Nasdaq-listed owner Toro has initiated a process of separating its tanker and LPG businesses.
The spinoff of Cyprus-based Castor Maritime with one tanker and four gas carriers spinning off the 2006-built handysize products carrier Wonder Mimosa into a newly formed subsidiary Robin Energy.
The company has applied for trading on Nasqad and Toro shareholders will get one common share of Robin in exchange for eight shares in Toro.
“The Board believes that the creation of a business in a distinct sector of the shipping industry will provide significant benefits to both companies and their shareholders.
“The transaction is expected to enable each of Toro and Robin to increase its focus on their respective line of businesses, enhance operational efficiencies, facilitate efficient strategic expansion, attract new investors, and, with this dividend distribution of Robin common shares, give Toro shareholders the flexibility to monetise or adjust their equity holdings according to the shipping sectors in which they want to invest,” the company said in a release.
Castor spun off its eight-strong tanker fleet into Toro in 2022. Seven vessels have since been sold at a profit. The outfit expanded into the LPG arena with an en-bloc acquisition of four 5,000 cu m vessels in April 2023 and if the spinoff goes according to plan, Toro will move forward as an LPG carrier pure-play.
Robin will be led by Toro’s and Castor’s chairman and chief executive, Petros Panagiotidis, once approvals have been secured.
