Toro is a Marshall Islands-incorporated shipping company that owns and operates a small fleet of oceangoing vessels to transport energy commodities. As of its most recent filing, Toro operates four vessels: two small LPG carriers (~5,000 cbm each) that transport propane and butane, and two MR tankers (~50,000 dwt each) that transport refined petroleum products such as gasoline, diesel, and jet fuel. Toro charters its vessels to third-party customers rather than carrying cargo on its own account. All four vessels are currently on period time charters, where charterers pay a fixed daily or monthly rate and bear fuel and port costs, giving Toro predictable cash flows. Toro is externally managed by Castor Ships, a firm controlled by Toro's Chairman and CEO, which handles all commercial, technical, and administrative functions in exchange for a flat quarterly fee, daily per-vessel fees, and various commissions. Toro was spun off from Castor Maritime in 2023 as a pure-play tanker company, and its fleet composition has shifted several times since — exiting Aframax tankers, building an LPG carrier segment, spinning off a Handysize tanker into a new entity called Robin Energy, and adding MR tankers. Revenue is driven by fleet size, charter rates, and vessel utilization, with LPG demand tilted toward fall and winter due to heating seasonality.