Toro Corp. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Toro Corp. has submitted its 2023 annual report on Form 20-F, detailing its operations in deep-sea freight transportation.</b>

AI Summary

TORO CORP. (TORO) filed a Foreign Annual Report (20-F) with the SEC on March 12, 2024. Toro Corp. filed its 20-F annual report for the fiscal year ending December 31, 2023. The company was formerly known as TANKCO SHIPPING INC. and changed its name on August 3, 2022. Toro Corp. is engaged in Deep Sea Foreign Transportation of Freight (SIC 4412). The filing includes financial data and disclosures for the period. The company's business address is in Limassol, Cyprus.

Why It Matters

For investors and stakeholders tracking TORO CORP., this filing contains several important signals. This filing provides investors and analysts with crucial financial and operational information for the fiscal year 2023, enabling informed investment decisions. The 20-F filing is a mandatory disclosure for foreign private issuers, offering transparency into Toro Corp.'s business activities and financial health.

Risk Assessment

Risk Level: medium — TORO CORP. shows moderate risk based on this filing. The company operates in the deep-sea foreign transportation of freight industry, which is subject to global economic fluctuations, geopolitical risks, and regulatory changes that could impact its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F filing to assess Toro Corp.'s operational performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-12 — Filing Date (Date filed)
• 0001941131 — Central Index Key (Company identifier)
• 001-41561 — SEC File Number (SEC filing identifier)
• 4412 — SIC Code (Deep Sea Foreign Transportation of Freight)
• 2022-08-03 — Name Change Date (Former name TANKCO SHIPPING INC.)

Key Players & Entities

• TORO CORP. (company) — Filer name
• TANKCO SHIPPING INC. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• Limassol, Cyprus (location) — Business address
• 0001941131 (company) — Central Index Key
• 4412 (industry_code) — Standard Industrial Classification
• 001-41561 (filing_id) — SEC file number

FAQ

Risk Factors

• Industry Volatility [high — market]: The deep-sea foreign transportation of freight industry is subject to significant volatility due to global economic conditions, geopolitical events, and fluctuating demand for shipping services.
• Regulatory Compliance [medium — regulatory]: Compliance with international maritime regulations, environmental standards, and safety protocols is critical and can involve substantial costs and operational adjustments.
• Fleet Operations [medium — operational]: The efficient operation and maintenance of a fleet of vessels are essential, with risks including mechanical failures, port congestion, and crew management challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-03-12: Filing Date — Date Toro Corp. submitted its 20-F annual report.

Key Financial Figures

• $0.001 — nge on which registered Common Shares, $0.001 par value, including associated Preferr

Filing Documents

• ef20015325_20f.htm (20-F) — 3117KB
• ef20015325_ex2-2.htm (EX-2.2) — 93KB
• ef20015325_ex8-1.htm (EX-8.1) — 12KB
• ef20015325_ex12-1.htm (EX-12.1) — 12KB
• ef20015325_ex12-2.htm (EX-12.2) — 11KB
• ef20015325_ex13-1.htm (EX-13.1) — 5KB
• ef20015325_ex13-2.htm (EX-13.2) — 4KB
• ef20015325_ex15-1.htm (EX-15.1) — 2KB
• ef20015325_ex97-1.htm (EX-97.1) — 23KB
• 0001140361-24-012747.txt (&nbsp;) — 11707KB
• toro-20231231.xsd (EX-101.SCH) — 75KB
• toro-20231231_cal.xml (EX-101.CAL) — 71KB
• toro-20231231_def.xml (EX-101.DEF) — 425KB
• toro-20231231_lab.xml (EX-101.LAB) — 885KB
• toro-20231231_pre.xml (EX-101.PRE) — 575KB
• ef20015325_20f_htm.xml (XML) — 1709KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 88 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 88 PART II 89 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 89 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 89 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 89 ITEM 16. RESERVED 90 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 90 ITEM 16B. CODE OF ETHICS 90 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 90 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 91 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PERSONS. 91 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT. 92 ITEM 16G. CORPORATE GOVERNANCE 92 ITEM 16H. MINE SAFETY DISCLOSURE 93 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 93 ITEM 16J. INSIDER TRADING POLICIES 93 ITEM 16K. CYBERSECURITY 93 PART III 94 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 94 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 94 ITEM 19. EXHIBITS 94 i Table of Contents CERTAIN DEFINED TERMS Unless the context otherwise requires, as of the date of and as used in this Annual Report the term: (i) "we", "us", "our" or the "Company" include the Toro Corp. and all of its subsidiaries; (ii) "Toro" refers only to Toro Corp. (formerly named "Tankco Shipping Inc.") and not to its subsidiaries; (iii) "Castor" refers to Castor Maritime Inc.; (iv) "Toro Subsidiaries" refers to the eight tanker-owning subsidiaries and an additional subsidiary formerly owning the M/T Wonder Arcturus contributed to Toro prior to the Distribution (as defined herein); (v) "common shares" refers to the common shares, par value $0.001 per share, of Toro, (vi) "Distribution" refers to the distribution of 9,461,009 common shares on a pro rata basis to the holders of common stock of Castor, (vii) "Spin-Off" refers to, collectively, the separation of the assets, liabilities and obligations of Castor and the Toro Subsidiaries and the contribution of the Toro Subsidiaries to Toro, the issuance of 140,000 shares of 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the "Series A Preferred Shares") to Castor, the issuance of the 40,000 Series B Preferred Shares (the "Series B Preferred Shares") of Toro to Pelagos Holdings Corp ("Pelagos") and the Distribution, all of which occurred on March 7, 2023 (such date, the "Distribution Date"); (viii) "Toro Spin-Off Resolutions" refers to, collectively, resolutions by our board of directors (the "Board") on November 15, 2022 and December 30, 2022, (a) to focus our efforts on our then current business of tanker shipping services, (b) that we have no interest or expectancy to participate or pursue any opportunity in areas of business outside of the tanker shipping business and (c) that Petros Panagiotidis, our director, Chairman, Chief Executive Officer and controlling shareholder and his affiliates, such as Castor Ships S.A. ("Castor

Risk Factors

Risk Factors Some of the following risks relate principally to the industry in which we operate. Other risks relate principally to the ownership of our common shares. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, operating results, cash available for dividends, as and if declared, or the trading price of our common shares or any other securities of ours. Summary of Risk Factors Charter rates for our vessels are volatile and cyclical in nature. A decrease in charter rates may adversely affect our business, financial condition and operating results. An oversupply of tanker vessel and LPG carrier capacity may prolong or further depress charter rates when they occur, which may limit our ability to operate our vessels profitably. Future growth in the demand for our services will depend among others on changes in supply and demand, economic growth in the world economy and demand for LPG and LPG transportation relative to changes in worldwide fleet capacity. Global economic and financial conditions may negatively impact the sectors of the shipping industry in which we operate, including the extension of credit. Risks involved in operating ocean-going vessels could affect our business and reputation. The operation of tankers has unique operational risks associated with the transportation of oil. The age of our tanker vessel may impact our ability to obtain financing and a decline in the market values of our vessels could limit the amount of funds that we can borrow, cause us to breach certain financial covenants in our future credit facilities and/or result in impairment charges or losses on sale. Geopolitical conditions, such as political instability or conflict, terrorist attacks and international hostilities, can affect the seaborne transportation industry, which could adversely affect our business. Compliance with rules and other vessel requirements imposed by classif

View Full Filing

View this 20-F filing on SEC EDGAR