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Highlights

  • Robin Energy has agreed to acquire a 2020-built 5,000 cbm LPG Carrier from Toro Corp. for USD 20 million.

  • The transaction was approved by independent and disinterested board members of both companies after special committee reviews.

  • The vessel is expected to be delivered in 2025, funded through Robin Energy’s existing cash reserves.

Robin Energy Ltd. (NASDAQ:RBNE), an international ship-owning company engaged in global energy transportation, announced that it has entered into an agreement, through a wholly owned subsidiary, to acquire a liquefied petroleum gas (LPG) Carrier vessel from Toro Corp.

The vessel, a 2020-built 5,000 cbm LPG Carrier, will be purchased for USD 20 million. Toro Corp., a Nasdaq-listed entity, is controlled by Robin Energy’s Chairman and Chief Executive Officer.

Independent Approval Process

The acquisition terms were reviewed and approved by the independent and disinterested members of the Boards of Directors of both Robin Energy and Toro Corp.

Each company formed special committees of independent directors to evaluate and negotiate the terms of the transaction. These committees provided recommendations to their respective boards, ensuring that the process adhered to corporate governance requirements and safeguarded the interests of shareholders.

Delivery Timeline and Funding

The acquisition is expected to be completed upon delivery of the vessel during 2025, subject to the satisfaction of customary closing conditions.

Robin Energy has confirmed that the purchase will be funded through cash on hand, avoiding the need for external financing. 

Fleet Expansion and Operations

Following the completion of this transaction, Robin Energy’s fleet will consist of:

  • Two LPG Carrier vessels

  • One Handysize tanker vessel

These vessels are employed in the transportation of petrochemical gases and refined petroleum products to customers worldwide. The acquisition expands Robin Energy’s LPG shipping capacity.

About Robin Energy Ltd.

Robin Energy Ltd. is an international ship-owning company engaged in energy transportation services across global markets. The company provides shipping capacity to support the movement of petrochemical gases and petroleum products. With its growing fleet, Robin Energy aims to serve an expanding customer base in the international energy logistics sector.