Welcome to our dedicated page for Toro news (Ticker: TORO), a resource for investors and traders seeking the latest updates and insights on Toro stock.
Toro Corp. Common Stock (symbol: TORO) is a leading maritime transportation company that specializes in the seaborne transport of crude oil and refined petroleum products. The company operates a diverse fleet of oceangoing tanker vessels, including Aframax tankers, LPG carriers, and Handysize tankers. With a significant portion of its revenue generated from the Aframax segment, Toro Corp is a key player in the global energy supply chain.
Toro Corp is committed to providing reliable and efficient transportation services. The company's Aframax tankers, which are medium-sized oil tankers, are known for their versatility and ability to navigate both large and smaller ports. The LPG carriers transport liquefied petroleum gas, while the Handysize tankers are designed for ease of navigation in smaller ports.
The company has recently made headlines with a series of time charter contracts, securing stable and predictable revenue streams for the upcoming years. For instance, one of their vessels has been fixed under a twelve-month contract at $310,000 per month, with an option for an additional twelve months at $320,000 per month. These contracts highlight Toro Corp's strategic focus on long-term partnerships and financial stability.
However, it's important to note that some financial measures such as EBITDA and Daily TCE Rate are not recognized under U.S. GAAP. Investors are encouraged to refer to the company's financial statements for a detailed reconciliation of these measures to the most directly comparable financial metrics in accordance with U.S. GAAP.
As part of its growth strategy, Toro Corp continues to explore opportunities for fleet expansion and modernization. The company remains focused on maintaining a high standard of operational excellence and safety, ensuring that its vessels meet stringent international regulations.
Overall, Toro Corp. Common Stock (TORO) offers a compelling investment opportunity for those interested in the maritime transportation sector, backed by a solid operational track record and a forward-looking approach to business growth.
Toro Corp. (NASDAQ: TORO) has announced two significant financial transactions with Castor Maritime Inc. First, Toro will provide a $100 million senior term loan facility to Castor, secured by 10 vessels valued at approximately $235 million. The loan has a 5-year term with an interest rate of SOFR plus 1.80% per annum.
Additionally, Toro has agreed to increase its investment in Castor's Series D Preferred Shares by 50,000 shares for $50 million in cash, bringing its total holdings to 100,000 Series D Preferred Shares. Both transactions were approved by independent board members and special committees, with guidance from an independent financial advisor.
Toro Corp (NASDAQ: TORO) reported financial results for Q3 2024, with total vessel revenues from continuing operations at $5.3 million, down 18.5% from Q3 2023. Net income was $1.0 million, a 97.2% decrease from $35.1 million in Q3 2023. For the nine months ended September 30, 2024, the company reported total vessel revenues of $17.2 million, up 14.7% year-over-year, and net income of $24.2 million. The company maintained a strong cash position of $192.1 million as of September 30, 2024, up from $155.6 million at the end of 2023. The company also sold M/T Wonder Sirius for $33.8 million, resulting in a $19.6 million capital gain.
Toro Corp. (NASDAQ: TORO), an international energy transportation services company, held its 2024 Annual General Meeting of Shareholders on September 6, 2024, in Limassol, Cyprus. The meeting resulted in two key approvals:
1. The re-election of Mr. Petros Zavakopoulos as the Company's Class A Director until the 2027 Annual General Meeting.
2. The appointment of Deloitte Certified Public Accountants S.A. as the Company's independent auditors for the fiscal year 2024.
Toro Corp. currently operates a fleet of five vessels with a total capacity of 0.1 million dwt, consisting of one Handysize tanker and four 5,000 cbm LPG carriers. The company specializes in transporting crude oil, petroleum products, and petrochemical gases worldwide.
Toro Corp. (NASDAQ: TORO) reported a net income of $1.1 million for Q2 2024, a sharp decrease from $55.4 million in Q2 2023. For the first half of 2024, net income was $23.3 million, down from $77.3 million in the same period last year. Total vessel revenues also saw a significant drop, falling 77.9% YoY to $5.5 million in Q2 2024, and 77.7% YoY to $12.5 million for the six months ended June 30, 2024. The company attributed these declines to exiting the Aframax/LR2 segment and lower Daily TCE Rates for LPG vessels. Despite lower revenues, cash and restricted cash increased to $189.2 million from $155.6 million as of December 31, 2023. The company also repurchased 644,556 common shares for $3.7 million. Toro's fleet currently consists of 5.1 vessels operating at a Daily TCE Rate of $11,345. Management emphasized strong operating cash flows and a robust market for LPG carriers.
Toro Corp. (NASDAQ: TORO), an international energy transportation services company, has announced its 2024 Annual General Meeting of Shareholders. The meeting is scheduled for September 6, 2024, at 5:00 p.m. local time in Limassol, Cyprus. The company's Board of Directors has set July 8, 2024, as the record date for determining shareholders eligible to receive notice and vote at the meeting.
Toro Corp. operates a fleet of five vessels, including one Handysize tanker and four 5,000 cbm LPG carriers, with a total capacity of 0.1 million dwt. The company provides transportation services for crude oil, petroleum products, and petrochemical gases worldwide. Toro's common shares are traded on the Nasdaq Capital Market under the symbol TORO.
Toro Corp. reported a net income of $22.1 million for the three months ended March 31, 2024. The company's total vessel revenues decreased by 77.6% to $7.0 million compared to the same period in 2023. Earnings per common share decreased to $1.11. Despite a slight increase in net income, the EBITDA decreased to $21.4 million. The company repurchased shares and had cash and restricted cash of $186.4 million as of March 31, 2024. Management remains positive about growth opportunities.
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