Toro Corp. announced it has entered into an agreement to sell the Dream Terrax, a 2020-built 5,000 cbm LPG Carrier vessel, for a sale price of $20 million. The buyer is a wholly owned subsidiary of Robin Energy Ltd.
Robin Energy Ltd. is a Nasdaq-listed entity controlled by Toro's Chairman and Chief Executive Officer. The terms of this related-party transaction were approved by the independent and disinterested members of the Boards of both Toro and Robin.
This divestiture is a continuation of Toro Corp.'s strategy to streamline its fleet and focus on core assets. The sale generates additional capital for the company and further refines its operational footprint.
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