Toro Corp. Q1 Vessel Revenue Rose 9.1% to $6M, Net Income Down 66.7%
TORO•Toro Corp. reported first-quarter vessel revenues of $6.0 million, a 9.1% rise year-over-year, while net income plunged 66.7% to $0.5 million, driving basic EPS from continuing operations to a $(0.023) loss. The company drew down part of its new $60 million revolving credit line and held $81.6 million in cash.
1. Q1 Financial Results
Toro Corp. posted vessel revenues of $6.0 million in Q1 2026, up 9.1% from $5.5 million a year earlier, while net income from continuing operations fell 66.7% to $0.5 million, translating to a $(0.023) per share loss. EBITDA rose to $1.3 million from $1.0 million.
2. Fleet Performance Drivers
Average Daily TCE Rate improved to $15,531 from $11,480 year-over-year, driven by higher hire rates on LPG carriers and MR tankers. Available Days decreased to 360 from 446, and vessel operating expenses rose due to the addition of higher-cost MR tankers, partially offset by lower voyage costs.
3. Liquidity and Dividend
Cash and equivalents declined to $81.6 million from $87.4 million at year-end, following the January payment of a $1.75 per share special dividend totaling $9.3 million in cash and 7.38 million shares. Depreciation and dry-dock amortization increased slightly due to new vessels undergoing scheduled maintenance.
4. Credit Facility and Strategic Outlook
On March 30, 2026, the company secured an up to $60 million revolving credit facility, with partial drawdown on April 2. Management highlighted the facility's role in enhancing financial flexibility for future charter coverage and accretive growth opportunities.
