Toro Corp., a global energy transportation services provider, announces that it has entered into an agreement with a wholly owned subsidiary of Robin Energy Ltd., a Nasdaq-listed entity controlled by our Chairman and Chief Executive Officer, for the sale of the Dream Terrax, a 2020-built 5,000 cbm LPG Carrier vessel for a sale price of $20 million.
The terms of the transaction were approved by the independent and disinterested members of the Boards of Toro and Robin, respectively, following the negotiation and recommendation by special committees of the independent and disinterested directors of the Boards of Toro and Robin.
The vessel is expected to be delivered to its new owner during 2025 and is subject to the satisfaction of certain customary closing conditions.