Toro Corp, a Nasdaq-listed company, has doubled its MR tanker fleet by acquiring two tankers for a total of $83.4 million. This move helps accelerate the company's return to the product tanker sector while preparing to divest the remainder of its LPG fleet.
Tanker Purchase Details
The company, led by Petros Panagiotidis, paid $45.9 million for the tanker "Wonder Alasia," which was built in Japan in 2018, and received delivery on September 17. The second tanker, an MR with a gas treatment system built in South Korea in 2014, was purchased for $37.5 million and delivered one day later. This tanker is set to be renamed "Wonder Atria."
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Fleet Development and Future Developments
Both tankers were purchased from unrelated parties, and their costs were covered by existing liquidity. With these acquisitions, Toro's current fleet has increased to six tankers, including four MR and two LPG tankers. Prior to these purchases, the company only had two product tankers. Additionally, the company returned to this sector last year by acquiring the tanker "Wonder Altair" for $36.25 million and purchased the tanker "Wonder Maia" for $30.3 million in September 2025.
This development comes just days after Toro announced its plans to divest its final two LPG tankers, "Dream Arrax" and "Dream Vermax," built in 2015, to another vehicle under Panagiotidis's control, namely "AI OKTO Corp," along with $45 million in cash. If this deal goes through, Toro will remain with a fleet of four MR tankers.
Toro exited from "Castor Maritime" in 2023 with eight tankers and then steadily reduced that fleet, transitioning to LPG transportation. The company then returned to product tankers and transferred its LPG fleet diversity to other listed vehicles under Panagiotidis's control.
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