Recent Updates — TORO
On October 8, 2026, Toro Corp. and Castor Maritime Inc. agreed to amend the terms of their respective cross-held perpetual convertible preferred shares to extend the earliest conversion date by one year. The amendment pushes the earliest conversion for Castor’s Series D Preferred Shares held by a Toro subsidiary to January 1, 2028, and for Toro’s Series A Preferred Shares held by a Castor subsidiary to March 7, 2028. Both amendments were approved by independent special committees of disinterested directors. Toro Corp. operates in the manufacturing sector.
Toro Corp. reported net income of $0.6 million for the three months ended June 30, 2026, a 60.9% decrease from $1.4 million in the prior-year period, driven by higher general and administrative expenses including stock-based compensation. Total vessel revenues rose 71.3% to $7.0 million, while EBITDA increased to $1.7 million. The company also completed the spin-off of its LPG carrier business into AI OKTO CORP., distributing shares on a one-for-eight basis. Additionally, Toro acquired two MR tanker vessels for $83.4 million and entered into new credit facilities.
On October 8, 2026, Toro Corp. completed the pro rata distribution of all outstanding common shares of its newly independent subsidiary, AI OKTO CORP., effectively spinning off its LPG carrier segment. Shareholders received one AI OKTO share for every eight Toro common shares held as of the October 1 record date. The transaction involved $45.0 million in cash and settlement of liabilities between Toro and AI OKTO. Following this separation, Toro’s business will comprise two reportable segments: Eco tanker and Non-Eco tanker. Additionally, Toro acquired two MR tanker vessels, M/T Wonder Alasia for $45.9 million and M/T Wonder Atria for $37.5 million, in September 2026 to expand its fleet of four tankers engaged in worldwide transportation of refined petroleum products.
Toro Corp. is an independent shipping company that acquires, owns, charters, and operates oceangoing tanker vessels.
Toro Corp. announced that the record date for the previously disclosed spin-off of its wholly-owned subsidiary AI OKTO CORP., which operates its LPG carrier business, has been set for October 1, 2026. The distribution of AI OKTO common shares is expected to occur on or about October 8, 2026. Under the terms of the transaction, Toro shareholders will receive one share of AI OKTO for every eight shares of Toro common stock held at the close of business on the record date. The completion of the spin-off remains subject to the effectiveness of AI OKTO's Form 20-F registration statement and Nasdaq listing approval. Toro Corp. is a global energy transportation services provider operating a fleet of oceangoing vessels.
Toro Corp announced the acquisition and delivery of two MR tanker vessels funded by cash on hand. The company purchased the M/T Wonder Alasia, a 2018 Japanese-built vessel, for $45.9 million with delivery on September 17, 2026. Additionally, it acquired a 2014 Korean-built scrubber-fitted MR tanker for $37.5 million, taking delivery on September 18, 2026; this second vessel is expected to be renamed M/T Wonder Atria. Toro Corp operates in the global energy transportation services industry, managing a fleet of oceangoing vessels that transport refined petroleum products and petrochemical gases.