SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

NAVIOS MARITIME HOLDINGS INC.

85 Akti Miaouli Street, Piraeus, Greece 185 38
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ           Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(l):

Yes o           No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o           No þ

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o           No þ

 

 

     Operational and Financial Results; Quarterly Dividend

     On May 27, 2010, Navios Maritime Holding Inc. (“Navios”) issued a press release announcing the operational and financial results for the quarter ended March 31, 2010. The press release also announced the declaration of Navios’ quarterly dividend. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

     This information contained in this Report is hereby incorporated by reference into the Navios Registration Statements on Form F-3, File Nos. 333-136936, 333-129382 and 333-165754 and on Form S-8, File No. 333-147186.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXHIBIT INDEX

Exhibit No.		Exhibit
99.1		Press Release dated May 27, 2010.

Exhibit 99.1

Navios Maritime Holdings Inc.
Reports
Financial Results for the
First Quarter Ended March 31, 2010

	•		84.2% increase in quarterly EBITDA to $78.1 million
	•		160.8% increase in quarterly net income to $31.3 million
	•		Basic EPS of $0.31 for Q1 2010
	•		Dividend of $0.06 per share for Q1 2010

PIRAEUS, GREECE May 27, 2010 — Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the first quarter ended March 31, 2010.

Angeliki Frangou, Chairman and CEO of Navios Holdings stated, “I am pleased with our performance thus far in 2010. During a period of continued uncertainty, Navios Holdings created liquidity from the sale of three vessels and used the sale proceeds to increase its cash reserves and deleverage. At the same time, Navios Holdings’ stable business allowed the board to declare a dividend in respect of Q1 2010 of $0.06 per share.”

Ms. Frangou continued, “We were pleased to announce that Navios Acquisition’s shareholders approved the acquisition of a fleet of 13 product and chemical tankers. We believe that, in the long term, this acquisition will create significant value; our review of the industry led us to believe that Navios Acquisition is purchasing the fleet toward the low end of the cycle in a recovering and growing industry. As a result of our team’s hard work in a difficult market, Navios Holdings ownership interest has a value well in excess of its aggregate cost.”

2010 HIGHLIGHTS — RECENT DEVELOPMENTS

Navios Maritime Acquisition Corporation

On April 8, 2010, pursuant to the terms and conditions of the Acquisition Agreement by and between Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA) and Navios Holdings, Navios Acquisition will acquire 13 vessels (11 product tankers and two chemical tankers) plus options to purchase two additional product tankers, for an aggregate purchase price of $457.7 million, of which $334.3 million will be financed with debt and the remaining $123.4 million with existing cash. Each vessel will be commercially and technically managed under a management agreement with a subsidiary of Navios Holdings.

On May 25, 2010, Navios Acquisition announced that at a special meeting of stockholders, Navios Acquisition’s stockholders approved (a) the acquisition of 13 vessels (11 product tankers and two chemical tankers) plus options to purchase two additional product tankers, for an aggregate purchase price of $457.7 million, of which $123.4 million will be from existing cash and the $334.3 million balance from debt financing, pursuant to the terms and conditions of the Acquisition Agreement by and between Navios Acquisition and Navios Holdings and (b) certain amendments to Navios Acquisition’s amended and restated articles of incorporation.

Following the consummation of the transactions described in the Acquisition Agreement, Navios Holdings will be released from all debt and equity commitments for the above vessels and Navios Acquisition will reimburse Navios Holdings for the $38.8 million equity payments made prior to the stockholders meeting under the purchase contracts for the vessels plus all associated payments previously made by Navios Holdings.

Navios Holdings’ Core Fleet Highlights

Vessel Sales

During 2010, Navios Holdings received approximately $283.0 million ($263.0 million in cash and $20.0 million in common units) from the sale of three vessels to Navios Maritime Partners L.P. (“Navios Partners”). These transactions allowed Navios Holdings to monetize certain tangible and intangible assets while keeping a residual interest in the vessels through its ownership interest in Navios Partners. The vessels sold were the following:

	•		Navios Pollux, Capesize vessel, sold on May 21, 2010 for $110.0 million in cash.
	•		Navios Aurora II, Capesize vessel, sold on March 18, 2010 for $90.0 million in cash and 1,174,219 common units of Navios Partners.
	•		Navios Hyperion, Panamax vessel, sold on January 8, 2010 for $63.0 million in cash.

Agreement to Acquire New Capesize Vessel

In April 2010, Navios Holdings agreed to acquire a new build 180,000 dwt Capesize vessel for a price of $54.0 million. The vessel is under construction with a South Korean Shipyard and scheduled for delivery in January 2011. The vessel has been chartered out for ten years charter to a quality counter party for $24,674 (net) daily rate. It is anticipated that this charter will generate annual EBITDA of $7.1 million and cumulative EBITDA of $69.7 million (cumulative EBITDA over the life of the contract; daily operating expenses of $5,000 per day, growing at 3% annually).

Delivery of Navios Vector

On April 28, 2010, the Navios Vector, a 50,296 dwt Ultra-Handymax vessel and former long-term chartered-in vessel in operation, was delivered to Navios Holdings’ owned fleet. Navios Vector acquisition cost was approximately $30.0 million and was partially financed through a $18.0 million facility and the remaining balance through existing cash.

Liquidity

Net Debt to Total Capitalization was 48.5% on March 31, 2010. Navios Holdings’ total available liquidity, including bank lines, at March 31, 2010 was approximately $376.4 million. Navios Holdings has no unfunded capital expenditures for 2010. In addition, its debt maturities are anticipated less than $43.2 million and $89.5 million for 2010 and 2011, respectively.

Time Charter Coverage

Navios Holdings has extended its long-term fleet employment by entering into agreements to charter-out vessels for periods ranging from one to 12 years. As of May 26, 2010, Navios Holdings had contracted 96.0%, 69.7%, 56.4% and 46.8% of its available days on a charter-out basis for 2010, 2011, 2012 and 2013, respectively, equivalent to $299.4 million, $292.5 million, $265.0 million and $225.3 million in revenue, respectively. The average contractual daily charter-out rate for the core fleet is $27,222, $31,230, $32,876 and $33,551 for 2010, 2011, 2012 and 2013, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2010 is $10,095.

The above figures do not include vessels servicing the Contracts of Affreightment (“COA”) and Logistics businesses.

Fleet Profile

Navios Holdings controls a fleet of 59 vessels totaling 6.4 million dwt, of which 32 are owned and 27 are chartered-in under long-term charters. Navios Holdings currently operates 42 vessels (13 Capesize, 12 Panamax, 16 Ultra-Handymax and one Handysize product tanker vessel) totaling 4.1 million dwt and has scheduled 17 newbuildings to be delivered. These vessels are expected to be delivered at various dates through 2013. The average age of the operating fleet is 4.9 years.

Exhibit II displays the “Core Fleet” profile of Navios Holdings.

Navios Partners Highlights

On May 12, 2010, Navios Holdings received $5.4 million, representing the cash distribution from Navios Partners for the first quarter of 2010.

On May 5, 2010, Navios Partners announced the completion of its follow-on public offering of 5,175,000 common units, which included the full exercise of the underwriters over-allotment option, at $17.84 per unit, raising gross proceeds of approximately $92.3 million.

Financial Highlights

	•		EBITDA increased by 84.2% to $78.1 million in the first quarter of 2010 from $42.4 million in the same period in 2009.
	•		Net income increased by 160.8% to $31.3 million in the first quarter of 2010 from $12.0 million in the same period in 2009.
	•		Stockholders’ equity increased by 5.0% to $972.1 million at March 31, 2010 compared to $925.5 million at December 31, 2009.

Dividend Policy

The Board of Directors declared a quarterly cash dividend for the first quarter of 2010 of $0.06 per share of common stock. This dividend is payable on July 7, 2010 to stockholders of record as of June 15, 2010. The declaration and payment of any further dividend remains subject to the discretion of the Board and will depend on, among other things, Navios Holdings’ cash requirements as measured by market opportunities and restrictions under its credit agreements.

Financial Results

For the following results and the selected financial data presented herein, Navios Holdings has compiled consolidated statements of income for the three month periods ended March 31, 2010 and 2009. The information was derived from the unaudited consolidated financial statements for the respective periods. EBITDA is a non-US GAAP financial measure and should not be used in isolation or substitution for Navios Holdings’ results.

First Quarter 2010 Results (in thousands of U.S. dollars, unless otherwise stated, except per share data):

		Three Months				Three Months
		ended				ended
		March 31, 2010				March 31, 2009
Revenue		$	154,369			$	147,168
EBITDA (*)		$	78,050			$	42,378
Net income (*)		$	31,301			$	11,993
Basic EPS (*)		$	0.31			$	0.12

Revenue from vessel operations for the three months ended March 31, 2010 was $118.2 million as compared to $117.9 million for the same period during 2009. The slight increase in revenue was mainly attributable to the increase in the available days of the fleet by 8.1% to 4,194 days in the first quarter of 2010 from 3,880 days in the same period of 2009. This was partially offset by the decrease in Time Charter Equivalent (“TCE”) per day by 13.4% to $24,484 per day in the first quarter of 2010 from $28,277 per day in the same period of 2009. The increase in the available days was mainly attributable to the increase by 699 days of the owned fleet available days following the delivery of ten owned vessels during the last three quarters of 2009 and the first quarter of 2010. This increase of available days was offset by a decrease in short and long term fleet available days by 306 days and 79 days, respectively.

Revenue from the logistics business was approximately $36.2 million for the three months ended March 31, 2010 as

compared to $29.3 million during the same period of 2009. This increase was mainly attributable to the acquisition of Makenita H, which was fully operational during the second half of 2009 only, to the increased operations of its liquid port and to the increased storage capacity of its dry port in Uruguay following the construction of its new silo.

EBITDA for the three months ended March 31, 2010 increased by $35.7 million to $78.1 million compared to $42.4 million for the first quarter of 2009. The $35.7 million increase in EBITDA was primarily due to an increase in revenue by $7.2 million to $154.4 million in the first quarter of 2010 from $147.2 million in the same period of 2009, a decrease in time charter, voyage and logistic business expenses by $4.6 million from $91.8 million in the first quarter of 2009 to $87.2 million in the same period in 2010, an increase in equity in net earnings from affiliated companies by $6.4 million, an increase in gain on sale of assets by $24.4 million and an increase in noncontrolling interests by $1.3 million. This overall variance of $43.9 million was offset by an increase in losses from derivatives by $1.8 million, an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) by $2.1 million, an increase in general and administrative expenses by $1.7 million (excluding share based compensation expenses), and an increase in net other expenses by $2.6 million.

EBITDA of Navios Logistics was $4.1 million for the three months ended March 31, 2010 as compared to $5.8 million during the same period in 2009.

Net income for the three months ended March 31, 2010 was $31.3 million as compared to $12.0 million for the comparable period of 2009. The increase of net income by $19.3 million was mainly due to the increase by $35.7 million of EBITDA discussed above, and $0.1 million increase in income tax gain. These were mitigated by an increase of depreciation and amortization by $9.4 million and the increase in net interest expense by $7.1 million.

Fleet Summary Data:

The following table reflects certain key indicators indicative of the performance of the Navios Holdings and its fleet performance for the three month periods ended March 31, 2010 and 2009.

		Three Months Ended
		March 31, 2010				March 31, 2009
		(Unaudited)				(Unaudited)
Available Days (1)			4,194				3,880
Operating Days (2)			4,178				3,867
Fleet Utilization (3)			99.6	%			99.7	%
Equivalent Vessels (5)			47				43
Time Charter Equivalent (4)		$	24,484			$	28,227

Conference Call:

As already announced, today, Thursday, May 27, 2010, at 8:30 am EDT, at which time members of senior management will provide highlights and commentary on the first quarter of 2010.

A supplemental slide presentation will be available on the Navios Holdings website at http://www.navios.com under the “Investors” section at 7:45 am EDT today.

The conference call details are as follows:

Call Title: Navios Maritime Holdings Inc. Q1 2010 Financial Results Conference Call
US Dial In: +1.877.461.0049
International Dial In: +1.706.679.3621
Conference ID: 7794 3338

The conference call replay will be available shortly after the live call and remain available for one business week at the following numbers:

US Replay Dial In: +1.800.642.1687
International Replay Dial In: +1.706.645.9291
Conference ID: 7794 3338

This call will be simultaneously Webcast at the following Web address:

http://www.videonewswire.com/event.asp?id=69579. The Webcast will be archived and available at this same Web address for two business weeks following the call.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.

Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. for purchase at fair market value according to the terms of the Omnibus Agreement.

For more information about Navios Holdings please visit its website: www.navios.com.

About Navios South American Logistics Inc.

Navios Logistics was formed in 2007 through the acquisition of control of the Horamar Group, established in 1975. Navios Logistics specializes in transporting and storing liquid and dry bulk cargoes in the Hidrovia region connecting Argentina, Bolivia, Brazil, Paraguay and Uruguay. Navios Logistics currently controls a fleet of 233 barges and vessels. It also owns and operates an upriver oil storage and transfer facility in Paraguay and the largest bulk transfer and storage port terminal in Uruguay.

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM), a publicly traded master limited partnership formed by Navios Holdings is an owner and operator of dry bulk vessels. For more information, please visit its website: www.navios-mlp.com.

Forward Looking Statements — Safe Harbor

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Holdings’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings’ filings with the Securities and Exchange Commission. Navios Holdings expressly disclaims any obligations or

undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contacts:

Public & Investor Relations
Navios Maritime Holdings Inc.
Investor Relations
+1.212.279.8820
investors@navios.com

EXHIBIT I

NAVIOS MARITIME HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. dollars)

		March 31, 2010				December 31, 2009
		(unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	210,920			$	173,933
Restricted cash			134,582				107,158
Accounts receivable, net			77,037				78,504
Short-term derivative asset			26,206				38,382
Due from affiliate companies			8,488				1,973
Prepaid expenses and other current assets			30,209				27,730
Total current assets			487,442				427,680
Deposits for vessel acquisitions			305,766				344,515
Vessels, port terminal and other fixed assets, net			1,564,116				1,577,741
Long-term derivative assets			8,192				8,181
Other long-term assets			68,850				69,222
Investments in affiliates			14,137				13,042
Investments in available for sale securities			75,607				46,314
Intangible assets other than goodwill			287,936				300,571
Goodwill			147,916				147,916
Total non-current assets			2,472,520				2,507,502
Total assets		$	2,959,962			$	2,935,182
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$	49,322			$	61,990
Dividends payable			6,053				6,052
Accrued expenses			59,385				48,030
Deferred income and cash received in advance			12,365				9,529
Short term derivative liability			6,964				10,675
Current portion of long-term debt			58,016				59,804
Total current liabilities			192,105				196,080
Senior and ship mortgage notes, net of discount			693,226				693,049
Long-term debt, net of current portion			835,164				869,853
Unfavorable lease terms			57,218				59,203
Long-term derivative liability			4				—
Long-term liabilities and deferred income			54,722				33,470
Deferred tax liability			21,655				22,777
Total non-current liabilities			1,661,989				1,678,352
Total liabilities			1,854,094				1,874,432
Commitments and contingencies
Stockholders’ equity
Preferred stock — $0.0001 par value, authorized 1,000,000 shares, 10,281 and 8,201 issued and outstanding as of March 31, 2010 and December 31, 2009, respectively			—				—
Common stock — $0.0001 par value, authorized 250,000,000 shares, issued and outstanding 100,889,651and 100,874,199 as of March 31, 2010 and December 31, 2009, respectively			10				10
Additional paid-in capital			546,540				533,729
Accumulated other comprehensive income			24,124				15,156
Retained earnings			401,389				376,585
Total Navios Holdings’ stockholders’ equity			972,063				925,480
Noncontrolling interest			133,805				135,270
Total equity			1,105,868				1,060,750
Total liabilities and equity		$	2,959,962			$	2,935,182

NAVIOS MARITIME HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. dollars — except share and per share data)

		Three Month				Three Month
		Period ended				Period ended
		March 31, 2010				March 31, 2009
		(unaudited)				(unaudited)
Revenue		$	154,369			$	147,168
Time charter, voyage and logistic business expenses			(87,237	)			(91,799	)
Direct vessel expenses			(9,308	)			(7,170	)
General and administrative expenses			(12,193	)			(10,431	)
Depreciation and amortization			(24,941	)			(15,540	)
Interest income/expense and finance cost, net			(21,409	)			(14,364	)
Loss from derivatives			(1,838	)			(26	)
Gain on sale of assets			24,383				—
Other expense, net			(3,799	)			(1,209	)
Income before equity in net earnings of affiliate companies			18,027				6,629
Equity in net earnings of affiliated companies			11,584				5,100
Income before taxes		$	29,611			$	11,729
Income taxes			768				632
Net income			30,379				12,361
Less: Net loss/(income) attributable to the noncontrolling interest			922				(368	)
Net income attributable to Navios Holdings common stockholders		$	31,301			$	11,993
Basic net income per share attributable to Navios Holdings common stockholders		$	0.31			$	0.12
Weighted average number of shares, basic			100,425,549				100,056,191
Diluted net income per share attributable to Navios Holdings common stockholders		$	0.27			$	0.12
Weighted average number of shares, diluted			114,076,034				100,457,699

NAVIOS MARITIME HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. dollars)

		Three Month				Three Month
		Period ended				Period ended
		March 31, 2010				March 31, 2009
		(unaudited)				(unaudited)
OPERATING ACTIVITIES:
Net income		$	30,379			$	11,993
Adjustments to reconcile net income to net cash provided by operating activities:
Non cash adjustments			11,073				21,031
(Increase)/decrease in operating assets			(10,819	)			23,636
Decrease in operating liabilities			(4,938	)			(5,086	)
Payments for dry dock and special survey costs			(1,663	)			(1,587	)
Net cash provided by operating activities			24,032				49,987
INVESTING ACTIVITIES:
Acquisition of vessels			—				(25,648	)
Proceeds from sale of assets			153,000				—
Restricted cash for investing activities			(26,641	)			—
Deposits for vessel acquisitions			(64,736	)			(42,870	)
Receipts from finance lease			142				130
Purchase of property and equipment			(3,029	)			(1,310	)
Net cash provided by/(used in) investing activities			58,736				(69,698	)
FINANCING ACTIVITIES:
Proceeds from long term loan, net of deferred finance fees			41,428				125,369
Repayment of long term debt			(78,581	)			(2,927	)
Dividends paid			(7,034	)			(9,096	)
Acquisition of treasury stock			—				(717	)
Increase in restricted cash			(1,125	)			(6,125	)
Contributions to noncontrolling shareholders			(469	)			—
Net cash (used in)/provided by financing activities			(45,781	)			106,504
Increase in cash and cash equivalents			36,987				86,793
Cash and cash equivalents, beginning of period			173,933				133,624
Cash and cash equivalents, end of period		$	210,920			$	220,417
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest		$	8,453			$	7,936
Cash paid for income taxes		$	359			$	139
Non-cash investing and financing activities
For issuance of convertible debt in connection with the acquisition of vessels		$	—			$	31,741
Equity in net earnings of affiliated companies		$	11,584			$	5,100

Disclosure of Non-GAAP Financial Measures

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, unless otherwise stated. EBITDA is included because it is used by certain investors to measure a company’s financial performance. EBITDA is a “non-GAAP financial measure” and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

EBITDA is presented to provide additional information with respect to Navios Holdings’ ability to satisfy its obligations including debt service, capital expenditures, working capital requirements and payment of dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

EBITDA Reconciliation to Cash from Operations

Three Months Ended		March 31,				March 31,
(in thousands of US Dollars)		2010				2009
Net cash provided by operating activities		$	24,032			$	49,987
Net increase (decrease) in operating assets			10,819				(23,636	)
Net decrease in operating liabilities			4,938				5,086
Net interest cost			21,409				14,364
Deferred finance charges			(1,614	)			(708	)
Provision for losses on accounts receivable			(4,066	)			—
Unrealized loss on FFA derivatives, warrants and interest rate swaps			(5,530	)			(3,613	)
Earnings in affiliates and joint ventures, net of dividends received			1,094				(321	)
Payments for drydock and special survey			1,663				1,587
Noncontrolling interest			922				(368	)
Gain on sale of assets			24,383				—
EBITDA		$	78,050			$	42,378

EXHIBIT II

Owned Vessels

Vessel Name		Vessel Type		Year Built				Deadweight
								(in metric tons)
Navios Ionian		Ultra Handymax			2000				52,067
Navios Horizon		Ultra Handymax			2001				50,346
Navios Herakles		Ultra Handymax			2001				52,061
Navios Achilles		Ultra Handymax			2001				52,063
Navios Meridian		Ultra Handymax			2002				50,316
Navios Mercator		Ultra Handymax			2002				53,553
Navios Vector(1)		Ultra Handymax			2002				50,296
Navios Arc		Ultra Handymax			2003				53,514
Navios Hios		Ultra Handymax			2003				55,180
Navios Kypros		Ultra Handymax			2003				55,222
Navios Ulysses		Ultra Handymax			2007				55,728
Navios Vega		Ultra Handymax			2009				58,792
Navios Celestial		Ultra Handymax			2009				58,063
Navios Magellan		Panamax			2000				74,333
Navios Star		Panamax			2002				76,662
Navios Orbiter		Panamax			2004				76,602
Navios Asteriks		Panamax			2005				76,801
Navios Happiness		Capesize			2009				180,022
Navios Bonavis		Capesize			2009				180,022
Navios Lumen		Capesize			2009				180,661
Navios Stellar		Capesize			2009				169,001
Navios Phoenix		Capesize			2009				180,242
Navios Antares		Capesize			2010				169,059
Vanessa		Product Handysize			2002				19,078

Owned Vessels to be delivered

Vessel Name		Vessel Type		Delivery Date				Deadweight
								(in metric tons)
Navios Melodia		Capesize			7/2010				180,000
Navios Fulvia		Capesize			8/2010				180,000
Navios Buena Ventura		Capesize			9/2010				180,000
Navios Luz		Capesize			10/2010				180,000
Navios Etoile		Capesize			10/2010				180,000
Navios Bonheur		Capesize			11/2010				180,000
Navios TBN		Capesize			1/2011				180,000
Navios Azimuth		Capesize			1/2011				180,000

Long term Chartered-in Fleet in Operation

Year

Purchase

Vessel Name

Vessel Type

Built

Deadweight

Option(2)

(in metric tons)

Navios Astra

Ultra Handymax

2006

53,468

Yes

Navios Primavera

Ultra Handymax

2007

53,464

Yes

Navios Armonia

Ultra Handymax

2008

55,100

No

Navios Cielo

Panamax

2003

75,834

No

Navios Orion

Panamax

2005

76,602

No

Navios Titan

Panamax

2005

82,936

No

Navios Altair

Panamax

2006

83,001

No

Navios Esperanza

Panamax

2007

75,200

No

Golden Heiwa

Panamax

2007

76,662

No

Torm Antwerp

Panamax

2008

75,250

No

Grand Challenger

Panamax

2006

82,900

No

SA Fortius

Capesize

2001

171,595

No

Year

Purchase

Vessel Name

Vessel Type

Built

Deadweight

Option(2)

(in metric tons)

Beaufiks

Capesize

2004

180,181

Yes

Rubena N

Capesize

2006

203,233

No

Formosabulk Brave

Capesize

2001

170,000

No

SA Fortius

Capesize

2001

171,595

No

SC Lotta

Capesize

2009

170,500

No

Phoenix Beauty

Capesize

2010

169,150

No

King Ore

Capesize

2010

176,800

No

Long term Chartered-in Fleet to be Delivered

										Purchase
Vessel Name		Vessel Type		Delivery Date		Deadweight				Option(2)
						(in metric tons)
Navios TBN		Handysize		02/2011			35,000			Yes(3)
Navios TBN		Handysize		04/2011			35,000			Yes(3)
Navios TBN		Panamax		09/2011			80,000			Yes
Navios TBN		Capesize		09/2011			180,200			Yes
Navios TBN		Ultra Handymax		03/2012			61,000			Yes
Kleimar TBN		Capesize		07/2012			180,000			Yes
Navios TBN		Panamax		01/2013			82,100			Yes
Navios TBN		Capesize		06/2013			180,000			Yes
Navios TBN		Ultra Handymax		08/2013			61,000			Yes