Toro Corp. Announces Key Dates for Handysize Tanker Spin-Off

In a strategic move aimed at enhancing operational efficiencies and facilitating growth, Toro Corp. (NASDAQ: TORO) has announced the record date for the spin-off of its Handysize tanker business. The company, an international energy transportation services provider, will distribute Robin Energy Ltd. (Robin) common shares to its shareholders on or about April 14, 2025. This decision follows a recommendation from a special committee of the Board, which believes the spin-off will provide significant benefits to both Toro and Robin, as well as their respective shareholders.

The spin-off, which involves the separation of one Handysize tanker from Toro's current fleet of five vessels, is expected to enable each company to focus more narrowly on their respective lines of business. Toro will retain its four 5,000 cbm LPG carriers, while Robin will operate the single Handysize tanker. This strategic move is aimed at allowing both entities to concentrate on their core competencies, potentially leading to improved performance and growth opportunities.



The record date for the spin-off has been set to April 7, 2025. On this date, Toro shareholders will receive one common share of Robin for every eight Toro common shares held at the close of business. The proposed distribution and spin-off remain subject to the registration statement on Form 20-F being declared effective and the approval of the listing of Robin’s common shares on the Nasdaq Capital Market. There can be no assurance that the distribution or the spin-off will occur or, if they do occur, of their terms or timing.

The strategic advantages of this spin-off are multifaceted. For Toro, the separation allows the company to concentrate on its LPG carrier business, potentially leading to improved operational efficiencies and new growth opportunities in the LPG market. For Robin, the focus on the Handysize tanker business could also lead to improved operational efficiencies and new growth opportunities in the Handysize tanker market.

The spin-off is also expected to facilitate efficient strategic expansion for both companies. By allowing each company to pursue growth opportunities in their respective markets more effectively, the spin-off could open up new opportunities for expansion. For Toro, this could mean investing in new LPG carriers or expanding operations in key LPG markets. For Robin, this could mean investing in new Handysize tankers or expanding operations in key Handysize tanker markets.



The spin-off is also expected to give Toro shareholders the flexibility to monetize or adjust their equity holdings according to the shipping sectors in which they want to invest. This could be particularly beneficial for investors who want to focus on the LPG market or the Handysize tanker market.

In summary, the spin-off of Robin Energy Ltd. from Toro Corp. is a strategic move aimed at enhancing operational efficiencies and facilitating growth for both companies. By allowing each company to focus more narrowly on their respective lines of business, the spin-off could lead to improved performance and new growth opportunities in their respective markets. The record date for the spin-off has been set to April 7, 2025, with distribution expected around April 14, 2025. However, the spin-off remains subject to regulatory approvals and other contingencies.