Toro Corp. reported an increase in total vessel revenues to $5.4 million and net income to $1.3 million for the third quarter of 2025, showing a 1.9% and a 30% increase respectively compared to the same period in 2024. The company also completed two vessel acquisitions and two disposals during this quarter.

For the nine months ended September 30, 2025, Toro Corp. reported a decrease in total vessel revenues to $15.0 million and net income to $4.2 million, showing a 12.8% and 6.7% decrease respectively compared to the same period in 2024. The spin-off of their Handysize tanker segment to Robin Energy Ltd. was completed.

EBITDA for the third quarter of 2025 was $1.6 million, compared to a loss of $0.1 million in the same period of 2024. The Daily TCE Rate increased to $13,363 from $11,426 in the third quarter. Voyage expenses increased to $0.3 million, while vessel operating expenses decreased to $2.2 million.

Recent financial developments include a dividend payment to Castor of $0.4 million for Series A Preferred Shares, and the reduction of cash from $37.2 million to $25.1 million from December 31, 2024, to September 30, 2025. Toro Corp. entered into an “at-the-market” offering agreement to sell common shares worth up to $12.5 million.

Toro Corp. acquired two MR tanker vessels and sold two LPG carriers during the third quarter. The company also entered agreements to purchase a 2021-built MR tanker vessel and a 2014-built MR tanker vessel. Vessel sales included agreements for the sale of LPG carriers Dream Syrax and Dream Terrax.

The fleet employment status as of December 5, 2025, showed an average of 4.5 vessels with a Daily TCE Rate of $13,363. The company maintained a robust, debt-free balance sheet with cash of $25.1 million. Toro Corp. provided detailed financial statements and reconciliations to support their disclosed financial information.

Read more at “GlobeNewswire”: Toro Corp. Reports Net Income of $1.3 Million for the Three