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 February 23, 2011, Navios Maritime Holdings Inc. (“Navios Holdings”) issued a press release announcing the operational and financial results for the fourth quarter and year ended December 31, 2010. The press release also announced the declaration of Navios Holdings’ quarterly dividend. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

     The information contained in this Report is hereby incorporated by reference into Navios Holdings’ 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 99.1

Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter
and Year Ended December 31, 2010
Dividend of $0.06 per Share for Q4 2010
Q4 Net Income Excluding Navios Acquisition of $57.5 Million
Q4 EBITDA Excluding Navios Acquisition of $106.3 Million

PIRAEUS, GREECE—(Marketwire — February 23, 2011) — Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2010.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings stated, “We are pleased to report our results for 2010. We increased EBITDA by almost 64% to $339 million and net income by 127% to $154 million. We completed our new building program and, at the same time, reduced our net debt to capitalization by almost 8% to 49% (on a pro forma basis, excluding Navios Maritime Acquisition). Our liquidity is more than sufficient considering our needs. Based on these strong results, we declared a $.06 dividend for the fourth quarter of 2010, payable on April 12, 2011 to the stockholders of record as of March 22, 2011.”

Ms. Frangou continued, “The shipping industry is going through transition at a time when there is healthy underlying demand for mineral and grain commodities and crude oil globally. While we are cautious about the near term, and continue to monitor closely the supply of vessels, we see continued demand for commodities from the urbanization of emerging markets.”

2010 HIGHLIGHTS — RECENT DEVELOPMENTS

Navios Holdings

Completion of Newbuilding Program: Delivery of Five Capesize Vessels

On February 14, 2011, Navios Holdings took delivery of the Navios Azimuth, a 2011-built, 179,169 dwt Capesize vessel from a South Korean shipyard.

On January 28, 2011, Navios Holdings took delivery of the Navios Altamira, a 2011-built, 179,165 dwt Capesize vessel from a South Korean shipyard.

On December 17, 2010, Navios Holdings took delivery of the Navios Bonheur, a 2010-built, 179,259 dwt Capesize vessel from a South Korean shipyard.

On December 3, 2010, Navios Holdings took delivery of the Navios Etoile, a 2010-built, 179,234 dwt Capesize vessel from a South Korean shipyard.

On November 17, 2010, Navios Holdings took delivery of the Navios Luz, a 2010-built, 179,144 dwt Capesize vessel from a South Korean shipyard.

Buyback of $131.3 Million Mandatorily Convertible Preferred Stock

On December 27, 2010, Navios Holdings purchased $131.3 million of certain series of the 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) previously issued in connection with the acquisition of Capesize vessels for a cash consideration of $49.2 million, reflecting a 62.5% discount to the face amount.

After the repurchase of the Preferred Stock and also giving effect to the previously announced repurchase of the 2% convertible senior promissory notes in November 2010, the total number of potentially dilutive shares of outstanding common stock, on a fully diluted basis, was reduced by 12.6%. As of December 31, 2010, on a fully diluted basis, there were 112,173,031 shares of common stock outstanding.

Deconsolidation of Navios Maritime Acquisition Corporation (“Navios Acquisition”) from Navios Holdings

Navios Holdings has agreed to exchange approximately 7.7 million shares of Navios Acquisition’s common stock it holds for non-voting preferred stock of Navios Acquisition. All or a portion of the preferred stock will be convertible into shares of common stock of Navios Acquisition after the second anniversary of the issuance of such preferred stock, to the extent Navios Holdings will not own greater than a 45% voting interest in Navios Acquisition after any such conversions. The exchange is expected to be completed prior to the end of the first quarter of 2011.

$350.0 million 8 1/8% Senior Notes Due 2019

On January 28, 2011, Navios Holdings completed the sale of $350.0 million of 8 1/8% Senior Notes due 2019 (the “2019 Notes”). The 2019 Notes are guaranteed by all of the subsidiaries that provide a guarantee of Navios Holdings’ existing 8 7/8% First Priority Ship Mortgage notes due 2017 (the “2017 Notes”).

The net proceeds from the sale of the 2019 Notes were used to redeem (the “Tender Offer”) any and all of Navios Holdings’ outstanding 9 1/2% Senior Notes due 2014 (“2014 Notes”), pay related transaction fees and expenses and for general corporate purposes. The Tender Offer expired on February 11, 2011 with $25.0 million in aggregate principal amount of 2014 Notes remaining outstanding.

Navios Holdings will redeem for cash, on February 28, 2011, all 2014 Notes that remained outstanding after completion of the Tender Offer, at a redemption price of $1,047.50 per $1,000 principal amount of 2014 Notes, plus accrued and unpaid interest to, but not including that date. An official notice of redemption was distributed, commencing on January 28, 2011, to the holders of the 2014 Notes commencing on January 28, 2011.

Liquidity

Net Debt to Total Capitalization was 48.8% on December 31, 2010 (57.9% including Navios Acquisition). Navios Holdings’ total available liquidity, including bank lines, as of December 31, 2010 was approximately $165.8 million ($261.0 million including Navios Acquisition). Following delivery of Navios Azimuth and Navios Altamira in 2011, Navios Holdings has no further newbuilding vessel capital expenditures commitments.

Time Charter Coverage

Navios Holdings has long-term fleet employment for periods ranging from one to 12 years. As of February 21, 2011, Navios Holdings had contracted 83.3%, 58.4% and 41.6% of its available days on a charter-out basis for 2011, 2012 and 2013, respectively, equivalent to $307.1 million, $240.4 million and $195.1 million in revenue, respectively. The average contractual daily charter-out rate for the core fleet is $28,224, $30,153 and $32,841 for 2011, 2012 and 2013, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2011 is $10,775.

The above figures do not include the Navios South American Logistics Inc. (“Navios Logistics”) fleet, the Navios Acquisition fleet and the vessels servicing the Contracts of Affreightment (“COA”).

Navios Acquisition

Information relating to Navios Acquisition is included herein because of the consolidation of Navios Acquisition into Navios Holdings. Certain numbers exclude the effect of the consolidation of Navios Acquisition.

Delivery of the chemical tanker Nave Polaris

On January 27, 2011, Navios Acquisition took delivery of the chemical tanker Nave Polaris, a 2010 built of 25,145 dwt from a South Korean shipyard into its owned fleet. The vessel is chartered out for six months at a net rate of $10,238 per day for the first three months and at a net rate of $11,213 per day for the remaining three months.

Credit Facility

On December 6, 2010, Navios Acquisition entered into a loan agreement with EFG Eurobank Ergasias S.A. of up to $52.0 million (divided into two $26.0 million tranches) to partially finance the acquisition

costs of two LR1 product tanker vessels. Each tranche of the facility is repayable in 32 equal quarterly installments of $0.3 million each with a final balloon payment of approximately $15.0 million, to be repaid on the last repayment date. The facility bears interest at a rate of LIBOR plus 300 bps and requires compliance with certain financial covenants.

$400.0 million 8 5/8% First Priority Ship Mortgage Notes Due 2017

On October 21, 2010, Navios Acquisition completed the sale of $400.0 million of 8 5/8% First Priority Ship Mortgage notes due 2017 (the “2017 Acquisition Notes”). The 2017 Acquisition Notes are secured by first priority ship mortgages on six very large crude carrier vessels, aggregating approximately 1.8 million deadweight tons, owned by certain subsidiary guarantors. The 2017 Acquisition Notes are guaranteed by each of Navios Acquisition’s direct and indirect subsidiaries.

The net proceeds of the sale of the 2017 Acquisition Notes, totalling $386.5 million, were used to repay borrowings under certain of Navios Acquisition’s existing credit facilities.

Navios Maritime Partners L.P. (“Navios Partners”)

Increase in Cash Distributions

The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2010 of $0.43 per unit. This represents an increase of 2.4% from the cash distribution of $0.42 per unit declared for the third quarter of 2010. On February 14, 2011, Navios Holdings received $6.1 million, representing the cash distribution from Navios Partners for the fourth quarter of 2010.

Fleet Profile

Navios Holdings controls a fleet of 57 vessels totalling 6.0 million dwt, of which 30 are owned and 27 are chartered-in under long-term charters. Navios Holdings currently operates 44 vessels (18 Capesize, 10 Panamax and 16 Ultra-Handymax) totaling 4.8 million dwt and has 13 newbuilding charter-in vessels expected to be delivered at various dates through 2013. The current average age of the operating fleet is 4.6 years.

Exhibit II displays the “Core Fleet” of Navios Holdings and refers to dry bulk vessel operations (excludes the fleets of Navios Acquisition and Navios Logistics).

Financial Highlights (all numbers exclude Navios Acquisition)

—		Adjusted Net Income increased by 132.1% to $24.4 million in the fourth quarter of 2010 from $10.5 million in the same period in 2009.
—		Adjusted EBITDA increased by 42.7% to $73.2 million in the fourth quarter of 2010 from $51.3 million in the same period in 2009.
—		Adjusted Net Income increased by 42.6% to $81.1 million for the year ended December 31, 2010 from $56.9 million in 2009.
—		Adjusted EBITDA increased by 37.2% to $265.7 million for the year ended December 31, 2010 from $193.7 million in 2009.
—		Net Debt to book capitalization decreased to 48.8% at December 31, 2010, compared to 52.6% at December 31, 2009.

Dividend Policy

The Board of Directors declared a quarterly cash dividend for the fourth quarter of 2010 of $0.06 per share of common stock. This dividend is payable on April 12, 2011 to stockholders of record as of March 22, 2011. 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 and the years ended December 31, 2010 and 2009. The year ended December 31, 2010 and the quarterly 2010 and 2009 information were derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-U.S. GAAP financial measures, and should not be used in isolation or substitution for Navios Holdings’ results.

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

														Total
														Consolidated
										(Excluding				(Excluding
		Total				Navios				Navios				Navios
		Consolidated				Acquisition				Acquisition)				Acquisition)
		For the				For the				For the				For the
		Three Months				Three Months				Three Months				Three Months
		Ended				Ended				Ended				Ended
		December 31,				December 31,				December 31,				December 31,
		2010				2010				2010				2009
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenue		$	189,927			$	25,440			$	164,487			$	148,730
EBITDA		$	124,197			$	17,925			$	106,272			$	55,284
Adjusted EBITDA (*)		$	91,100			$	17,925			$	73,175			$	51,289
Net income/(loss)		$	53,307			$	(4,197	)		$	57,504			$	12,486
Adjusted Net Income (*)		$	25,651			$	1,244			$	24,407			$	10,517
Earnings/(loss) Per Share		$	0.52			$	(0.04	)		$	0.56			$	0.12
Adjusted Basic Earnings Per Share (*)		$	0.25			$	0.02			$	0.23			$	0.11

Total Navios Holdings’ consolidated revenue for the three months ended December 31, 2010 increased by $41.2 million, to $189.9 million compared to $148.7 million for the same period in 2009. Revenue from drybulk vessel operations for the three months ended December 31, 2010 was $119.7 million as compared to $113.6 million for the same period during 2009.

The increase in revenue was mainly attributable to: (i) the increase in Time Charter Equivalent (“TCE”) per day by 9.0% to $26,282 per day in the fourth quarter of 2010 from $24,120 per day in the same period of 2009; and (ii) an increase in the available ownership days by 20.8% to 2,350 days in the fourth quarter of 2010 from 1,945 days in the same period of 2009. This increase was partially offset by a decrease in short-term and long-term fleet available days of 224 days and 474 days, respectively.

Revenue from the logistics business was $44.8 million for the three months ended December 31, 2010 as compared to $35.1 million during the same period of 2009. This increase was mainly attributable to: (i) the acquisition of the Sara H in February 2010; (ii) the increased operations of its liquid port; (iii) the increased volumes transported through the dry port terminal business; and (iv) the increased storage capacity of its dry port in Uruguay following the construction of its new silo.

Revenue from tanker vessel operations for the three month period ended December 31, 2010 was $25.4 million. Navios Acquisition including the chemical tanker the Nave Cosmos delivered on October 27, 2010, had 802 available days at a TCE rate of $31,702. There were no operations in the corresponding period in 2009.

EBITDA of Navios Holdings (excluding Navios Acquisition) for the three months ended December 31, 2010 increased by $51.0 million to $106.3 million compared to $55.3 million for the fourth quarter of 2009. The $51.0 million increase in EBITDA was primarily due to: (i) an increase in revenue of $15.8 million to $164.5 million in the fourth quarter of 2010 from $148.7 million in the same period of 2009; (ii) a decrease in time charter, voyage and logistic business expenses of $2.4 million from $83.8 million in the fourth quarter of 2009 to $81.4 million in the same period of 2010; (iii) $2.5 million gain from derivatives; (iv) an increase of $5.8 million in net other income; (v) an increase of $25.3 million in gain on sale of assets; and (vi) an increase in equity in earnings by $3.2 million. The overall variance of $55.0 million was partially offset by: (i) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $0.6 million; (ii) an increase in general and administrative expenses of $1.1 million (excluding share-based compensation expenses); and (iii) a decrease of $2.3 million in noncontrolling interest.

EBITDA of Navios Logistics was $9.7 million for the three month period ended December 31, 2010 as compared to $3.8 million during the same period in 2009.

EBITDA of Navios Acquisition for the three month period ended December 31, 2010 was $17.9 million. Navios Acquisition, including the chemical tanker the Nave Cosmos delivered on October 27, 2010, had 802 available days at a TCE rate of $31,702. There were no operations in the corresponding period in 2009.

Net income of Navios Holdings (excluding Navios Acquisition) for the three months ended December 31, 2010 was $57.5 million as compared to $12.5 million for the comparable period of 2009. The increase of net income by $45.0 million was mainly due to an increase in EBITDA of $51.0 million as discussed above, which was partially offset by: (i) an increase in depreciation and amortization of $0.8 million; (ii) an increase in interest expense, net of $4.1 million; (iii) an increase in income taxes of $0.6 million; (iv) an increase of $0.4 million in amortization for drydock and special survey costs; and (v) an increase of $0.1 million in share-based compensation expense.

Net loss of Navios Acquisition for the three month period ended December 31, 2010 was $4.2 million. Year Ended December 31, 2010 and 2009 Results (in thousands of U.S. dollars, except per share data, unless otherwise stated)

														Total
														Consolidated
										(Excluding				(Excluding
		Total				Navios				Navios				Navios
		Consolidated				Acquisition				Acquisition)				Acquisition)
		Year Ended				Year Ended				Year Ended				Year Ended
		December 31,				December 31,				December 31,				December 31,
		2010				2010				2010				2009
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenue		$	679,918			$	33,568			$	646,350			$	598,676
EBITDA		$	356,126			$	17,461			$	338,665			$	206,801
Adjusted EBITDA (*)		$	291,194			$	25,480			$	265,714			$	193,712
Net income/(loss)		$	145,757			$	(8,294	)		$	154,051			$	67,934
Adjusted Net Income (*)		$	86,266			$	5,166			$	81,100			$	56,871

														Total
														Consolidated
										(Excluding				(Excluding
		Total				Navios				Navios				Navios
		Consolidated				Acquisition				Acquisition)				Acquisition)
		Year Ended				Year Ended				Year Ended				Year Ended
		December 31,				December 31,				December 31,				December 31,
		2010				2010				2010				2009
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Earnings/(loss) Per Share		$	1.43			$	(0.08	)		$	1.51			$	0.68
Adjusted Basic Earnings Per Share (*)		$	0.83			$	0.05			$	0.78			$	0.57

Total Navios Holdings’ consolidated revenue for the year ended December 31, 2010 increased by $81.2 million, to $679.9 million compared to $598.7 million for the same period in 2009.

Revenue from drybulk vessel operations for the year ended December 31, 2010 was $458.4 million as compared to $459.8 million for the same period during 2009. The decrease in revenue was mainly attributable to a decrease in TCE per day by $1.1% to $25,527 in 2010 from $25,821 in 2009 and a decrease in short-term and long-term chartered in fleet available days of 458 days and 1,174 days, respectively. This decrease was offset by an increase in available ownership days of the fleet of 29.2% to 8,680 days from 6,718 days following the delivery of the owned vessels at various times since December 2009.

Revenue from the logistics business was $188.0 million for the year ended December 31, 2010 as compared to $138.9 million during the same period of 2009. This increase was mainly attributable to: (i) the acquisition of Makenita H in June 2009, which was fully operational during 2010; (ii) the acquisition of Sara H in February 2010; (iii) the acquisition of Jiujiang and Stavroula as capital leases, in June and July 2010, respectively; (iv) an increase in product sales at Navios Logistics’ liquid port; and (v) the increased storage capacity of the dry port in Uruguay following the construction of its new silo.

Revenue from tanker vessel operations for the year ended December 31, 2010 was $33.6 million. Following the acquisition of the vessel Nave Cosmos on October 27, 2010, Navios Acquisition had 1,104 available days at a TCE of $30,087 for the year ended December 31, 2010. There was no revenue in the corresponding period of 2009.

EBITDA of Navios Holdings (excluding Navios Acquisition) for the year ended December 31, 2010 increased by $131.9 million to $338.7 million compared to $206.8 million for the same period of 2009. The $131.9 million increase in EBITDA was primarily due to: (i) an increase in revenue of $47.7

million to $646.4 million compared to $598.7 million for same period in 2009; (ii) a decrease in time charter, voyage and logistic business expenses of $17.6 million from $353.8 million in 2009 to $336.2 million in the same period of 2010; (iii) an increase of $3.7 million in gains from derivatives; (iv) an increase of $8.7 million in net other income; (v) a $34.6 million gain on sale of assets; (vi) a $17.7 million gain recognized as a result of obtaining control of Navios Acquisition as of May 28, 2010; and (vii) an increase in equity in net earnings from affiliated companies by $12.7 million. The overall variance of $142.7 million was partially offset by: (i) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $5.0 million; (ii) an increase in general and administrative expenses of $4.9 million (excluding share-based compensation expenses); and (iii) a decrease of $0.9 million noncontrolling interest.

EBITDA of Navios Logistics was $32.5 million for the year ended December 31, 2010 as compared to $29.6 million during the same period in 2009.

EBITDA of Navios Acquisition for the year ended December 31, 2010 was $17.5 million and Adjusted EBITDA was $25.5 million, which excludes $8.0 million of transaction costs for the VLCC Acquisition. Net income of Navios Holdings (excluding Navios Acquisition) for year ended December 31, 2010 was $154.0 million as compared to $67.9 million for the comparable period of 2009. The increase of net income by $86.2 million was mainly due to an increase in EBITDA of $131.9 million as discussed above, which was partially offset by: (i) an increase in depreciation and amortization of $17.8 million; (ii) an increase in interest expense, net of $24.8 million; (iii) an increase in income taxes of $2.0 million; (iv) an increase of $0.9 million in amortization for drydock and special survey costs; and (v) an increase of $0.3 million in share-based compensation expense.

Net loss of Navios Acquisition for the year ended December 31, 2010 was $8.3 million.

Fleet Summary Data:

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

		Three Month				Three Month
		Period ended				Period ended				Year Ended				Year Ended
		December 31,				December 31,				December 31,				December 31,
		2010				2009				2010				2009
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Available Days (1)			3,776				4,068				15,918				15,588
Operating Days (2)			3,733				4,001				15,841				15,479
Fleet Utilization (3)			98.9	%			98.4	%			99.5	%			99.3	%
Equivalent Vessels (4)			41				44				44				43
TCE (5)		$	26,282			$	24,120			$	25,527			$	25,821

Conference Call:

As previously announced, Navios Holdings will host a conference call today, Wednesday, February 23, 2011, at 8:30 am ET, at which time Navios Holdings’ senior management will provide highlights and commentary on the fourth quarter and year-end December 31, 2010 financial results.

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

Conference Call details:

Call Date/Time: Wednesday, February 23, 2011, at 8:30 am ET

Call Title: Navios Holdings Q4 and FY 2010 Financial Results Conference Call

US Dial In: +1.877.480.3873

International Dial In: +1.404.665.9927

Conference ID: 3851 1920

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

US Replay Dial In: +1.800.642.1687

International Replay Dial In: +1.706.645.9291

Conference ID: 3851 1920

This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, www.navios.com, under the “Investors” section. The Webcast will be archived and available at the same Web address for two weeks following the call.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. (NYSE: NM) 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 our website: www.navios.com.

About Navios South American Logistics Inc.

Navios Logistics was formed in 2008. 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 234 barges, vessels and pushboats. 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 Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit its website: www.navios-mlp.com.

About Navios Acquisition

Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit its website: www.navios-acquisition.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.

EXHIBIT I

NAVIOS MARITIME HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of U.S. dollars — except share data)

		December 31,				December 31,
		2010				2009
		(unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	207,410			$	173,933
Restricted cash			34,790				107,158
Accounts receivable, net			70,388				78,504
Short-term derivative asset			1,420				38,382
Due from affiliate companies			2,603				1,973
Prepaid expenses and other current assets			33,354				27,730
Total current assets			349,965				427,680
Deposit for vessels acquisitions			377,524				344,515
Vessels, port terminal and other fixed assets, net			2,249,677				1,577,741
Long-term derivative assets			149				8,181
Restricted cash			18,787				—
Investments in leased assets			—				18,431
Investments in affiliates			18,695				13,042
Investments in available for sale securities			99,078				46,314
Other long term assets			60,132				50,791
Intangibles other than goodwill			327,703				300,571
Goodwill			175,057				147,916
Total non-current assets			3,326,802				2,507,502
Total assets		$	3,676,767			$	2,935,182
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$	49,496			$	61,990
Dividends payable			7,214				6,052
Accrued expenses			62,417				48,030
Deferred income and cash received in advance			17,682				9,529
Short term derivative liability			245				10,675
Capital lease obligations			1,252				—
Current portion of long term debt			63,297				59,804
Total current liabilities			201,603				196,080
Senior and ship mortgage notes, net of discount			1,093,787				693,049
Long term debt, net of current portion			918,826				869,853
Capital lease obligations, net of current portion			31,009				—
Unfavorable lease terms			56,875				59,203
Long term liabilities and deferred income			36,020				33,470
Deferred tax liability			21,104				22,777
Total non-current liabilities			2,157,621				1,678,352
Total liabilities			2,359,224				1,874,432
Commitments and contingencies			—				—
Stockholders’ equity
Preferred Stock — $0.0001 par value, authorized 1,000,000 shares, 8,479 and 8,201 issued and outstanding as of December 31, 2010 and December 31, 2009, respectively			—				—
Common stock — $0.0001 par value, authorized 250,000,000 shares, issued and outstanding 101,563,766 and 100,874,199, as of December 31, 2010 and 2009, respectively			10				10
Additional paid-in capital			531,265				533,729
Accumulated other comprehensive income			32,624				15,156
Retained earnings			495,684				376,585
Total Navios Holdings’ stockholders’ equity			1,059,583				925,480
Noncontrolling interest			257,960				135,270
Total stockholders’ equity			1,317,543				1,060,750
Total liabilities and stockholders’ equity		$	3,676,767			$	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				Year ended				Year ended
		December 31,				December 31,				December 31,				December 31,
		2010				2009				2010				2009
		(unaudited)				(unaudited)				(unaudited)
Revenue		$	189,927			$	148,730			$	679,918			$	598,676
Time charter, voyage and logistic business expenses			(81,673	)			(83,801	)			(336,558	)			(353,838	)
Direct vessel expenses			(16,506	)			(8,375	)			(47,109	)			(31,454	)
General and administrative expenses			(15,055	)			(12,936	)			(58,604	)			(43,897	)
Depreciation and amortization			(30,622	)			(22,053	)			(101,793	)			(73,885	)
Interest income/expense and finance cost, net			(37,502	)			(19,042	)			(102,380	)			(61,919	)
Gain/(loss) on derivatives			59				(2,411	)			4,064				375
Gain on sale of assets/partial sale of subsidiary			29,298				3,995				55,432				20,785
Gain on change in control			—				—				17,742				—
Other income/(expense), net			4,989				(1,157	)			(5,614	)			(14,666	)
Income before equity in net earnings of affiliate companies			42,915				2,950				105,098				40,177
Equity in net earnings of affiliated companies			11,168				9,265				40,585				29,222
Income before taxes		$	54,083			$	12,215			$	145,683			$	69,399
Income taxes			(1,071	)			(462	)			(414	)			1,565
Net income			53,012				11,753				145,269				70,964
Less: Net (income)/loss attributable to the noncontrolling interest			295				733				488				(3,030	)
Net income attributable to Navios Holdings common stockholders		$	53,307			$	12,486			$	145,757			$	67,934
Basic earnings per share attributable to Navios Holdings stockholders		$	0.52			$	0.12			$	1.43			$	0.68
Weighted average number of shares, basic			100,616,917				99,966,063				100,518,880				99,924,587
Diluted earnings per share attributable to Navios Holdings stockholders		$	0.44			$	0.11			$	1.24			$	0.65
Weighted average number of shares, diluted			119,292,525				109,576,524				116,182,356				105,194,659

NAVIOS MARITIME HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. dollars)

		Year Ended				Year Ended
		December 31,				December 31,
		2010				2009
		(unaudited)
OPERATING ACTIVITIES:
Net income		$	145,269			$	70,964
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash adjustments			60,085				62,112
Decrease in operating assets			7,051				30,399
Increase/(decrease) in operating liabilities			(20,578	)			56,498
Payments for dry dock and special survey costs			(9,337	)			(3,522	)
Net cash provided by operating activities			182,490				216,451
INVESTING ACTIVITIES:
Acquisition of subsidiary, net of cash acquired			(98,913	)			(369	)
Proceeds from sale of assets			484,082				66,600
Increase/(decrease) in restricted cash for investing activities			67,659				(90,878	)
Receipts from finance lease			180				567
Deposits for vessel acquisitions			(343,243	)			(238,810	)
Acquisition of vessels			(222,773	)			(512,760	)
Purchase of property and equipment			(16,761	)			(26,888	)
Net cash used in investing activities			(129,769	)			(802,538	)
FINANCING ACTIVITIES:
Proceeds from long-term loans			466,634				621,270
Proceeds from ship mortgage and senior notes			400,000				394,412
Repayment of long term debt and payment of principal			(804,397	)			(333,952	)
Proceeds from warrant exercise			(2,060	)			—
Debt issuance costs			(23,458	)			(18,097	)
Increase in restricted cash			17,662				(9,500	)
Contributions from noncontrolling shareholders			(470	)			563
Repurchase of preferred stock			(50,835	)			—
Repurchase of convertible bond			(29,100	)			—
Issuance of common stock			415				—
Dividends paid			(27,037	)			(27,583	)
Proceeds from equity offering, net of fees			33,402				—
Acquisition of treasury stock			—				(717	)
Net cash (used in)/provided by financing activities			(19,244	)			626,396
Increase in cash and cash equivalents			33,477				40,309
Cash and cash equivalents, beginning of year			173,933				133,624
Cash and cash equivalents, end of year		$	207,410			$	173,933
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest		$	94,742			$	58,224
Cash paid for income taxes		$	485			$	2,238

		Year Ended				Year Ended
		December 31,				December 31,
		2010				2009
		(unaudited)
Non-cash investing and financing activities
Issuance of convertible debt in connection with the acquisition of vessels		$	—			$	31,673
Issuance of preferred stock in connection with the acquisition of vessels		$	69,301			$	40,284
Equity in net earnings of affiliated companies		$	40,585			$	29,222
Dividends declared but not paid		$	7,214			$	6,052
Shares released to the shareholders of Horamar		$	10,869			$	—
Investments in available for sale securities		$	35,297			$	—
Debt assumed in connection with acquisitions of businesses		$	543,438			$	804

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

		December 31,				December 31,
Three Months Ended		2010				2009
(in thousands of U.S. dollars)		(unaudited)				(unaudited)
Net cash provided by operating activities		$	57,608			$	71,459
Net increase in operating assets			(20,670	)			(22,398	)
Net increase/(decrease) in operating liabilities			22,678				(21,949	)
Net interest cost			37,503				19,042
Deferred finance charges			(6,508	)			(3,467	)
Provision for losses/(gains) on accounts receivable			2,020				(862	)
Unrealized gain/(loss) on FFA derivatives, warrants and interest rate swaps			(4,736	)			7,828
Earnings in affiliates, net of dividends received			2,129				663
Payments for drydock and special survey			781				240
Noncontrolling interest			295				733
Gain on sale of assets			29,298				3,995
Gain on repurchase of convertible bond			3,799				—
EBITDA		$	124,197			$	55,284

Navios Logistics EBITDA Reconciliation to Net Income

		Three Month Period Ended
		December 31,				December 31,
		2010				2009
(Expressed in thousands of U.S. dollars)		(unaudited)				(unaudited)
Net income/(loss) attributable to Navios Holdings shareholders		$	2,274			$	(3,148	)
Depreciation and amortization			5,343				5,526
Amortization of deferred drydock costs			111				76
Interest income			(132	)			(3	)
Interest expense and finance cost, net			1,208				929
Income taxes			940				379
EBITDA		$	9,744			$	3,759

EBITDA Reconciliation to Cash from Operations

		December 31,				December 31,
Twelve Months Ended		2010				2009
(in thousands of U.S. dollars)		(unaudited)				(unaudited)
Net cash provided by operating activities		$	182,490			$	216,451
Net increase in operating assets			(7,051	)			(30,399	)
Net increase/(decrease) in operating liabilities			20,578				(56,498	)
Net interest cost			102,380				61,919
Deferred finance charges			(11,752	)			(6,682	)

		December 31,				December 31,
Twelve Months Ended		2010				2009
(in thousands of U.S. dollars)		(unaudited)				(unaudited)
Provision for losses on accounts receivable			(4,660	)			(2,237	)
Unrealized (loss)/gain on FFA derivatives, warrants and interest rate swaps			(12,882	)			9,311
Gain on change in control			17,742				—
Earnings in affiliates and joint ventures, net of dividends received			5,844				1,355
Payments for drydock and special survey			9,337				3,522
Noncontrolling interest			488				(3,030	)
Non cash compensation received			—				6,082
Unrealized losses on available for sale securities			—				(13,778	)
Gain on sale of assets			55,432				20,785
Repurchase of convertible bond			3,799				—
Transaction Expenses			(5,619	)			—
EBITDA		$	356,126			$	206,801

Navios Logistics EBITDA Reconciliation to Net Income

		Year Ended				Year Ended
		December 31,				December 31,
		2010				2009
(Expressed in thousands of U.S. dollars)		(unaudited)				(unaudited)
Net income attributable to Navios Holdings shareholders		$	5,599			$	5,350
Depreciation and amortization			22,215				21,604
Amortization of deferred drydock costs			394				270
Interest income			(298	)			(11	)
Interest expense and finance cost, net			4,527				4,247
Income taxes			64	)			(1,863	)
EBITDA		$	32,501			$	29,597

EXHIBIT II

Owned Vessels

Vessel Name		Vessel Type				Year Built				Deadweight
										(in metric tons)
Navios Ionian		Ultra Handymax					2000				52,067
Navios Vector		Ultra Handymax					2002				50,296
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 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 Astra(3)		Ultra Handymax					2006				53,468
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 Bonavis		Capesize					2009				180,022
Navios Happiness		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
Navios Buena Ventura		Capesize					2010				179,132
Navios Luz		Capesize					2010				179,144
Navios Etoile		Capesize					2010				179,234
Navios Bonheur		Capesize					2010				179,259
Navios Altamira		Capesize					2011				179,165
Navios Azimuth		Capesize					2011				179,169

Long-term Chartered-in Fleet in Operation

Year

Deadweight

Purchase

Vessel Name

Vessel Type

Built

(in metric tons)

Option(1)

Navios Primavera

Ultra Handymax

2007

53,464

Yes

Navios Armonia

Ultra Handymax

2008

55,100

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

Torm Antwerp

Panamax

2008

75,250

No

Golden Heiwa

Panamax

2007

76,662

No

King Ore

Capesize

2010

176,800

No

Beaufiks

Capesize

2004

180,181

Yes

Phoenix Beauty

Capesize

2010

169,150

No

Rubena N

Capesize

2006

203,233

No

Formosabulk Brave

Capesize

2001

170,000

No

SC Lotta

Capesize

2009

170,500

No

Long-term Chartered-in Fleet to be Delivered

Delivery

Purchase

Deadweight

Vessels

Vessel Type

Date

Option

(in metric tons)

Navios Serenity

Handysize

03/2011

Yes

(2)

34,718

Navios TBN

Handysize

09/2012

Yes

(2)

34,718

Navios Koyo

Capesize

12/2011

Yes

181,000

Kleimar TBN

Capesize

07/2012

Yes

180,000

Navios TBN

Capesize

12/2013

Yes

180,000

Navios TBN

Ultra Handymax

02/2012

Yes

(2)

61,000

Navios TBN

Ultra Handymax

05/2013

Yes

61,000

Navios TBN

Ultra Handymax

10/2013

Yes

61,000

Delivery

Purchase

Deadweight

Vessels

Vessel Type

Date

Option

(in metric tons)

Navios Marco Polo

Panamax

09/2011

Yes

80,000

Navios TBN

Panamax

01/2013

Yes

82,100

Navios TBN

Panamax

07/2013

Yes

(2)

80,500

Navios TBN

Panamax

09/2013

Yes

(2)

80,500

Navios TBN

Panamax

11/2013

Yes

(2)

80,500

Contacts:
Investor Relations
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com