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].