Toro Corp has struck another related-party deal, selling one of its LPG carriers to an affiliate of chairman Petros Panagiotidis for $20m.
The Nasdaq-listed owner is offloading the 2020-built, 4,700 cu m Dream Terrax to a subsidiary of Robin Energy, another Panagiotidis-controlled Nasdaq-listed vehicle.
The sale, reviewed and cleared by independent directors on both companies’ boards, is due to complete later this year, subject to closing conditions.
The Murakami Hide-built vessel was acquired by Toro from StealthGas around two years ago for about $19.8m.
The deal follows a similar move in July, when Toro agreed to sell the 2015-built, 5,000 cu m Dream Syrax to Robin for $18m. That ship, flagged in Portugal, is set to change hands in the third quarter of 2025.
Once both transactions close, Toro’s fleet will stand at two LPG carriers and one MR tanker.
