Core Insights - Toro Corp. reported its financial results for the third quarter and nine months ended September 30, 2025, highlighting a stable performance despite some declines in revenue and net income compared to the previous year [1][2]. Financial Performance - Third Quarter - Total vessel revenues from continuing operations increased to $5.4 million, a 1.9% increase from $5.3 million in the same period of 2024 [5][6]. - Net income from continuing operations rose to $1.3 million, reflecting a 30% increase from $1.0 million in the third quarter of 2024 [5][6]. - EBITDA from continuing operations was $1.6 million, compared to a loss of $0.1 million in the same period last year [5][6]. - The average Daily TCE Rate improved to $13,363 from $11,426 in the same period of 2024 [6][41]. Financial Performance - Nine Months - Total vessel revenues from continuing operations decreased to $15.0 million, a 12.8% decline from $17.2 million for the nine months ended September 30, 2024 [5][28]. - Net income from continuing operations was $4.2 million, down 6.7% from $4.5 million in the same period last year [5][28]. - Net income overall dropped significantly to $4.3 million, an 82.2% decrease from $24.2 million for the nine months ended September 30, 2024 [5][28]. - EBITDA for the nine months was $3.8 million, up from $1.7 million in the same period of 2024 [5][28]. Operational Developments - The company acquired two MR tanker vessels and sold two LPG carriers during the third quarter, indicating ongoing fleet management activities [4]. - The spin-off of the Handysize tanker segment to Robin Energy Ltd. was completed on April 14, 2025 [5]. Cash Flow and Liquidity - Cash position decreased by $12.1 million to $25.1 million as of September 30, 2025, primarily due to net operating cash flows used in continuing operations and financing activities [15][38]. - The company made a capital contribution of $10.4 million to Robin in connection with the spin-off [15]. Recent Business Developments - On October 15, 2025, Toro received dividends from Castor and Robin, amounting to $1.25 million and $0.125 million, respectively [16]. - An "at-the-market" offering agreement was established on November 13, 2025, allowing the company to sell common shares valued up to $12.5 million for various corporate purposes [18].

Core Viewpoint - Toro Corp. has announced the full redemption of 60,000 shares of Castor Maritime Inc.'s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares for cash consideration, including accrued distributions [1][2]. Group 1: Company Overview - Toro Corp. is an international energy transportation services provider with a modern fleet that includes two LPG carriers and two MR tanker vessels, transporting petrochemical gases and refined petroleum products globally [3]. - The company is incorporated under the laws of the Republic of the Marshall Islands and its common shares are traded on the Nasdaq Capital Market under the symbol "TORO" [3]. Group 2: Transaction Details - The redemption of the Series E Preferred Shares was approved by the boards of directors of both Toro and Castor, following recommendations from their respective special committees of independent directors [2]. - The cash consideration for the redemption is equal to the stated amount of the Series E Preferred Shares plus an additional 0.523% [1].

Core Insights - Toro Corp. reported its financial results for the second quarter and the first half of 2025, highlighting operational performance despite a decrease in total vessel revenues [1][2]. Financial Performance - Total vessel revenues for the second quarter ended June 30, 2025, were $4.1 million, a decrease of 24.1% from $5.4 million in the same period of 2024 [5]. - Net income from continuing operations increased to $1.4 million, up 27.3% from $1.1 million in the second quarter of 2024 [5]. - For the six months ended June 30, 2025, total vessel revenues were $9.6 million, down 18.6% from $11.8 million in the same period of 2024 [5]. - Net income for the first half of 2025 was $3.0 million, a significant decrease of 87.1% compared to $23.3 million in the first half of 2024 [5]. Operational Metrics - The average Daily Time Charter Equivalent (TCE) Rate for the fleet was $11,492 in the second quarter of 2025, compared to $11,268 in the same period of 2024 [6][21]. - Available Days decreased to 335 days in the second quarter of 2025 from 429 days in the same period of 2024, primarily due to the spin-off of M/T Wonder Mimosa [6][8]. Management Commentary - The CEO emphasized solid operational performance and strong liquidity, noting a debt-free balance sheet that provides financial flexibility [4]. Recent Developments - The spin-off of the Handysize tanker segment to Robin Energy Ltd. was completed on April 14, 2025 [5]. - A senior term loan facility of $100 million to Castor Maritime Inc. was fully repaid on May 5, 2025 [5]. - The company entered into an agreement to purchase a 2021-built MR tanker vessel for $36.25 million, delivered on July 11, 2025 [5]. Cash Flow and Liquidity - The consolidated cash position increased to $114.7 million as of June 30, 2025, up from $37.2 million at the end of 2024 [16]. - The increase in cash was primarily due to net investing cash flows of $94.9 million from continuing operations [16]. Shareholder Actions - A tender offer to repurchase up to 4.5 million common shares at $2.75 per share was initiated, with 20,344 shares tendered [14][15].

Core Viewpoint - Toro Corp. reported a decline in financial performance for the first quarter of 2025 compared to the same period in 2024, primarily due to reduced rates in its tanker segment, despite maintaining solid operational performance and strong cash inflows from loan repayments [4][5]. Financial Performance Summary - Total vessel revenues decreased to $5.5 million in Q1 2025 from $6.4 million in Q1 2024, representing a 14.1% decline [6][27]. - Net income from continuing operations fell to $1.5 million in Q1 2025, down 37.5% from $2.4 million in Q1 2024 [6][27]. - Overall net income dropped significantly to $1.6 million in Q1 2025 from $22.1 million in Q1 2024, marking a 92.8% decrease [6][27]. - Earnings per share from continuing operations increased to $0.019 in Q1 2025, compared to a loss of $0.005 per share in Q1 2024, reflecting a 480.0% increase [6][27]. - EBITDA from continuing operations was $1.0 million in Q1 2025, down from $1.6 million in Q1 2024 [6][27]. Operational Highlights - The average Daily Time Charter Equivalent (TCE) Rate for the fleet was $11,480 in Q1 2025, down from $13,048 in Q1 2024 [5][20]. - The fleet operated an average of 5.0 vessels during Q1 2025, maintaining full fleet utilization at 100% [20][29]. Cash Flow and Liquidity - Cash position increased significantly to $92.7 million as of March 31, 2025, up from $37.2 million at the end of 2024, primarily due to net operating cash flows and loan repayments [15][36]. - The company received partial prepayments of $47.5 million related to a $100 million senior term loan facility from Castor Maritime, which was fully repaid by May 5, 2025 [6][17]. Recent Developments - Toro Corp. launched a share repurchase tender offer for 4.5 million shares at $2.75 per share, set to expire on August 7, 2025 [14]. - The company completed the spin-off of its Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd., on April 14, 2025 [6][17]. - Toro Corp. acquired a modern MR tanker, M/T Wonder Altair, for $36.25 million, delivered on July 11, 2025 [18].

Company Overview - Toro Corp. is an international energy transportation services company specializing in the transportation of liquefied petrochemical gases worldwide [2] - The company operates a fleet of four LPG carrier vessels, each with a capacity of 5,000 [2] - Toro Corp. is incorporated under the laws of the Republic of the Marshall Islands and its common shares are traded on the Nasdaq Capital Market under the symbol "TORO" [2] Recent Developments - On May 5, 2025, Toro Corp. announced the full repayment of a senior term loan facility that was granted to Castor Maritime Inc. in December 2024 [1]

Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Eclipse, a Panamax bulk carrier vessel, on March 24, 2025, marking a strategic move in its asset management and fleet optimization efforts [1]. Company Overview - Castor Maritime Inc. is a diversified global shipping and energy company involved in investment and asset management, vessel ownership, technical and commercial ship management, and energy infrastructure projects [2]. - The company owns a fleet of 11 vessels with a total capacity of 0.8 million deadweight tons (dwt) [3]. Recent Transactions - The sale of the M/V Magic Eclipse follows the earlier agreement to sell the M/V Gabriela A on December 4, 2024, and the M/V Magic Callisto in March 2025, indicating a trend of divesting certain assets [3].