Toro Corporation announced a net income of $0.5 million for the three months ended March 31, 2026, marking a decrease from the $1.6 million recorded during the same period in the previous year.
The Limassol-based tanker firm reported that total vessel revenues rose by 9.1 per cent to $6 million, up from $5.5 million in the first quarter of 2025.
The increase in revenues was driven by higher contractual hire rates for the LPG carrier and MR tanker vessels of the fleet. However, these gains were partially offset by a reduction in available days to 360 days from 446 days in the prior year due to changes in fleet composition.
During the quarter, the company operated an average of four vessels which achieved a daily time charter equivalent rate of $15,531. This compared to an average of five vessels earning $11,480 per day in the first quarter of 2025.
In terms of financing, Toro Corporation entered into a revolving credit facility of up to $60 million with a European financial institution on March 30, 2026. A partial drawdown of $15 million was completed on April 2, 2026, and the company stated that the net proceeds are expected to be used for general corporate purposes.
The outstanding fleet of the company includes the LPG carriers Dream Arrax and Dream Vermax, alongside the MR2 tankers Wonder Altair and Wonder Maia. Chief Executive Officer Petros Panagiotidis stated that the newly secured credit facility provides the firm with significant financial flexibility and strategic optionality.
