Dry cargo vessel operator Navios Maritime Partners has reached an agreement to purchase two bulk carriers from its affiliate, Navios Maritime Holdings, for a purchase price of USD 79 million.

Under the deal, reached in July 2018, Navios Partners would acquire the 2016-built Panamax vessel Navios Sphera and the 2016-built Capesize Navios Mars.

Featuring 84,872 dwt and 181,259 dwt, the ships are time chartered out on index-linked charters until January 2021 and February 2019, respectively.

The company said that the acquisition is expected to be partially financed with a USD 44 million new term loan facility and the balance with available cash. The loan facility has an amortization profile of five years, matures in July 2023 and bears interest at LIBOR plus 290 bps per annum.

Navios Partners unveiled the purchase deal as part of its second quarter financial report. Additionally, the company said that it expanded its fleet with three Panamax vessels, built in 2006 and 2005, during the quarter.

The units in question are the 74,475 dwt Navios Altair I, which was added to the fleet on June 7, 2018, the 74,381 dwt Navios Symmetry, which joined Navios in late May, and the 87,052 dwt Navios Apollon I, handed over on May 9.

For the three-month period ended June 30, 2018, Navios Partners recorded a net loss of USD 29.5 million, compared to a net income of USD 4.1 million seen in the same period a year earlier. Net income was mainly affected by the accounting effect of a USD 37.9 million impairment loss on the sale of two containerships, the YM Unity and the YM Utmost.

The company’s revenue for the quarter was up at USD 58.2 million, against a revenue of USD 50 million reported in the second quarter of 2017. Time charter and voyage revenues for Navios Partners for the three month period ended June 30, 2018 increased by 24% to USD 58.2 million, as compared to USD 46.9 million reported in the same period in 2017.