Toro Corp. (NASDAQ:TORO) (“Toro”, or the “Company”) an international energy transportation services company, announces that on June 15, 2023, the Company entered into an agreement with an unaffiliated third-party for the sale of the M/T Wonder Musica, a 2004-built Aframax/LR2 tanker, at a price of $28.0 million. The conclusion of the sale agreement is subject to the execution of definitive documentation customary for this type of transaction. The vessel is expected to be delivered to its new owner during the third quarter of 2023.
The Company expects to record during the third quarter of 2023 a net gain on the sale of the M/T Wonder Musica of approximately $17.0 million, excluding any transaction-related costs.
Toro also announces that the Company completed the previously announced sales of (i) the M/T Wonder Bellatrix, a 2006-built Aframax/LR2 tanker, at a price of $37.0 million, and (ii) the M/T Wonder Polaris, a 2005-built Aframax/LR2 tanker, at a price of $34.5 million on June 22, 2023 and June 26, 2023, respectively, by delivering each vessel to their new owner. The Company expects to record during the second quarter of 2023 (i) a net gain on the sale of the M/T Wonder Bellatrix of approximately $20.5 million, excluding any transaction-related costs, and (ii) a net gain on the sale of the M/T Wonder Polaris of approximately $22.4 million, excluding any transaction-related costs.
