TORO CORP.

Analysis for Ticker: TORO

Toro Corp is an energy transportation provider that operates a fleet of tankers to move crude oil and petroleum products across the world. While it presents itself as a shipping business, the real operation is a perfectly engineered mechanism for transferring wealth from the public to one single individual. Petros Panagiotidis, who serves as both Chairman and Chief Executive Officer, holds 99,7% of the voting power through special shares, meaning the people who buy the stock have zero control over their own money. Imagine you buy a car, but the salesman keeps the keys and charges you every time you look at it while he slowly takes the tires off to sell them to himself. This is a mathematical disaster where the shipping of oil is just the excuse to keep the cash flowing into a system built to consume it. The extraction of value begins with a private entity called Castor Ships S.A., which is also controlled by Panagiotidis. For every single day a ship is in the water, the public company must pay this private manager 1.100$. Every three months, it takes another flat fee of 850.000$, and it skims up to 6,25% of all gross income the ships ever make. If the company buys a ship, the private entity takes 1,0%, and if the company asks the public for more cash, the private entity takes another 1,0% of that new money. The cash that manages to survive these fees is then systematically moved into other related businesses. Toro took 100$ million and then 60,0$ million of its cash to buy special shares in Castor Maritime, another company controlled by the same man, while injecting 10,4$ million into a spinoff called Robin Energy.