Toro Corp., an international energy transportation services company, announced that its Board of Directors, following a recommendation from a special committee of independent disinterested members, has decided to spin off its Handysize tanker business, which includes one Handysize tanker and Xavier Shipping Co., a subsidiary previously owning the M/T Wonder Formosa.
The spin-off will see Toro shareholders receive one common share of Robin Energy Ltd., a newly established subsidiary, for every eight Toro common shares held.
In the proposed spin-off, Robin Energy Ltd. will serve as the holding company for the single Handysize tanker vessel, with its common shares applied for listing on the Nasdaq Capital Market.
Toro’s Chairman and Chief Executive Officer, Petros Panagiotidis, will assume the same roles at Robin upon the transaction’s completion.
The Toro Board believes that separating the Handysize tanker business into a distinct entity will benefit both Toro Corp. and Robin Energy Ltd. by allowing each to concentrate on their respective operations. The transaction is projected to improve operational efficiencies, support strategic expansion, attract new investors, and provide Toro shareholders with options to "monetize or adjust their equity holdings according to the shipping sectors in which they want to invest," per the company’s statement.
Based in Limassol, Cyprus, and incorporated in the Marshall Islands, Toro Corp. is a shipping company operating a fleet of five vessels, including tankers and LPG carriers, with a total capacity of 0.1 million dwt, listed on the Nasdaq Capital Market under “TORO.”
A newly formed subsidiary of Toro Corp., Robin Energy Ltd. is set to manage the spun-off Handysize tanker business and has applied for its shares to be listed on the Nasdaq Capital Market. xAI: