Toro Corp. Announces the Sale of the M/T Wonder Formosa and the M/T Wonder Vega for an Aggregate $49.5 Million and Aggregate Expected Net Gain of $26.7 Million

Limassol, Cyprus - September 20, 2023

Toro Corp. (NASDAQ: TORO) ("Toro", or the "Company") an international energy transportation services company, announces that on September 1, 2023 and September 5, 2023 respectively, the Company entered into two separate agreements with two different unaffiliated third-parties for the sale of the (i) M/T Wonder Formosa, a 2006-built Handysize MR tanker, at a price of $18.0 million, and (ii) M/T Wonder Vega, a 2005-built Aframax tanker, at a price of $31.5 million.

Both vessels are expected to be delivered to their new owners during the fourth quarter of 2023.

The Company expects to record during the fourth quarter of 2023 (i) a net gain on the sale of the M/T Wonder Formosa of approximately $9.0 million, excluding any transaction-related costs and (ii) a net gain on the sale of the M/T Wonder Vega of approximately $17.7 million, excluding any transaction-related costs.

About Toro Corp.
Toro Corp. is an international energy transportation services company with a fleet of tankers and LPG carriers that carry crude oil, petroleum products and petrochemical gases worldwide.

Toro Corp. currently owns a fleet of eight vessels with an aggregate capacity of 0.3 million dwt, which consists of one Aframax, one Aframax/LR2, two Handysize tankers and four 5,000 cbm LPG carriers and includes the M/T Wonder Formosa and M/T Wonder Vega.

Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company's common shares trade on the Nasdaq Capital Market under the symbol "TORO".

Toro Corp., press release