Toro corp

What Toro corp does

Toro Corp (NASDAQ: TORO) is a Marshall Islands-incorporated shipping company that provides worldwide seaborne transportation services for energy commodities. It was established in March 2023 when Castor Maritime Inc. (NASDAQ: CTRM) distributed its tanker business to Castor's shareholders, with Petros Panagiotidis, founder and CEO of Castor Maritime, continuing as Chairman & CEO of Toro. The company is operationally headquartered in Limassol, Cyprus, with its registered office in Majuro, Marshall Islands, and fleet management handled by Castor Ships S.A. out of Athens, Greece.

The company's core product is its fleet of oceangoing vessels, currently consisting of two MR (Medium Range) product tanker vessels and two LPG carriers, with an aggregate cargo carrying capacity of 111,232 dwt. All vessels are built by first-class shipyards and maintained at the highest standards. The fleet is used to transport refined petroleum products and liquefied petroleum gas for oil majors, energy trading houses, and other counterparties requiring global energy logistics.

Toro generates revenue by time- or voyage-chartering these vessels directly to energy companies and traders under negotiated agreements; vessel revenues were $6.0 million in both Q1 2026 and Q4 2025. Pricing is not publicly disclosed. In December 2024 the company spun off its handysize tanker business to sharpen focus on MR and LPG tonnage. The balance sheet is liquid, with $87.4 million in cash as of December 31, 2025, and in April 2026 Toro signed a $60 million five-year revolving credit facility secured by the four vessels, signaling intent to fund additional acquisitions. Capital return has been active, with $1.75/share and $0.90/share special dividends paid in January and June 2026 respectively.

Name

Toro corp

Legal name

Toro Corp.

Website

https://torocorp.com

Company type

Public

Founded year

2023

Operating status

Operating

Short description

Toro Corp is a publicly listed (NASDAQ: TORO) seaborne energy transportation company that operates two MR tanker vessels and two LPG carriers (111,232 dwt aggregate) worldwide, chartering them directly to energy companies and traders. Founded in 2023 as a spin-off of Castor Maritime's tanker business.

Ownership category

akta.pro rank

Headquarters

HQ city

Majuro

HQ country

Marshall Islands

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Others

Revenue model

1. Vessel Chartering: The company generates revenue through chartering its fleet of LPG carriers and MR tanker vessels for global energy transportation services. Vessel revenues were $6.0 million in Q1 2026 and $6.0 million in Q4 2025.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Toro Corp is a global provider of energy transportation services, acquiring, owning, chartering and operating oceangoing vessels for worldwide energy seaborne transportation. The company operates a fleet of two MR (Medium Range) tanker vessels for petroleum product transportation and two LPG carriers for liquefied petroleum gas shipping, with an aggregate cargo carrying capacity of 111,232 dwt metric tons.

Product overview

Toro Corp operates a fleet of two MR tanker vessels and two LPG carriers with an aggregate cargo carrying capacity of 111,232 dwt metric tons, providing worldwide energy seaborne transportation services. The fleet consists of MR (Medium Range) tanker vessels for petroleum product transportation and LPG carriers for liquefied petroleum gas shipping. All vessels are built by first-class shipyards and maintained at the highest standards, managed by Castor Ships S.A.

Differentiator

Problem solved

Functional benefit

Products and services

• MR Tanker Vessels Medium Range (MR) tanker vessels providing worldwide petroleum product transportation services for energy companies and traders.
• LPG Carriers LPG (Liquefied Petroleum Gas) carriers providing global seaborne transportation of energy gases for energy companies and traders.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Castor Maritime Inc. (NASDAQ: CTRM)coreStrategic or Co-development Partner · 7 March 2023Toro Corp was established by Castor Maritime Inc. in connection with the distribution of its tanker business to Castor's shareholders in March 2023. Castor Maritime is the parent company and founder of Toro Corp.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Dorian LPG Ltd. NYSE-listed pure-play LPG carrier operator with a fleet of ~25 VLGCs. Dorian is the most direct comparable to Toro's LPG carrier segment, serving similar energy-trading customers with seaborne LPG transportation.
• BW LPG Limited: Oslo-listed, the world's largest LPG carrier owner-operator with a fleet of ~38 VLGCs. BW LPG competes in the same global LPG pool as Toro and provides a relevant scale benchmark for the LPG segment.
• Stealthgas Inc. Small-cap, NASDAQ/MAREX-listed owner of LPG carriers and product tankers. Stealthgas is one of the closest small-cap structural and segment-mix comps to Toro, with both LPG and tanker exposure.
• Ardmore Shipping Corporation: NYSE-listed mid-cap product and chemical tanker owner. Comparable to Toro's MR tanker exposure, serving similar refined-product and chemical customers with a similar commercial chartering model.
• Scorpio Tankers Inc. NYSE-listed pure-play product tanker owner with ~100+ MR and LR2 tankers. Competes directly with Toro in the global product tanker pool, though at significantly larger scale.

Broad incumbents

• International Seaways, Inc. NYSE-listed larger diversified tanker operator (VLCCs, Suezmaxes, LR2s, MRs). Overlaps with Toro in the MR product tanker segment as part of a broader crude + product portfolio.
• Euronav NV: Large-cap Belgian tanker operator with VLCC and Suezmax fleet. Provides an industry benchmark for tanker-segment economics that influence Toro's MR product tanker charter rates.

Others

• Castor Maritime Inc. NASDAQ-listed parent/founder of Toro Corp (CTRM) with a dry bulk and containership fleet. Not a direct competitor but provides the institutional, governance, and shipmanagement framework from which Toro emerged.

Regional players

• Genco Shipping & Trading Limited: NYSE-listed small-cap dry bulk shipowner. Genco is comparable to Toro in size, public-market structure, and growth-through-acquisition strategy, though in a different commodity segment.
• Safe Bulkers Inc. NYSE-listed small-cap dry bulk shipowner with growth-oriented capital allocation. Provides a relevant small-cap shipping peer template for valuation comparability.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toro corp