Toro Announces Sale of M/T Wonder Formosa & M/T Wonder Vega

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Toro, an international energy transportation services company, announced that on September 1, 2023 and September 5, 2023 respectively, the Company entered into two separate agreements with two different unaffiliated third-parties for the sale of the (i) M/T Wonder Formosa, a 2006-built Handysize MR tanker, at a price of $18.0 million, and (ii) M/T Wonder Vega, a 2005-built Aframax tanker, at a price of $31.5 million. Both vessels are expected to be delivered to their new owners during the fourth quarter of 2023.

The Company expects to record during the fourth quarter of 2023 (i) a net gain on the sale of the M/T Wonder Formosa of approximately $9.0 million, excluding any transaction-related costs and (ii) a net gain on the sale of the M/T Wonder Vega of approximately $17.7 million, excluding any transaction-related costs.

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