Toro Corp. Expands Fleet with $83.4M Acquisition of Two MR Tankers
TORO has more than doubled off its 52-week low of $2.95.
Summary
Toro Corp. acquired two MR tanker vessels for a combined $83.4 million, funded with cash on hand. The first, a 2018 Japanese-built vessel, cost $45.9 million and was delivered September 17; the second, a 2014 Korean-built scrubber-fitted vessel, cost $37.5 million and was delivered September 18. This expands the company's MR tanker fleet from four to six vessels, a 50% increase in that segment. The acquisitions follow the September 9 announcement of a proposed spin-off of its LPG carrier business, suggesting a strategic focus on the tanker segment. The purchases are material relative to Toro's market cap of approximately $214 million, representing a significant capital deployment. The company's fleet now comprises six MR tankers and two LPG carriers.
At the time of this announcement, TORO was trading at $6.57 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $214.3M. The 52-week trading range was $2.95 to $8.50. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.