Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), an international energy transportation services company, today announced its results for the three months and the six months ended June 30, 2024. Highlights of the Second Quarter Ended June 30, 2024: Total vessel revenues: $5.
5 million, as compared to $24.9 million for the three months ended June 30, 2023, or a 77.9% decrease; Net income: $1.
1 million, as compared to $55.4 million for the three months ended June 30, 2023, or a 98.0% decrease; Earnings per common share, basic: $0.
001 per share, as compared to $3.34 per share for the three months ended June 30, 2023; EBITDA(1): $0.2 million, as compared to $56.
8 million for the three months ended June 30, 2023; and Cash and restricted cash of $189.2 million as of June 30, 2024, as compared to $155.6 million as of December 31, 2023.
Highlights of the Six Months Ended June 30, 2024: Total vessel revenues: $12.5 million, as compared to $56.0 million for the six months ended June 30, 2023, or a 77.
7% decrease; Net income: $23.3 million, as compared to $77.3 million for the six months ended June 30, 2023, or a 69.
9% decrease; Earnings per common share, basic: $1.12 per share, as compared to $5.13 per share for the six months ended June 30, 2023; EBITDA(1): $21.
6 million, as compared to $80.9 million for the six months ended June 30, 2023; Delivery of the M/T Wonder Sirius to its new owners on January 24, 2024, after entering into an agreement to sell the vessel on Januar.