Navios Maritime Holdings said it sold two bulkers and bought two leased products tankers as it posted a deeper loss for the first quarter.

The New York-listed shipowner, the parent of the Navios group of companies, revealed today that it sold the 52,100-dwt Navios Ionian (built 2000) and the 50,300-dwt Navios Horizon (built 2001).

The company did not disclose the purchase price but said it pocketed $11.8m