Tanker operator Toro Corporation reported a net income of $1.6 million for the three months ended December 31, 2025, marking an increase from the $1 million recorded during the same period in 2024.
This performance contributed to a full-year net income of $5.9 million, although this represented a significant decrease from the $25.2 million earned in the previous year.
Total vessel revenues for the final quarter reached $6.1 million, which was a 17.3 per cent rise from the $5.2 million reported in the corresponding period of 2024. The company attributed this growth to higher contractual hire rates for its LPG carrier and MR tanker vessels.
Annual vessel revenues fell by 5.8 per cent to $21.1 million, compared with the $22.4 million generated during 2024. Despite the revenue decline, the cash position improved to $87.4 million by December 31, 2025, up from $37.2 million at the end of the prior year.
Chief Executive Officer Petros Panagiotidis stated, “We concluded 2025 while continuing our strategic fleet adjustments and aligning our assets with market opportunities.”
On April 2, the company entered into a $60 million revolving credit facility with an unnamed European financial institution that carries a tenor of five years. Net proceeds from this facility are expected to be used for general corporate purposes, according to a statement from Toro.
Fleet adjustments during the year included the acquisition of two vessels and the disposal of two others. The company purchased the 2021-built Wonder Altair for $36.25 million and the 2014-built Wonder Maia for $30.3 million.
Two LPG carriers, the Dream Syrax and Dream Terrax, were sold to Robin Energy for a total of $38 million. These sales followed the completion of a spin-off involving the Handysize tanker segment on April 14, 2025.