Toro Corp. announced it has entered into an agreement to acquire a 2021-built MR tanker vessel from an unaffiliated third-party. The purchase price for this acquisition is $36.25 million.
The company expects to fund the acquisition using its existing cash on hand, demonstrating its strong liquidity position. This strategic acquisition will diversify Toro's fleet, adding an MR tanker to its operations.
The acquisition is anticipated to conclude with the delivery of the vessel during the second or third quarter of 2025. This expansion into the MR tanker segment is a key step in Toro's fleet modernization strategy.
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