Robin Energy Buys LPG Carrier Dream Arrax from AI OKTO for USD 18 Million

Robin Energy Ltd. (NASDAQ: RBNE) announced that, through a wholly owned subsidiary, it has agreed to acquire the LPG carrier Dream Arrax, built in 2015 with a capacity of 5,000 cubic meters, from AI OKTO CORP. (NASDAQ: AIOK) for a purchase price of 18 million dollars. Delivery of the vessel to its new owner is expected in the fourth quarter of 2026, subject to customary closing conditions.

The deal involves two companies controlled by the same person: Petros Panagiotidis, who serves as Chairman and CEO of both Robin Energy and AI OKTO. The terms of the transaction were approved by the boards of directors of both companies, following negotiation and recommendation by special committees composed of independent and disinterested directors from each board.

Robin Energy expects to fund the acquisition with cash on hand. Once completed, Robin Energy's fleet will comprise three LPG carriers, while AI OKTO will retain a single 5,000 cubic meter LPG carrier for transporting petrochemical gases.

The transaction is part of a series of vessel transfers within the group controlled by Panagiotidis. In September, Toro Corp had transferred its two remaining LPG carriers, Dream Arrax and Dream Vermax, to AI OKTO. Prior to that, two other vessels from the same batch had been transferred to Robin Energy through related-party sales: Dream Syrax for 18 million dollars and Dream Terrax for 20 million dollars. All four Japanese-built vessels had originally been acquired by Toro in 2023 for 70.7 million dollars.

According to earlier information cited by trade press, the Dream Arrax was operating under a six-month charter at 371,500 dollars per month, running through approximately November or December, with an extension option subject to agreement between the parties.