.3 million is payable upon delivery of the vessel.
Vessel sales
On July 10, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Syrax, at a price of $18.0 million. The vessel was delivered to its new owner on September 3, 2025.
On September 16, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Terrax, at a price of $20.0 million. The vessel was delivered to its new owner on September 25, 2025.
Fleet Employment Status (as of October 1, 2025): During the three months ended June 30, 2025, we operated on average 4.1 vessels earning a Daily TCE Rate(1) of $11,492 as compared to an average of 5.0 vessels earning a Daily TCE Rate(1) of $11,268 during the same period in 2024. Our employment profile as of October 1, 2025 is presented immediately below.
(1) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
| LPG Carriers | ||||||||
| Name | Type | DWT | Year Built |
Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Dream Arrax | LPG carrier 5,000 cbm | 4,753 | 2015 | Japan | Time Charter period(1) | $335,000 per month | Apr-26 | May-26 |
| Dream Vermax | LPG carrier 5,000 cbm | 5,155 | 2015 | Japan | Time Charter period(2) | $354,500 per month | Mar-26 | Apr-27 |
| MR (Handysize/MR2) Tanker | ||||||||
| Name | Type | DWT | Year Built |
Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| M/T Wonder Altair | MR2 | 50,303 | 2021 | China | Time Charter period(3) | $17,675 per day | Nov-25 | Feb-26 |
| M/T Wonder Maia(4) | MR2 | 50,880 | 2014 | South Korea | Time Charter period |
$22,800 per day | Mar-26 | May-26 |
(1) The vessel has been fixed under a time charter period contract of twelve months starting from May 2024, at $323,000 per month plus twelve months at $335,000 per month at the charterer’s option. The charterer exercised this option, effective from May 14, 2025.
(2) The vessel has been fixed under a time charter period contract of twelve months starting from March 2024, at $318,000 per month plus twelve months at the charterer’s option at a rate to be mutually agreed between us and the charterer. On January 22, 2025, it was agreed between us and the charterer that from March 22, 2025 until March 22, 2026 (plus or minus thirty days in charterer’s option), the rate is increased to $354,500 per month, plus twelve months at the charterer’s option (plus or minus thirty days in charterer’s option) . The rate for the optional period will be increased at a rate to be mutually agreed between us and the charterer.
(3) On September 24, 2025, the vessel has been fixed under a new time charter period contract of twelve months (plus or minus forty days in charterer’s option) at $20,600 per day. The new time charter will commence upon expiration of the current time charter.
(4) On September 19, 2025, we, through a wholly owned subsidiary, entered into an agreement to acquire the M/T Wonder Maia, for a purchase price of $30.3 million. The vessel was delivered to us on September 29, 2025. On September 24, 2025, the Company paid deposit to the vessel’s seller amounting to $3.0 million, or 10% of the purchase price of the vessel, and the balance of $27.3 million is payable upon delivery of the vessel.
Financial Results (Continuing Operations) Overview:
Set forth below are selected financial and operational data of our MR (Handysize/MR2) tanker and LPG carrier segments for each of the three months and six months ended June 30, 2025 and 2024, respectively:
| Three Months Ended | Six Months Ended | ||||||||||||
| (Expressed in U.S. dollars) | June 30, 2025 (unaudited) |
June 30, 2024 (unaudited) |
June 30, 2025 (unaudited) |
June 30, 2024 (unaudited) |
|||||||||
| Total vessel revenues | $ | 4,058,041 | $ | 5,427,782 | $ | 9,596,953 | $ | 11,847,244 | |||||
| Operating loss | $ | (1,160,506 | ) | $ | (1,548,136 | ) | $ | (2,761,003 | ) | $ | (1,774,186 | ) | |
| Net income and comprehensive income | $ | 1,428,578 | $ | 1,142,402 | $ | 2,911,314 | $ | 3,540,034 | |||||
| EBITDA(1) | $ | 1,273,433 | $ | 233,262 | $ | 2,229,060 | $ | 1,795,924 | |||||
| Earnings/(Loss) per common share, basic | $ | 0.0151 | $ | 0.0017 | $ | 0.0336 | $ | (0.0121 | ) | ||||
| Earnings/(Loss) per common share, diluted | $ | 0.0157 | $ | 0.0233 | $ | 0.0326 | $ | (0.0121 | ) | ||||
(1) EBITDA is not recognized measure under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Consolidated Fleet Selected Financial and Operational Data (Continuing Operations):
Set forth below are selected financial and operational data of our MR (Handysize/MR2) tanker and LPG carrier segments for each of the three and six months ended June 30, 2025 and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||
| (Expressed in U.S. dollars except for operational data) | 2025 | 2024 | 2025 | 2024 | |||||
| Ownership Days(1)(7) | 377 | 455 | 827 | 910 | |||||
| Available Days(2)(7) | 335 | 429 | 781 | 884 | |||||
| Operating Days(3)(7) | 335 | 429 | 781 | 884 | |||||
| Daily TCE Rate(4) | $ | 11,492 | $ | 11,268 | $ | 11,485 | $ | 12,184 | |
| Fleet Utilization(5) | 100% | 100% | 100% | 100% | |||||
| Daily vessel operating expenses(6) | $ | 5,243 | $ | 5,067 | $ | 5,500 | $ | 5,007 | |
(1) Ownership Days are the total number of calendar days in a period during which we owned a vessel.
(2) Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
(3) Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
(4) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
(5) Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
(6) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
(7) Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
TORO CORP.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in U.S. Dollars—except for number of share data)
| (In U.S. dollars except for number of share data) | Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2025 | 2024 | 2025 | 2024 | ||||||||||
| REVENUES | |||||||||||||