Toro Corp. (NASDAQ: TORO), (Toro), an international energy transportation services company, announces that on April 26, 2023, the Company, through four wholly owned subsidiaries, entered into agreements with an unaffiliated third-party to acquire three 2015 Japanese-built 5,000 cbm LPG vessels and one 2020 Japanese-built 5,000 cbm LPG vessel. The aggregate purchase price for the four LPG vessels is $70.7 million.
The acquisitions are expected to be consummated upon Toro taking delivery of the vessels in the second and third quarters of this year and are subject in each case to the satisfaction of certain customary closing conditions. The Company expects to finance the acquisitions with cash on hand.
Petros Panagiotidis, Chief Executive Officer of Toro, commented: “We are very excited to announce our entry into the LPG shipping market in our first transaction as a newly independent company. The en bloc acquisition of four LPG vessels will create a diversified fleet of tankers and LPG vessels, strengthening our position in the energy transportation business and building further our exposure in the shipping industry. We believe that the fundamentals of the LPG shipping sector are attractive with positive future prospects. We intend to continue looking for further opportunities to renew, grow and diversify our fleet with the addition of high-quality tonnage.”