Toro Corp. (TORO) has released an update.
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Toro Corp. reported a net income of $1.0 million for Q3 2024, despite a 18.5% drop in total vessel revenues compared to the same period last year. The company experienced a significant increase in cash reserves, reaching $192.1 million, and showcased a robust performance in its LPG carrier market, leading to higher average daily rates. However, overall net income for the nine-month period saw a sharp decline from the previous year, highlighting challenges in the broader financial landscape.
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