Toro Corp. announced a 24.1% decrease in total vessel revenues to $4.1 million for the second quarter of 2025. Net income from continuing operations increased by 27.3% to $1.4 million. Earnings per common share rose to $0.0151. The spin-off of the Handysize tanker segment was completed on April 14, 2025.

For the six months ended June 30, 2025, total vessel revenues decreased by 18.6% to $9.6 million. Net income from continuing operations dropped by 17.1% to $2.9 million. Earnings per common share from continuing operations were $0.0336. The Company repaid a $100 million senior term loan facility and acquired a new MR tanker vessel.

During the second quarter of 2025, Toro Corp. achieved solid operational performance with a debt-free balance sheet and strong liquidity. Management remains focused on fleet optimization and enhancing shareholder value. Daily TCE rate for the fleet was $11,492, up from $11,268 in the same period in 2024.

The Company paid a dividend of $0.4 million on its Series A Preferred Shares on July 15, 2025. A tender offer to purchase up to 4,500,000 common shares at $2.75 per share was completed. Toro Corp. had 19,073,509 common shares issued and outstanding as of October 1, 2025.

Recent financial developments include the purchase of 60,000 Series E Preferred Shares of Castor for $60 million. The Company also acquired a 2014-built MR tanker vessel, the M/T Wonder Maia, for $30.3 million. Additionally, vessel sales and fleet employment updates were provided.

Selected financial data for the second quarter and six months ended June 30, 2025, showed an operating loss of $1.16 million and $2.76 million, respectively. Net income from continuing operations was $1.43 million and $2.91 million for the same periods.

EBITDA for the second quarter of 2025 was $1.27 million, up from $233,262 in 2024. For the six months ended June 30, 2025, EBITDA was $2.23 million. These non-GAAP measures assist in evaluating the Company’s operating performance and financial strength.

Read more at GlobeNewswire: Toro Corp. Reports Net Income of $1.4 Million for the Three