Toro Corp., a tanker spinoff of U.S.-Listed Castor Maritime, has entered into agreements with an unnamed third-party to acquire three 2015 Japanese-built 5,000 cbm LPG vessels and one 2020 Japanese-built 5,000 cbm LPG vessel.
The aggregate purchase price for the four LPG vessels is $70.7 million. The company expects to finance the acquisitions with cash on hand.
Toro is set to take delivery of the vessels in the second and third quarters of this year.
“We are very excited to announce our entry into the LPG shipping market in our first transaction as a newly independent company. The en bloc acquisition of four LPG vessels will create a diversified fleet of tankers and LPG vessels, strengthening our position in the energy transportation business and building further our exposure in the shipping industry,” Petros Panagiotidis , Chief Executive Officer of Toro, said.
“We believe that the fundamentals of the LPG shipping sector are attractive with positive future prospects.”
Toro said it would continue looking for further opportunities to renew, grow and diversify its fleet with the addition of high-quality tonnage.
Toro currently owns a fleet of 8 tankers, with an aggregate capacity of 0.7 million dwt, consisting of 1 Aframax, 5 Aframax/LR2 and 2 Handysize tankers.