By Stephen Nakrosis
Toro's board of directors has decided to spin-off its Handysize tanker business, comprising one smaller sized tanker and Xavier Shipping Co.
The spinoff will see Toro shareholders receive one share of a newly formed subsidiary, Robin Energy Ltd., for every eight shares of Toro common stock, the company said Friday. The subsidiary will act as the holding company for the lone Handysize vessel.
The board thinks that creating a business in a distinct sector of the shipping industry, Handysize Product Tankers, will provide significant benefits to both companies and their shareholders. Each company is expected to increase its focus on their respective lines of business following the transaction, the company said.
Toro's Chairman and Chief Executive Officer Petros Panagiotidis will hold the same positions at Robin Energy once the spinoff is completed.
Toro provides international energy transportation services.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 28, 2025 18:44 ET (23:44 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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