Toro Corp. reported a decrease in total vessel revenues by 14.1% to $5.5 million in the first quarter of 2025 compared to the same period in 2024. Net income from continuing operations also decreased by 37.5% to $1.5 million.

The company saw a 92.8% decrease in net income to $1.6 million in the first quarter of 2025. Earnings per common share from continuing operations increased by 480.0% to $0.019 per share. Toro Corp. had cash of $92.7 million as of March 31, 2025.

Toro Corp. received partial prepayments from Castor Maritime Inc. related to a $100.0 million senior term loan facility. The spin-off of the Handysize tanker segment to Robin Energy Ltd. was completed on April 14, 2025.

CEO Petros Panagiotidis highlighted Toro’s strong operational performance in Q1 2025 despite reduced tanker segment rates. Toro expanded its fleet, launched a share repurchase tender offer, and remains focused on fleet optimization and shareholder value.

In Q1 2025, Toro’s total vessel revenues decreased to $5.5 million, with daily TCE Rate at $11,480. Voyage expenses decreased to $0.4 million, while vessel operating expenses increased to $2.6 million. Management fees increased to $0.48 million.

Toro Corp. repaid the $100.0 million senior term loan facility provided to Castor. They acquired a new MR tanker vessel and agreed to sell an LPG vessel. As of July 16, 2025, Toro had 19,093,853 common shares issued and outstanding.

Toro Corp. commenced a tender offer to repurchase up to 4,500,000 common shares at $2.75 per share. The company’s consolidated cash position increased by $55.5 million in Q1 2025. Toro’s liquidity and financing activities remained strong.

Toro Corp. provided financial data for the first quarter of 2025, showing an operating loss of $1.6 million and net income of $1.5 million. The company’s EBITDA for the period was $955,627. Total vessel revenues were $5.5 million.

Read more at GlobeNewswire: Toro Corp. Reports Net Income of $1.6 Million for the Three