- Toro Corp (TORO, Financial) reports net income of $1.0 million for Q4 2024, marking a 96.5% decline from the previous year.
- The spin-off of the Handysize tanker business to Robin Energy was completed on April 14, 2025.
- Full-year net income for 2024 decreased by 82.1% to $25.2 million, despite a slight increase in vessel revenues.
Toro Corp (TORO), an international energy transportation services company, reported a significant decline in its financial performance for the fourth quarter and full year of 2024. The company announced a net income of $1.0 million for Q4 2024, down 96.5% from $28.2 million in the same period the previous year. This decline was despite the company's strategic moves, including a $100 million senior term loan facility to Castor Maritime and the purchase of 50,000 Castor Series D Preferred Shares for $50 million.
For the full year 2024, Toro Corp recorded a net income of $25.2 million, an 82.1% decrease year-over-year. Total vessel revenues increased slightly by 0.4% to $22.4 million. However, the company faced a significant reduction in cash and restricted cash, which fell to $37.2 million by the end of 2024 from $155.6 million the previous year. The company's LPG carrier fleet earned an average Daily Time Charter Equivalent (TCE) Rate of $10,724 in Q4 2024, compared to $13,139 in Q4 2023.
The company completed the spin-off of its Handysize tanker business to Robin Energy on April 14, 2025, aiming to streamline operations and focus more on its core LPG carrier fleet. The spin-off is a part of Toro's strategic shift, which also aligns with their efforts to maintain a strong balance sheet, highlighting no outstanding debt and a total cash reserve of $37.2 million.
