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As filed with the Securities and Exchange Commission on April 5, 2006

Registration No. 333-129382

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Pre-Effective Amendment No. 2
on
FORM F-1/A

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

NAVIOS MARITIME HOLDINGS INC.

(Exact name of registrant as specified in its charter)


Republic of Marshall Islands 4412 98-0384348
(State or other jurisdiction of
incorporation or organization)		 (Primary Standard Industrial
Classification Code Number)		 (I.R.S. Employer
Identification No.)

Navios Maritime Holdings Inc.
85 Akti Miouli Street
Piraeus, Greece 185 38
(011) +30-210-4595000

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

Trust Company of the Marshall Islands, Inc.
Trust Company Complex, Ajeltake Island
P.O. Box 1405
Majuro, Marshall Islands MH96960

(Name, address, including zip code, and telephone number, including area code, of agent for service)

With copies to:

Kenneth R. Koch, Esq.
Todd E. Mason, Esq.
Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C.
666 Third Avenue
New York, New York 10017
(212) 935-3000

Approximate date of commencement of proposed sale to public:    As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are being offered or on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box.    [X]

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.    [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier registration statement for the same offering.    [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier registration statement for the same offering.    [ ]

If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box.    [ ]

Calculation of Registration Fee


Title of each class of securities to be registered Amount to be
registered (1)		 Proposed maximum
offering price per share (2)		 Proposed maximum
aggregate offering price (2)		 Amount of
registration fee (2)
Common Stock, $.0001 par value per share   65,550,000 (3)  $ 5.18   $ 339,549,000   $ 39,964.92 (4) 
(1) Pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended, there are also registered hereunder such indeterminate number of additional shares as may be required to be issued to the holders of the publicly traded warrants upon exercise to prevent dilution resulting from stock splits, stock dividends or similar transactions pursuant to the terms of the warrants.
(2) Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933 based on the average of the high and low sales price of the common stock on October 26, 2005, as reported on the Over-The-Counter Bulletin Board. The issuance of the shares of common stock we are registering are expected to be issued to the holders of our publicly traded warrants upon exercise by such holders of the warrants. To the extent any of the warrants are exercised, we will receive the amount of the exercise payment made by the holders of the warrants to us in connection with the exercise of the publicly traded warrants.
(3) This registration statement covers the issuance by us of 65,550,000 shares of common stock issuable upon the exercise of our publicly traded warrants, which warrants have an exercise price of $5.00 per share and were issued in connection with the initial public offering of International Shipping Enterprises, Inc., our legal predecessor.
(4) Previously paid.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.



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The Information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell securities, and we are not soliciting offers to buy these securities, in any state where the offer or sale is not permitted.

PROSPECTUS
Subject to completion, dated April 5, 2006

NAVIOS MARITIME HOLDING INC.

65,550,000 Shares of Common Stock
Issuable Upon Exercise of Outstanding Publicly Traded Warrants

Navios Maritime Holdings Inc. is registering 65,550,000 shares of Common Stock, par value $.0001 per share, which shares are underlying our publicly traded warrants. The shares of Common Stock being registered may be issued by us upon exercise by the holders of our outstanding, publicly traded warrants. The warrants have an exercise price of $5.00 per share and were issued by International Shipping Enterprises, Inc., our legal predecessor, in its initial public offering. To the extent any holder of our publicly traded warrants determines to exercise their warrants, we will receive the payment of the exercise price in connection with any such exercise. The warrants and our shares of common stock are currently traded on the Nasdaq National Market System under the symbols BULKW and BULK, respectively, and on April 4, 2006, the last reported sale prices of the warrants and common stock were $0.55 and $4.79, respectively. We also have a current trading market for our units. One unit consists of one share of our common stock and two warrants with each warrant entitling the holder to purchase one share of common stock at an exercise price of $5.00. Our units also trade on the Nasdaq National Market System under the symbol BULKU.

Investing in our securities involves risks.
See "Risk Factors" beginning on page 9.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus is                      , 2006.



You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus. We are not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information provided by this prospectus is accurate as of any date other than the date on the front of this prospectus. Our business, financial condition, results of operations and prospects may have changed since then. In this prospectus, ‘‘Navios’’, "the company", ‘‘we’’, ‘‘us’’ and ‘‘our’’ refer to Navios Maritime Holdings Inc. (unless the context otherwise requires).

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PROSPECTUS SUMMARY

This summary highlights the material information contained elsewhere in this prospectus. This summary may not contain all of the information that you should consider before exercising your warrants and buying shares of common stock pursuant to this offering. You should carefully read this entire prospectus, including ‘‘Risk Factors’’ and our consolidated financial statements, before making an investment decision.

Navios is one of the leaders in seaborne shipping, specializing in the worldwide carriage, trading, storing, and other related logistics of international dry bulk cargo transportation. For over 50 years, Navios has worked with raw materials producers, agricultural traders and exporters, industrial end-users, ship owners, and charterers. Navios also has in-house technical ship management expertise. As of the date of this prospectus, the core fleet, the average age of which is approximately 4.3 years, consists of a total of 32 vessels aggregating to approximately 2.1 million deadweight tons or dwt. Navios owns nine modern Ultra-Handymax (50,000-55,000 dwt) and six Panamax (70,000-83,000 dwt) vessels and has seventeen Panamax and Ultra-Handymax vessels under long-term time charters, nine of which are currently in operation, with the remaining eight scheduled for delivery on various dates from May 2006 to May 2008. We have options, many of which are ‘‘in the money’’, to acquire nine of the seventeen vessels in our long term charter fleet. The owned vessels have a substantial net asset value, and the vessels controlled under the in-charters are at rates well below the current market. In connection with the acquisition of Navios by ISE and the subsequent downstream merger, we have assigned a portion of the purchase price to our long term charter fleet and "in the money" options based on their fair value at August 25, 2005, the date of the acquisition. The amounts assigned are included in favorable lease terms on the balance sheet. Operationally, we have, at various times over the last two years, deployed over 50 vessels at any one time, including the core fleet.

At this time Navios has executed all six currently exercisable purchase options on its chartered-in fleet out of a total of 15 vessels with purchase options. During September, October and November, 2005, Navios gave notice, to the owners of four Ultra-Handymax vessels and two Panamax vessels, of its intention to exercise the options to purchase the vessels at the option exercise price of approximately $20 million each. The first of the option vessels, the Navios Meridian was delivered to Navios on November 30, 2005, the second, the Navios Mercator on December 30, 2005, the third, the Navios Arc on February 10, 2006, the fourth, the Navios Galaxy I on March 23, 2006 and the fifth, the Navios Magellan on March 24, 2006. The sixth vessel, the Navios Horizon, is expected to be delivered in April 2006. The total acquisition cost of these six additional vessels is approximately $115 million. Navios believes that the market value of such six vessels is approximately $200 million.

On December 19, 2005 Navios concluded an agreement to purchase four panamax vessels from Maritime Enterprises Management S.A. a company affiliated with the family of Angeliki Frangou, our Chairman and Chief Executive Officer. On December 22, 2005, Navios took delivery of the Navios Libra II and the Navios Alegria built in 1995 and 2004 respectively. The third vessel, the Navios Felicity built in 1997, was delivered on December 27, 2005 and the fourth vessel, the Navios Gemini S built in 1994, was delivered on January 5, 2006. The total acquisition cost for the four new vessels, including backlogs, was $119.8 million and was funded (i) with $13.0 million of Navios' available cash, (ii) with $80.3 million from bank financing and (iii) through the issuance of 5,500,854 shares of Navios common stock at $4.96 per share for Navios Alegria (1,840,923 shares) and Navios Libra II (1,227,282 shares), at $4.82 per share for Navios Felicity (1,271,114 shares) and at $4.42 per share for Navios Gemini S (1,161,535 shares).

On December 21, 2005, Navios entered into a senior secured credit facility with HSH Nordbank AG for $649 million. This facility restructured the balance of Navios’ senior secured credit facility dated July 12, 2005 with HSH Nordbank AG of $435 million while the additional $214 million represented financing for the acquisition of the six vessels through the exercise of purchase options and the acquisition of the four additional vessels discussed above. Navios believes that the charter revenue, net of expenses, for these vessels will be sufficient to meet the principal and interest

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obligations on this new debt and, therefore, Navios' net cash flow will not be negatively impacted. However, the current portion of this new debt will cause current liabilities to exceed current assets.

On December 21, 2005, and in connection with the secured credit facility discussed above, Navios entered into an ISDA (International Swap Dealer Association, Inc.) Agreement with HSH Nordbank AG (dated October 3, 2005), providing for (a) interest rate swaps whereby Navios exchanges LIBOR with a fixed rate of 4.74% (this contract applies for the period March 2006 to March 2007 on notional amounts starting at $171.0 million and de-escalating down to $100.5 million in accordance with a loan repayment schedule), and (b) an interest rate collar with a cap of 5.00% and a floor of 4.45% (this contract applies for the period from March 2007 to June 2008 on notional amounts starting at $82 million and de-escalating down to $13.25 million following the loan repayment schedule).

Navios also owns and operates the largest bulk transfer and storage port facility in Uruguay. While a relatively small portion of our overall enterprise, Navios believes that this terminal is a stable business with strong growth and integration prospects.

As used above and throughout this prospectus, our core fleet means vessels owned or chartered-in on a long term basis: (1) the nine Ultra-Handymax and the six Panamax vessels that we own, (2) the seven Panamax and two Ultra-Handymax vessels that we, as a charterer, employ commercially under long-term charters, which are charters of more than 12 months in duration and (3) the three Ultra-Handymax and five Panamax long term chartered-in vessels to be delivered on various dates from May 2006 to May 2008. We also time charter-in vessels for periods of less than 12 months and charter-out vessels for various periods. Time chartered vessels are vessels that are placed at the charterers' disposal for a set period of time during which the charterer uses the vessels in return for the payment of a daily specified hire. Under time charters, operating costs such as crew, maintenance and insurance are typically paid by the owner of the vessel and fuel and port costs are paid by the time charterer.

On August 25, 2005, pursuant to a Stock Purchase Agreement dated February 28, 2005, as amended, by and among International Shipping Enterprises, Inc.(‘‘ISE’’), Navios and all the shareholders of Navios, ISE acquired Navios through the purchase of all of the outstanding shares of its common stock. As a result of such acquisition, Navios became a wholly-owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of the Marshall Islands through a downstream merger with and into its newly acquired wholly-owned subsidiary, whose name was and continued to be Navios. As a result of the reincorporation, ISE transitioned from a shell company to an operating business and the operations of Navios became those of a publicly traded company. Navios files its publicly available reports and is subject to the rules and regulations of the Securities and Exchange Commission pursuant to the rules for Foreign Private Issuers.

In accordance with Generally Accepted Accounting Principles in the United States of America, (GAAP), ISE is treated as the accounting acquiror and Navios is treated as the acquiree. This transaction was recorded in two steps. In step one, ISE recorded the $594.4 million total cash purchase price, plus $14.2 million in allocable transaction costs, by allocating such cost to the net assets acquired in accordance with their fair market value on the acquisition date. The excess of the purchase price over the fair value of the assets acquired was recorded as goodwill. In step two, which immediately followed, ISE effected a ‘‘downstream merger’’ with and into Navios. The assets and liabilities of ISE, which reflected the the acquisition of Navios, became the assets and liabilities of Navios. The stockholders’ equity of ISE became the stockholders’ equity of Navios. The results of operations of Navios to August 25, 2005, are labeled as ‘‘Predecessor’’ and remain as historically reported. The results of operations from August 26, 2005 forward are labeled a ‘‘Successor’’ and reflect the combined operations of Navios and ISE.

The financial statements included in this prospectus are for the periods August 26, 2005 to December 31, 2005 (successor), January 1, 2005 to August 25, 2005 (predecessor), and for the years ended December 31, 2004 and 2003 (predecessor). The purchase of the assets of Navios, through the

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purchase of all of its outstanding shares of common stock, and the subsequent downstream merger of ISE with and into Navios, took place on August 25, 2005. Accordingly, the December 31, 2005 historical balance sheet included in this prospectus reflects the acquisition and downstream merger. In addition, an unaudited pro forma consolidated statement of operations for the year ended December 31, 2005 which gives effect to the purchase and related financing of Navios by ISE as if it had occurred on January 1, 2005, is included in this prospectus.

In this prospectus, all references to Navios, we, or our, refer to Navios Maritime Holdings Inc., the accounting acquiree. References to ISE refer to International Shipping Enterprises, Inc., the accounting acquiror, from its inception to its merger into Navios on August 25, 2005.

Our executive offices are located at 85 Akti Miaouli, Piraeus Greece 185 38 and our telephone number is (011) +30-210-459-5000. Our website is located at http://www.navios.com. The information contained on our website is not intended to be a part of this prospectus.

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The Offering

Shares of Common Stock which may be
    issued by us		 65,550,000 shares of Common Stock issuable upon exercise of our currently outstanding, publicly traded warrants
Shares of Common Stock outstanding
    after the offering		 39,900,000 (45,400,854 as of the date of this prospectus) shares of Common Stock, excluding 65,550,000 shares of Common Stock issuable upon effectiveness of the registration statement of which this prospectus forms a part and upon exercise of the outstanding, publicly traded warrants.
Use of proceeds Upon exercise of the publicly traded warrants, if any, if at all, Navios will receive the exercise price of $5.00 per share in proceeds from the sales described in this prospectus. If all of the outstanding publicly traded warrants were exercised Navios would receive proceeds upon such exercise of $327,750,000. However, Navios cannot predict the timing or the amount of the exercise of the warrants. Accordingly, we have not allocated any portion of the potential proceeds to any particular use and any proceeds received will be added to working capital. The company will pay the costs related to the registration of the issuance of the shares of common stock underlying our publicly traded warrants.
Nasdaq National Market Symbol of
    Common Stock		 BULK
Nasdaq National Market Symbol of
    Warrants		 BULKW
Nasdaq National Market Symbol of
    Units		 BULKU

There are no currently issued and outstanding options or warrants, other than our currently outstanding, publicly traded warrants.

Our common stock, the warrants and units commenced trading on the Nasdaq National Market System on November 3, 2005. Prior to such time, our securities traded on the OTC Bulletin Board.

On August 25, 2005, pursuant to a Stock Purchase Agreement dated February 28, 2005, as amended, by and among ISE, Navios and all the shareholders of Navios, ISE acquired Navios through the purchase of all of the outstanding shares of common stock of Navios. As a result of such acquisition, Navios became a wholly-owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of Marshall Islands through a downstream merger with and into its newly acquired wholly-owned subsidiary, Navios. As a result of the reincorporation, ISE transitioned from a shell company to an operating business and the operations of Navios became those of a publicly traded company. For purposes of the federal securities laws and its public filings, Navios qualifies as a "foreign private issuer" as that term is defined in Rule 3b-4 under the Securities Exchange Act of 1934.

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Summary Consolidated Financial Data

The Navios historical successor information is derived from the audited consolidated financial statements of Navios as of December 31, 2005 and for the period from August 26, 2005 to December 31, 2005. The Navios historical predecessor information is derived from the audited consolidated financial statements as of December 31, 2004 and for the period from January 1, 2005 to August 25, 2005 and for each of the two years in the period ended December 31, 2004 included elsewhere in this prospectus. Navios' balance sheet data as of December 31,  2003, 2002, and 2001, and the historical information for the two years ended December 31, 2002 is derived from the financial statements which are not included in this prospectus. The purchase of the net assets of Navios by ISE, through the purchase of all of its outstanding shares of common stock, and the subsequent downstream merger of ISE into Navios took place on August 25, 2005. On December 11, 2002, Navios Corporation completed a business combination with Anemos Maritime Holdings Inc. (Anemos) and Anemos was considered the accounting acquirer in the business combination. The financial statements for the two year period January 1, 2001 to December 31, 2002 include the accounts of Anemos and its wholly-owned subsidiaries for the full year and Navios Corporation for December 11, 2002 through December 31, 2002. The information is only a summary and should be read in conjunction with the historical consolidated financial statements and related notes, to the extent contained elsewhere herein.

The historical successor and predecessor results included below and elsewhere in this prospectus are not necessarily indicative of the future performance of Navios.

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  Pro Forma
Combined
Year ended
December 31,
2005		 Successor Predecessor Year ended December 31, (Predecessor)
  August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 2004 2003 2002 2001
      (Expressed in thousands of US Dollars, except per share data)
  (unaudited)           (unaudited)
Statement of Operations Data                                          
Revenue $ 235,006   $ 76,376   $ 158,630   $ 279,184   $ 179,734   $ 26,759   $ 21,454  
Gains and losses from forward freight agreements   103     (2,766 )    2,869     57,746     51,115     494     —  
Time charter voyage and port terminal expense   (131,336 )    (39,530 )    (91,806 )    (180,026 )    (136,551 )    (6,139 )    (1,774 ) 
Direct vessel expense   (8,787 )    (3,137 )    (5,650 )    (8,224 )    (10,447 )    (8,192 )    (7,439 ) 
General and administrative expense   (14,546 )    (4,582 )    (9,964 )    (12,722 )    (11,628 )    (2,263 )    (1,234 ) 
Depreciation and amortization expense   (31,027 )    (13,582 )    (3,872 )    (5,925 )    (8,857 )    (6,003 )    (5,274 ) 
Gain (loss) on sale of assets   —     —     —     61     (2,367 )    (127 )    (430 ) 
Interest income   2,513     1,163     1,350     789     134     41     195  
Interest expense   (32,698 )    (11,892 )    (1,677 )    (3,450 )    (5,278 )    (3,950 )    (6,104 ) 
Other income   1,478     52     1,426     374     1,102     72     248  
Other expense   (983 )    (226 )    (757 )    (1,438 )    (553 )    (6,070 )    (2,770 ) 
Income (loss) before minority interest   19,723     1,876     50,549     126,369     56,404     (5,378 )    (3,128 ) 
Minority interest   —     —     —     —     (1,306 )    (324 )    —  
Equity in net earnings of affiliate companies   1,073     285     788     763     403     68     96  
Net income (loss) $ 20,796   $ 2,161   $ 51,337   $ 127,132   $ 55,501   $ (5,634 )  $ (3,032 ) 
Basic earnings per share $ 0.52   $ 0.05   $ 58.70   $ 139.83   $ 55.70   $ (5.63 )  $ (4.38 ) 
Diluted earnings per share $ 0.50   $ 0.05   $ 58.70   $ 139.83   $ 55.70   $ (5.63 )  $ (4.38 ) 
Balance Sheet Data (at period end)                                          
Current assets, including cash       $ 114,539         $ 187,944   $ 179,403   $ 31,020   $ 4,721  
Total assets         789,383           333,292     361,533     215,800     161,610  
Current liabilities, including current portion of long-term debt         133,604           103,527     136,902     38,460     12,204  
Total long-term debt, including current portion         493,400           50,506     98,188     129,615     115,972  
Mandatory redeemable preferred stock, including current portion         —           —     15,189     9,435     —  
Shareholders' equity         207,758           174,791     96,292     41,641     38,272  

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  Successor Predecessor Year ended December 31, (Predecessor)
  August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 2004 2003 2002 2001
    (Expressed in thousands of US Dollars, except per share data)
            (unaudited)
Other Financial Data                                    
Net cash provided by operating activities $ 26,081   $ 71,945   $ 137,218   $ 21,452   $ 2,219   $ 7,826  
Net cash (used in) provided by investing activities   (121,157 )    (4,264 )    (4,967 )    26,594     (3,682 )    (72,616 ) 
Net cash provided by (used in) financing activities   68,880     (50,506 )    (111,943 )    (29,416 )    5,474     61,976  
Book value per common share   4.70     5.67     192.25     96.63     41.64     55.29  
Cash dividends per common share   —     —     43.99     —     —     —  
Cash paid for common stock dividend declared   —     —     40,000     —     —     —  
EBITDA(1) $ 26,537   $ 55,696   $ 135,967   $ 70,376   $ 4,750   $ 11,091  
(1) EBITDA represents net earnings before interest (income and expense), taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. EBITDA is included in this prospectus because it is a basis upon which we assess our liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The following table reconciles net cash from operating activities, as reflected in the consolidated statements of cash flows, to EBITDA:

Net Cash from Operating Activities $ 26,081   $ 71,945   $ 137,218   $ 21,452   $ 2,219   $ 7,826  
Net increase (decrease) in operating assets   5,864     (14,525 )    (7,195 )    20,406     1,915     (9 ) 
Net decrease (increase) in operating liabilities   1,720     21,407     3,104     (18,112 )    289     (1,805 ) 
Net interest cost   9,476     (98 )    1,888     5,144     3,909     8,541  
Impairment loss   —     —     —     —     —     (400 ) 
Provision for losses on accounts receivable   (411 )    880     573     (1,021 )    (101 )    —  
Gain/(loss) on sale of property, plant and investments   —     —     61     (2,367 )    (127 )    (430 ) 
Unrealized gain/loss on derivatives, foreign exchange contracts, fuel swaps and interest rate swaps   (16,478 )    (23,728 )    254     45,855     (3,098 )    (2,632 ) 
Undistributed earnings in affiliates   285     (185 )    64     325     68     —  
Minority interest   —     —     —     (1,306 )    (324 )    —  
EBITDA $ 26,537   $ 55,696   $ 135,967   $ 70,376   $ 4,750   $ 11,091  

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ISE HISTORICAL FINANCIAL INFORMATION

The ISE historical information is derived from the unaudited financial statements of ISE for the period January 1, 2005 to August 25, 2005, and the audited financial statements of ISE as of December 31, 2004, and for the period from September 17, 2004 (inception) to December 31, 2004. The information is only a summary and should be read in conjunction with the company's historical consolidated financial statements and related notes, to the extent contained elsewhere herein.


(In thousands, except per share) Period from January 1,
2005 to
August 25, 2005		 Period from September 17,
2004 (inception) to
December  31, 2004
Income statement data      
Loss from operations $ (414 )  $ (77 ) 
Interest income   2,864     93  
Income before provision for income taxes   2,450     16  
Provision for income taxes   (859 )    (7 ) 
Net income $ 1,591   $ 9  
Weighted average number of common shares outstanding   39,900     12,744  
Net income per share basic and diluted $ 0.04   $ 0.00  
  August 25, 2005 December 31, 2004
Balance sheet data      
Cash $ 102,259   $ 2,032  
Investments held in trust   —     180,691  
Investment in Navios   593,764     —  
Total assets   720,035     182,825  
Total liabilities   535,783     170  
Common stock subject to possible conversion   —     36,097  
Total stockholders' equity   184,252     146,558  
Total liabilities and stockholders' equity $ 720,035   $ 182,825  

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RISK FACTORS

This offering involves a high degree of risk. You should carefully consider the following risks together with the other information in this prospectus before deciding to exercise your publicly traded warrants and invest in our common stock. If any of the following risks relating to our business and operations actually occur, our business, financial condition and results of operations could be materially and adversely affected. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.

Risks Associated with the Shipping Industry

The cyclical nature of the international dry bulk shipping industry may lead to decreases in charter rates, which may reduce Navios' revenue and earnings

The shipping business, including the dry cargo market, is cyclical in varying degrees, experiencing fluctuations in charter rates, profitability and, consequently, vessel values. For example, at various times during 2004, charter rates for the international dry bulk shipping industry reached historic highs. Navios anticipates that the future demand for its dry bulk carriers and dry bulk charter rates will be dependent upon continued demand for imported commodities, economic growth in China and the rest of the world, seasonal and regional changes in demand, and changes to the capacity of the world fleet. The capacity of the world fleet seems likely to increase, and there can be no assurance that economic growth will continue. Adverse economic, political, social or other developments could decrease demand and growth in the shipping industry and thereby reduce revenue and earnings. Fluctuations, and the demand for vessels, in general, have been influenced by, among other factors:

•  global and regional economic conditions;
•  developments in international trade;
•  changes in seaborne and other transportation patterns, such as port congestion and canal closures;
•  weather and crop yields;
•  armed conflicts and terrorist activities;
•  political developments; and
•  embargoes and strikes.

An economic slowdown in the Asia Pacific region could reduce demand for shipping services and decrease shipping rates, thus decreasing Navios' revenues and earnings

Currently, China, Japan and other Pacific Asian economies are the main driving force behind the increase in seaborne dry bulk trades and the demand for dry bulk carriers. Demand from such economies has driven increased rates and vessel values. Conversely, a negative change in economic conditions in any Asian Pacific country, but particularly in China or Japan, may have an adverse effect on Navios' business, financial position, earnings and profitability, as well as Navios' future prospects, by reducing such demand and the resultant rates. In particular, in recent years, China has been one of the world's fastest growing economies in terms of gross domestic product. Navios cannot assure that such growth will be sustained or that the Chinese economy will not experience a decline from current levels in the future. Navios' results of operations, as well as its future prospects, would likely be adversely affected by an economic downturn in any of these countries as such downturn would likely translate into reduced demand for shipping services and lower shipping rates industry wide and decrease revenue and earnings for Navios.

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Servicing debt could limit funds available for other purposes, such as working capital and the payment of dividends

Navios will use cash to pay the principal and interest on its debt. These payments limit funds otherwise available for working capital, capital expenditures and other purposes. As a result of these obligations, Navios' current liabilities now exceed its current assets. This limits the working capital available to grow the business. Navios may need to take on additional debt as it expands the Navios fleet, which could increase its ratio of debt to equity. The need to service its debt may limit funds available for other purposes, including distributing cash to its stockholders, and its inability to service debt could lead to acceleration of its debt and foreclosure on the Navios owned vessels.

The market values of Navios' vessels, which are at historically high levels, may decrease, which could cause it to breach covenants in its credit facility which could reduce earnings and revenues as a result of potential foreclosures

Factors that influence vessel values include:

•  number of newbuilding deliveries;
•  changes in environmental and other regulations that may limit the useful life of vessels;
•  changes in global dry bulk commodity supply;
•  types and sizes of vessels;
•  development of and increase in use of other modes of transportation;
•  cost of vessel newbuildings;
•  governmental or other regulations; and
•  prevailing level of charter rates.

If the market values of Navios' owned vessels decrease, Navios may breach some of the covenants contained in the financing agreements relating to its indebtedness. If Navios does breach such covenants and is unable to remedy any relevant breach, its lenders could accelerate its debt and foreclose on the collateral, including Navios' vessels. Any loss of vessels would significantly decrease the ability of Navios to generate revenue and income. In addition, if the book value of a vessel is impaired due to unfavorable market conditions, or a vessel is sold at a price below its book value, Navios would incur a loss that would reduce earnings.

Navios may employ vessels on the spot market and thus expose itself to risk of losses based on short term decreases in shipping rates

Navios periodically employs its vessels on a spot basis. The spot charter market is highly competitive and rates within this market are highly volatile, while longer-term time charters provide income at pre-determined rates over more extended periods of time. There can be no assurance that Navios will be successful in keeping its vessels fully employed in these short-term markets, or that future spot rates will be sufficient to enable such vessels to be operated profitably. A significant decrease in spot market charter rates or the inability of Navios to fully employ its vessels by taking advantage of the spot market would result in a reduction of the incremental revenue received from spot chartering and adversely affect results of operations, including Navios' profitability and cash flows, with the result that its ability to pay debt service and dividends could be impaired.

Maritime claimants could arrest Navios' vessels, which could interrupt its cash flow

Crew members, suppliers of goods and services to a vessel, shippers of cargo, and other parties may be entitled to a maritime lien against a vessel for unsatisfied debts, claims or damages against such vessel. In many jurisdictions, a maritime lien holder may enforce its lien by arresting a vessel through foreclosure proceedings. The arrest or attachment of one or more of Navios' vessels could interrupt its cash flow and require it to pay large sums of funds to have the arrest lifted. Navios is not currently aware of the existence of any such maritime lien on its vessels.

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In addition, in some jurisdictions, such as South Africa, under the ‘‘sister ship’’ theory of liability, a claimant may arrest both the vessel which is subject to the claimant's maritime lien and any ‘‘associated’’ vessel, which is any vessel owned or controlled by the same owner. Claimants could try to assert ‘‘sister ship’’ liability against one vessel in Navios' fleet for claims relating to another ship in the fleet.

A failure to pass inspection by classification societies could result in one or more vessels being unemployable unless and until they pass inspection, resulting in a loss of revenues from such vessels for that period and a corresponding decrease in earnings

The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the United Nations Safety of Life at Sea Convention. Navios' owned fleet is currently enrolled with Lloyd's Register of Shipping, the American Bureau of Shipping, Nippon Kaiji Kiokai and Bereau Veritas.

A vessel must undergo Annual Surveys, Intermediate Surveys, and Special Surveys. In lieu of a Special Survey, a vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Navios' vessels are on Special Survey cycles for hull inspection and continuous survey cycles for machinery inspection. Every vessel is also required to be drydocked every two to three years for inspection of the underwater parts of such vessel.

If any vessel fails any Annual Survey, Intermediate Survey, or Special Survey, the vessel may be unable to trade between ports and, therefore, would be unemployable, potentially causing a negative impact on Navios' revenues due to the loss of revenues from such vessel until it was able to trade again.

Navios is subject to environmental laws that could require significant expenditures both to maintain compliance with such laws and to pay for any uninsured environmental liabilities resulting from a spill or other environmental disaster

The shipping business and vessel operation are materially affected by government regulation in the form of international conventions, national, state, and local laws, and regulations in force in the jurisdictions in which vessels operate, as well as in the country or countries of their registration. Because such conventions, laws, and regulations are often revised, Navios cannot predict the ultimate cost of complying with such conventions, laws, and regulations, or the impact thereof on the resale price or useful life of Navios' vessels. Additional conventions, laws, and regulations may be adopted which could limit Navios' ability to do business or increase the cost of its doing business, which may materially adversely affect its operations, as well as the shipping industry generally. Navios is required by various governmental and quasi-governmental agencies to obtain certain permits, licenses, and certificates with respect to its operations.

The operation of vessels is also affected by the requirements set forth in the International Safety Management, or ISM, Code. The ISM Code requires shipowners and bareboat charterers to develop and maintain an extensive ‘‘Safety Management System’’ that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe vessel operation and describing procedures for dealing with emergencies. The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels, and may result in a denial of access to, or detention in, certain ports. Currently, each of the vessels in Navios' owned fleet is ISM Code-certified. However, there can be no assurance that such certification will be maintained indefinitely.

Although the United States is not a party thereto, many countries have ratified and follow the liability scheme adopted by the International Maritime Organization, or IMO, and set out in the International Convention on Civil Liability for Oil Pollution Damage, 1969, as amended, or the CLC,

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and the Convention for the Establishment of an International Fund for Oil Pollution of 1971, as amended. Under these conventions, a vessel's registered owner is strictly liable for pollution damage caused on the territorial waters of a contracting state by discharge of persistent oil, subject to certain defenses. Many of the countries that have ratified the CLC have increased the liability limits through a 1992 Protocol to the CLC. The liability limits in the countries that have ratified this Protocol are currently approximately $4 million, plus approximately $566 per gross registered ton above 5,000 gross tons, with an approximate maximum of $80.5 million per vessel and an exact amount tied to a unit of account which varies according to a basket of currencies. The right to limit liability is forfeited under the CLC where the spill is caused by the owner's actual fault or privity and, under the 1992 Protocol, where the spill is caused by the owner's intentional or reckless conduct. Vessels trading to contracting states must provide evidence of insurance covering the limited liability of the owner. In jurisdictions where the CLC has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or in a manner similar to the CLC.

Navios currently maintains, for each of its owned vessels, pollution liability coverage insurance in the amount of $1.0 billion per incident. If the damages from a catastrophic incident exceed this insurance coverage, it would severely hurt its cash flow and profitability and financial position.

The United States Oil Pollution Act of 1990, or OPA, established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all owners and operators whose vessels trade in the United States, its territories and possessions or whose vessels operate in United States waters, which includes the United States' territorial sea and its 200 nautical mile exclusive economic zone.

Under OPA, vessel owners, operators and bareboat charterers are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel).

The European Union has introduced and is considering legislation that will affect the operation of vessels and the liability of owners for oil pollution. It is difficult to predict what legislation, if any, may be promulgated by the European Union or any other country or authority. Any such legislation could require significant expenditures to continue to operate vessels and such expenses could negatively impact cash flows and net income.

Navios is subject to vessel security regulations and will incur costs to comply with recently adopted regulations and may be subject to costs to comply with similar regulations which may be adopted in the future in response to terrorism

Since the terrorist attacks of September 11, 2001, there have been a variety of initiatives intended to enhance vessel security. On November 25, 2002, the Maritime Transportation Security Act of 2002, or MTSA, came into effect. To implement certain portions of the MTSA, in July 2003, the US Coast Guard issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States. Similarly, in December 2002, amendments to the International Convention for the Safety of Life at Sea, or SOLAS, created a new chapter of the convention dealing specifically with maritime security. The new chapter went into effect in July 2004, and imposes various detailed security obligations on vessels and port authorities, most of which are contained in the newly created ISPS Code. Among the various requirements are:

•  on-board installation of automatic information systems, or AIS, to enhance vessel-to-vessel and vessel-to-shore communications;
•  on-board installation of ship security alert systems;
•  the development of vessel security plans; and
•  compliance with flag state security certification requirements.

The US Coast Guard regulations, intended to be aligned with international maritime security standards, exempt non-US vessels from MTSA vessel security measures, provided such vessels have

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on board, by July 1, 2004, a valid International Ship Security Certificate (ISSC) that attests to the vessel's compliance with SOLAS security requirements and the ISPS Code. Navios will implement the various security measures addressed by the MTSA, SOLAS and the ISPS Code and take measures to ensure that its vessels attain compliance with all applicable security requirements within the prescribed time periods. Although management does not believe these additional requirements will have a material financial impact on Navios' operations, there can be no assurance that there will not be an interruption in operations to bring vessels into compliance with the applicable requirements and any such interruption could cause a decrease in revenues.

Governments could requisition Navios' vessels during a period of war or emergency, resulting in loss of revenues and earnings from such requisitioned vessels

A government could requisition title or seize Navios' vessels during a war or national emergency. Requisition of title occurs when a government takes a vessel and becomes the owner. A government could also requisition Navios' vessels for hire, which would result in the government's taking control of a vessel and effectively becoming the charterer at a dictated charter rate. Requisition of one or more of Navios' vessels would have a substantial negative effect on Navios as Navios would potentially lose all revenues and earnings from the requisitioned vessels and permanently lose the vessels. Such losses might be partially offset if the requisitioning government compensated Navios for the requisition.

The operation of ocean-going vessels entails the possibility of marine disasters including damage or destruction of the vessel due to accident, the loss of a vessel due to piracy or terrorism, damage or destruction of cargo and similar events that may cause a loss of revenue from affected vessels and damage Navios' business reputation, which may in turn, lead to loss of business

The operation of ocean-going vessels entails certain inherent risks that may adversely affect Navios' business and reputation, including:

•  damage or destruction of vessel due to marine disaster such as a collision;
•  the loss of a vessel due to piracy and terrorism;
•  cargo and property losses or damage as a result of the foregoing or less drastic causes such as human error, mechanical failure and bad weather;
•  environmental accidents as a result of the foregoing; and
•  business interruptions and delivery delays caused by mechanical failure, human error, war, terrorism, political action in various countries, labor strikes or adverse weather conditions.

Any of these circumstances or events could substantially increase Navios' costs, as for example, the costs of replacing a vessel or cleaning up a spill or lower its revenues by taking vessels out of operation permanently or for periods of time. The involvement of Navios' vessels in a disaster or delays in delivery or damages or loss of cargo may harm its reputation as a safe and reliable vessel operator and cause it to lose business.

Certain of Navios' directors, officers, and principal stockholders are affiliated with entities engaged in business activities similar to those conducted by Navios which may compete directly with Navios causing such persons to have a conflict of interest

Some of Navios' directors, officers and principal stockholders have an affiliation with entities that have similar business activities to those conducted by Navios. These other affiliations and business activities may give rise to certain conflicts of interest in the course of such individuals' affiliation with Navios. Although Navios does not prevent its directors, officers and principal stockholders from having such affiliations, Navios uses its best efforts to cause such individuals to comply with all applicable laws and regulations in addressing such conflicts of interest. The officers and employee directors of Navios devote their full time and attention to the ongoing operations of Navios and the non-employee directors of Navios devote such time as is necessary and required to satisfy their duties as a director of a public company.

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Trading and complementary hedging activities in freight, tonnage and Forward Freight Agreements (FFAs) subject it to trading risks and Navios may suffer trading losses that reduce earnings

Due to dry bulk shipping market volatility, success in this industry requires constant adjustment of the balance between chartering out vessels for long periods of time and trading them on a spot basis. For example, a long-term contract to charter a vessel might lock Navios into a profitable or unprofitable situation depending on the direction of freight rates over the term of the contract. Navios seeks to manage and mitigate that risk through trading and complementary hedging activities in freight, tonnage and forward freight agreements, or FFAs. However, there is no assurance that Navios will be able at all times to successfully protect itself from volatility in the shipping market. Navios may not successfully mitigate its risks, leaving it exposed to unprofitable contracts and may suffer trading losses that reduce earnings.

Navios is subject to certain credit risks with respect to its counterparties on contracts and failure of such counterparties to meet their obligations could cause it to suffer losses on such contracts decreasing revenues and earnings

Navios charters out its vessels to other parties, who pay Navios a daily rate of hire. Navios also enters into Contracts of Affreightment (COAs) pursuant to which Navios agrees to carry cargoes, typically for industrial customers, who export or import dry bulk cargoes. Additionally, Navios enters into FFAs. Navios also enters into spot market voyage contracts, where Navios is paid a rate per ton to carry a specified cargo from point A to point B. All of these contracts subject Navios to counterparty credit risk. As a result, Navios is subject to credit risks at various levels, including with charterers, cargo interests, or terminal customers. If the counterparties fail to meet their obligations, Navios could suffer losses on such contracts which would decrease revenues and earnings.

Navios is subject to certain operating risks, including vessel breakdown or accident, that could result in a loss of revenue from the affected vessels leading to a reduction in revenues and earnings

Navios' exposure to operating risks of vessel breakdown and accidents mainly arises in the context of its 15 owned vessels. The rest of its core fleet is chartered-in under time charters and, as a result, most operating risks relating to these time chartered vessels reside with their head owners. If Navios pays hire on a chartered-in vessel at a lower rate than the rate of hire it receives from a sub-charterer to whom Navios has chartered out the vessel, a breakdown or loss of the vessel due to an operating risk suffered by the head owner will, in all likelihood, result in Navios' loss of the positive spread between the two rates of hire. Although Navios will have in force a time charterer's interest policy to cover it against the loss of such spread through the sinking or other similar loss of a chartered-in vessel, Navios cannot assure you that it will be covered under all circumstances. In addition, Navios is party to long-term contracts with four commodity houses, ADM, Multigranos, Louis Dreyfus and Gargill that will cover a substantial portion of its silo capacity in the Uruguayan terminal for the next several years, and the loss of or a material change to such contracts could have an adverse effect on Navios' financial condition and results of operations. Breakdowns or accidents involving Navios' vessels and losses relating to chartered vessels which are not covered by their insurance would result in a loss of revenue from the affected vessels leading to a reduction in revenues and earnings.

Although Navios has longstanding relationships with certain Japanese shipowners who provide it access to very competitive contracts, Navios cannot assure you that it will always be able to maintain such relationships or that such contracts will continue to be available in the future

Navios has long-standing relationships with certain Japanese shipowners that give it access to time charters that are currently at very competitive rates and which, in some cases, include options to purchase the vessels at attractive prices relative to the current market. Although Navios has no indication that it may not have such access in the future, Navios cannot assure you that it will have such relationships indefinitely. In addition, there is no assurance that Japanese shipowners will generally make contracts available on the same or substantially similar terms in the future.

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Navios may require additional financing for exercise of vessel purchase options which could dilute existing stockholders

In the future, Navios may be required to make substantial cash outlays to exercise options to acquire vessels and it will need additional financing to cover all or a portion of the purchase prices. Navios intends to cover the cost of exercising such options with new debt collateralized by the vessels to be acquired, but there can be no assurance that Navios will generate sufficient cash or that debt financing will be available. Moreover, the covenants in Navios' senior secured credit facility may make it more difficult to obtain such financing by imposing restrictions on what Navios can offer as collateral. Additional financings, if any, through the issuance of securities would dilute existing stockholders.

Navios expects to grow its fleet which could increase expenses and losses

Navios expects to grow its fleet, either through sales and purchases or the increase of the number of chartered vessels. The addition of these vessels to the Navios fleet will impose significant additional responsibilities on its management and staff, and may require it to increase the number of its personnel. Navios will also have to increase its customer base to provide continued employment for the new vessels. Navios' growth will depend on:

•  locating and acquiring suitable vessels;
•  identifying and consummating acquisitions or joint ventures;
•  integrating any acquired business successfully with Navios' existing operations;
•  enhancing its customer base;
•  managing its expansion; and
•  obtaining required financing.

Growing any business by acquisition presents numerous risks such as undisclosed liabilities and obligations, difficulty experienced in obtaining additional qualified personnel, and managing relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. Navios cannot give any assurance that it will be successful in executing its growth plans or that it will not incur significant expenses and losses in connection therewith.

As Navios expands its business, Navios will need to improve its operations and financial systems, staff, and crew; if it cannot improve these systems or recruit suitable employees, it may not effectively control its operations

Navios' initial operating and financial systems may not be adequate as it implements its plan to expand, and its attempts to improve these systems may be ineffective. If Navios is unable to operate its financial and operations systems effectively or to recruit suitable employees as it expands its operations, it may be unable to effectively control and manage the substantially larger operation. Although it is impossible to predict what errors might occur as the result of inadequate controls, it is the case that it is harder to oversee a sizable operation than a small one and, accordingly, more likely that errors will occur as operations grow and that additional management infrastructure and systems will be required to attempt to avoid such errors.  

Vessels may suffer damage and Navios may face unexpected drydocking costs, which could affect its cash flow and financial condition

If Navios' owned vessels suffer damage, they may need to be repaired at Navios' cost at a drydocking facility. The costs of drydock repairs are unpredictable and can be substantial. Navios may have to pay drydocking costs that insurance does not cover. The loss of earnings while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, could decrease its revenues and earnings substantially, particularly if a number of vessels are damaged or drydocked at the same time.

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The shipping industry has inherent operational risks that may not be adequately covered by Navios' insurance

Navios has insurance for its fleet against risks commonly insured against by vessel owners and operators, including hull and machinery insurance, war risks insurance and protection and indemnity insurance (which include environmental damage and pollution insurance). Navios can give no assurance that it will be adequately insured against all risks or that its insurers will pay a particular claim. Even if its insurance coverage is adequate to cover its losses, Navios may not be able to timely obtain a replacement vessel in the event of a loss. Furthermore, in the future, Navios may not be able to obtain adequate insurance coverage at reasonable rates for its fleet. Navios may also be subject to calls, or premiums, in amounts based not only on its own claim records but also the claim records of all other members of the protection and indemnity associations through which Navios receives indemnity insurance coverage for tort liability. Navios' insurance policies also contain deductibles, limitations and exclusions which, although management believes are standard in the shipping industry, may nevertheless increase its costs.

Navios' loan agreement contains restrictive covenants that may limit its liquidity and corporate activities

Navios' loan agreements impose on Navios certain operating and financial restrictions. These restrictions may limit Navios' ability to:

•  incur additional indebtedness;
•  create liens on its assets;
•  make investments;
•  engage in mergers or acquisitions;
•  pay dividends;
•  make capital expenditures;
•  change the management of its vessels or terminate or materially amend the management agreements Navios has relating to each vessel; and
•  sell any of Navios' vessels.

Therefore, Navios will need to seek permission from its lender in order to engage in some corporate actions. Navios' lender's interests may be different from those of Navios, and Navios cannot guarantee that it will be able to obtain its lender's permission when needed. This may prevent Navios from taking actions that are in its best interest.

Navios' loan agreement imposes certain conditions on the payment of dividends

Navios is party to a senior secured credit facility with an institutional lender, HSH Nordbank AG for the purpose of financing the Navios acquisition by ISE, the acquisition of four panamax vessels and of the acquisition of vessels through the exercise of purchase options. The terms of the new credit facility contain a number of financial covenants and general covenants that require Navios, among other things, to maintain a certain solvency ratio and minimum equity amounts. Navios may not be permitted to pay dividends under the new credit facility in excess of certain amounts or if it is in default of any of these loan covenants.

Because Navios generates all of its revenues in US dollars but incurs a portion of its expenses in other currencies, exchange rate fluctuations could cause it to suffer exchange rate losses thereby increasing expenses and reducing income

Navios engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly US dollar denominated. Additionally, Navios' wholly-owned Uruguayan subsidiary transacts a nominal amount of its operations in Uruguayan pesos, whereas Navios' wholly-owned vessel subsidiaries and the vessel

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management subsidiary transact a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are US dollar denominated. In 2005 approximately 6% of Navios' expenses were incurred in currencies other than US dollars. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Expenses incurred in foreign currencies against which the US dollar falls in value can increase, decreasing Navios' income. For example, in the year ended 2005, the value of the US dollar declined by approximately 13% as compared to the Euro. Navios, as part of its overall risk management policy, attempts to hedge these risks of exchange rate fluctuations. Navios may not always be successful in such hedging activities and, as a result, its operating results could suffer as a result of un-hedged losses incurred as a result of exchange rate fluctuations.

Navios' operations expose it to global political risks, such as wars and political instability, that may interfere with the operation of its vessels causing a decrease in revenues from such vessels

Navios is an international company and primarily conducts its operations outside the United States. Changing economic, political and governmental conditions in the countries where Navios is engaged in business or where its vessels are registered will affect it. In the past, political conflicts, particularly in the Persian Gulf, resulted in attacks on vessels, mining of waterways and other efforts to disrupt shipping in the area. For example, in October 2002, the vessel Limburg was attacked by terrorists in Yemen. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea. Following the terrorist attack in New York City on September 11, 2001, and the military response of the United States, the likelihood of future acts of terrorism may increase, and Navios' vessels may face higher risks of being attacked in the Middle East region and interruption of operations causing a decrease in revenues and earnings. In addition, future hostilities or other political instability in regions where Navios' vessels trade could affect its trade patterns and adversely affect its operations by causing delays in shipping on certain routes or making shipping impossible on such routes and thereby causing a decrease in revenues and earnings.

Navios is incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law

Navios' corporate affairs are governed by its amended and restated articles of incorporation and by-laws and by the Marshall Islands Business Corporations Act, or BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain United States jurisdictions. Shareholder rights may differ as well. Please see the section entitled ‘‘Marshall Islands Company Considerations’’ beginning on page  88 for a brief discussion of the material differences in shareholder protections under Marshall Island law as compared to Delaware law. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, our public stockholders may have more difficulty in protecting their interests in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in the State of Delaware.

Navios, and certain of its officers and directors, may be difficult to serve with process as Navios is incorporated in the Republic of the Marshall Islands and such persons may reside outside of the US

Navios is a corporation organized under the laws of the Republic of the Marshall Islands. Several of our directors and officers are residents of Greece or other non-US jurisdictions. Substantial portions of the assets of these persons and of Navios are located in the Republic of the Marshall Islands, Greece or other non-US jurisdictions. Thus, it may not be possible for investors to affect service of process upon Navios, or its non-US directors or officers or to enforce any judgment obtained against these persons in US courts. Also, it may not be possible to enforce US securities laws or judgments obtained in US courts against these persons in a non-US jurisdiction.

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Being a foreign private issuer exempts us from certain Securities and Exchange Commission requirements.

We are a foreign private issuer within the meaning of rules promulgated under the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’). As such, we are exempt from certain provisions applicable to United States public companies including:

•  the rules under the Exchange Act requiring the filing with the Commission of quarterly reports on Form 10-Q or current reports on Form 8-K;
•  the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;
•  the provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information; and
•  the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction (i.e., a purchase and sale, or sale and purchase, of the issuer's equity securities within less than six months).

Because of these exemptions, investors are not afforded the same protections or information generally available to investors holding shares in public companies organized in the United States.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in ‘‘Summary’’ and under the captions ‘‘Risk Factors’’, ‘‘Operating and Financial Review and Prospects’’, ‘‘Business’’ and elsewhere in this prospectus constitute ‘‘forward-looking statements’’ within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts, but rather are based on our current expectations, estimates and projections about our industry, our beliefs and assumptions. Words including ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘will’’, ‘‘anticipates’’, ‘‘expects’’, ‘‘intends’’, ‘‘plans’’, ‘‘projects’’, ‘‘believes’’, ‘‘seeks’’, ‘‘estimates’’, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. We caution you not to place undue reliance on these forward-looking statements, which reflect our management's view only as of the date of this prospectus. We are not obligated to update these statements or publicly release the result of any revisions to them to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events. For purposes of the information contained in this prospectus, when we state that a risk, uncertainty or problem may, could or would have ‘‘a material adverse effect on our business’’ or words to that effect, we mean that the risk, uncertainty or problem may, could or would have a ‘‘material adverse effect on the business, result of operations, financial condition, cash flow or prospects of our company’’.

USE OF PROCEEDS

Upon exercise of the publicly traded warrants, if any, if at all, Navios will receive the exercise price of $5.00 per share in proceeds from the sales described in this prospectus. If all of our outstanding publicly traded warrants were exercised Navios would receive proceeds upon such exercise of $327,750,000. However, Navios cannot predict the timing or the amount of the exercise of the warrants. Accordingly, we have not allocated any portion of the potential proceeds to any particular use and any proceeds received will be added to working capital. The company will bear the expenses related to the registration of the issuance of the shares of common stock underlying our publicly traded warrants.

DIVIDEND POLICY

At the present time, Navios intends to retain most of its available earnings generated by operations for the development and growth of the business. In addition, the terms and provisions of our current secured credit facility limit our ability to pay dividends in excess of certain amounts or if certain covenants are not met. (See also Long Term Debt Obligations and Credit Arrangements on page 46.) However, subject to the approval of lenders, Navios' directors may from time to time consider the payment of dividends. On March 13, 2006, Navios paid a quarterly cash dividend of $0.0666 per common share or an aggregate amount of approximately $3.0 million in respect of the fourth quarter of 2005 to the stockholders of record as of February 27, 2006.

CURRENT OUTSTANDING SHARE CAPITAL

Navios' authorized capital stock consists of 120,000,000 shares of common stock, par value $.0001 and 1,000,000 shares of preferred stock, par value $.0001. As of April  4, 2006, 45,400,854 shares of common stock were outstanding. There are no shares of preferred stock currently outstanding. In addition, we have warrants outstanding to purchase 65,550,000 shares of our common stock. Each warrant entitles the registered holder to purchase one share of our common stock at a price of $5.00 per share, subject to adjustment. There are currently no outstanding options to purchase our securities nor have any option plans or other equity compensation plans been adopted.

PRICE RANGE OF OUR SECURITIES

Currently, the principal trading market for our securities, which includes our common stock, warrants and units, is the Nasdaq National Market under the symbols BULK, BULKW and BULKU,

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respectively. Prior to November 3, 2005, the principal trading market of our securities was the Over-The-Counter Bulletin Board, or the OTCBB.

The following table sets forth, for the periods indicated, the reported high and low quoted closing prices of our common stock, warrants and units on the Nasdaq National Market commencing from November 3, 2005 and prior to such time on the OTC Bulletin Board since December 10, 2004, the date our legal predecessor, ISE, first became a public company. Prior to August 25, 2005, the date ISE acquired us and subsequently merged with and into us, Navios was a privately held company and there was no public trading market for our securities and the information presented below prior to that date reflects the trading activity of ISE, our legal predecessor. The information presented subsequent to August 25, 2005, reflects the trading activity of us for the period subsequent to us becoming a publicly traded company. Prior to December 10, 2004, there was no established public trading market for our common stock.

On April  4, 2006, the closing price of our common stock, warrants and units was $4.79, $0.55 and $5.90, respectively. The quotations listed below reflect inter-dealer prices, without retail markup, markdown or commission, and may not necessarily represent actual transactions:


  Common Stock Warrants Units
Quarter Ended High Low Average
Daily
Trading
Volume		 High Low Average
Daily
Trading
Volume		 High Low Average
Daily
Trading
Volume
December 31, 2004 $ —   $ —     —     —     —     —   $ 6.90   $ 6.00     391,166  
March 31, 2005 $ 7.04   $ 5.25     175,441   $ 1.96   $ 0.86     478,750   $ 10.75   $ 6.50     118,375  
June 30, 2005 $ 6.15   $ 5.46     116,303   $ 1.74   $ 0.67     167,063   $ 9.60   $ 6.55     145,760  
September 30, 2005 $ 6.07   $ 5.66     71,806   $ 1.35   $ 0.84     142,815   $ 8.73   $ 7.25     67,140  
December 31, 2005 $ 4.83   $ 4.51     56,700   $ 1.25   $ 0.58     69,453   $ 5.96   $ 5.57     109,900  
March 31, 2006 $ 5.12   $ 4.34     97,772   $ 0.63   $ 0.42     96,333   $ 6.90   $ 5.26     51,159  

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SELECTED CONSOLIDATED FINANCIAL DATA

The Navios historical successor information is derived from the audited consolidated financial statements of Navios as of December 31, 2005 and for the period from August 26, 2005 to December 31, 2005. The Navios historical predecessor information is derived from the audited consolidated financial statements as of December 31, 2004 and for the period from January 1, 2005 to August 25, 2005 and for each of the two years in the period ended December 31, 2004 included elsewhere in this prospectus. Navios' balance sheet data as of December 31, 2003, 2002 and 2001, and the historical information for the two years ended December 31, 2002 are derived from the financial statements which are not included in this prospectus. The purchase of the net assets of Navios by ISE, through the purchase of all of its outstanding shares of common stock, and the subsequent downstream merger of ISE into Navios took place on August 25, 2005. On December 11, 2002, Navios Corporation completed a business combination with Anemos Maritime Holdings Inc. (Anemos) and Anemos was considered the accounting acquirer in the business combination. The financial statements for the two year period January 1, 2001 to December 31, 2002 include the accounts of Anemos and its wholly-owned subsidiaries for the full year and Navios Corporation for December 11, 2002 through December 31, 2002. The information is only a summary and should be read in conjunction with the historical consolidated financial statements and related notes, to the extent contained elsewhere herein.

The historical successor and predecessor results included below and elsewhere in this prospectus are not necessarily indicative of the future performance of Navios.

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  Pro Forma
Combined
Year ended
December 31,
2005		 Successor Predecessor Year ended December 31, (Predecessor)
  August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 2004 2003 2002 2001
  (Expressed in thousands of US Dollars – except per share data)
  (unaudited)           (unaudited)
Statement of Operations Data                                          
Revenue $ 235,006   $ 76,376   $ 158,630   $ 279,184   $ 179,734   $ 26,759   $ 21,454  
Gains and losses from forward freight agreements   103     (2,766 )    2,869     57,746     51,115     494     —  
Time charter voyage and port terminal expense   (131,336 )    (39,530 )    (91,806 )    (180,026 )    (136,551 )    (6,139 )    (1,774 ) 
Direct vessel expense   (8,787 )    (3,137 )    (5,650 )    (8,224 )    (10,447 )    (8,192 )    (7,439 ) 
General and administrative expense   (14,546 )    (4,582 )    (9,964 )    (12,722 )    (11,628 )    (2,263 )    (1,234 ) 
Depreciation and amortization expense   (31,027 )    (13,582 )    (3,872 )    (5,925 )    (8,857 )    (6,003 )    (5,274 ) 
Gain (loss) on sale of assets   —     —     —     61     (2,367 )    (127 )    (430 ) 
Interest income   2,513     1,163     1,350     789     134     41     195  
Interest expense   (32,698 )    (11,892 )    (1,677 )    (3,450 )    (5,278 )    (3,950 )    (6,104 ) 
Other income   1,478     52     1,426     374     1,102     72     248  
Other expense   (983 )    (226 )    (757 )    (1,438 )    (553 )    (6,070 )    (2,770 ) 
Income (loss) before minority interest   19,723     1,876     50,549     126,369     56,404     (5,378 )    (3,128 ) 
Minority interest   —     —     —     —     (1,306 )    (324 )    —  
Equity in net earnings of affiliate companies   1,073     285     788     763     403     68     96  
Net income (loss) $ 20,796   $ 2,161   $ 51,337   $ 127,132   $ 55,501   $ (5,634 )  $ (3,032 ) 
Basic earnings per share $ 0.52   $ 0.05   $ 58.70   $ 139.83   $ 55.70   $ (5.63 )  $ (4.38 ) 
Diluted earnings per share $ 0.50   $ 0.05   $ 58.70   $ 139.83   $ 55.70   $ (5.63 )  $ (4.38 ) 
Balance Sheet Data (at period end)                                          
Current assets, including cash       $ 114,539         $ 187,944   $ 179,403   $ 31,020   $ 4,721  
Total assets         789,383           333,292     361,533     215,800     161,610  
Current liabilities, including current portion of long-term debt         133,604           103,527     136,902     38,460     12,204  
Total long-term debt, including current portion         493,400           50,506     98,188     129,615     115,972  
Mandatory redeemable preferred stock, including current portion         —           —     15,189     9,435     —  
Shareholders' equity         207,758           174,791     96,292     41,641     38,272  

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  Successor Predecessor Year ended December 31, (Predecessor)
  August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 2004 2003 2002 2001
  (Expressed in thousands US Dollars – except per share data)
            (unaudited)
Other Financial Data                                    
Net cash provided by operating activities $ 26,081   $ 71,945   $ 137,218   $ 21,452   $ 2,219   $ 7,826  
Net cash (used in) provided by investing activities   (121,157 )    (4,264 )    (4,967 )    26,594     (3,682 )    (72,616 ) 
Net cash provided by (used in) financing activities   68,880     (50,506 )    (111,943 )    (29,416 )    5,474     61,976  
Book value per common share   4.70     5.67     192.25     96.63     41.64     55.29  
Cash dividends per common share   —     —     43.99     —     —     —  
Cash paid for common stock dividend declared   —     —     40,000     —     —     —  
EBITDA(1) $ 26,537   $ 55,696   $ 135,967   $ 70,376   $ 4,750   $ 11,091  
(1) EBITDA represents net earnings before interest (income and expense), taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. EBITDA is included in this prospectus because it is a basis upon which we assess our liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The following table reconciles net cash from operating activities, as reflected in the consolidated statements of cash flows, to EBITDA:

Net Cash from Operating Activities $ 26,081   $ 71,945   $ 137,218   $ 21,452   $ 2,219   $ 7,826  
Net increase (decrease) in operating assets   5,864     (14,525 )    (7,195 )    20,406     1,915     (9 ) 
Net decrease (increase) in operating liabilities   1,720     21,407     3,104     (18,112 )    289     (1,805 ) 
Net interest cost   9,476     (98 )    1,888     5,144     3,909     8,541  
Impairment loss                                 (400 ) 
Provision for losses on accounts receivable   (411 )    880     573     (1,021 )    (101 )       
Gain (loss) on sale of property, plant and investments               61     (2,367 )    (127 )    (430 ) 
Unrealized gain/loss on derivatives, foreign exchange contracts, fuel swaps and interest rate swaps   (16,478 )    (23,728 )    254     45,855     (3,098 )    (2,632 ) 
Undistributed earnings in affiliates   285     (185 )    64     325     68        
Minority interest                     (1,306 )    (324 )       
EBITDA $ 26,537   $ 55,696   $ 135,967   $ 70,376   $ 4,750   $ 11,091  

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ISE HISTORICAL FINANCIAL INFORMATION

The ISE historical information is derived from the unaudited financial statements of ISE for the period January 1, 2005 to August 25, 2005, and the audited financial statements of ISE as of December 31, 2004, and for the period from September 17, 2004 (inception) to December 31, 2004. The information is only a summary and should be read in conjunction with the company's historical consolidated financial statements and related notes, to the extent contained elsewhere herein.


(In thousands, except per share) Period from
January 1, 2005 to
August 25, 2005		 Period from
September 17,
2004 (inception) to
December 31, 2004
Income statement data      
Loss from operations   (414 )  $ (77 ) 
Interest income   2,864     93  
Income before provision for income taxes   2,450     16  
Provision for income taxes   (859 )    (7 ) 
Net income   1,591   $ 9  
Weighted average number of common shares outstanding   39,900     12,744  
Net income per share basic and diluted   0.04   $ 0.00  

  August 25, 2005 December 31, 2004
Balance sheet data      
Cash $ 102,259   $ 2,032  
Investments held in trust   —     180,691  
Investment in Navios   593,764     —  
Total assets   720,035     182,825  
Total liabilities   535,783     170  
Common stock subject to possible conversion   —     36,097  
Total stockholders' equity   184,252     146,558  
Total liabilities and stockholders' equity   720,035   $ 182,825  

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OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following is a discussion of Navios Maritime Holdings Inc. as ‘‘Successor’’ to and as ‘‘Predecessor’’ of the acquisition / reincorporation discussed in the following paragraphs and in Note 3 to the Consolidated Financial Statements as of December 31, 2005, for the period from August 26, 2005 to December 31, 2005 and for the period from January 1, 2005 to August 25, 2005. Also following is a discussion of the Predecessor’s company financial condition and results of operations for the fiscal years ended December 31, 2004 and 2003. All of these financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP). You should read this section together with the consolidated financial statements including the notes to those financial statements for the years and periods mentioned above which are included in this prospectus.

This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. These forward looking statements are based on Navios' current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are changes in any of the following: (i) charter demand and/or charter rates, (ii) production or demand for the types of dry bulk products that are transported by Navios' vessels, (iii) operating costs including but not limited to changes in crew salaries, insurance, provisions, repairs, maintenance and overhead expenses, or (iv) changes in interest rates.

Overview

On August 25, 2005, pursuant to a Stock Purchase Agreement dated February 28, 2005, as amended, by and among ISE, Navios and all the shareholders of Navios, ISE acquired Navios through the purchase of all of the outstanding shares of its common stock. As a result of this acquisition, Navios became a wholly-owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of the Marshall Islands through a downstream merger with and into its newly acquired wholly-owned subsidiary, whose name continued to be Navios. As a result of the reincorporation, ISE transitioned from a shell company to an operating business and the operations of Navios became those of a publicly traded company.

This transaction was recorded in two steps. In step one, ISE recorded the $594.4 million total cash purchase price, plus $14.2 million in allocable transaction costs, by allocating such cost to the assets acquired in accordance with their fair market value on the acquisition date. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill. In step two, which immediately followed, ISE effected a ‘‘downstream merger’’ with and into Navios. The assets and liabilities of ISE (which reflected the acquisition of Navios) became the assets and liabilities of Navios. The stockholders' equity of ISE became the stockholders' equity of Navios. The results of operations of Navios to August 25, 2005 are labeled as ‘‘Predecessor’’ and remain as historically reported. The results of operations from August 26, 2005 forward are labeled as ‘‘Successor" and reflect the combined operations of Navios and ISE. The Stock Purchase Agreement required a purchase price adjustment based on an EBITDA target for the period January 1, 2005 to August 31, 2005. The $594.4 million cash purchase price reflects a preliminary price adjustment based on an EBITDA target included in the agreement and was adjusted by approximately $0.6 million based on a final calculation agreed between the parties, which was paid before December 31, 2005.

Approximately $412.0 million of the purchase price was financed from a $514.4 million senior secured credit facility, entered into on July 12, 2005 and funded on August 25, 2005, with HSH Nordbank AG. The senior secured credit facility was assumed by Navios in connection with the acquisition and reincorporation and was restructured on December 21, 2005. See also Liquidity and Capital Resources and Note 11 to the Navios Maritime Holdings, Inc. Consolidated Financial Statements for additional information on this facility and its restructuring which occurred on December 21, 2005.

On December 31, 2005, Navios' current assets totaled $114.5 million, while current liabilities totaled $133.6 million, resulting in a negative working capital position of $19.1 million. Navios' cash

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forecast indicates that it will be able to generate sufficient cash during 2006 to make the required principal and interest payments on its indebtedness, provide for normal working capital requirements of its business and remain in a positive cash position. 

At the time of the August 25, 2005 acquisition, ISE's senior management anticipated implementing a strategic post-acquisition plan for the relocation of Navios' offices in the United States from South Norwalk, Connecticut to New York City and of its existing offices in Piraeus, Greece to larger offices in Piraeus to house Navios’ headquarters and the operations of its subsidiaries. Management has commissioned an internal task force to implement this plan during the first half of 2006. The cost of this relocation plan will include the cost of lease terminations, the write off of leasehold improvements at the offices vacated and severance. On January 21, 2006, Navios moved to its new offices at 85 Akti Miaouli, Piraeus Greece. As a result of this relocation, a provision of $1.4 million has been included in the December 31, 2005 consolidated financial statements as part of the purchase accounting. Of that amount, $0.8 million remained as an accrual at December 31, 2005.

Navios is one of the leaders in seaborne shipping, specializing in the worldwide carriage, trading, storing, and other related logistics of international dry bulk cargo transportation. For over 50 years, Navios has cooperated with raw materials producers, agricultural traders and exporters, industrial end-users, ship-owners, and charterers. Navios has in-house ship management expertise that allows it to oversee every step of technical management of the owned fleet including the shipping operations throughout the life of the vessel, including, the superintendence of maintenance, repairs and dry-docking of the operated fleet.

Following is the current ‘‘core fleet’’ employment profile, including the newbuilds to be delivered. The current ‘‘core fleet’’ consists of 32 vessels totaling 2.1 million deadweight tons. It includes (a) nine modern Ultra-Handymax (52,000-55,000 dwt) and six Panamax (70,000-83,000 dwt) vessels which the Company owns, seven Panamax (70,000-83,000 dwt) and two Ultra-Handymax vessels under long-term time charter and eight long term chartered-in vessels (three Ultra-Handymax and five Panamax) scheduled to be delivered on various dates between May 2006 and May 2008. The 24 vessels in current operation aggregate approximately 1.55 million deadweight tons and have an average age of 4.3 years. Navios has currently fixed 78.2% and 19.2% of its 2006 and 2007 available days respectively.

Owned Vessels


Vessels Type Built DWT Charter-out
Rate (1)		 Expiration
Date (2)
Navios Achilles Ultra Handymax   2001     52,063     15,533   10/08/2006
Navios Apollon Ultra Handymax   2000     52,073     16,150   08/21/2007
Navios Herakles Ultra Handymax   2001     52,061     15,437   02/19/2007
Navios Hios Ultra Handymax   2003     55,180     19,237   09/15/2006
Navios Ionian Ultra Handymax   2000     52,068     15,152   01/25/2007
Navios Kypros Ultra Handymax   2003     55,222     24,063   04/27/2006
Navios Meridian Ultra Handymax   2002     50,316     20,045   10/15/2006
Navios Mercator Ultra Handymax   2002     53,553     21,175   10/01/2006
Navios Libra II Panamax   1995     70,136     17,385   07/12/2006
Navios Alegria Panamax   2004     76,466     23,750   08/03/2006
Navios Felicity Panamax   1997     73,857     9,144   03/25/2007
Navios Gemini S Panamax   1994     68,636     19,000   06/15/2006
Navios Arc Ultra Handymax   2003     53,514     15,438   03/15/2007
Navios Galaxy I Panamax   2001     74,195     24,062   12/25/2007
Navios Magellan Panamax   2000     74,333     14,963   02/23/2007

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Long Term Chartered-in Vessels


Vessels Type Built DWT Purchase
Option (3)		 Charter-out
Rate (1)		 Expiration
Date (2)
Navios Horizon Ultra Handymax   2001     50,346   Exercised   12,588   05/30/2006
Navios Vector Ultra Handymax   2002     50,296   No   8,811   12/17/2007
Navios Aurora Panamax   2005     75,200   Yes   24,063   05/27/2008
Navios Cielo Panamax   2003     75,834   No   18,050   04/30/2006
Navios Hyperion Panamax   2004     75,500   Yes   15,400   01/05/2007
Navios Orbiter Panamax   2004     76,602   Yes   16,150   10/16/2006
Navios Orion Panamax   2005     76,000   No   21,175   01/15/2007
Navios Star Panamax   2002     76,662   Yes   15,343   01/13/2007
Navios Titan Panamax   2005     82,936   No   20,000   10/09/2007

Long Term Chartered-in Vessels on Order


Vessels Type To Be Built Purchase
Option		 DWT
Navios Astra Ultra Handymax 05/2006 Yes   53,400  
Navios Altair Panamax 09/2006 No   82,300  
Navios TBN Panamax 01/2007 Yes   75,500  
Navios TBN Ultra Handymax 04/2007 Yes   53,500  
Navios TBN Panamax 09/2007 Yes   82,000  
Navios TBN Panamax 11/2007 No   75,200  
Navios TBN Panamax 03/2008 Yes   76,500  
Navios TBN Ultra Handymax 05/2008 No   55,100  
(1) Net Time Charter-out Rate per day (net of commissions)
(2) Estimated dates assuming earliest redelivery by charterers
(3) Generally, the Company may exercise its purchase option after three years of service.

At August 25, 2005, Navios had options to purchase 13 vessels of its long term chartered-in fleet, including those to be delivered, of which six have been exercised. During November 2005, Navios concluded two more charter-in contracts with options to purchase these vessels, bringing the total to 15. More specifically, during September, October and November, 2005, Navios gave notice, to the owners of four Ultra-Handymax vessels and two Panamax vessels, of its intention to exercise the options to purchase the vessels at the option exercise price of approximately $20 million each. Notice of intent to exercise was given to the owner of the Navios Horizon, the sixth purchase option vessel, on November 15, 2005. As of December 31, 2005, Navios had executed all exercisable purchase options comprising four Ultra Handymax vessels and two Panamax vessels. The first two of the option vessels, the Navios Meridian and Navios Mercator, were delivered to the Company on November 30, 2005 and December 30, 2005, respectively, the third option vessel, the Navios Arc, was delivered on February 10, 2006, the fourth vessel, the Navios Galaxy, was delivered on March 23, 2006 and the fifth vessel, the Navios Magellan, was delivered on March 24, 2006. The sixth vessel, the Navios Horizon, is expected to be delivered in April 2006. The total acquisition cost of these six additional vessels is expected to be approximately $115 million. Navios believes that the market value of the six vessels is approximately $200 million.

On December 19, 2005 Navios concluded an agreement to purchase four Panamax vessels from Maritime Enterprises Management S.A., a company affiliated with the Angeliki Frangou family our Chairman and Chief Executive Officer. On December 22, 2005, Navios took delivery of the first two vessels, the Navios Libra II and the Navios Alegria built in 1995 and 2004 respectively. The third vessel, the Navios Felicity built in 1997, was delivered on December 27, 2005 and the fourth vessel, the Navios Gemini S built in 1994, was delivered on January 5, 2006. The total acquisition cost for the four new vessels including backlogs was $119.8 million and was funded (i) with $13.0 million of

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Navios’ available cash; (ii) with $80.3 million from bank financing and (iii) through the issuance of 5,500,854 shares of Navios authorized common stock at $4.96 per share for Navios Alegria (1,840,923 shares) and Navios Libra II (1,227,282 shares), $4.82 per share for Navios Felicity (1,271,114 shares) and $4.42 for Navios Gemini S. (1,161,535 shares).

On December 21, 2005, Navios entered into a senior secured credit facility with HSH Nordbank AG for $649 million. The facility restructured the balance of Navios’ senior secured credit facility dated July 12, 2005 with HSH Nordbank AG of $435 million while the additional $214 million represents financing for the acquisition of the six vessels through the exercise of purchase options and the acquisition of the four additional vessels discussed above. Navios believes that the charter revenue, net of expenses, for these vessels will be sufficient to meet the principal and interest obligations on this new debt and, therefore, Navios' net cash flow will not be negatively impacted. However, the current portion of this new debt will cause current liabilities to exceed current assets.

On December 21, 2005 and in connection with the secured credit facility discussed above, Navios entered into an ISDA (International Swap Dealer Association, Inc.) Agreement with HSH Nordbank AG, providing for (a) interest rate swaps pursuant to which exchanges LIBOR with a fixed rate of 4.74% (this contract applies for the period from March 2006 to March 2007 on notional amounts starting at $171 million and de-escalating down to $100.5 million following the loan repayment schedule), and (b) interest rate collar with a cap of 5.00% and a floor of 4.45% (this contract applies for the period from March 2007 to June 2008 on notional amounts starting at $82 million and de-escalating down to $ 13.3 million in accordance with a loan repayment schedule). The ISDA Agreement is bound by the same securities as the secured credit facility discussed in the preceding paragraph.

Navios' policy has been to take a portfolio approach to managing operating risks. This policy led Navios to time charter-out to various shipping industry counterparties, considered by Navios to be superior credit risks, the 24 vessels that it is presently operating (i.e. vessels owned by Navios or which it has taken into its fleet under charters having a duration of more than 12 months) during 2005 and 2006 for various periods ranging between one and three years. By doing this Navios has aimed to lock-in, subject to credit and operating risks, favorable forward cash flows which it believes will cushion it against unfavorable market conditions. In addition, Navios actively trades additional vessels taken in on shorter term charters of less than 12 months duration as well as Contracts of Affreightment (COA) and Forward Freight Agreements (FFAs).

FFAs are swap agreements covering periods generally ranging from one month to one year and are based on time charter rates or freight rates on specific quoted routes. FFAs are executed either over-the-counter, between parties, or through NOS ASA, a Norwegian clearing house. FFAs are settled in cash monthly based on publicly quoted indices. NOS ASA requires both base and margin collaterals. Certain portions of these collateral funds may be restricted at any given time, as determined by NOS ASA. At the end of each calendar quarter, the fair value of FFAs traded over-the-counter are determined from an index published in London, United Kingdom and the fair value of those FFAs traded with NOS ASA are determined from the NOS' valuation. FFAs are entered into with a view towards maximizing earnings and managing Navios' market exposure.

In 2004 and 2005, this policy had the effect of generating Time Charter Equivalents (TCE) that, while high by the average historical levels of the dry bulk freight market over the last 30 years, were below those which could have been earned had the Navios fleet been operated purely on short term and or spot employment. It could also have the effect of generating higher TCE than spot employment should the dry bulk market experience a downturn over the course of 2005 through 2006.

The average daily chartered-in vessel cost for the Navios long term chartered-in fleet averaged $9,566 per day, significantly lower than the market revenue earning capacity of the vessels. The average charter-in hire rate per vessel was derived from the amount for long term hire as disclosed in Note 16 to Navios' annual financial statements included elsewhere in this prospectus and was computed by (a) multiplying the (i) daily charter-in rate for each vessel by (ii) number of days the vessel is in operation for the year and (b) dividing such product by the total number of vessel days for the year. These rates exclude gains and losses from FFAs. Furthermore, Navios has the ability to

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increase its owned fleet through in-the-money purchase options exercisable in the near future. Navios believes that existing cash flow generation should allow it access to available financing in the debt markets to exercise its purchase options.

Navios believes that Asian demand for commodities will remain robust on the back of strong expected economic growth. China, which is one of the main importers of most major dry bulk commodities such as iron ore and grains, is expected to continue its rapid growth and urbanization over the next few years. Significant commodities purchases by Asian countries, especially China and India, combined with limited new dry bulk capacity, caused by constraints on available shipyard vessel construction berths and port congestion, should contribute to historically high freight rates for the foreseeable future compared to those that have prevailed for most of the last 30 years, albeit not necessarily at the highest levels reached in 2005.

Navios believes that a decrease in global commodity demand from its current level, and the delivery of dry bulk carrier newbuilds into the world fleet, would have an adverse impact to future revenue and profitability. However, the cost advantage of Navios' long term chartered fleet, which is chartered-in at historically favorable fixed rates, would help to mitigate the impact of any short-term decline in freight rates. The reduced freight rate environment may also have an adverse impact on the value of Navios' owned fleet and the presently in-the-money purchase options. In reaction to a decline in freight rates, available ship financing may also be negatively impacted.

Dry bulk fundamentals remain attractive. The United States, India, Brazil and especially China continue to contribute to strong global economic growth. More specifically, Chinese demand for iron ore, coal and grain and its import and exports of steel products plays a significant part in sustaining dry bulk market at high levels. The high price of oil has contributed to increased movements of steam coal which is expected to continue in the foreseeable future. Additionally, new longer haul trade routes have developed that Navios anticipates should serve to stimulate ton-mile demand while port congestion continues to absorb global fleet tonnage whose growth is limited as shipyard capacity is dominantly allocated to container and tanker building. By entering into fixed-rate time charters at charter-in rates much lower than current prevailing rates, Navios has secured a steady earnings structure enabling it to be profitable at low rates.

Navios also owns and operates the largest bulk transfer and storage port facility in Uruguay. While a relatively small portion of the overall enterprise, Navios believes that this terminal is a stable business with strong growth and integration prospects. Operating results for Navios' Uruguay port terminal are highly correlated to South American grain production and export, in particular Paraguayan, Uruguayan and Bolivian production and export. Navios believes that the continuing development of Uruguayan, Paraguayan and Bolivian grain exportation will foster throughput growth and therefore increase revenues at its Nueva Palmira port terminal. Should this development be delayed, grain harvests reduced, or the market experience an overall decrease in the demand for grain, the port terminal operations would be adversely affected.

Factors Affecting Navios' Results of Operations:

Navios actively manages the risk in its operations by: (i) operating the vessels in its fleet in accordance with all applicable international standards of safety and technical ship management; (ii) enhancing vessel utilization and profitability through an appropriate mix of spot charters (time charters for short-term employment) and contracts of affreightment (‘‘COAs’’); (iii) monitoring the financial impact of corporate exposure from both physical and forward freight agreements (‘‘FFAs’’) transactions; (iv) monitoring market and counterparty credit risk limits; (v) adhering to risk management and operation policies and procedures; and (vi) requiring counterparty credit approvals.

Navios believes that the important measures for analyzing trends in its results of operations consist of the following:

•  Market Exposure:    Navios manages the size and composition of its fleet, by chartering and owning vessels, to adjust to anticipated changes in market rates. Navios aims to achieve an appropriate balance between owned vessels and long and short term chartered in vessels and

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  controls approximately 2.1 million dwt in dry bulk tonnage. Navios' options to extend the duration of vessels it has under long-term time charter (durations of over 12 months) and its purchase options on chartered vessel (see separate table) permits Navios to adjust the cost and the fleet size to correspond to market conditions.
•  Available days:    Available days is the number of the operating days less the aggregate number of days that the vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.
•  Operating days:    Operating days is the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
•  Fleet utilization:    Fleet utilization is obtained by dividing the number of operating days during a period by the number of available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning.
•  Time Charter Equivalents rates (‘‘TCE’’):   TCE rates are defined as voyage and time charter revenues plus gains or losses on FFA less voyage expenses during a period divided by the number of available days during the period. Navios includes the gains or losses on FFA in the determination of TCE rates as neither voyage and time charter revenues nor gains or losses on FFA are evaluated in isolation. Rather, the two are evaluated together to determine total earnings per day. The TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts, while charter hire rates for vessels on time charters generally are expressed in such amounts.

Voyage and Time Charter

Revenues are driven primarily by the number of vessels in the fleet, the number of days during which such vessels operate and the amount of daily charter hire rates that the vessels earn under charters, which, in turn, are affected by a number of factors, including:

•  the duration of the charters;
•  the level of spot market rates at the time of charter
•  decisions relating to vessel acquisitions and disposals;
•  the amount of time spent positioning vessels;
•  the amount of time that vessels spend in dry-dock undergoing repairs and upgrades;
•  the age, condition and specifications of the vessels; and
•  the aggregate level of supply and demand in the dry bulk shipping industry.

Time charters are available for varying periods, ranging from a single trip (spot charter) to long-term which may be many years. In general, a long-term time charter assures the vessel owner of a consistent stream of revenue. Operating the vessel in the spot market affords the owner greater spot market opportunity, which may result in high rates when vessels are in high demand or low rates when vessel availability exceeds demand. Vessel charter rates are affected by world economics, international events, weather conditions, strikes, governmental policies, supply and demand, and many other factors that might be beyond the control of management.

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Consistent with industry practice, Navios uses time charter equivalent (TCE), revenue which consists of revenue from vessels operating on time charters, or TC revenue, and voyage revenue less voyage expenses from vessels operating on voyage charters in the spot market, as a method of analyzing fluctuations between financial periods and as a method of equating revenue generated from a voyage charter to time charter revenue. TCE revenue also serves as industry standard for measuring revenue and comparing results between geographical regions and among competitors.

Navios operates a fleet of owned Ultra Handymax and Panamax vessels and a fleet of chartered-in Panamax and Ultra Handymax vessels that are employed to provide world wide transportation of bulk commodities under freight contracts and through sub-time charter employment to other leading shipping companies.

The cost to maintain and operate a vessel increases with the age of the vessel. Older vessels are less fuel efficient, cost more to insure and require upgrades from time to time to comply with new regulations. The average age of Navios' owned fleet is 5.4 years. But as such fleet ages or if Navios expands its fleet by acquiring previously owned and older vessels the cost per vessel would be expected to rise and, assuming all else, including rates, remains constant, vessel profitability would be expected to decrease.

Spot Charters, Contracts of Affreightment (COAs), and Forward Freight Agreements (FFAs)

Navios enhances vessel utilization and profitability through a mix of spot charters, time charters, COA's and strategic backhauls, as follows:

•  The operation of voyage charters or spot fixtures for the carriage of a single cargo from load port to discharge port
•  The use of COAs, under which Navios contracts to carry a given quantity of cargo between certain load and discharge ports within a stipulated time frame; and
•  The use of FFA both as economic hedges in reducing market risk on specific vessels, freight commitments or the overall fleet and in order to increase or reduce the size of its exposure to the dry bulk shipping market.

In addition, Navios, through selecting COAs on what would normally be backhaul or ballast legs, attempts to enhance vessel utilization and profitability. The cargoes are used to position vessels at or near major loading areas (such as the US Gulf) where spot cargoes can readily be obtained. This enables ballast time to be reduced as a percentage of the round voyage. This strategy is referred to as triangulation.

Contracts of Affreightment (COAs) and Forward Freight Agreements (FFAs)

Navios enters into COAs with major industrial end users of bulk products, primarily in the steel, energy and grain sectors. These contracts are entered into not only with a view to making profit but also as a means of maintaining relationships, obtaining market information and continuing a market presence in this market segment. Navios has adopted a strategy of entering into COAs to carry freight into known loading areas, such as the US Gulf and the Gulf of St. Lawrence, where subsequent spot or voyage charters can be obtained.

Navios may enter into FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions that Navios expects to carry out in the normal course of its shipping business. By using FFAs, Navios manages the financial risk associated with fluctuating market conditions. The effectiveness of a hedging relationship is assessed at its inception. If an FFAs qualifies for hedge accounting, any gain or loss on the FFAs is first recognized when measuring the profit or loss of the related transaction. However, at December 31, 2005, 2004 and 2003, none of the open FFAs qualified for hedge accounting and, accordingly, all gains or losses from FFAs were recorded in the statement of operations. FFAs will continue to be so treated and, accordingly, may result in material fluctuations in the results of operations.

FFA cover periods generally ranging from one month to one year and are based on time charter rates or freight rates on specific quoted routes. FFA are executed either over-the-counter, between two

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parties, or through NOS ASA, a Norwegian clearing house. FFAs are settled in cash monthly based on publicly quoted indices. NOS ASA requires both base and margin collaterals. Certain portions of these collateral funds may be restricted at any given time, as determined by NOS ASA. On December 31, 2005, 2004 and 2003, Navios restricted cash with NOS ASA was $1.0 million, $2.8 million and $0 million, respectively.

At the end of each calendar quarter, the fair value of FFAs traded over-the-counter are determined from an index published in London, United Kingdom, and the fair value of those FFAs traded with NOS ASA are determined from the NOS valuation.

Statement of Operations Breakdown by Segment

Navios reports financial information and evaluates its operations by charter revenues and not by vessel type, length of ship employment, customers or type of charter. Navios does not have discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, Navios reviews operating results solely by revenue per day and operating results of the owned and chartered-in fleet and, thus, the Company has determined that it has two reportable segments, Vessel Operations and Port Terminal. The reportable segments reflect the internal organization of Navios and strategic businesses that offer different products and services. The Vessel Operations business consists of transportation and handling of bulk cargoes through ownership, operation, and trading of vessels, freight and FFAs. The Port Terminal business consists of operating a port and transfer station terminal. Navios measures segment performance based on net income. For further segment information, please see the footnotes to the Consolidated Financial Statements.

Recent Accounting Pronouncements

In March 2005 the U.S. Securities and Exchange Commission, or SEC, released Staff Accounting Bulletin 107, ‘‘Share-Based Payments’’, or SAB 107. The interpretations in SAB 107 express views of the SEC staff, or staff, regarding the interaction between SFAS 123R and certain SEC rules and regulations, and provide the staff's views regarding the valuation of share-based payment arrangements for public companies. In particular, SAB 107 provides guidance related to share-based payment transactions with non-employees, the transition from nonpublic to public entity status, valuation methods (including assumptions such as expected volatility and expected term), the accounting for certain redeemable financial instruments issued under share-based payment arrangements, the classification of compensation expense, non-GAAP financial measures, first-time adoption of SFAS 123R in an interim period, capitalization of compensation cost related to share-based payment arrangements, the accounting for income tax effects of share-based payment arrangements upon adoption of SFAS 123R, the modification of employee share options prior to adoption of SFAS 123R and disclosures in Operating and Financial Review and Prospects subsequent to adoption of SFAS 123R. The adoption of this interpretation will not have an effect on Navios' statement of financial position or results of operations

In March 2005, the Financial Accounting Standards Board (FASB) issued FIN 47 as an interpretation of FASB Statement No. 143, Accounting for Asset Retirement Obligations (FASB No. 143). This interpretation clarifies that the term conditional asset retirement obligation as used in FASB Statement No. 143, refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. The obligation to perform the asset retirement activity is unconditional even though uncertainty exists about the timing and/or method of settlement. Accordingly, an entity is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated. This interpretation also clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. FIN 47 is effective no later than the end of fiscal years ending after December 15, 2005. The adoption of this interpretation did not have an effect on Navios' statement of financial position or results of operations.

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In March 2005, the FASB issued Statement No. 154, Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3. The Statement applies to all voluntary changes in accounting principle, and changes the requirements for accounting for and reporting of a change in accounting principle. Statement No. 154 requires retrospective applications to prior periods' financial statements of a voluntary change in accounting principle unless it is impracticable. Opinion 20 previously required that most voluntary change in accounting principle be recognized by including in net income of the period of the change the cumulative effect of changing to the new accounting principle. Statement No. 154 improves financial reporting because its requirements enhance the consistency of financial information between periods. Navios cannot determine what effect Statement No. 154 will have with regard to any future accounting changes. This statement will be effective for Navios for the fiscal year beginning on January 1, 2006.

On November 3, 2005, FASB issued Financial Staff Position (FSP) numbers 115-1 and 124-1 providing guidance for the application of FAS 115. These FSPs are effective for Navios beginning on January 1, 2006 and address the determination as to when an investment is considered impaired, whether that impairment is other than temporary, and the measurement of an impairment loss. They also state that impairment of investments in debt securities must be assessed on an individual basis. Adoptions of these interpretations are not expected to have a significant effect on Navios' statement of financial position or results of operations.

In February 2006, the FASB issued Statement of Financial Accounting Standards No. 155 (SFAS 155) ‘‘Accounting for Certain Hybrid Instruments — an amendment of FASB Statements No. 133 and 140’’. SFAS 155 amends SFAS 133 to permit fair value measurement for certain hybrid financial instruments that contain an embedded derivative, provides additional guidance on the applicability of SFAS 133 and SFAS 140 to certain financial instruments and subordinated concentrations of credit risk. SFAS 155 is effective for the first fiscal year that begins after September 15, 2006. We are currently evaluating the impact SFAS 155 will have on our consolidated financial statements. This statement will be effective for Navios for the fiscal year beginning on January 1, 2007.

Critical Accounting Policies

The Navios’ consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or US GAAP. The preparation of these financial statements requires Navios to make estimates in the application of its accounting policies based on the best assumptions, judgments and opinions of management. Following is a discussion of the accounting policies that involve a higher degree of judgment and the methods of their application that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of its financial statements. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. Navios has described below what it believes are its most critical accounting policies that involve a high degree of judgment and the methods of their application. For a description of all of Navios' significant accounting policies, see Note 2 to the Consolidated Financial Statements.

Accounting for derivative financial instruments and hedge activities:    Navios enters into dry bulk shipping FFAs as economic hedges relating to identifiable ship and or cargo positions and as economic hedges of transactions Navios expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including dry bulk shipping FFAs, Navios manages the financial risk associated with fluctuating market conditions. In entering into these contracts, Navios has assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts.

Navios also trades dry bulk shipping FFAs with NOS ASA, a Norwegian clearing house. NOS ASA calls for both base and margin collaterals, which are funded by Navios, and which in turn substantially eliminates counterparty risk. Certain portions of these collateral funds may be restricted at any given time as determined by NOS ASA.

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At the end of each calendar quarter, the fair value of dry bulk shipping FFAs traded over-the-counter are determined from an index published in London, United Kingdom and the fair value of those FFAs traded with NOS ASA are determined from the NOS valuation.

Pursuant to SFAS 133, Navios records all its derivative financial instruments and hedges as economic hedges. Since they neither qualify as a hedge nor do they meet the criteria for hedge accounting all gains or losses are reflected in the statement of operations. For the period August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003, none of the FFAs, foreign exchange contracts or interest rate swaps qualifies for hedge accounting treatment. Accordingly, all gains or losses have been recorded in statement of operations for the periods presented.

Impairment of long-lived assets:    Vessels, other fixed assets and other long lived assets held and used by Navios are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In accordance with FAS 144, management reviews valuations and compares them to the assets carrying amounts. Should the valuations indicate potential impairment, management determines projected undiscounted cash flows for each asset and compares it to its carrying amount. In the event that impairment occurs, an impairment charge is recognized by comparing the asset’s carrying amount to its estimated fair value. For the purposes of assessing impairment, long lived-assets are grouped at the lowest levels for which there are separately identifiable cash flows. No impairment loss was recognized for any of the periods presented.

Vessels, net:    In connection with the acquisition / reincorporation, vessels owned by Navios (Predecessor) were recorded at fair market values as of August 25, 2005. Vessels acquisitions subsequent to that date are stated at historical cost, which consists of the contract price, any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred.

Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the useful life of Navios’ vessels to be 25 years from the vessel’s original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective.

Dry-docking costs:    Navios' vessels are subject to regularly scheduled dry-docking and special surveys which are carried out every 30 or 60 months to coincide with the renewal of the related certificates issued by the Classification Societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of dry-docking and special surveys is deferred and amortized over the above periods or to the next dry-docking or special survey date if such has been determined. Unamortized dry-docking or special survey costs of vessels sold are written off to income in the year the vessel is sold. When vessels are acquired the portion of the vessels’ capitalized cost that relates to dry-docking or special survey is treated as a separate component of the vessels’ cost and is deferred and amortized as above. This cost is determined by reference to the estimated economic benefits to be derived until the next dry-docking or special survey.

Goodwill and Other Intangibles:    As required by SFAS No. 142 ‘‘Goodwill and Other Intangible Assets’’, goodwill acquired in a business combination initiated after June 30, 2001 is not to be amortized. Similarly, intangible assets with indefinite lives are not amortized. Rather, SFAS 142 requires that goodwill be tested for impairment at least annually and written down with a charge to operations if the carrying amount exceeds the estimated fair value.

Navios evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. If the fair value exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the implied fair value of the reporting unit's goodwill is compared with its carrying

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amount. The implied fair value is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that unit, as if the unit had been acquired in a business combination and the fair value of the unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to the implied fair value. Navios determined that there was no impairment of goodwill during the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and for the years ended December 31, 2004 and 2003.

All of Navios’ intangible assets were valued at August 25, 2005 in a process that included the use of independent appraisers. The fair value of the trade name was determined based on the ‘‘relief from royalty’’ method which values the trade name based on the estimated amount that a company would have to pay in an arms length transaction in order to use that trade name. The asset is being amortized under the straight line method over 32 years. Other intangibles that are being amortized, such as the amortizable portion of favorable leases, port terminal operating rights, backlog assets and liabilities, would be considered impaired if their fair market value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options, which are included in favorable lease terms, are not amortized and would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair market value of the vessel.

The intangible asset associated with the favorable lease terms includes an amount of $20.7 million related to purchase options for the vessels as of August 25, 2005. This amount is not amortized and should the purchase options be exercised, any unamortized portion of this asset will be capitalized as part of the cost of the vessel and will be depreciated over the remaining useful life of the vessel. As of December 31, 2005,  $50,000 had been transferred to the acquisiton cost of Navios Meridian.

NASDAQ Listing:

On October 31, 2005, Navios received the approval of NASDAQ to list its securities on the NASDAQ National Market System. Navios' common stock, warrants and units commenced trading on the NASDAQ National Market System on November 3, 2005 under the symbols BULK, BULKW and BULKU, respectively.

For the year ended December 31, 2005 compared to the year ended December 31, 2004

The following table presents combined revenue and expense information for the year ended December 31, 2005. This information was derived from the audited consolidated revenue and expense accounts of Navios as predecessor for the period from January 1 to August 25, 2005 and from the audited consolidated revenue and expense accounts of Navios as successor for the period from August 26 to December 31, 2005.

This combined revenue and expense information is being presented solely to assist comparisons across the years. The successor period for 2005 in the combined statement of operations includes the effect of fair value purchase accounting adjustments. The successor and predecessor periods in the combined revenue and expense account are not comparable as the successor period revenue and expense accounts include increases to certain charges. The principle increases relate to amortization of intangible assets and increased depreciation, all of which arise as a result of recognizing an increase in the fair value of the assets and liabilities acquired from Navios, and increased interest charges arising as a consequence of additional indebtedness to finance the acquisition.

The combined information is a Non-US GAAP financial measure and should not be used in isolation or substitution of the Predecessor and Successor results and are expressed in thousands of US Dollars.

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  Successor Predecessor Combined Predecessor
August 26, 2005 to
December 31, 2005		 January 1, 2005 to
August 25, 2005		 Year ended
December 31, 2005		 Year ended
December 31, 2004
Revenue $ 76,376   $ 158,630   $ 235,006   $ 279,184  
(Loss) gain on FFA's   (2,766 )    2,869     103     57,746  
Time charter, voyage and port terminal expenses   (39,530 )    (91,806 )    (131,336 )    (180,026 ) 
Direct vessel expenses   (3,137 )    (5,650 )    (8,787 )    (8,224 ) 
General and administrative expenses   (4,582 )    (9,964 )    (14,546 )    (12,722 ) 
Depreciation and amortization   (13,582 )    (3,872 )    (17,454 )    (5,925 ) 
Gain on sale of vessels   —     —     —     61  
Interest income   1,163     1,350     2,513     789  
Interest expense   (11,892 )    (1,677 )    (13,569 )    (3,450 ) 
Other income   52     1,426     1,478     374  
Other expense   (226 )    (757 )    (983 )    (1,438 ) 
Equity in net earnings of affiliated companies   285     788     1,073     763  
Net income $ 2,161   $ 51,337   $ 53,498   $ 127,132  

Set forth below are selected historical and statistical data for Navios as predecessor (2004) and for the combined company (2005), that the Company believes may be useful in better understanding the Company's financial position and results of operations.


  Year ended December 31,
  2005 2004
FLEET DATA            
Available days*   9,147     11,952  
Operating days   9,110     11,900  
Fleet utilization   99.6 %    99.6 % 
AVERAGE DAILY RESULTS            
Time Charter Equivalents (including FFAs) $ 22,771   $ 25,985  
Time Charter Equivalents (excluding FFAs) $ 22,760   $ 21,153  
* Navios has currently fixed out (i.e. arranged charters for) 78.2% and 19.2 % of its 2006 and 2007 available days, respectively.

During the year ended December 31, 2005, there were 2,805 fewer available days as compared to 2004. This was the result of the redelivery of chartered-in vessels during 2005. Navios can increase or decrease its fleet's size by chartering-in vessels for long or short-term periods (less than one year). Fleet size will be decreased if charters are not renewed or replaced.

The average Time Charter Equivalent (TCE) rate excluding FFAs for the year ended December 31, 2005 was $22,760 per day, $1,607 per day higher than the rate for year 2004. This was primarily due to the redelivery of vessels chartered-out at a lower daily rate than the average rate than achieved in 2005.

Revenue:    Combined revenue of the predecessor and successor companies decreased to $235.0 million for the year ended December 31, 2005 as compared to the $279.2 million that the predecessor company recorded for the year ended December 31, 2004. Navios earns revenue from both owned and chartered-in vessels, contracts of affreightment and the port terminal operations. Revenue from vessel operations decreased by approximately $44.5 million or 16.4% to $227.0 million for the year ended December 31, 2005 from $271.5 for the year ended December 31, 2004 as a result of a reduction in the number of vessels operated by Navios during 2005. Total equivalent vessels employed decreased by 23.2% from 32.7 vessels for the year ended December 31, 2004 to 25.1 vessels for the year ended December 31, 2005, resulting in 2,805 fewer available days. However, the effect on revenues from the reduction in available days was mitigated by the increase in the 2005 TCE rate to

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$22,760 per day or $1,607 per day higher than that of 2004. Revenue from the port terminal increased by $0.4 million to $8.0 million for the year ended December 31, 2005 as compared to $7.6 million in 2004. Port terminal throughput volume increased approximately 1.5% to 2.06 million tons of agricultural and other products for the year ended December 31, 2005 from 2.03 million tons for the year ended December 31, 2004. Navios was able to increase throughput primarily because of an increase in the Uruguayan and Paraguayan soybean crops in 2005 as well as increasing the silo storage capacity to 270,440 tons from September 2005 when a new silo was put into use.

Gains and Losses on FFAs:    Income from FFAs decreased by $57.6 million to a gain of $0.1 million during the year ended December 31, 2005 as compared to $57.7 million for all of the year ended December 31, 2004. Navios records the change in the fair value of derivatives at each balance sheet date. None of the FFAs qualified for hedge accounting treatment in the periods presented. Accordingly, changes in the fair value of FFAs were recognized in the statement of operations. The FFAs market has experienced significant volatility in the past few years and, accordingly, recognition of the changes in the fair value of FFAs has, and can, cause significant volatility in earnings. The extent of the impact on earnings is dependent on two factors: market conditions and Navios' net position in the market. Market conditions were volatile in both periods. As an indicator of volatility, selected Baltic Exchange Panamax time charter average rates are shown below. During the year ended December 31, 2005 Navios completed 302 trades versus 336 trades for the same period in 2004.


  Baltic
Exchange's
Panamax
Time Charter
Average Index
Jan 2, 2004 $ 36,784  
June 22, 2004 $ 17,838 (a) 
Nov 30, 2004 $ 51,011 (b) 
Dec 24, 2004 $ 35,974  
Jan 4, 2005 $ 34,227  
Mar 14, 2005 $ 40,842 (d) 
Aug 3, 2005 $ 10,162 (c) 
Dec 23, 2005 $ 17,435  
(a) Low for 2004
(b) High for 2004
(c) Low for 2005
(d) High for 2005

Time Charter, Voyage and Port Terminal Expense:    Time charter and voyage expenses decreased by $48.7 million or 27.1% to $131.3 million for the year ended December 31, 2005 as compared to $180.0 million for the year ended December 31, 2004. This was primarily due to the decrease in equivalent vessels from 32.7 for the year ended December 31, 2004 to 25.1 for the year ended December 31, 2005. The average chartered-in rate also decreased from an average of $16,186 per day for the year ended December 31, 2004 to $15,582 per day for the year ended December 31, 2005.

Direct Vessel Expenses:    Direct vessel expenses for operation of the owned fleet increased by $0.6 million to $8.8 million or 7.3% for the year ended December 31, 2005 as compared to $8.2 million for the year ended December 31, 2004. Direct vessel expenses include crew costs, provisions, deck and engine stores, lubricating oils, insurance premiums, maintenance and repairs. The increase resulted primarily from increased crew salaries and lubricant charges and to the increase of the owned fleet by five vessels during November and December 2005.

General and Administrative Expenses:    General and administrative expense increased by $1.8 million or 14.2% from $12.7 million for the year ended December 31, 2004 to $14.5 million for the year ended December 31, 2005. This increase is attributable to (a) $1.4 million of one time severance payments to the former CEO, (b) $2.3 million of transaction costs incurred in connection with the sale

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of Navios and (c) $1.8 million of legal, audit, consulting and other fees borne by Navios as a publicly listed company. This increase was mitigated by a $3.0 million reduction in payroll and office related costs.

Depreciation and Amortization:    Depreciation and amortization are not comparable for the predecessor and successor companies. As part of the acquisition of Navios by ISE on August 25, 2005, the dry bulk fleet and port terminal facilities were recorded at their fair market values. The adjusted fixed assets values are being depreciated over the remaining economic useful lives of the individual assets. Amortization for the period from August 26, 2005 onward also includes amortization of the intangible assets recorded on August 25, 2005 as a result of the acquisition of Navios by ISE, with the exception of vessel purchase options and goodwill which are not amortized. The increase in annual depreciation and amortization expense resulting from the acquisition of Navios by ISE at August 25, 2005 and related asset revaluation, is estimated to be approximately $13.6 million. See further discussion of Navios' amortization policy under Liquidity and Capital Resources.

Net Interest Expense and Income:    Interest expense from August 26, 2005 onward will increase due to the new debt incurred on August 25, 2005 and its restructuring on December 21, 2005. A substantial portion of the new debt was used to finance the acquisition of Navios by ISE and the acquisition of additional vessels. As a result, interest expense for the period from August 26, 2005 to December 31, 2005 is not comparable to periods prior to that date. Navios estimates that, if the acquisition had taken place on January 1, 2005, the annual increase in interest expense on the debt incurred to finance its acquisition by ISE, based on the LIBOR rate at the acquisition date, would be approximately $19.1 million. (See Long Term Debt Obligations and Credit Arrangements discussed below). Interest income increased by $1.7 million to $2.5 million for the year ended December 31, 2005 as compared to $0.8 million for the year ended December 31, 2004. This is attributable to higher average cash balances of $91.5 million in 2005 as compared to $62.9 million in 2004, as well as to higher weighted average interest rate of 3.2% in 2005 as compared to 1.4% in 2004.

Other Income:    Other income increased by $1.1 million to $1.5 million for the year ended December 31, 2005. This increase is mainly due to favorable marked to market gains realized on the interest rate swaps as the interest rates continue to increase on both the short and long term, as well as the reversals of provisions for arbitration claims against Navios that have been concluded in Navios' favor.

Other Expense:  Other expense decreased by $0.4 million to $1.0 million for the year ended December 31, 2005. This change is mainly due to less realized losses on the settlement of payables raised in other currencies during the year.

For the year ended December 31, 2004 compared to the year ended December 31, 2003

Revenue:    Revenue increased by $99.5 million, or 55.4% to $279.2 million for the year ended December 31, 2004 as compared to $179.7 million for the prior year. Navios earns revenue from freight operations on both owned and chartered-in vessels and the port terminal. Revenue from vessel operations increased by $98.7 million, or 57.1% to $271.5 million for the year ended December 31, 2004, compared to $172.8 million for the prior year. This increase is principally attributable to increases in the average daily time charter rate to $25,947 in 2004 from $16,242 in 2003, offset slightly by a decrease in average fleet size from 33.4 vessels to 32.6 vessels.

Gains on FFAs:    Income from FFAs increased by $6.6 million, or 12.9%, to $57.7 million during the year ended December 31, 2004 as compared to $51.1 million during the year ended December 31, 2003. This was mainly due to an increase in the volume of trading as well as an overall increase in the market price. The increase in the number of participants in FFAs derivative trading has deepened the market and allowed for higher volume and increased liquidity. In 2004 Navios executed 336 trades compared to 328 in 2003. Additionally, as a representative indicator the average spot value for a standard Baltic type Panamax for 2004 was $37,750 per day compared to $20,150 per day for 2003.

Management believes that the FFAs market will continue to grow in volume and number of participants as more traditional shipping industry participants and financial institutions enter the

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market place. Freight Investor Services, a London-based broker, estimates that the total number of trades (including both tanker and dry bulk) increased to 8,300 in 2004 from 5,800 in 2003. The increase in the market volume and participation will provide additional liquidity; however, FFAs gains and losses are difficult to forecast as the future levels of volatility and trading are unpredictable.

Management of Navios includes the gains or losses on FFAs in the determination of time charter equivalent ("TCE") rates as neither voyage and time charter revenues nor gains or losses on FFAs are evaluated in isolation, rather the two are evaluated together to determine total earnings per day. This increase in TCE rates was caused by the combination of increased demand for dry bulk transportation by commodities producers and the corresponding lag in dry bulk supply adjustment due to shipyard focus on container and tanker building and port congestion. Management believes this trend is likely to continue albeit not at the extremely high levels the dry bulk market experienced in the first and second quarters of 2004. Global commodities demand is expected to remain strong, especially in Asia. However, shipyard capacity is expected to remain tight due to much of the construction berth capacity being allocated to new buildings of tankers and container ships rather than dry bulk ships. Port infrastructure is expected to continue to cause port congestion in the near term.

Revenues from the port terminal increased by $0.7 million, or 10.1%, to $7.6 million for the year ended December 31, 2004 as compared to $6.9 million for the prior year. This increase was attributable to an increase in terminal throughput volume of approximately 12% to 2.03 million tons of agricultural and other products held in the terminal from 1.81 million tons of agricultural and other products. Strong development of South American, mainly Uruguayan, Paraguayan and Bolivian, grain exports, resulting in new contracts with global grain companies, account for the rise in volume. Management believes this trend will continue and Navios has invested in an additional silo at the terminal in response to expected increased grain and commodity throughput volume. The silo became operational in the second quarter of 2004 and management believes that it could contribute 500,000 tons of additional annual throughputs.

Time charter, voyage and port terminal expense:    Time charter and voyage expenses increased $43.5 million, or 31.8%, to $180.0 million for the year ended December 31, 2004 as compared to $136.5 million for the prior year. Direct costs from vessel operations increased by $42.9 million to $176.6 million for the year ended December 31, 2004 as compared to $133.7 million for the prior year. Direct costs include expenses related to particular voyages, including time charter hire paid and voyage freight and paid bunkers. The increase was mainly due to higher chartered-in rates for vessels added to the fleet in 2004 as the average time charter hire rate per day increased to $16,118 per day in 2004 compared to $11,157 per day in 2003. The higher demand from commodity producers for dry bulk capacity was not matched by commensurate supply of new buildings. This market tightness was further intensified by port congestion that drew vessels out of the market while delayed in ports.

Port terminal expense increased by $0.6 million to $3.4 million for the year ended December 31, 2004 as compared to $2.8 million for the prior year. This increase was attributable primarily to increased labor costs and repair and maintenance expenses. Labor costs increased approximately $0.22 million due to higher day laborer staffing levels required to process the higher volume handled over the period ended December 31, 2004. Furthermore, costs of $0.23 million were incurred to repair a crane located at the port terminal. Navios expects labor costs to continue to increase due to the addition of the new silos in 2004.

Direct costs represented 64.5% of revenues for the year ended December 31, 2004 compared to 76.0% for the prior year.

Direct Vessel Expenses:     Direct vessel expenses decreased $2.2 million, or 21.2%, to $8.2 million for the year ended December 31, 2004 as compared to $10.4 million for the prior year. Direct expenses for owned vessels include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs. The decline in direct vessel expense was due to the disposal of three owned vessels and one leased vessel in 2003. Vessel operating days decreased 27.0% to 2,196 days in 2004 from 3,010 days in 2003.

The decrease in vessel operating days resulted from the sale of three owned vessels during 2003. The decrease was partially offset by an 8.7% increase in average running costs per day which

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increased to $3,745 per day in 2004 from $3,445 per day in 2003. The increase in average running cost per day resulted from increased labor, insurance and repair costs. Direct vessel expenses represented 2.9% of revenues for the year ended December 31, 2004 as compared to 5.8% for the prior year. Navios has the ability to increase its owned fleet through in-the-money purchase options exercisable in the near future. Navios intends to exercise some of these options and as a result direct vessel expenses are expected to increase in the future.

General and Administrative Expenses:    General and administrative expenses increased by $1.1 million, or 9.5%, to $12.7 million for the year ended December 31, 2004 as compared to $11.6 million for the prior year. The increase resulted primarily from a $1.3 million increase in discretionary bonuses in 2004 to $3.4 million as compared to the prior year. Also, professional fees increased $.7 million primarily as a result of corporate restructuring. Discretionary bonuses increased as additional compensation was awarded to certain employees for their contribution to Navios' strong performance for the year ended December 31, 2004. Increased professional fees were primarily related to the closure of an office that Anemos Maritime Holdings had maintained in London. These increased costs were partially offset by reduced salaries and benefit costs related to the closure of the London office. General and administrative expenses represented 4.6% of revenues for the year ended December 31, 2004 as compared to 6.5% for the prior year.

Depreciation and Amortization:    Depreciation and amortization, which include depreciation of the owned dry bulk fleet and amortization of capital leases, decreased by $2.9 million, or 33.0%, to $5.9 million for the year ended December 31, 2004 as compared to $8.8 million for the prior year. The decrease is primarily due to a reduction in the number of owned and leased vessels in the fleet. In addition, capital lease amortization declined by $1.9 million in 2004 as compared to the prior year as a result of the sale of the leased vessel. Depreciation and amortization represented 2.1% of revenues for the year ended December 31, 2004 as compared to 4.9% for the prior year. Depreciation and amortization is expected to increase when vessels are acquired from the exercise of the purchase options for several of the vessels in 2005 and 2006.

Net Interest Expense and Income:     Net interest expense decreased by $2.4 million, or 47.1%, to $2.7 million for the year ended December 31, 2004 as compared to $5.1 million for the prior year. This decrease is mainly due to a lower average principal amount of bank loans outstanding in 2004 as compared to the prior year as part of the cash generated over the period was used to pre-pay debt. The average outstanding principal amount of bank loans was $87.7 million in 2004 compared to $122.3 million in 2003. Furthermore, the weighted average effective interest rate on debt decreased to 2.3% in 2004 from 2.7% in 2003. Interest income was $789,000 for the year ended December 31, 2004 as compared to $134,000 for the prior year due to a higher average cash balance and a slightly higher interest rate on deposits. The average cash balance was $62.6 million in 2004 compared to $18.8 million in 2003. Furthermore, the weighted average effective interest rate on deposits increased to 1.37% in 2004 from 1.04% in 2003.

Net Income:     Net income increased by $71.6 million, or 129.0%, to $127.1 million for the year ended December 31, 2004 as compared to $55.5 million for the prior year. Net income from vessel operations increased by $71.2 million, or 135.4% to $123.8 million for the year ended December 31, 2004 as compared to $52.6 million for the prior year. Net income from the port terminal increased by $0.3 million, or 10.0%, to $3.3 million for the year ended December 31, 2004 as compared to $3.0 million for the prior year.

Liquidity and Capital Resources

Navios has historically financed its capital requirements with cash flows from operations, equity contributions from stockholders and bank term loans. Main uses of funds have been capital expenditures for the acquisition of new vessels, new construction and upgrades at the port terminal, expenditures incurred in connection with ensuring that the owned vessels comply with international and regulatory standards, repayments of bank loans and payments of dividends. Subsequent to its acquisition, Navios anticipates that internally generated cash flows and borrowings under the secured credit facility, which was assumed in the acquisition / reincorporation, will be

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sufficient to fund the operations of the fleet and the port terminal, including working capital requirements. However, See ‘‘Exercise of Vessel Purchase Options’’, ‘‘Working Capital Position’’ and ‘‘Long Term Debt Obligations and Credit Arrangements’’ for further discussion of Navios' working capital position. The successor period for 2005 in the combined statement includes the effect of fair value purchase accounting adjustments. The successor and predecessor periods in the combined cash flow accounts are not comparable as the successor period cash flow accounts include increases to certain charges. The principle increases relate to amortization of intangible assets and increased depreciation, all of which arise as a result of recognizing an increase in the fair value of the assets and liabilities acquired from Navios, and increased interest charges arising as a consequence of additional indebtedness to finance the acquisition.

The following table presents combined cash flow information for the year ended December 31, 2005. This information was derived from the audited consolidated statements of cash flows of Navios as predecessor for the period January 1, 2005 to August 25, 2005 and from the audited consolidated statements of cash flows of Navios as successor for the period August 26, 2005 to December 31, 2005. This combined cash flow information is being presented solely to assist comparisons across the financial periods and are expressed in thousands of US Dollars.


  Successor
August 26,
2005 To
December 31,
2005		 Predecessor
January 1,
2005 To
August 25,
2005		 Combined
Year Ended
December 31,
2005		 Predecessor
Year Ended
December 31,
2004
Net cash provided by operating activities $ 26,081   $ 71,945   $ 98,026   $ 137,218  
Net cash used in investing activities   (121,157 )    (4,264 )    (125,421 )    (4,967 ) 
Net cash provided by (used in) financing activities   68,880     (50,506 )    18,374     (111,943 ) 
Increase (decrease) in cash and cash equivalents   (26,196 )    17,175     (9,021 )    20,308  
Cash and cash equivalents, beginning of the period   63,933     46,758     46,758     26,450  
Cash and cash equivalents, end of period $ 37,737   $ 63,933     37,737   $ 46,758  

Cash provided by operating activities for the combined year ended December 31, 2005 as compared to the year ended December 31, 2004:

Net cash provided by operating activities decreased by $39.2 million to $98.0 million for the year ended December 31, 2005 as compared to $137.2 million for the year ended December 31, 2004. The decrease resulted primarily from lower net income in the year ended December 31, 2005 and other factors as discussed below. In determining net cash provided by operating activities, net income is adjusted for the effects of certain non-cash items including depreciation and amortization and unrealized gains and losses on derivatives. Depreciation and amortization, which includes the depreciation of the owned dry bulk fleet and port terminal facilities, is not comparable for the predecessor and successor companies. As part of the acquisition of Navios by ISE, the dry bulk fleet, the assets at Navios' port terminal and intangible assets were written up to fair market value on August 25, 2005. These new values are being depreciated over the remaining economic useful lives of the individual vessels and assets.

Forward Freight Agreements (FFAs) settle on the last working day of each month. Although all outstanding FFAs were marked to market on August 25, 2005, there was no settlement on that date and, therefore, no transfer to accounts receivable or accounts payable. The volume of FFAs derivative trades were curtailed during 2005 based on a strategic management decision to minimize the open positions to curtail the level of volatility prior to the culmination of the acquisition of Navios by International Shipping Enterprises. The fair value of open trades at December 31, 2005 was substantially lower than at December 31, 2004. A large component of the $47.1 million marked to market value recorded at December 31, 2004 settled during the year ended December 31, 2005. This

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resulted in the reversals of the $47.1 million unrealized gains as of December 31, 2004 being greater than the December 31, 2005 marked to market net asset being recorded of $6.2 million.

Accounts receivable decreased by $3.4 million from $17.5 million at December 31, 2004 to $14.1 million for the combined twelve months ended December 31, 2005. The primary reason for this decrease was a change in the amount receivable from FFA trading partners which decreased by $2.2 million from $12.7 million at the end of December 31, 2004 to $10.5 million at the end of December 31, 2005. The corresponding asset resulting from the marked to market valuation related to the FFA derivatives at December 31, 2005, is included in the short term derivative asset on the balance sheet. Although the number of vessels chartered-out have remained constant between the two comparative year ends, the charter-out market rates have dropped during 2005 impacting the value of the outstanding receivables at period ends.

Prepaid expenses and other current assets decreased by $6.7 million from $13.1 million at December 31, 2004 to $6.4 million. The prepaid expenses consist predominantly of freight, chartered-in hire paid in advance and prepaid bunkers fuel on chartered-in vessels which decreased by $3.9 million. Prepaid freight increased by $1.2 million resulting from one voyage which extended over the December 31, 2005 year end. The prepaid hire on chartered-in vessels decreased by $4.9 million as there were seven fewer chartered-in vessels at December 31, 2005 which totaled 15 vessels and 22 vessels at December 31, 2004. Additionally, the average gross hire cost per vessels of $22,232 at December 31, 2004 decreased to $14,678 by the end of December 31, 2005.

Accounts payable decreased by $1.0 million from $14.9 million at December 31, 2004 to $13.9 million at December 31, 2005. The primary reason for the decrease was a change in the amount due to FFA trading partners, which decreased by $2.4 million, as a result of the decreased number of trades at December 31, 2005 as compared to December 31, 2004. The corresponding liability resulting from the marked to market valuation related to the FFA derivatives at December 31, 2005, is included in the short term derivative liability on the balance sheet. With the acquisition of Navios by ISE on August 25, 2005 and the down stream merger which took place on the same day, ISE contributed an accounts payable balance of $10.5 million (mainly acquisition costs). During the period from the acquisition date of Navios to December 31, 2005, the majority of the ISE payables were settled.

Accrued expenses increased by $4.2 million to $11.3 million at December 31, 2005 as compared to $7.1 million on December 31, 2004.  There are various reasons for this increase, including a $1.1 million increase in the accrual of audit fees as a result of Navios transitioning from private company status to a public company. The refinancing of the debt at the end of December 2005 resulted in financing fees being accrued in the amount of $2.6 million. The accruals for other professional services also increased by $1.1 million also related to the transition from a private company to a public company, a balance of $0.8 million in the restructuring accrual and an increase of $0.7 million the accrued voyage expenses. These increases were partially offset by the decrease in the accrual for loss making voyages in progress from $1.3 million on three vessels on December 31, 2004 to $0 million on December 31, 2005. Estimated losses on voyages are provided for in full at the time such losses become evident. The accrual was further reduced by a reduction in payroll accruals of $1.0 million. With the acquisition of Navios by ISE on August 25, 2005, and the down stream merger which took place on the same day, ISE contributed an accrued expense balance of $2.3 million (mainly accrual of taxes and professional fees). During the period from the acquisition date of Navios to December 31, 2005, the majority of the ISE accrued expenses were settled.

Deferred voyage revenue primarily reflects freight and charter-out amounts collected on voyages that have not been completed. Deferred freight decreased by $3.7 million as a result of a reduction in the number of voyages extending over the year ends. There were three voyages at December 31, 2004 amounting to $5.3 million compared to one voyage at the end of December 31, 2005 amounting to $1.6 million. The deferred hire on chartered-out vessels decreased by $0.4 million, however, there was one more chartered-out vessel at December 31, 2005 which totaled 25 vessels compared to 24 vessels at December 31, 2004. Additionally, the average gross hire revenue per vessel of $225,000 at December 31, 2004 decreased to $199,000 by the end of December 31, 2005.

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Payments on interest rate swaps, as reflected in the derivative accounts, totaled $1.4 million for the twelve month period ended December 31, 2005 as compared to $2.3 million during the year ended December 31, 2004. Two factors caused this change. First, interest rates on average were lower during 2004 and the liability exposure was consequently greater in terms of the swap arrangements and second, the notional balance applied by the banks to calculate interest decreased over time and is lower in 2005 because of notional principal payments applied to the outstanding balance.

Although the market rates were favorable in term of the Navios portfolio at December 31, 2004, new trades being negotiated through NOS required additional margin deposits. At December 31, 2004 Navios had received $0.3 million of cash for a corresponding portfolio gain of $5.0 million of which $1.9 was an unrealized gain. At December 31, 2005 the market rates had started to decline and although Navios did fewer trades through NOS during 2005, Navios was still called upon to increase the amount of funds on call to $2.0 million while the portfolio was showing a loss of $0.5 million of which $0.3 million was an unrealized gain. This resulted in a $1.6 million movement in the unrealized component of the portfolio, from a $1.9 million gain to a $0.3 million gain.

Navios started trading FFA's through the NOS exchange in April of 2004, so the volume of trades for the twelve months of 2004 compared to 2005 was lower. NOS, as an exchange, have the right to call on its participants to post call margins depending on the marked to market status of the portfolio.

Cash used in investing activities for the combined year ended December 31, 2005 as compared to year ended December 31, 2004:

Cash used in investing activities was $125.4 million for the combined year ended December 31, 2005, or an increase of $120.4 million from $5 million for the year ended December 31, 2004.

In 2005 Navios has made an $8.3 million deposit in connection with the acquisition of four purchase option vessels, three of which have already been delivered and the fourth is expected to be delivered in April 2006. No such deposits were made in 2004.

In 2005 Navios paid $110.8 million for the acquisition of three new vessels and two purchase option vessels. No vessels were acquired in 2004.

Purchase of property and equipment of $4.6 million for the combined year ended December 31, 2005 and $5.1 million for the year ended December 31, 2004 represent, in most part, the amounts paid by Navios in accordance with the terms of the purchase agreement for the construction of the new horizontal silo with ancillary equipment during 2005 and four new vertical silos with ancillary equipment during 2004, respectively.

Cash provided by (used in) financing activities for the combined year ended December 31, 2005 as compared to year ended December 31, 2004:

Cash provided by financing activities was $18.4 million for the combined year ended December 31, 2005.

On August 18, 2005, Navios closed out its then existing credit agreements and repaid the $49.8 million outstanding as of that date ($50.5 balance as of December 31, 2004). This prepayment of the loan was made using available funds and no penalties were imposed due to early repayment. During the period from August 26 to December 31, 2005, Navios made the scheduled principal payments of $79.4 million and $47.5 million in connection with the credit agreements signed on July 12, 2005 and December 21, 2005. In addition, Navios also repaid $8.6 million to an initial stockholder of ISE who became an officer and principal stockholder of Navios who advanced a total of $8.6 million to ISE in the form of a non-interest bearing loan.

The $102.3 million cash received from the downstream merger is the cash of ISE as at August 25, 2005, time of the merger with and into Navios, and has derived from the proceeds of the credit agreement signed on July 12, 2005 of $514.4 million less the financing of the purchase price of Navios by $412.1 million.

The proceeds of $105.9 million received from the credit agreement signed on December 21, 2005, and were utilized to partially finance the acquisition of new vessels.

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Cash used in financing activities was $111.9 million for the year ended December 31, 2004.

During December 2005, the Company refinanced the credit facility obtained on July 12, 2005 (Note 11), which was not accounted for in the same manner as a debt extinguishment. Therefore, fees paid to the bank, in the amount of $3.8 million, associated with the new loan, are capitalized as deferred financing costs.

In 2004 Navios refinanced all of its credit facilities with two revolving debt facilities and one term loan. The $139.2 million payments were offset by $91.5 million in proceeds from the new term loans. $41 million was paid down on scheduled principal payments.

During 2004, Navios redeemed all of its mandatorily redeemable preferred stock for $15.2 million. There was no outstanding preferred stock as of December 31, 2004. Furthermore, in 2004 Navios redeemed $9.0 million of common stock and distributed $40 million in dividends to its shareholders.

Cash provided by operating activities for the years ended December 31, 2004 and 2003

Net cash provided by operating activities increased by $115.8 million to $137.2 million for the year ended December 31, 2004 as compared to $21.4 million for the year ended December 31, 2003. The increase in cash provided by operating activities in 2004 resulted primarily from higher net income and improvements in working capital during the year ended 2004.

In determining net cash provided by operating activities, net income is adjusted for the effects of certain non-cash transactions. The unrealized gain or loss on FFAs that results from recognizing derivatives at fair value at the balance sheet date can be significant non-cash items that affect the reconciliation of net income to cash provided by operating activities. For the year ended December 31, 2004, Navios recognized an unrealized gain on FFAs of $0.6 million. For the year ended December 31, 2003, the unrealized gain on FFAs was $45.9 million. The significant unrealized gain in 2003 resulted from the company having a net long position in FFA contracts at December 31, 2003 (net long position means more FFA contracts were bought than sold). Navios' net long position was the equivalent of 8.6 vessels for one year. These contracts were purchased prior to and during the very steep increase in the dry bulk market that occurred between September and December 2003. Management considers the Panamax time charter average published by the Baltic Exchange to be a good bellweather indicator of market. During this three month period the Panamax time charter average increased from less than $20,000 dollars per day to over $35,000 dollars per day.

Significant changes in working capital were as follows:

For the years ended December 31, 2004 and 2003

Accounts receivable are comprised of trade accounts receivable as well as amounts due from settlement of FFAs. In 2004, cash provided by operating activities increased by $2.7 million as a result of a decrease in accounts receivable. The decrease in accounts receivable is primarily attributable to the fact that at December 31, 2003 there was an unusual receivable balance of $2.6 million for coal cargo due from one customer. This amount was paid during 2004.

Prepaid voyage costs consist predominately of charter hire paid in advance and prepaid bunker fuel on time chartered ships. In 2004, cash provided by operating activities increased by $4.3 million as a result of a decrease in prepaid voyage costs. Prepaid charter hire decreased $1.6 million and prepaid bunker fuel decreased $2.0 million. Other miscellaneous prepaid items including insurance premiums decreased $0.7 million. These changes reflect the reduction of the number of vessels in the fleet. In total the number of vessels on which the company had prepaid amounts decreased from 32 in 2003 to 22 in 2004.

Accounts payable are comprised of trade accounts payable as well as amounts payable for the settlement of FFAs. In 2004, cash provided by operating activities increased by $0.7 million as a result of an increase in accounts payable. The fluctuation occurred in the normal course of business. In 2003, cash provided by operating activities increased by $10.9 million as a result of an increase in accounts payable. The increase was primarily a result of an increase in amounts due to FFA trading counterparties of $9.5 million.

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Deferred voyage revenue primarily reflects freight and sub-time charter amounts collected on voyages that have not been completed. In 2004, cash provided by operating activities decreased by $1.8 million as a result of a decrease in deferred voyage revenue. This decrease is attributable to the fact that the number of vessels generating revenue decreased from 37 in 2003 to 28 in 2004. This is offset by the fact that the average amount of deferred revenue per vessel changed from $0.4 million in 2003 to $0.5 million per vessel in 2004.

Cash provided by (used in) investing activities for the years ended December 31, 2004 and 2003

Cash used in investing activities was $5 million for the year ended December 31, 2004. $1.9 million was the remaining amount related to the construction of four vertical silos that were completed during April 2004. An additional $2.8 million is classified as fixed assets under construction and represents the amounts paid by Navios in accordance with the terms of purchase agreements entered into for the construction of a new horizontal silo with ancillary equipment for grain storage. Therefore, this amount does not represent the cost of construction as at the balance sheet date. As of December 31, 2004, Navios had outstanding commitments of approximately $3.2 million with Dieste & Montanez S.A. in Uruguay for the construction of such new horizontal silo with ancillary equipment for soybean storage. This new construction will be funded from internally generated cash flow.

Cash provided by investing activities was $26.6 million for the year ended December 31, 2003. During 2003, Navios generated $63 million in cash from the disposal of four vessels: the M/V Navios Pioneer, the M/V Agios Konstantinos, the M/V Artemis, and the M/V Navios Aegean. Navios paid $34.3 million for the acquisition of two vessels: the M/V Navios Kypros and the M/V Navios Hios. An additional $1.5 million is classified as fixed assets under construction and represents the amounts paid by Navios in accordance with the terms of purchase agreements entered into for the construction of four new vertical silos. These silos were completed in the second quarter of 2004.

Cash provided by (used in) financing activities for the years ended December 31, 2004 and 2003

Cash used in financing activities was $111.9 million for the year ended December 31, 2004. In 2004, Navios refinanced all of its credit facilities with two revolving debt facilities and one term loan and paid down $41 million in principal. This resulted in $139.2 million in principal payments offset by $91.5 million in proceeds from new term loans. In addition, in 2004, Navios redeemed all of its mandatorily redeemable preferred stock for $15.2 million. There was no outstanding preferred stock as of December 31, 2004. Furthermore, in 2004 Navios redeemed $9 million in common stock and distributed $40 million in dividends to its shareholders.

Cash used in financing activities was $29.4 million for the year ended December 31, 2003. During 2003, Navios repaid $76.8 million of outstanding debt primarily associated with the vessels that were disposed of during the year. Navios incurred additional debt of $45.3 million in conjunction with the acquisition of the two new vessels. Navios also received approximate $6.4 million from the issuance of mandatory redeemable preferred stock offset by scheduled redemptions of $0.7 million.

EBITDA:    EBITDA represents net income before interest, taxes, depreciation and amortization. Navios uses EBITDA because Navios believes that EBITDA is a basis upon which liquidity can be assessed and because Navios believes that EBITDA presents useful information to investors regarding Navios' ability to service and/or incur indebtedness. Navios also uses EBITDA (i) in its credit agreement to measure compliance with covenants such as interest coverage and debt incurrence; (ii) by prospective and current lessors as well as potential lenders to evaluate potential transactions; and (iii) to evaluate and price potential acquisition candidates.

EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of Navios' results as reported under US GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs, and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios' performance.

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EBITDA decreased by $53.8 million to $82.2 million for the year ended December 31, 2005 as compared to $136.0 million for the year ended December 31, 2004. The major contributor to this unfavorable variance in EBITDA was the substantial gains in FFA trading in the year ended December 31, 2004 of $57.7 million as compared to a gain of $0.1 million for the year ended December 31, 2005. Excluding results from FFA trading, EBITDA from operations was $3.8 million higher in the year ended December 31, 2005 than in the year ended December 31, 2004. The $3.8 million increase in EBITDA reflects the reduction in revenues by $44.2 million which was mitigated by the decrease in time charter, voyage and port terminal expenses by $48.7 million as discussed above.

EBITDA increased by $65.6 million, or 94.2%, to $136 million for 2004, compared to $70.4 million for 2003. This increase is due primarily to the increase in net voyage revenue generated by Navios' fleet as a result of the overall stronger dry bulk market during 2004 as compared to 2003. The increase was offset by the increase in vessel operating expenses and general and administrative expenses for 2004 as compared to 2003.

Long Term Debt Obligations and Credit Arrangements:    On August 18, 2005, prior to the closing of the acquisition of Navios by ISE, all amounts outstanding under the predecessor Navios loan facility, in the approximate amount of $49.8 million, were paid in full using available predecessor Navios funds. No prepayment penalties were imposed as a result of the prepayment and termination of this credit facility.

The senior secured credit facility with HSH Nordbank AG dated July 12, 2005, was established by ISE to provide a portion of the funds necessary to acquire Navios, and was assumed by Navios in the acquisition/reincorporation. Of the $514.4 million borrowed under this facility on August 25, 2005, $412.0 million was used in connection with the acquisition of Navios and the balance for general working capital requirements. On December 21, 2005, Navios entered into a senior credit facility with HSH Nordbank AG for $649 million which restructured the balance of the above facility of $435 million as of that date and also provided additional funds of $214 million to finance the acquisition of six vessels through the exercise of purchase options and the acquisition of four Panamax vessels from Maritime Enterprise Management S.A. The interest rate under the facility, depending on the tranche borrowed, is LIBOR or the applicable interest rate swap rate, plus the costs of complying with any applicable regulatory requirements and a margin ranging from 1.5% to 2.75% per annum. Amounts drawn under the facility are secured by the assets of Navios. Outstanding amounts under the facility may be prepaid without penalty in multiples of $1 million upon 10 days written notice. The facility requires mandatory prepayment of amounts outstanding under the facility in the event of a sale or loss of assets, including the sale of a vessel in the ordinary course of business. The credit facility contains a number of covenants, including covenants limiting the power to, subject to specified exceptions, the payment of dividends and redemptions, mergers and acquisitions, the incurrence of indebtedness and liens, and transactions with affiliates. The credit facility also requires compliance with a number of financial covenants including tangible net worth, debt coverage ratios, specified tangible net worth to the total debt percentages and minimum liquidity. It is an event of default under the credit facility if such covenants are not complied with or if Angeliki Frangou, Navios’ Chairman and Chief Executive Officer, beneficially owns less than 20% of the issued stock or does not remain actively involved in the operating business.

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The principal payments under the credit facility outstanding balance as of December 31, 2005 for the next 5 years and thereafter are as follows:


Year Amount
in millions
of USD
2006   54.2  
2007   54.2  
2008   54.2  
2009   52.7  
2010   52.7  
2011 and thereafter   225.4  

Contractual Obligations as at December 31, 2005 (Successor):


  Payment due by period ($ in millions)
Contractual Obligations Total 1-3 years 3-5 years More than
5 years
Long term debt – as restructured (i)(ii)   493.4     162.6     105.4     225.4  
Operating Lease Obligations (Time Charters) (ii)   320.0     138.8     82.8     98.4  
Rent Obligations (iii)   2.0     1.1     0.7     0.2  
(i) This amount identifies the balance of the drawdown amount of the $541.0 million senior secured credit facility which was drawn to December 31, 2005 less principal payments. Approximately $412.0 million was used in connection with the acquisition of Navios, $105.9 million for the purchase of vessels and the balance added to general cash balances. The amount identified does not include interest costs associated with the senior secured credit facility which are based on LIBOR or applicable interest rate swap rates, plus the costs of complying with any applicable regulatory requirements and a margin ranging from 1.5% to 2.75% per annum.
(ii) As further discussed in the following paragraph, Exercise of Vessel Purchase Options, Navios has given notice of its intention to purchase six vessels. Following the acquisition of these six vessels, Operating Lease Obligations (Time Charters) will be (in millions); (i) $301.2 in total; (ii) $120.0, 1-3 years; (iii) $82.8, 3-5 years and (iv) $98.4, more than 5 years. Approximately $115 million in new debt will be required to finance the acquisition of these six vessels. Further, $80.3 million of the acquisition cost of the four Panamax vessels is covered by new debt.
(iii) At the time of the August 25, 2005 acquisition, ISE's senior management anticipated implementing a strategic post-acquisition plan for the relocation of Navios offices in the United States from South Norwalk, Connecticut to New York City and of its existing offices in Piraeus, Greece to larger offices in Piraeus to house Navios' headquarters. Management has commissioned an internal task force to implement this plan. On January 2, 2006 Navios relocated its headquarters to new premises in Piraeus, Greece, which premises are leased by one of Navios' subsidiaries. The effect of this relocation on future rental obligations will be (in millions). (i) $1.5 1-3 years, (ii) $1.0 3-5 years, and (iii) $3.5 more than 5 years.

Exercise of Vessel Purchase Options:


Vessel Name Vessel Type Built DWT
Notice of exercise of option given:                  
Navios Meridian Ultra-Handymax   2002     50,316  
Navios Mercator Ultra-Handymax   2002     53,553  
Navios Galaxy I Panamax   2001     74,195  
Navios Magellan Panamax   2000     74,333  
Navios Horizon Ultra-Handymax   2001     50,346  
Navios Arc Ultra-Handymax   2003     53,514  

On August 25, 2005, Navios had options to purchase 13 vessels of its long term chartered-in fleet, including those to be delivered, of which six have been exercised. During November 2005, Navios concluded two more charter-in contracts with options to purchase these vessels, bringing the total to 15. More specifically, during September, October and November, 2005, Navios gave notice, to the owners of four Ultra-Handymax vessels and two Panamax vessels, of its intention to exercise the options to purchase the vessels at the option exercise price of approximately $20 million each. Notice of intent to exercise was given to the owner of the Navios Horizon, the sixth purchase option vessel, on November 15, 2005. As of December 31, 2005, Navios had executed all exercisable purchase options comprising four Ultra Handymax vessels and two Panamax vessels. The first two of the option vessels, the Navios Meridian and Navios Mercator, were delivered to the Company on November 30,

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2005 and December 30, 2005, respectively, the third option vessel, the Navios Arc, was delivered on February 10, 2006, the fourth vessel, the Navios Galaxy I, was delivered on March 23, 2006 and the fifth vessel, the Navios Magellan, was delivered on March 24, 2006. The sixth vessel, the Navios Horizon, is expected to be delivered in April 2006. The total acquisition cost of these six additional vessels is expected to be approximately $115 million. Navios believes that the market value of the six vessels is approximately $200 million. Navios also believes that the charter revenue, net of expenses, for these vessels will be sufficient to meet the principal and interest obligations on this new debt and, therefore, Navios' net cash flow will not be negatively impacted. However, the current portion of this new debt will cause current liabilities to further exceed current assets

Working Capital Position:    On December 31, 2005, Navios' current assets totaled $114.5 million, while current liabilities totaled $133.6 million, resulting in a negative working capital position of $19.1 million. Navios' cash forecast indicates that it will generate sufficient cash during 2006 to make the required principal and interest payments on its indebtedness, provide for the normal working capital requirements of the business and remain in a positive cash position during 2006.

While projections indicate that existing cash balances and operating cash flows will be sufficient to service existing indebtedness, Navios continues to review its cash flows with a view toward increasing working capital.

Dividend Policy:    At the present time, Navios intends to retain most of its available earnings generated by operations for the development and growth of the business. In addition, the terms and provisions of our current secured credit facility limit our ability to pay dividends in excess of certain amounts or if certain covenants are not met. (See also Long Term Debt Obligations and Credit Arrangements on page 47.) However, subject to the approval of the lenders, Navios' Directors may from time to time consider the payment of dividends and have declared a quarterly cash dividend of $0.0666 per common share or an aggregate amount of approximately $3 million in respect of the fourth quarter of 2005. paid on March 13, 2006 to stockholders of record as of February 27, 2006.

Concentration of Credit Risk:     Concentrations of credit risk with respect to accounts receivables are limited due to Navios' large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in Navios' trade receivables. For the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005, two customers from the vessel operations segment accounted for approximately 14.8% and 11.9% each of Navios' revenue, respectively. For the years ended December 31, 2004 and 2003, one customer from the vessels operation segment accounted for approximately 15.92% and 29.4% of Navios' revenue, respectively.

Effects of Inflation:    Navios does not consider inflation to be a significant risk to the cost of doing business in the foreseeable future. Inflation has a moderate impact on operating expenses, dry docking expenses and corporate overhead.

Off-Balance Sheet Arrangements:    Charter hire payments to third parties for chartered-in vessels are treated as operating leases for accounting purposes. Navios is also committed to making rental payments under operating leases for its office premises. With the exception of payments made during the year ended December 31, 2005, future minimum rental payments under Navios' non-cancelable operating leases are disclosed in Navios' 2005 Consolidated Financial Statements. As of December 31, 2005, Navios was contingently liable for letters of guarantee and letters of credit amounting to $0.5 million issued by various banks in favor of various organizations. These are collateralized by cash deposits which are included as a component of restricted cash. Navios issued guarantees to third parties totaling $2.3 million at December 31, 2005, as compared to $0.1 million at December 31, 2004, pursuant to which Navios irrevocably and unconditionally guarantees its subsidiaries obligations under the dry bulk shipping FFAs. The guarantees remain in effect for a period of 6 months following the last trade date, which was December 15, 2005.

Related Party Transactions:

Loans from stockholders:    Prior to the acquisition and reincorporation of ISE on August 25, 2005, an initial stockholder of ISE, Inc. (who became an officer and principal stockholder of

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Navios) advanced a total of $8.6 million to ISE in the form of non-interest bearing loans. These funds were used to pay costs related to the acquisition and were repaid by Navios following completion of the August 25, 2005 transaction.

Vessel acquisitions:    On December 19, 2005 Navios purchased four Panamax vessels from Maritime Enterprises Management S.A., a company affiliated with the Angeliki Frangou family, our Chairman and Chief Executive Officer. On December 22, 2005 Navios took delivery of the first two vessels the Navios Libra II and the Navios Alegria built in 1995 and 2004, respectively. The third vessel, the Navios Felicity built in 1997 was delivered on December 27, 2005 and the fourth vessel the Navios Gemini S was delivered on January 5, 2006. The total acquisition cost for the four new vessels including backlogs was $119.8 million and was funded (i) with $13.0 million of Navios’ available cash; (ii) with $80.3 million from bank financing and (iii) through the issuance of 5,500,854 shares of Navios authorized capital at $4.96 per share for Navios Alegria (1,840,923 shares) and Navios Libra II (1,227,282 shares), $4.82 per share for Navios Felicity (1,271,114 shares) and $4.42 per share for Navios Gemini S (1,161,535 shares).

Purchase of services:    The Company utilizes Acropolis Chartering and Shipping Inc. (‘‘Acropolis’’) as a broker. Commissions paid to Acropolis for the periods from August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and during the years ended December 31, 2004 and 2003 were $455, $157, $877 and $597, respectively. The Company owns fifty percent of the common stock of Acropolis. During the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003 Navios received dividends of $0, $972, $699 and $78, respectively. An amount of $90 and $147 due to Acropolis is included in accounts payable as at December 31, 2005 and 2004, respectively.

During the year ended December 31, 2003, Navios (predecessor) utilized Levant Maritime Company Ltd. (‘‘Levant’’) as an agent. Agency fees paid to Levant amounted to $1,003 for the year ended December 31, 2003. Levant is a company that is not included in the consolidated financial statements. The management of Levant was carried out by one of the Navios (predecessor) executives. Levant ceased to provide services to Navios (predecessor) in 2003.

On January 2, 2006, Navios Corporation and Navios Shipmanagement Inc., two fully owned subsidiaries of Navios, entered into two lease agreements with Goldland Ktimatiki – Ikodomiki – Touristiki and Xenodohiaki Anonimos Eteria, a Greek corporation that is partially owned by relatives of Angeliki Frangou, our Chairman and Chief Executive Officer. The lease agreements provide for the leasing of two facilities located in Piraeus, Greece, of approximately 2,034.3 square meters and will house the operations of all of the Company’s subsidiaries. The total annual lease payments are EUR 420,000 (approximately US Dollars 500,000) and the lease agreements expire in 2017. The lease payments are subject to annual adjustments starting form the third year which are based on the inflation rate prevailing in Greece as reported by the Greek State at the end of each year.

Loans to shareholders:    In November 2002 Navios (predecessor) issued a promissory note for $367 to Kastella Trading, Inc. (‘‘Kastella’’), a Marshall Islands corporation. Interest was accrued at 4.6% per year and was payable at the note’s due date. Kastella was wholly owned by one of Navios (predecessor) executives. This loan and accrued interest of $33 was repaid during 2004.

In January 2002, Navios (predecessor) advanced to one of its shareholders and executives the amount of $70. The outstanding balance of $65 was fully repaid during 2004. The loan bore interest at a variable rate linked to the Company's investment rate and was secured by the shareholder's ownership in Navios (predecessor), which amounted to 1,500 shares. The interest received during 2004 and 2003 was $1 and $1 respectively, and is included in the consolidated statement of operations.

In August 2004 Navios (predecessor) advanced to one of its shareholders and executive officers the amount of $50. The full amount was repaid during the year. No interest was calculated for the duration of this loan

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Quantitative and Qualitative Disclosure About Market Risks:    Navios is exposed to certain risks related to interest rate, foreign currency and charter rate risks. To manage these risks, Navios uses interest rate swaps (for interest rate risk), forward exchange contracts (for foreign currency risk), and FFA's (for charter rate risk).

Interest Rate Risk:

Debt Instruments – On December 31, 2005 and December 31, 2004, Navios had a total of $493.4 million and $50.5 million, respectively, in long term indebtedness. The debt is dollar denominated and bears interest at a floating rate. All outstanding debt of the predecessor company was repaid on August 18, 2005. A new senior secured credit facility with HSH Nordbank AG, established by ISE to provide a portion of the funds necessary to acquire Navios, was assumed by Navios in the acquisition / reincorporation. $514.4 million was borrowed under this facility on August 25, 2005. The loan was restructured on December 21, 2005, by a new credit facility with HSH Nordbank AG of $649 million. Of this amount $435 million were fully utilized to refinance the balance of the previous facility while the balance of $214 million would be utilized for the acquisition of 10 new vessels. As of December 31, 2005, the Company had drawn down $105 million for the acquisition of vessels. The interest rate under the facility, depending on the tranche being borrowed, is LIBOR or the applicable interest rate swap rate, plus the costs of complying with any applicable regulatory requirements and a margin ranging from 1.5% to 2.75% per annum. Amounts drawn under the facility are secured by the assets of Navios. The fair market value of Navios fixed rate debt was, and continues to be, its face value. Because the interest on the debt is at a floating rate, changes in interest rates would have no effect on the value of the debt. An increase in the LIBOR rate of 100 basis points would change interest expense for year 2005 by $0.66 million.

Interest Rate Swaps – Navios has entered into interest rate swap contracts to hedge its exposure to variability in its floating rate long term debt. Under the terms of the interest rate swaps Navios and the banks agreed to exchange, at specified intervals, the difference between a paying fixed rate and floating rate interest amount calculated by reference to the agreed principal amounts and maturities. The interest rate swaps allow Navios to convert long-term borrowings issued at floating rates into equivalent fixed rates. At December 31, 2005, Navios had entered into three swaps with the Royal Bank of Scotland and one swap with Alpha Bank with a total notional principal amount of $45.80 million. The swaps were entered into at various points in 2001 and mature in 2006 and 2010 in the respective amounts of $23.9 million and $21.9 million. Navios estimates that it would have to pay $1.5 million and $3.1 million to terminate these agreements as of December 31, 2005 and 2004. Navios' net exposure is based on total floating rate debt less the notional principal of floating to fixed interest rate swaps. A one hundred basis point change in interest rates would increase or decrease interest expense by $0.9 million per year as of December 31, 2005. The swaps are set by reference to the difference between the 3 month LIBOR (which is the base rate under Navios' long term borrowings) and the yield on the US ten year treasury bond. The swaps effectively fix interest rates at 5.4% to 5.65%. However, once market interest rates exceed 7.5%, Navios would only be subject to the market interest rates in excess of the 7.5%.

On December 21, 2005 and in connection with the secured credit facility, Navios entered into an ISDA Agreement with HSH Nordbank AG, providing for (a) interest rate swaps according to which the company exchanges LIBOR with a fixed rate of 4.74% (this contract applies for the period from March 2006 to March 2007 on notional amounts starting at $171 million and de-escalated down to $100.5 million following the loan repayment schedule), and (b) interest rate collar with a cap of 5.00% and a floor of 4.45% (this contract applies for the period from March 2007 to June 2008 on notional amounts starting at $82 million and deescalated down to $13.25 million following the loan repayment schedule).

Foreign Currency Risk:

Foreign Currency Forward Contracts.    In general, the shipping industry is a dollar dominated industry. Revenue is set in US dollars, and approximately 94% of Navios' expenses are also

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incurred in US dollars. To cover expenses incurred in Euros, Navios enters into short term forward exchange contracts. These contracts hedge against the fluctuations of the Euro against the US Dollar. Navios has not entered into any new Foreign Exchange Currency contracts since March 28, 2005. During the period January 1, 2005 to March 28, 2005, Navios purchased €3.0 million at an average rate of 1.30 with a sales value of $3.9 million. During the year ended December 31, 2004, Navios purchased €2.5 million at an average rate of 1.32 with a sales value of $3.3 million. These contracts mature within twelve months of the balance sheet date for all periods. As of December 31, 2005, all contracts had been settled. Certain of the Company expenses are paid in foreign currencies and a one percent change in the exchange rates of the various currencies at December 31, 2005, would increase or decrease net income by less than $0.1 million.

FFAs Derivative Risk:

Forward Freight Agreements (FFAs) – Navios enters into FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions that Navios expects to carry out in the normal course of its shipping business. By using FFAs, Navios manages the financial risk associated with fluctuating market conditions. The effectiveness of a hedging relationship is assessed at its inception. If an FFA qualifies for hedge accounting, any gain or loss on the FFA is first recognized when measuring the profit or loss of related transaction. However, for the year ended December 31, 2005 and 2004, none of the FFAs qualified for hedge accounting and, accordingly, all gains or losses from FFAs have been recorded in the statement of operations for such periods. It is anticipated that FFAs will continue to be so treated, and, accordingly, may result in material fluctuation in results from operations.

FFAs generally cover periods ranging from one month to one year and are based on time charter rates or freight rates on specific quoted routes. FFAs are executed either over-the-counter, between two parties, or through NOS ASA, a Norwegian clearing house. FFAs are settled in cash monthly based on publicly quoted indices. NOS ASA requires both base and margin collaterals. Certain portions of these collateral funds may be restricted at any given time, as determined by NOS ASA. On December 31, 2005 and December 31, 2004, Navios' restricted cash with NOS ASA was $1.0 million and $2.8 million, respectively.

Navios is exposed to market risk in relation to its FFAs and could suffer substantial losses from these activities in the event expectations are incorrect. Navios trades FFAs with an objective of both economically hedging the risk on the fleet, specific vessels or freight commitments and taking advantage of short term fluctuations in market prices. The total principal amount of open FFAs at December 31, 2005 and 2004 was approximately $1.3 and $1.8 million. A ten percent change in underlying freight market indices would increase or decrease net income by $2.8 million as of December 31, 2005.

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BUSINESS INFORMATION ABOUT NAVIOS

Introduction

Navios is one of the leaders in seaborne shipping, specializing in the worldwide carriage, trading, storing, and other related logistics of international dry bulk cargo transportation. For over 50 years, Navios has worked with raw materials producers, agricultural traders and exporters, industrial end-users, shipowners, and charterers and, more recently, acquired an in-house technical ship management expertise. Navios' core fleet, the average age of which is approximately 4.3 years, consists of a total of 32 vessels, aggregating approximately 2.1 million deadweight tons or dwt. Navios owns nine modern Ultra-Handymax (50,000-55,000 dwt) and six panamax (70,000-83,000 dwt) vessels and operates 17 Panamax (70,000-83,000 dwt) and Ultra-Handymax vessels under long-term time charters, nine of which are currently in operation, with the remaining eight scheduled for delivery at various times between May 2006 and May 2008. Navios has options, many of which are ‘‘in the money’’, to acquire 10 (including one already exercised) of the 17 time chartered vessels. The owned vessels have a substantial net asset value, and the vessels controlled under the in-charters are at rates well below the current market. Operationally, Navios has, at various times over the last two years, deployed over 50 vessels at any one time, including its core fleet.

Navios also owns and operates the largest bulk transfer and storage port facility in Uruguay. While a relatively small portion of Navios' overall enterprise, management believes that this terminal is a stable business with strong growth and integration prospects.

The International Dry Bulk Shipping Industry

Industry Overview

The marine industry provides the only practicable and cost-effective means of transporting large volumes of basic commodities and finished products over long distances. In 2005, approximately 2.6 billion tons of dry bulk cargo was transported by sea, comprising more than one-third of all international seaborne trade. The breakdown of all seaborne trade by main commodity type is shown below.

World Seaborne Trade 2005


          Tons (Million)             % Total    
All Cargo            
Dry Bulk   2,632     35.2 % 
Liquid (Oils/Gases/Chemicals)   3,276     43.8 % 
Container Cargo   1,041     13.9 % 
Non-Container General Cargo   529     7.1 % 
Total   7,478     100 % 
Trade in Drybulk Commodities Only            
Coal   688     26.1 % 
Iron Ore   650     24.7 % 
Grain   253     9.6 % 
Minor Bulks   1,041     39.6 % 
Total   2,632     100 % 
Source: Drewry

Dry bulk cargoes consist primarily of the major and minor bulk commodities. The following is an overview, categorized by cargo type, of the primary trade routes and principal vessel sizes used for shipments of the major (coal, iron, ore and grain) and minor bulk cargoes:

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•  Coal.    There are two principal types of coal: steam (or thermal) coal and coking (or metallurgical) coal. The main exporters of coal are Australia, South Africa, Indonesia, United States, Colombia, Canada, and China. The main importers of coal are Europe, Japan, South Korea, Taiwan, China, India, and the Middle East. The coking coal market is closely linked to demand from integrated steel makers who use coking coal in blast furnaces to make pig iron which, in turn, is converted into steel. Steam coal is mainly used in the production of electricity, and the transportation of steam coal is the backbone of the Capesize and Panamax markets. Increases in steam coal demand have been significant, as both developed and developing nations require increasing amounts of electric power.
•  Iron Ore. Until the start of the 1990s, when it was overtaken by the combined steam and coking coal sectors, iron ore was the largest dry bulk trade. It remains, however, the primary employer of the largest ships in the dry bulk fleet. Used principally as the primary raw material in steel making, iron ore imports are dominated by Europe, Japan, China, South Korea, and the United States. The primary exporters of iron ore are Brazil, Australia and India. Other significant exporters include Canada, Sweden, South Africa, Venezuela, Mauritania, Peru and Chile.
•  Grain. The principal exporters of grain are Canada, United States, Europe, Australia, and South America. The principal importers are Japan, South Korea, China, South East Asia, the Middle East, North Africa, and Europe. Grain production is subject to both growing conditions and natural disasters which affect crop yields and demand patterns.
•  Minor Bulk Cargoes. Minor bulk cargoes include steel products, forest products, agricultural products, bauxite and alumina, phosphates, petcoke, cement, sugar, salt, minerals, scrap metal, and pig iron. Minor dry bulk cargoes are not a major component of Capesize or Panamax carrier demand, although Panamax vessels also transport cargoes such as bauxite, phosphate rock, sulphur, some fertilizers, various other ores and minerals and a few agribulks.

Demand for Dry Bulk Vessels

The dry bulk trade is influenced by the underlying demand for the dry bulk commodities which, in turn, is influenced by the level of worldwide economic activity. Generally, growth in gross domestic product, or GDP, and industrial production correlate with peaks in demand for seaborne transportation. The following chart demonstrates a steady increase in world dry cargo trade over the last two decades, with an average increase of 4% over the last five years:

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Moreover, the dry bulk shipping market over the last two years has displayed strong industry fundamentals, driven primarily by:

•  Economic growth and urbanization in China, Russia, Brazil, India, and the Far East, with attendant increases in steel production, power generation, and grain consumption, leading to greater demand for dry bulk shipping;
•  Inefficient transportation bottlenecks due to long term under-investment in global transportation infrastructure and high demand for dry bulk commodities; and
•  Limited capacity of shipyards due to the orderbook for tankers and container ships, restricting future deliveries of dry bulk newbuildings.

Historically, certain economies have acted from time to time as the "locomotive" of the dry bulk carrier market. In the 1990s, Japan acted as the locomotive with demand for seaborne trade correlating with Japanese industrial production. Currently, China is the main driving force behind the increase in seaborne dry bulk trades and the demand for dry bulk carriers. Chinese imports of coal, iron ore, and, more recently, steel products (China used to be an exporter but, due to its own high demand, now needs to import steel products) have also increased sharply in the last five years, thereby creating additional demand for dry bulk carriers. Management expects India, with its large population, economic growth and urbanization to sustain this trend of greater demand for dry bulk shipping.

Globally, total seaborne trade in all dry bulk commodities increased from 1.97 billion tons in 1999 to 2.63 billion tons in 2005, representing an increase of 33.7%, as shown by the following chart:

Seaborne Drybulk Trade (Million Tons)


Year Iron Ore Steam Coal Coking Coal Grains Major Bulks Minor Bulks Total % Change
1999   431     309     173     220     1,133     835     1,968     1.1  
2000   454     344     179     230     1,207     901     2,108     7.1  
2001   452     384     181     234     1,251     890     2,142     1.6  
2002   484     386     184     245     1,299     920     2,219     3.5  
2003   524     430     189     240     1,383     957     2,340     5.5  
2004   587     454     196     248     1,485     1,057     2,543     8.7  
2005   650     485     203     253     1,591     1,041     2,632     3.5  
Source:   Drewry

Another industry measure of vessel demand is ton-miles, which is calculated by multiplying the volume of cargo moved on each route by the distance of such voyage. Between 2000 and 2005, ton-mile demand in the dry bulk sector increased by 31%, to 13,669 billion ton-miles.

Demand by Commodity
(in billion ton-miles)


  2000 2001 2002 2003 2004 2005 Annual average
growth rate
Iron ore   2,559     2,580     2,741     3,050     3,463     3,843     8 % 
Coal   2,477     2,532     2,583     2,856     3,510     3,724     8 % 
Grain   1,088     1,360     1,256     1,290     1,317     1,341     4 % 
Bauxite/Alumina   204     191     207     228     253     266     5 % 
Phosrock   140     155     167     159     166     171     4 % 
Other Minor Bulks   3,910     3,696     3,841     3,980     4,162     4,324     2 % 
Total Demand   10,378     10,514     10,795     11,563     12,871     13,669     6 % 
Source: Drewry

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Supply of Dry Bulk Vessels

The global dry bulk carrier fleet is divided into four categories, based on a vessel's carrying capacity. These categories consist of:

•  Capesize. These vessels, which are over 88,000 dwt, are the largest size of dry bulk carriers. Capesize vessels typically carry relatively low value cargoes for which large cargo lot sizes are of primary importance. Consequently, Capesize vessels are mainly used to transport iron ore or coal and, to a lesser extent, grains, primarily on long-haul routes. These vessels are not capable of traversing the Panama Canal due to their size and, therefore, lack the flexibility of smaller vessels.
•  Panamax. These vessels range in size from 50,000 to 88,000 dwt and are designed with the maximum width that will allow them to travel fully-loaded through the Panama Canal. They are also often engaged in many major international trade routes that do not involve transit through the Panama Canal. Panamax bulk carriers are mainly used to transport major bulk cargoes, such as coal and grain and, to a lesser degree, iron ore, as well as a number of minor bulk cargoes, such as bauxite, petroleum coke, some fertilizers and fertilizer raw materials, and various minerals.
•  Handymax and Ultra-Handymax. Vessels in this category range in size from 30,000 to 55,000 dwt and are often equipped with cargo loading and unloading gear, such as cranes, which makes them well suited to call at ports that either are not equipped with gear for loading or discharging of cargo or have draft restrictions. These vessels can trade on worldwide routes carrying a variety of major and minor bulk cargoes.
•  Handysize. Vessels in this sector are the smallest (under 30,000 dwt) and carry finished products and minor bulk cargoes, although, increasingly, vessels in this sector are now more limited to trading regionally and in coastal waters.

The supply of dry bulk shipping capacity, measured by the amount of suitable vessel tonnage available to carry cargo, is determined by the size of the existing worldwide dry bulk fleet, the number of new vessels on order, the scrapping of older vessels, and the number of vessels out of active service (i.e., laid up or otherwise not available for hire). In addition to prevailing and anticipated freight rates, factors that affect the rate of newbuilding, scrapping, and laying-up include newbuilding prices, second-hand vessel values in relation to scrap prices, costs of bunkers and other voyage expenses, costs associated with classification society surveys, normal maintenance and insurance coverage, the efficiency and age profile of the existing fleets in the market, and government and industry regulation of maritime transportation practices.

The supply of dry bulk vessels is not only a result of the number of ships in service, but also the operating efficiency of the fleet. For example, during times of very heavy commodity demand, bottlenecks develop in the form of port congestion, which absorbs fleet capacity through delays in loading and discharging of cargo. A particularly extreme example occurred during the steam coal demand boom in 1980, when enormous queues developed at the main coal loading ports in the United States and Australia. A similar situation developed in the second half of 2003, when port delays in Australia and China were estimated to have reduced fleet supply by at least 10%.

As of February 2006, the world's dry bulk fleet totaled 6,239 vessels, aggregating approximately 349.8 million dwt. The average age of the fleet is approximately 16 years. 41% of the world dry bulk fleet is over 20 years old, while the orderbook for newbuildings represents 20% of the existing world dry bulk fleet, as shown in the following chart:

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The Dry Bulk Carrier Fleet — February 2006


  Fleet Profile Ships Older Than 20 Years of Age Orderbook
  No. of
Ships		 Dwt
Million		 % of
Fleet		 No. of
Ships		 % of
Class		 Scrap
Age(1)		 No. of
Ships		 Dwt
Million		 % of
Class(2)
Capesize   662     117.0     32.9     140     21.1     27     129     26.1     22.3  
Panamax   1,320     95.2     26.8     378     28.6     24     262     20.9     22.0  
Handymax   2,333     99.3     28.0     1,029     44.1     26     324     15.3     15.4  
Handysize   1,926     43.6     12.3     1,211     62.9     28     77     1.7     3.9  
Total   6,241     355.1     100.0     2,758     44.2     26     792     64.0     18.0  
(1) Average vessel age at scrapping [1999-2004]
(2) Based on dwt
Source: Drewry

The level of scrapping activity is generally a function of scrapping prices in relation to current and prospective charter market conditions, as well as operating, repair and survey costs. The following table illustrates the scrapping rates of dry bulk carriers for the periods indicated.


  1999 2000 2001 2002 2003 2004 2005
Dry Bulk Carrier Scrapping:                                          
Capesize (80,000 dwt+)   78     81.9     86.1     88.6     92.8     100.1     110  
No. of vessels   13     4     3     8     2     1     2  
Dwt (in millions)   1.2     0.5     0.4     0.9     0.3     0.1     0.2  
% of fleet scrapped   1.5     0.6     0.5     1.0     0.3     0.1     0.1  
Panamax (60-80,000 dwt)   72.6     71.1     76     79.4     81     87.2     94  
No. of vessels   45     11     28     18     7     1     3  
Dwt (in millions)   3     0.7     1.9     1.2     0.5     0.1     0.2  
% of fleet scrapped   4.1     1.0     2.5     1.5     0.6     0.11     0.1  
Handymax (30-60,000 dwt)   70.9     76.3     81.1     84.9     87.2     92.4     98.6  
No. of vessels   53     40     40     25     29     0     4  
Dwt (in millions)   2.2     1.5     1.5     0.9     1.1     0     0.2  
% of fleet scrapped   3.1     2.0     1.9     1.1     1.3     0.0     0.1  
Handysize (10-30,000 dwt)   47.4     46.4     43.4     42.8     42.7     43.3     43.6  
No. of vessels   66     50     62     64     25     5     4  
Dwt (in millions)   1.5     1.2     1.4     1.6     0.6     0.1     0.1  
% of fleet scrapped   3.2     2.6     3.2     3.7     1.4     0.3     0.1  
Total   268.9     276.2     286.6     295.7     303.7     323.1     346.1  
No. of vessels   177     105     123     115     63     7     13  
Dwt (in millions)   8.3     3.8     5.2     4.7     2.4     0.3     1.7  
% of fleet scrapped   3.1     1.4     1.8     1.6     0.8     0.1     0.1  
Source: Drewry

The average age at which a vessel is scrapped over the last five years has been 26 years.

Charter Market

Dry bulk carriers are employed in the market through a number of different chartering options. The general terms typically found in these types of contracts are described below.

•  Bareboat Charter. A bareboat charter involves the use of a vessel usually over longer periods of time ranging over several years. In this case, all voyage related costs, mainly vessel fuel and port dues, as well as all vessel-operating expenses, such as day-today operations, maintenance, crewing, and insurance, are for the charterer's account. The owner of the vessel receives monthly charter hire payments on a U.S. Dollar per diem basis and is responsible only for the payment of capital costs related to the vessel.

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•  Time Charter. A time charter involves the use of the vessel, either for a number of months or years or for a trip between specific delivery and redelivery positions, known as a trip charter. The charterer pays all voyage-related costs. The owner of the vessel receives semi-monthly charter hire payments on a U.S. Dollar per diem basis and is responsible for the payment of all vessel operating expenses and capital costs of the vessel.
•  Voyage Charter. A voyage charter involves the carriage of a specific amount and type of cargo on a load port-to-discharge port basis, subject to various cargo handling terms. Most of these charters are of a single voyage nature, as trading patterns do not encourage round voyage trading. The owner of the vessel receives one payment derived by multiplying the tonnage of cargo loaded on board by the agreed upon freight rate expressed on a U.S. Dollar per ton basis. The owner is responsible for the payment of all voyage and operating expenses, as well as the capital costs of the vessel.
•  Contract of Affreightment. A contract of affreightment, or COA, relates to the carriage of multiple cargoes over the same route and enables the COA holder to nominate different ships to perform the individual voyages. Essentially, it constitutes a series of voyage charters to carry a specified amount of cargo during the term of the COA, which usually spans a number of years. All of the ship's operating expenses, voyage expenses, and capital costs are borne by the ship owner. Freight normally is agreed on a U.S. Dollar per ton basis.
•  Spot Charter. Spot chartering activity involves chartering either on a single voyage or a trip charter.

Charter Rates

Charter (or hire) rates paid for dry bulk carriers are generally a function of the underlying balance between vessel supply and demand. Over the past 25 years, dry bulk cargo charter rates have passed through cyclical phases with these changes in the vessel supply-demand imbalance, creating a pattern of rate "peaks" and "troughs." In 2003 and 2004, rates for all sizes of dry bulk carriers strengthened to their highest levels ever. The most crucial driver of this upsurge in charter rates was the high level of demand for raw materials imported by China. Since then, rates have remained at comparatively high levels but have been volatile.

In the time charter market, rates vary depending on the length of the charter period as well as ship specific factors, such as age, speed, and fuel consumption. Generally, short-term time charter rates are higher than long-term charter rates. The market benchmark tends to be a 12-month time charter rate, based on a modern vessel. The following chart shows one year time charter rates for Handymax, Panamax and Capesize dry bulk carriers between 1996 and the end of 2005.

Time Charter Rates
(in U.S. dollars per day)

Source: Drewry

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In the voyage charter market, rates are influenced by cargo size, commodity, port dues, and canal transit fees, as well as delivery and redelivery regions. In general, larger cargo size is quoted at a lower per ton rate than a smaller cargo size. Routes with costly ports or canals command higher rates than routes with low port dues and no canals to transit. Voyages with a load port within a region that includes ports where vessels usually discharge cargoes or a discharge port within a region with ports where vessels load cargoes would also be quoted at lower rates. These voyages increase vessel utilization by reducing the unloaded portion (or ballast leg) that was included in the calculations of the previous charter back to the loading area.

The Baltic Exchange, an independent organization comprised of shipbrokers, shipping companies, and other shipping players, provides daily independent shipping market information and has created freight rate indices reflecting the average freight rates (that incorporate actual business concluded as well as daily assessments provided to the exchange by a panel of independent shipbrokers) for the major bulk carrier trading routes. These indices include the Baltic Panamax Index (BPI, the index with the longest history), and, more recently, the Baltic Capesize Index (BCI) and the Baltic Handymax Index (BHI).

Accompanying the recent surge in freight rates has been renewed interest in freight forward agreements, or FFAs. An FFA is a freight forward swap agreement between counterparties or entered into over an exchange, where the settlement price designated for a future period is derived from the Baltic Exchange indices. FFAs enable a market participant thereby manage their exposure to a fluctuating market.

Vessel Prices

The shipping industry is currently in a relatively unusual position. Each of its major sectors dry bulk carriers, tankers, and containerships has been prospering. This has triggered an upsurge in newbuilding activity in each sector. In addition, newbuilding demand is also strong for Liquefied Natural Gas, or LNG, carriers, and other specialized vessels. This is significant because the near term availability of newbuilding berths for vessel delivery before the third and fourth quarters of 2008 is scarce, which directly impacts the supply of new vessels to the market. Thus, the combination of shortage of berth space, rising demand for vessels, and rising raw material costs (especially the price of steel), has greatly increased newbuilding prices.

The following tables present the average prices for both secondhand and newbuilding dry bulk carriers for the periods indicated.

Dry Bulk Carrier Newbuilding Prices
(in millions of U.S. dollars)

Source: Drewry

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Dry Bulk Carrier Secondhand Prices
(in millions of U.S. dollars)

Source: Drewry

In the secondhand market, the steep increase in newbuilding prices and the strength in the charter market have also affected vessel prices. With vessel earnings running at relatively high levels and a limited availability of newbuilding berths, the ability to deliver a vessel early has resulted in increases in secondhand prices, especially for modern tonnage.

Navios Maritime Holdings Inc.

Navios Corporation, the legal predecessor company to Navios, was incorporated in 1954 as a corporate subsidiary of United States Steel Corporation for the transportation of its iron ore requirements. In the mid-1970s, Navios transformed itself from a captive ore carrier for United States Steel to a third party cargo carrier that, in the mid-1980s, was sold to Fednav Limited, Canada's largest international shipping group. From 1989 until 2002, Navios underwent a series of leveraged management buyouts and corporate restructuring with the support of various shipping groups, while at the same time adapting its business model to suit the changing requirements of the dry bulk shipping market.

Navios Corporation, a Marshall Islands corporation, and Anemos Maritime Holdings, a Cayman Islands company, merged effective December 11, 2002. This business combination marked the transformation of Navios from being primarily an operator of large physical contracts of affreightment, based on relationships with industrial end-users, to a leading international maritime enterprise focused on the transportation and handling of dry bulk cargoes through the ownership, operation, and chartering of vessels. Anemos was incorporated in the Cayman Islands in February 1999 to hold all of the capital stock of certain Cayman Islands and Liberian corporations that owned and operated six older dry bulk vessels in the international shipping market. Anemos was also formed to hold the capital stock of nine Marshall Islands corporations that each contracted with Sanoyas Shipyard in Mizushima, Japan for the construction of a series of dry bulk ultra-handymax vessels. Another subsidiary of Anemos, named Levant Maritime International SA, which was originally incorporated in Liberia but was later redomiciled in the Marshall Islands and re-named Navios ShipManagement Inc., was responsible for the technical management of all vessels owned by Anemos's subsidiaries, including the older vessels, and for the supervision of the construction of the nine newbuildings at the Sanoyas shipyard. Anemos modernized its fleet by selling off the older vessels, as the newbuildings delivered from the shipyard, between 2000 and early 2003. The personnel of Navios ShipManagement Inc. include well educated marine engineers and naval architects experienced in supervising newbuilding construction; four port captains and two marine superintendent engineers, who are all graduates of official Greek merchant marine academies, and

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who all served as officers on bulk carriers before assuming responsibilities and gaining relevant experience in shore-side technical ship management.

Today, Navios maintains offices in Piraeus, Greece, Norwalk, Connecticut and Montevideo, Uruguay. Navios' corporate structure is functionally organized: commercial ship management and risk management are conducted through Navios Corporation and its wholly-owned subsidiaries (out of South Norwalk and Piraeus, respectively), while the ownership and technical management of Navios' owned vessels are conducted through Navios Maritime Holdings Inc. and its wholly-owned subsidiaries (out of Piraeus). Navios owns the Nueva Palmira port and transfer facility indirectly through its Uruguayan subsidiary, Corporación Navios Sociedad Anonima, or CNSA. All of Navios' subsidiaries are wholly-owned, except for Acropolis Shipping & Trading Inc., a charter broker that acts on behalf of both Navios and third parties and of which Navios owns 50% of the outstanding equity. The remaining 50% equity of Acropolis is owned by Mr. Stavros Liaros, Acropolis's Chief Executive Officer and a resident of Piraeus, Greece. The chart below sets forth Navios' current corporate structure following the acquisition and reincorporation (all corporations are domiciled in the Republic of the Marshall Islands, except for Acropolis, which is a Liberian corporation, CNSA, which is an Uruguayan company and Hestia Shipping Ltd, which is a Maltese corporation):

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Business Strategy

Navios' strategy and business model involves the following:

•  Operation of a high quality, modern fleet. Navios owns and charters in a modern, high quality fleet, having an average age of approximately 4.3 years, that provides numerous operational advantages, including more efficient cargo operations, lower insurance and vessel maintenance costs, higher levels of fleet productivity, and an efficient operating cost structure;
•  Pursue an appropriate balance between vessel ownership and a long-term chartered in fleet. Navios controls, through a combination of vessel ownership and long-term time chartered vessels, approximately 2.1 million dwt in dry bulk tonnage, making Navios one of the largest independent dry bulk operators in the world. Navios' ability, through its longstanding relationships with various shipyards and trading houses, to charter-in vessels at favorable rates allows it to control additional shipping capacity without the capital expenditures required by new vessel acquisition. In addition, having purchase options on 10 of the 17 time chartered vessels (including those to be delivered) permits Navios to determine when is the most commercially opportune time to own or charter-in vessels. Navios intends to monitor developments in the sales and purchase market to maintain the appropriate balance between owned and long-term time chartered vessels;
•  Capitalize on Navios' established reputation. Navios believes its reputation and commercial relationships enable it to obtain favorable long-term time charters, step into the market and increase its short term tonnage capacity to several times the capacity of its core fleet, as well as obtain access to freight opportunities through COA arrangements not readily available to other industry participants. This reputation has also enabled Navios to obtain favorable vessel acquisition terms, as reflected in the purchase options contained in many of its long-term charters, which are superior to the prevailing purchase prices in the open vessel sale and purchase market;
•  Utilize industry expertise to take advantage of market volatility. The dry bulk shipping market is cyclical and volatile. Navios uses its experience in the industry, sensitivity to trends, and knowledge and expertise as to risk management and FFAs to hedge against, and in some cases, generate profit from, such volatility;
•  Maintain high fleet utilization rates. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the days its vessels are off-hire. At 99.6%, Navios believes that it has one of the highest fleet utilization rates in the industry.
•  Maintain customer focus and reputation for service and safety. Navios is recognized by its customers for high quality of its service and safety record. Navios' high standards for performance, reliability, and safety provides Navios with an advantageous competitive profile.
•  Enhance vessel utilization and profitability through a mix of spot charters, time charters, and COAs and strategic backhaul and triangulation methods. Specifically, this strategy is implemented as follows:
•  The operation of voyage charters or spot fixtures for the carriage of a single cargo from load port to discharge port;
•  The operation of time charters, whereby the vessel is hired out for a predetermined period but without any specification as to voyages to be performed, with the shipowner being responsible for operating costs and the charterer for voyage costs; and
•  The use of COAs, under which Navios contracts to carry a given quantity of cargo between certain load and discharge ports within a stipulated time frame, but does not specify in advance which vessels will be used to perform the voyages.

In addition, Navios attempts, through selecting COAs on what would normally be backhaul or ballast legs, to enhance vessel utilization and, hence, profitability. The cargoes are in such cases used

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to position vessels at or near major loading areas (such as the US Gulf) where spot cargoes can readily be obtained. This reduces ballast time to be reduced as a percentage of the round voyage. This strategy is referred to as triangulation.

Navios is one of relatively few major owners and operators of this type in the dry bulk market, and it is one of the most experienced. In recent years, it has further raised the commercial sophistication of its business model by using market intelligence derived from its risk management operations and, specifically, its freight derivatives hedging desk, to make more informed decisions in the management of its fleet.

Competitive Advantages

Controlling approximately 2.1 million dwt in dry bulk tonnage, Navios is one of the largest independent dry bulk operators in the world. Management believes that Navios occupies a competitive position within the industry in that its reputation in the global dry bulk markets permits it to step in at any time, and take on spot, medium, or long- term freight commitments, depending on its view of future market trends. In addition, many of the long-term charter deals that form the core of Navios' fleet were brought to the attention of Navios prior to their ever being quoted in the open market. Even in the open market, Navios' solid reputation allows it, on very short notice, to take in large amounts of tonnage on a short, medium, or long-term basis. This ability is possessed by relatively few shipowners and operators, and is a direct consequence of Navios' market reputation for reliability in the performance of its obligations in each of its roles as a shipowner, COA operator, and charterer. Navios, therefore, has much greater flexibility than a traditional shipowner or charterer to quickly go "long" or "short" relative to the dry bulk markets.

Navios' long involvement and reputation for reliability in the Asian region have also allowed the company to develop its privileged relationships with many of the largest trading houses in Japan, such as Marubeni Corporation and Mitsui & Co. Through these institutional relationships, Navios obtains relatively low-cost, long-term charter deals, with options to extend time charters on the majority of its vessels, and purchase the vessels transactions. Through its established reputation and relationships, Navios has access to opportunities not readily available to most other industry participants who lack Navios' brand recognition, credibility, and track record.

In addition to its superior and long-standing reputation and flexible business model, management believes that Navios is well positioned in the dry bulk market on the basis of the following factors:

•  A high quality, modern fleet of vessels that provides a variety of operational advantages, such as lower insurance premiums, higher levels of productivity, and efficient operating cost structures, as well as a competitive advantage over owners of older fleets, especially in the time charter market, where age and quality of a vessel are of significant importance in competing for business;
•  A core fleet which has been chartered in (through 2017, assuming all available charter extension periods are exercised) on attractive terms (based mostly on prices locked-in before the upswing in rates began in 2003) that allow Navios to charter-out the vessels at a considerable spread during strong markets and to weather down cycles in the market while maintaining low operating expenses;
•  Strong cash flows from creditworthy counterparties;
•  Strong commercial relationships with both freight customers and Japanese trading houses and ship owners, providing Navios with an entrée to future attractive long-term time charters on newbuildings with valuable purchase options; and
•  Visibility into worldwide commodity flows through its physical shipping operations and terminal operations in Uruguay.

Management intends to maintain and build on this qualitative advantage, while at the same time continuing to benefit from Navios' favorable reputation and capacity position.

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Shipping Operations

Navios' Fleet. Navios operates a core fleet of vessels that represents a store of embedded value in today's strong dry bulk market. This fleet is comprised of nine modern owned Ultra-Handymax and six owned panamax vessels and 17 Ultra-Handymax and Panamax vessels (10 of which have purchase options that are ‘‘in the money’’) chartered in at rates well below the market.

Owned Fleet.    Navios owns a fleet of nine modern Ultra-Handymax and six Panamax vessels whose technical specifications and youth distinguish them in a market where approximately 25% of the dry bulk world fleet is composed of 20+ year-old ships. With an average age of approximately 5.4 years, the owned vessels have a substantial net asset value.


Vessel Name Vessel Type Year Built Deadweight
      (in  metric tons)
Navios Hios Ultra Handymax   2003     55,180  
Navios Kypros Ultra Handymax   2003     55,222  
Navios Mercator Ultra Handymax   2002     53,553  
Navios Arc Ultra Handymax   2003     53,514  
Navios Meridian Ultra Handymax   2002     50,316  
Navios Apollon Ultra Handymax   2000     52,073  
Navios Ionian Ultra Handymax   2000     52,068  
Navios Achilles Ultra Handymax   2001     52,063  
Navios Herakles Ultra Handymax   2001     52,061  
Navios Alegria Panamax   2004     76,466  
Navios Magellan Panamax   2000     74,333  
Navios Galaxy I Panamax   2001     74,195  
Navios Felicity Panamax   1997     73,857  
Navios Libra II Panamax   1995     70,135  
Navios Gemini S Panamax   1994     68,636  

Six of the owned Ultra Handymax vessels are substantially identical sister vessels (they were all built at the Sanoyas Shipyard in Japan) and as a result, Navios has built-in economies of scale with respect to technical ship management. Further, they have been built to technical specifications that far exceed those of comparable tonnage in the marketplace today.

Four of the nine Ultra Handymax vessels each have five cranes (which is more than the industry standard), allowing for increased loading and discharging rates, thereby increasing the efficiency of vessel operations.

All owned Ultra Handymax vessels are equipped with cranes that have 30 and 35 metric tons of lifting capacity, allowing for lifting of different types of heavy cargoes, thereby increasing the vessels' trading flexibility and efficiency.

Six of the nine Ultra Handymax owned vessels have CO2 fittings throughout all cargo holds, allowing for the loading of a variety of special cargoes (such as timber and wood pulp), thereby enhancing he potential trading routes and profitability of the vessels.

Six of the nine Ultra Handymax vessels each have the tank top strengths in all holds are of 24mt/m2, also allowing for the carriage of heavy cargoes.

Long Term Fleet.    In addition to the 15 owned vessels, as of December 31, 2005, Navios operates a fleet of 17 Panamax (68,000-83,000 dwt) and Ultra-Handymax (50,000-55,000 dwt) vessels under long-term time charters, having an average age of approximately 3 years. Of the 17 chartered vessels, nine are currently in operation and eight are scheduled for delivery at various times from May 2006 to May 2008, as set forth in the following table:

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Vessel Name Year Built/Yard Deadweight
(in metric tons)		 Delivery Date
of Vessel		 Time Charter Period Purchase
Option
ULTRA-HANDYMAXES
Navios Astra 2006/Imabari   53,400   May, 2006 7 years + 2 years option Yes
Navios TBN 2007/Imabari   53,500   2007 5 years + 3 years option Yes
Navios Horizon 2001/Mitsui   50,346   April, 2006 5 years + 3 years  option Exercised
Navios Vector 2002/Mitsui   50,296   October  17, 2002 5 years + 3 years option No
Navios TBN 2008/Kawasaki   55,100   2008 7 years + 2 years option No
PANAMAXES
Navios TBN 2007/Tsuneishi   82,000   2007 7 years  + 2 years option Yes
Navios Titan 2006/Tsuneishi   82,936   November 9, 2005 5 years + 3 years option No
Navios Altair 2006/Tsuneishi   82,300   September, 2006 5 years + 3 years option No
Navios Star 2002/Imabari   76,662   April 15, 2002 5 years + 3 years option Yes
Navios TBN 2008/Imabari   76,500   2008 7 years  + 2 years option Yes
Navios Orbiter 2004/Imabari   76,602   February 8, 2004 5 years + 3 years option Yes
Navios Orion 2005/Imabari   76,000   January 11, 2005 5 years + 3 years option No
Navios Cielo 2003/Sanoyasu   75,834   June 12, 2003 5 years + 2 years option No
Navios Aurora 2005/Universal   75,200   June 26, 2005 5 years + 3 years option Yes
Navios Hyperion 2004/Sanoyasu   75,500   February 10, 2004 5 years + 2 years option Yes
Navios TBN 2007/Sanoyasu   75,500   2007 7 years Yes
Navios TBN 2007/Universal   75,200   2007 7 years No

Many of Navios’ current long-term chartered-in vessels are chartered from shipowners with whom Navios has long-standing relationships. Navios pays these shipowners daily rates of hire for such vessels, and then charters out these vessels to other parties, who pay Navios a daily rate of hire. Navios also enters into COAs pursuant to which Navios has agreed to carry cargoes, typically for industrial customers, who export or import dry bulk cargoes. Further, Navios enters into spot market voyage contracts, where Navios is paid a rate per ton to carry a specified cargo from point A to point B.

The chartered vessels are chartered-in at rates well below the market, allowing Navios to charter-out those vessels at a significant spread over the daily hire it pays for the vessels to their owners. Navios can take advantage of options it has to extend the period of its long-term charters, maintaining low charter-in rates and, thus, lower overall operational expenses. Navios also has the ability to exercise its purchase options, many of which are ‘‘in the money’’, with respect to 10 (including one already exercised) of the 17 chartered-in vessels.

Short Term Fleet. Navios' fleet consists entirely of Panamax and Ultra-Handmax vessels and is classified by Navios into the following three categories: (1) Navios’ ‘‘owned fleet’’ are the nine Ultra-Handymax and the six Panamax vessels that Navios owns; (2) Navios’ ‘‘long-term fleet’’ that are the 12 Panamax and five Ultra-Handymax vessels that Navios, as a charterer, takes into its commercial employment under long-term charters, meaning charters for a duration of more than 12 months, that, together with its owned fleet, are termed Navios’ ‘‘core fleet’’; and (3) Navios' ‘‘short term fleet’’ which is comprised of between 20 to 40 Panamax and Handymax vessels that at any given time Navios, as a charterer, has under charter for a duration of less than 12 months.

Exercise of Vessel Purchase Options

During September, October and November 2005, Navios gave notice, to the lessors of four Ultra-Handymax vessels and two Panamax vessels, of its intention to exercise the options to purchase the vessels for an agreed value of approximately $20 million each. The first of these vessels, the Navios Meridian, was delivered on November 30, 2005, the second, the Navios Mercator was delivered on December 30, 2005, the third, the Navios Arc, was delivered on February 10, 2006, the fourth, the Navios Galaxy I, was delivered on March 23, 2006 and the fifth, the Navios Magellan, was delivered on March 24, 2005. The sixth vessel, the Navios Horizon, is expected to be delivered in April 2006.

The option exercise prices on these vessels are substantially below the prices that would be required to purchase vessels of similar types and ages. The aggregate cash outlay of the six vessels amounts to approximately $115 million. The purchases are being financed by HSH Nordbank AG under a senior secured credit facility agreement dated December 21, 2005.

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By the exercise of such options as contemplated, in-charter expenses should decrease as a percentage of revenues, but Navios would also expect to incur additional depreciation and interest charges associated with the vessels. However, exercising the options is anticipated to have a favourable impact on EBITDA.

Management and Operation of the Fleet.    Navios' commercial ship management is conducted out of its South Norwalk, Connecticut office. All vessel operations and the technical management of the owned vessels are conducted out of its Piraeus, Greece office. The financial risk management related to the operation of its fleet is conducted through both its South Norwalk and Piraeus offices, as explained more fully below.

Commercial Ship Management. Commercial management of Navios' fleet involves identifying and negotiating charter party employment for the vessels. Navios uses the services of Acropolis Shipping & Trading Inc., based in Piraeus, as well as numerous third-party charter brokers, to solicit, research, and propose charters for its vessels. Charter brokers research and negotiate with different charterers and propose charters to Navios for cargoes suitable for carriage by Navios' vessels. Navios' then evaluates the employment opportunities available for each type of vessel and arranges cargo and country exclusions, bunkers, loading and discharging conditions, and demurrage.

Technical Ship Management. Navios provides, through its subsidiary, Navios ShipManagement Inc, technical ship management and maintenance services to its owned vessels. Based in Piraeus, Greece, the operation is run by experienced professionals who oversee every step of technical management, from the production of the vessels in Japan to subsequent shipping operations throughout the life of a vessel, including the superintendence of maintenance and repairs and drydocking.

Operations. The operations department, which is located in Piraeus Greece, supervises the post-fixture business of the vessels in Navios' fleet (i.e., once the vessel is chartered and being employed) by monitoring their daily positions to ensure that the terms and conditions of the charters are being fulfilled. The operations department also sends superintendents to the vessels to supervise the loading and discharging of cargoes when necessary to minimize time spent in port. The operations department also generally deals with all matters arising in relation to the daily operations of Navios' fleet that are not covered by Navios' other departments.

Financial Risk Management. Navios actively engages in assessing financial risks associated with fluctuating future freight rates, daily time charter hire rates, fuel prices, credit risks, interest rates and foreign exchange rates. Financial risk management is carried out under policies approved and guidelines established by the executive management.

•  Freight Rate Risk. Navios uses FFAs to manage and mitigate its risk to its physical exposures in shipping capacity and freight commitments and respond to fluctuations in the dry bulk shipping market by augmenting its overall long or short position. These FFAs settle monthly in cash on the basis of publicly quoted indices, not physical delivery. These instruments typically cover periods from one month to one year, and are based on time charter rates or freight rates on specific quoted routes. Navios enters into these FFAs through over-the-counter transactions and over NOS ASA, a Norwegian clearing house or other clearing houses. Navios' FFA trading personnel work closely with the chartering group to ensure that the most up-to-date information is incorporated into the company's commercial ship management strategy and policies.
•  Credit Risk. Navios closely monitors its credit exposure to charterers, counter-parties and FFAs. Navios has established policies designed to ensure that contracts are entered into with counter-parties that have appropriate credit histories. Counter-parties and cash transactions are limited to high credit quality financial institutions. Most importantly, Navios has strict guidelines and policies that limit the amount of credit exposure.
•  Interest Rate Risk. Navios uses interest rate swap agreements to reduce exposure to fluctuations in interest rates. Specifically, the company enters into interest rate swap contracts that entitle it to receive interest at floating rates on principal amounts and oblige it to pay

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  interest at fixed rates on the same amounts. Thus, these instruments allow Navios to raise long-term borrowings at floating rates and swap them into fixed rates. Although these instruments are intended to minimize the anticipated financing costs and maximize gains for Navios that may be set off against interest expense, they may also result in losses, which would increase financing costs.
•  Foreign Exchange Risk. Although Navios' revenues are dollar-based, 2.7% of it expenses related to its port operations are in Uruguayan pesos and 2.4% of its expenses related to operation of its Piraeus office are in Euros. Navios monitors its Euro and Pesos exposure against long term currency forecasts and enters into foreign currency contracts when considered appropriate.

Port and Terminal Operations

Overview. Navios owns and operates the largest bulk transfer and storage port terminal in Uruguay, one of the most efficient and prominent operations of its kind in South America. Situated in a free trade zone in the port of Nueva Palmira at the confluence of the Parana and Uruguay rivers, the terminal operates 24 hours per day, seven days per week, and is ideally located to provide customers, consisting primarily of leading international grain and commodity houses, with a convenient and efficient outlet for the transfer and storage of a wide range of commodities originating in the Hidrovia region of Argentina, Bolivia, Brazil, Paraguay, and Uruguay. Navios has had a lease with the Republic of Uruguay dating back to the 1950's for the land on which it operates. The lease has been extended and now expires in 2025, and may be extended for an additional 20 years at Navios' option. Navios believes the terms of the lease reflect Navios' very high-level relationships within the Republic of Uruguay. Additionally, since the Navios terminal is located in the Nueva Palmira Tax Free Zone, foreign commodities moving through the terminal is free of Uruguayan taxes. Certificates of deposit are also obtainable for commodity entering into the station facility.

There is also considerable scope for further expansion of this bulk terminal operation in Uruguay. After completion in September 2005 of Navios' latest expansion of its storage capacity through the construction of its largest grain silo, Navios' terminal port has approximately 11 acres of available river front land for future development. The increased flow of commodity products through the Nueva Palmira port has allowed Navios to steadily increase throughput. Navios is considering further expansion, as existing and new customers are increasingly demanding long-term terminal transfer and storage services.

Although one of the smaller countries in South America, Uruguay is regarded as one of the most stable countries in the continent. The population is almost 100% literate, with a large middle class and a well-established democracy. The banking system is modern and efficient by international standards.

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Port Infrastructure. The terminal stands out in the region because of its sophisticated design, efficiency, and multimodal operations. The Navios terminal has specially designed storage facilities and conveying systems that provide tremendous flexibility in cargo movements that help to avoid delays to vessels and barge convoys. The terminal offers 270,400 tons of clean and secure grain silo capacity. With ten silos (some with internal separations) available for storage, customers are assured their commodities will be naturally separated. The terminal has the latest generation, high precision, independent weigh scales, both for discharging and loading activity.

The terminal has two docks. The main outer dock is 240 meters long and accommodates vessels of up to 85,000 dwt loading to the maximum permitted draft of the Martin Garcia Bar and Mitre Canal. The dock has three new ship loaders capable of loading vessels at rates of up to 20,000 tons per day, depending on commodity. The inner face of this dock is equipped for discharging barge convoys. The secondary inner dock measures 170 meters long and is dedicated to the discharge of barge convoys. This activity is carried out on both sides of the dock. The terminal is capable of discharging barge convoys at rates averaging 10,000 to 14,000 tons per day, depending on the type of barges and commodity. Fixed duty cycle cranes located on each dock carry out the discharging of barge convoys. The process is optimized through the selection of the most appropriate size and type of buckets according to the commodity to be discharged.

Port Operation. The commodities most frequently handled include grain and grain by-products, as well as some ores, sugar, and salt. The terminal receives bulk cargoes from barges, trucks, and vessels, and either transfers them directly to dry bulk carriers or stores them in its own modern silos for later shipment.

Dedicated professionals operate the terminal, taking pride in the quality of service and responsiveness to customer requirements. Management is attentive to commodity storage conditions seeking to maintain customer commodity separation at all times and minimize handling losses. The terminal operates 24 hours/day, seven days/week, to provide barge and ship traffic with safe and fast turnarounds. The ability to conduct multiple operations simultaneously involving ocean vessels, barges, trucks, and grain silos further enables the terminal to efficiently service customers' needs.

The Navios terminal is also unique in its pricing policy by using a fixed fee structure to charge its clients. Other regional competitors charge clients a complicated fee structure, with many variable add-on charges. Navios' pricing policy provides clients with a transparent, comprehensive, and hassle-free quote that has been extremely well received by port patrons. The Uruguay terminal operations present the additional advantage of generating revenue in US dollars, whereas the majority of its costs are in local currency.

Future Growth. The development of South American grain markets dates back to President Carter's embargo of grain against the Soviet Union in 1979. As a result of that decision, the USSR took steps to secure grain supplies from sources outside North America. By 1981, Argentina had become a significant grain exporter to the USSR, and Brazil quickly followed. The intervening decade saw the development of grain exports markets from these two countries as successive local governments recognized the significant benefits of US dollar income. In the 1990s, Paraguay began to export small quantities of grain and, more recently, Bolivia has expanded its grain exports; the significance of grain exports from these two countries is that both are land-locked. The table below highlights the gradual development of export volumes through the Navios facility in Nueva Palmira, and Navios believes this growth will continue as both countries continue to drive for larger hard currency income.

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Navios Uruguay Annual Throughput Volumes

Navios is currently in negotiations with significant existing and new customers, who have expressed high levels of interest in entering in long-term business relationships with the company based on the growing Uruguay grain market.

Navios Uruguay Export Market. Over the past few years, Uruguay has begun to develop its grain exports that, historically, were very small because land was allocated to cattle and sheep farming. The rapid rise in Uruguayan exports is apparent from the chart below. Most importantly for the Navios terminal, the natural growth area for grain in Uruguay is in the western region of the country on land that is located in close proximity to Nueva Palmira.

Uruguay Grain Exports

Source:    Uruguayan Farm Cooperative (as of December 31, 2004)

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In 2004, Navios completed construction of four new cylindrical silos designed specifically to receive Uruguayan commodities. Before these silos had been completed, local exporters had booked their total capacity for a period of three years. This was the first time in the terminal's history that additional silo capacity was booked before completion of construction. As a result of yet further significant new customer demand from companies such as Cargill, Bunge, and Louis Dreyfus, as well as from a number of smaller local grain merchandisers, Navios constructed a new 75,000 ton silo that is the largest in Uruguay and was completed in September 2005. This additional silo added approximately 35% to the terminal's existing storage capacity and is serving the increased exports of Uruguayan soybeans. The total investment for this project included the new silo, as well as two new truck un-loaders, and new truck weigh scales. Of traditional horizontal, concrete construction, the silo design incorporated wall separations, mechanical air ventilation systems as well as a sensitive temperature monitoring equipment.

Customers

The international dry bulk shipping industry is highly fragmented and, as a result, there are numerous charterers. The charterers for Navios' core fleet come from leading enterprises that mainly carry iron ore, coal, and grain cargoes. Navios' assessment of a charterer's financial condition and reliability is an important factor in negotiating employment of its vessels. Navios generally charters its vessels to major trading houses (including commodities traders), major producers and government-owned entities rather than to more speculative or undercapitalized entities. Navios' customers under charterparties, COAs, and its counterparties under FFAs, include national, regional and international companies, such as Cargill International SA, COSCO Bulk Carriers Ltd., Dampskipsskelskapet Norden, Glencore International A.G., Furness Withy Pty. Ltd., Louis Dreyfus Corp., Mitsui O.S.K. Lines Ltd., Rudolf A. Oetker, Sinochart and Taiwan Maritime Transportation Corp. During the year ended December 31, 2004, none of such customers accounted for more than 10% of revenues, with the exception of Taiwan Maritime Transportation Corp. that accounted for 15.92% of revenues. During 2003, none of Navios' customers or counterparties accounted for more than 10% of Navios' total revenue, with the exception of Cargill International S.A. which accounted for 29.4%.

Navios' port terminal at Nueva Palmira, Uruguay conducts business with customers engaged in the international sale of agricultural commodities, which book a portion of the port terminal's silo capacity and transship cargoes through the terminal. In 2005, the two largest customers of the port terminal were Agrograin SA, a subsidiary of the Archer Daniels Midland group, which accounted for 40.4% of the port terminal's revenue, and Multigranos SA which accounted for 14.7% of the port terminal's revenue. These two customers were also the largest two sources of revenue for the port terminal in 2003 accounting for the following respective percentages of its total revenue in that year: Agrograin SA (46.4%) and Multigranos (14.1%).

Competition

The dry bulk shipping markets are extensive, diversified, competitive, and highly fragmented, divided among approximately 1,500 independent dry bulk carrier owners. The world's active dry bulk fleet consists of approximately 5,923 vessels, aggregating some 323.8 million dwt. As a general principle, the smaller the cargo carrying capacity of a dry bulk carrier, the more fragmented is its market, both with regard to charterers and vessel owners/operators. Even among the larger dry bulk owners and operators, whose vessels are mainly in the larger sizes, only three companies have fleets of 100 vessels or more: the Chinese Government (directly and through China Ocean Shipping and China Shipping Group) and the two largest Japanese shipping companies, Mitsui OSK Lines and Nippon Yusen Kaisha. There are no more than 30 owners with fleets of between 20 and 100 vessels. However, vessel ownership is not the only determinant of fleet control. Many owners of bulk carriers charter their vessels out for extended periods, not just to end-users (owners of cargo), but also to other owner/operators and to tonnage pools. Such operators may, at any given time, control a fleet many times the size of their owned tonnage. Navios is one such operator; others include CCM (Ceres Hellenic/Coeclerici), Bocimar, Zodiac Maritime, Louis-Dreyfus/Cetragpa, Cobelfret and Torvald Klaveness.

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Governmental and Other Regulations

Governmental Regulation. Government regulation significantly affects the ownership and operation of vessels. These regulations include international conventions, national, state, and local laws, and regulations in force in the countries in which vessels may operate or are registered. A variety of governmental and private entities subject vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (US Coast Guard, harbor master or equivalent), classification societies, flag state administration (country of registry), and charterers, particularly terminal operators. Certain of these entities require vessel owners to obtain permits, licenses, and certificates for the operation of their vessels. Failure to maintain necessary permits or approvals could require a vessel owner to incur substantial costs or temporarily suspend operation of one or more of its vessels.

We believe that the heightened level of environmental and quality concerns among insurance underwriters, regulators, and charterers is leading to greater inspection and safety requirements on all vessels, and may accelerate the scrapping of older vessels throughout the industry. Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. Vessel owners are required to maintain operating standards for all vessels that will emphasize operational safety, quality maintenance, continuous training of officers and crews, and compliance with United States and international regulations.

Environmental Regulations. The International Maritime Organization, or IMO, has negotiated international conventions that impose liability for oil pollution in international waters and a signatory's territorial waters. In September 1997, the IMO adopted Annex VI to the International Convention for the Prevention of Pollution from Ships, which was ratified on May 18, 2004, and became effective on May 19, 2005. Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances, such as chlorofluorocarbons. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions.

Under the International Safety Management Code, or ISM Code, effective since July 1998, the party with operational control of a vessel is required to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel's management with code requirements for a safety management system. No vessel can obtain a certificate unless its manager has been awarded a document of compliance, issued by the respective flag state for the vessel, under the ISM Code. Noncompliance with the ISM Code and other IMO regulations may subject a ship owner to increased liability, may lead to decreases in available insurance coverage for affected vessels, and may result in the denial of access to, or detention in, some ports. For example, the United States Coast Guard and European Union authorities have indicated that vessels not in compliance with the ISM Code will be prohibited from trading in ports in the United States and European Union.

Security Regulations. Since the terrorist attacks of September 11, 2001, there have been a variety of initiatives intended to enhance vessel security. On November 25, 2002, the Maritime Transportation Security Act of 2002, or MTSA, came into effect. To implement certain portions of the MTSA, in July 2003, the United States Coast Guard issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States. Similarly, in December 2002, amendments to the International Convention for the Safety of Life at Sea, or SOLAS, created a new chapter of the convention dealing specifically with maritime security. The new chapter went into effect on July 1, 2004, and imposes various detailed security obligations on vessels and port authorities, most of which are contained in the newly created International Ship and Port Facilities Security, or ISPS, Code. Among the various requirements are:

•  on-board installation of automatic information systems, or AIS, to enhance vessel-to-vessel and vessel-to-shore communications;

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•  on-board installation of ship security alert systems;
•  the development of vessel security plans; and
•  compliance with flag state security certification requirements.

The United States Coast Guard regulations, intended to be aligned with international maritime security standards, exempt non-US vessels from MTSA vessel security measures, provided such vessels have on board, by July 1, 2004, a valid International Ship Security Certificate, or ISSC, that attests to the vessel's compliance with SOLAS security requirements and the ISPS Code.

Inspection by Classification Societies. Every seagoing vessel must be "classed" by a classification society. The classification society certifies that the vessel is "in class," signifying that the vessel has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations of the vessel's country of registry and the international conventions of which that country is a member. In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, the classification society will undertake them on application or by official order, acting on behalf of the authorities concerned.

The classification society also undertakes, on request, other surveys and checks that are required by regulations and requirements of the flag state. These surveys are subject to agreements made in each individual case or to the regulations of the country concerned. For maintenance of the class, regular and extraordinary surveys of hull, machinery, including the electrical plant, and any special equipment classed are required to be performed as follows:

•  Annual Surveys:    For seagoing ships, annual surveys are conducted for the hull and the machinery (including the electrical plant) and, where applicable, for special equipment classed, at intervals of 12 months from the date of commencement of the class period indicated in the certificate.
•  Intermediate Surveys:    Extended annual surveys are referred to as intermediate surveys and typically are conducted two and one-half years after commissioning and each class renewal. Intermediate surveys may be carried out on the occasion of the second or third annual survey.
•  Class Renewal Surveys:    Class renewal surveys, also known as special surveys, are carried out for the ship's hull, machinery (including the electrical plant), and for any special equipment classed, at the intervals indicated by the character of classification for the hull. At the special survey, the vessel is thoroughly examined, including audio-gauging to determine the thickness of the steel structures. Should the thickness be found to be less than class requirements, the classification society would prescribe steel renewals. The classification society may grant a one-year grace period for completion of the special survey. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear. In lieu of the special survey every four or five years, depending on whether a grace period was granted, a ship owner has the option of arranging with the classification society for the vessel's integrated hull or machinery to be on a continuous survey cycle, in which every part of the vessel would be surveyed within a five-year cycle.

Risk of Loss and Liability Insurance

General. The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, hostilities, and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon owners, operators and demise charterers of any vessel trading in the United States exclusive economic zone for certain oil pollution accidents in the United States, has made liability insurance more expensive for ship owners and operators trading in the United States market. While management believes that Navios' present insurance coverage is adequate, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that Navios will always be able to obtain adequate insurance coverage at reasonable rates.

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Hull and Machinery and War Risk Insurances. Navios has marine hull and machinery and war risk insurance, which includes the risk of actual or constructive total loss, for all of the 15 owned vessels. Each of the owned vessels are covered up to at least fair market value, with a deductible for the hull and machinery insurance in amounts ranging from $75,000 to $100,000. There are no deductibles for the war risk insurance. Navios has also arranged increased value insurance for most of the owned vessels. Under the increased value insurance, in case of total loss of the vessel, Navios will be able to recover the sum insured under the increased value policy in addition to the sum insured under the hull and machinery policy. Increased value insurance also covers excess liabilities that are not recoverable in full by the hull and machinery policies by reason of under insurance.

Protection and Indemnity Insurance. Protection and indemnity insurance is provided by mutual protection and indemnity associations, or P&I Associations, which covers Navios' third party liabilities in connection with its shipping activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property, pollution arising from oil or other substances, and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or "clubs.'' Subject to the "capping" discussed below, Navios' coverage, except for pollution, is unlimited. Navios' current protection and indemnity insurance coverage for pollution is $1.0 billion per vessel per incident. The 14 P&I Associations that comprise the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. As a member of a P&I Association, which is a member of the International Group, Navios is subject to calls payable to the associations based on its claim records as well as the claim records of all other members of the individual associations, and members of the pool of P&I Associations comprising the International Group.

Risk Management

Risk management in the shipping industry involves balancing a number of factors in a cyclical and potentially volatile environment. Fundamentally, the challenge is to appropriately allocate capital to competing opportunities of owning or chartering vessels. In part, this requires a view of the overall health of the market, as well as an understanding of capital costs and return. Thus, stated simply, one may charter part of a fleet as opposed to owning the entire fleet to maximize risk management and economic results. This is coupled with the challenge posed by the complex logistics of ensuring that the vessels controlled by Navios are fully employed.

Navios manages risk through a number of strategies, including vessel control strategies (chartering and ownership) freight carriage and FFA trading. Navios vessel control strategies include seeking the appropriate mix of owned vessels, long and short-term chartered in vessels, coupled with purchase options, when available, and spot charters. Navios also enters into COAs, which gives Navios, subject to certain limitations, the flexibility to determine the means of getting a particular cargo to its destination. Navios' FFA trading strategies include taking economic hedges to manage and mitigate risk on vessels that are on hire or coming off hire to protect against the risk of movement in rates.

Legal Proceedings

Navios is not involved in any legal proceedings which may have a significant effect on its business, financial position, results of operations or liquidity. From time to time, Navios may be subject to legal proceedings and claims in the ordinary course of business, involving principally commercial charter party disputes. It is expected that these claims would be covered by insurance if they involve liabilities such as arise from a collision, other marine casualty, damage to cargoes, oil pollution, death or personal injuries to crew, subject to customary deductibles. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.

Crewing and Shore Employees

Navios crews its vessels primarily with Greek officers, Filipino officers, Ukrainian officers and seamen. Navios' fleet manager is responsible for selecting its Greek officers, which are hired by

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Navios' vessel owning subsidiaries. Navios' Filipino officers and seamen are referred to Navios' fleet manager by Interorient Maritime Enterprises Inc. and Bright Maritime Corporation, two independent crewing agencies. Navios' Ukrainian officers and seamen are referred to Navios' fleet manager by Elvictor Management LTD, an independent crewing agent. Navios' Georgian officers and seaman are referred to Navios' fleet manager by Lira Maritime Ltd., an independent crewing agent. The crewing agencies handle each seaman's training, travel, and payroll. Navios requires that all of its seamen have the qualifications and licenses required to comply with international regulations and shipping conventions.

With respect to shoreside employees, Navios employs 20 employees in its South Norwalk, Connecticut office, 26 in its Piraeus, Greece office, and four employees in its Montevideo office, with an additional 79 employees working at the port facility in Nueva Palmira.

Facilities

Navios currently leases the following properties:

•  Navios Corporation has leased approximately 12,458 square feet of space at 20 Marshall Street, South Norwalk, CT, 06820 under a lease that expires in May 15, 2011. Navios has sublet approximately 1,394 square feet of space to Healy & Baillie, LLP, under a sub-lease that expires on May 15, 2011.
•  Navios ShipManagement Inc. and Navios Corporation have leased approximately 2,034.3 square meters of space at 85 Akti Miaouli, Piraeus, Greece, under a lease that expires in 2017
•  Corporación Navios Sociedad Anonima leases the land on which it operates its port and transfer facility, located at Zona Franca, Nueva Palmira, Uruguay. This lease is between Uruguayan National Authority of Free Zones and Corporación Navios Sociedad Anonima, which expires on November 29, 2025, with an option to extend for another 20 years.

Corporación Navios Sociedad Anonima owns the premises from which it operates in Montevideo, Uruguay. This space is approximately 112 square meters and is located at Juan Carlos Gomez 1445, Oficina 701, Montevideo 1100, Uruguay.

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ACQUISITION AND MERGER PRO FORMA FINANCIAL INFORMATION

The following unaudited pro forma financial statements give effect to the acquisition of Navios by ISE through the purchase of all of the outstanding common stock of Navios for an initial cash consideration of $594.4 million less the final adjustment of $0.6 million plus $14.2 million in allocable transaction costs. Approximately $412.0 million of the purchase price was obtained from a $514.4 million senior secured credit facility, entered into on July 12, 2005 and funded on August 25, 2005, with HSH Nordbank AG. Simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of the Marshall Islands through a downstream merger with and into its newly acquired-wholly-owned subsidiary, whose name was and will continue to be Navios Maritime Holdings, Inc. The acquisition has been accounted for as a purchase.

The following unaudited pro forma consolidated statement of operations combine the historical predecessor statements of operations of Navios for the period from January 1, 2005 to August 25, 2005 and Navios successor for the period from August 26, 2005 to December 31, 2005, 2005, and ISE for the period from January 1, 2005 to August 25, 2005 giving effect to the acquisition of Navios by ISE, pursuant to the Stock Purchase Agreement dated February 28, 2005, as amended, and the downstream merger (the ‘‘Transaction’’) as if it had occurred on January 1, 2005.

This unaudited pro forma condensed consolidated statement of operations should be read in conjunction with the historical predecessor and successor financial statements of Navios and the historical financial statements of ISE and the related notes thereto. The unaudited pro forma information is not necessarily indicative of the financial position or results of operations that may have actually occurred had the acquisition of Navios by ISE taken place on the dates noted.

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NAVIOS MARITIME HOLDINGS INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2005
(In thousands of US Dollars, except per share data)


  Successor
August 26,
2005
To
December 31,
2005		 Predecessor
January 1,
2005
To
August 25,
2005		 NAVIOS(a)
Combined		 ISE(b) Pro Forma
Adjustments		 Pro
Forma
Combined
Revenue $ 76,376   $ 158,630   $ 235,006               $ 235,006  
Gain (loss) on forward freight agreements   (2,766 )    2,869     103                 103  
Expenses:                                    
Time charter, voyage and port terminal expense   (39,530 )    (91,806 )    (131,336 )                (131,336 ) 
Direct vessel expense   (3,137 )    (5,650 )    (8,787 )                (8,787 ) 
General and administrative   (4,582 )    (9,964 )    (14,546 )  $ (233 )  $ (63) (c)    (14,842 ) 
Depreciation and amortization   (13,582 )    (3,872 )    (17,454 )    (2 )    (13,573 )(d)    (31,029 ) 
Interest income   1,163     1,350     2,513     2,864     (2,864 )(c)    2,513  
Interest expense   (11,892 )    (1,677 )    (13,569 )          (14,626 )(e)    (28,195 ) 
Other income   52     1,426     1,478                 1,478  
Other expense   (226 )    (757 )    (983 )    (179 )          (1,162 ) 
Income before equity in net earnings of affiliates   1,876     50,549     52,425     2,450     (31,126 )    23,749  
Equity in net earnings of affiliated companies   285     788     1,073                 1,073  
Income before income taxes   2,161     51,337     53,498     2,450     (31,126 )    24,822  
Provision for income taxes                     (859 )    859  (f)    —  
Net Income $ 2,161   $ 51,337   $ 53,498   $ 1,591   $ (30,267 )  $ 24,822  
Weighted average number of shares outstanding:                                    
Basic   40,189,356     874,584       39,900,000  (g)          40,001,473  
Diluted   45,238,554     874,584       39,900,000  (g)          41,852,699  
Net income per share:                                
Basic   0.05     58.7     $ 0.04         $ 0.62  
Diluted   0.05     58.7     $ 0.04         $ 0.59  
(a) This column combines the results of operations of Navios as predecessor for the period January 1, 2005 through August 25, 2005 with the results of operations of Navios as successor for the period August 26, 2005 through December 31, 2005. See the section labeled, ‘‘For the combined year ended December 31, 2005 compared to the year ended December 31, 2004’’ under ‘‘Operating and Financial Review and Prospects’’ in this prospectus.
(b) For the period from January 1, 2005 through August 25, 2005 (acquisition date).
(c) To record increase in base salaries to certain key employees of Navios under employment agreements entered into in connection with the acquisition and to retain the services of such employees.
(d) To record additional depreciation and amortization of fixed assets and intangibles based on the step up to fair value as detailed below:

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Calculation of Allocable Purchase Price:      
Initial cash consideration $ 594,370  
Final price adjustment   (606 ) 
Allocable transaction costs   14,203  
Total allocable purchase price $ 607,967  
Allocation of purchase price:      
Navios net assets acquired (at book value) $ 226,127  
Write off of Navios pre-merger goodwill   (226 ) 
Fair value adjustments to assets acquired:      
Write up of vessels to fair value   81,789  
Write down of port terminal assets   (15 ) 
Allocation of purchase price to intangibles:      
Port terminal operation rights   31,000  
Trade name   88,053  
Favorable lease terms   139,680  
Backlog asset   14,830  
Backlog liability   (12,700 ) 
Restructuring reserve   (1,360 ) 
Fair value of assets acquired   567,178  
Goodwill   40,789  
Total allocable purchase price $ 607,967  

Vessels were written up to their fair market value. The port fixed assets were valued based on replacement cost less accumulated depreciation. Fair value of the intangible assets identified (Port operating rights, Tradename, Leases and Backlog assets and liabilities) were determined using generally accepted valuation methodologies. The Port operating rights were valued using a form of the income approach known as the Build-Out method. The Tradename was valued using a form of the Income Approach known as the Relief From Royalties method. The Favorable Leases were valued using a method of the Market Approach wherein the Company’s actual lease costs are compared to market-based lease costs. The Purchase Options were valued though a comparison of their exercise prices to expected vessel values. Backlog Assets and liabilities were valued using a method of the Income Approach known as excess earnings method. The assembled workforce was valued at $360 using the Cost Approach known as replacement cost method and is included in Goodwill.


Asset Estimated
Useful Life
Vessels 25 years from date built
Port (included in other fixed assets) 40 Years
Port operating rights 40 years
Tradename 32 years
Favorable lease terms 6.9-7.1 years
Backlog assets 2.8-3.6 years
Backlog liability 2.1 years

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Pro forma depreciation and amortization has been provided on a straight line basis over the remaining lives of the assets as set forth in the following table (expressed in thousands of US dollars):


Asset Class August 25, 2005
Fair Value		 Pro Forma
depreciation and
amortization
January 1, 2005
to August 25, 2005
Vessels $ 195,118   $ 2,383  
Port terminal assets   26,699     66  
Port operating rights   31,000     503  
Trade name   90,000     1,769  
Favorable lease terms*   139,680     9,663  
Backlog assets   14,830     3,180  
Backlog liabilities   (12,700 )    (3,991 ) 
Other assets   1,798     —  
        $ 13,573  
* The intangible asset associated with the favorable lease terms includes an amount of $20,670 related to purchase options for the vessels at the end of the lease term. This amount is not amortized and should the purchase options be exercised, any unamortized portion of this asset will be capitalized as part of the cost of the vessel and will be depreciated over the remaining useful life of the vessel.
(e) To reverse interest expense and amortization of deferred financing costs on bank loans of Navios that were repaid on August 18, 2005 (the Predecessor Company) and record pro forma interest expense for the period January 1, 2005 to August 25, 2005. Based on Navios’ cash forecast, the combination of operating cash flow and Navios’ then existing cash balances would have been sufficient to fund Navios’ capital expenditure and working capital requirements for the twelve months beginning September 1, 2005. As a result, interest expense for the pro forma period from January 1,, 2005 until August 25, 2005 is based on the $412 million borrowed by ISE for the purpose of affecting the acquisition. The $412 million of acquisition debt was assumed to be outstanding throughout the period. Interest expense for the pro forma period was calculated using the 6.26% Libor based floating interest rate in effect at the August 25, 2005 acquisition date plus amortization of deferred debt service costs for the period. A change in the LIBOR rate of 1/8 percent would change interest expense for 2005 by $0.5 million.

The components of this adjustment to interest expense are as follows:      
Issuance of $412 million principal amount of credit facility $ 16,303  
Repayment of $49.8 million principal amount of historical credit facility   (1,677 ) 
  $ 14,626  
(f) Navios as predecessor and successor is incorporated under the laws of the Marshall Islands. Accordingly, it will be taxed as a foreign corporation by the United States. Navios does not expect to be liable for income taxes for any of the historical periods presented in this prospectus. Based on Navios’ present plans, it does not expect to be liable for income taxes in the future. Since Navios successor does not expect to be liable for income taxes, the pro forma adjustments to the unaudited pro forma consolidated statements of operations have not been tax affected. See page 92 in this prospectus, Taxation, for a more complete discussion of Navios’ tax status.

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(g) Pro forma net income per share was calculated by dividing pro forma net income by the weighted average number of shares outstanding as follows:

  Year Ended
December 31,
2005
Pro forma weighted average number of shares assumed to be outstanding during 2005   40,001,473  
Incremental shares on exercise of warrants **   1,851,226  
Pro forma weighted average shares — diluted   41,852,699  
** Assuming exercise price of $5.00 per share, 65,550,000 warrants outstanding and average price for 2005 of $5.15

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MANAGEMENT

The current board of directors, executive officers and significant employees are as follows:


Name Age Position
Angeliki Frangou   41   Chairman of the Board and Chief Executive Officer
Robert G. Shaw   51   President and Director
Michael E. McClure   59   Chief Financial Officer
Vasiliki Papaefthymiou   37   Executive Vice President — Legal
Anna Kalathakis   36   Senior Vice President — Legal Risk Management
Ted C. Petrone*   51   Senior Vice President — Trading
Shunji Sasada*   48   Senior Vice President — Fleet Development
Spyridon Magoulas   52   Director
John Stratakis   41   Director
Rex Harrington   73   Director
Allan Shaw   42   Director
* Significant employee

Angeliki Frangou has been Navios' Chairman of the Board and Chief Executive Officer since August 25, 2005, the date of the acquisition of Navios by ISE. Prior to the acquisition, Ms. Frangou was the Chairman, Chief Executive Officer and President of ISE. Ms. Frangou has been the chief executive officer of Maritime Enterprises Management S.A., a company located in Piraeus, Greece, that specializes in the management of dry cargo vessels of various types and sizes, since she founded the company in October 2001. From 1990 to October 2001, Ms. Frangou was the chief executive officer of Franser Shipping S.A., a company that was located in Piraeus, Greece, and was also engaged in the management of dry cargo vessels. Prior to her employment with Franser Shipping, Ms. Frangou was an analyst on the trading floor of Republic National Bank of New York, from 1987 to 1989. Ms. Frangou has also been a member of the board of directors of Emporiki Bank of Greece, the second largest retail bank in Greece, since July 2005. Ms. Frangou is a member of the Mediterranean Committee of China Classification Society and a member of the Hellenic and Black Sea Committee of Bureau Veritas. Ms. Frangou received a bachelors degree in mechanical engineering from Fairleigh Dickinson University (summa cum laude) and a masters degree in mechanical engineering from Columbia University.

Robert G. Shaw has been the President of Navios since August 25, 2005 and was appointed as a director on October 25, 2005. Prior to that date, Mr. Shaw was the Executive Vice President and General Counsel and a director of Navios since January 2001. Prior to joining Navios, Mr. Shaw practiced maritime and corporate law as an associate, and later as a partner, at the law firm of Healy & Baillie, LLP in New York City. Mr. Shaw is the US representative member of the Documentary Committee of the Baltic and International Council that develops standard industry terms for dry bulk charter parties and bills of lading. He is also a former President of the Hellenic American Chamber of Commerce. Mr. Shaw received his degree from Oxford University in 1977.

Michael E. McClure has been Chief Financial Officer of Navios since October 1, 2005. Prior to that date, Mr. McClure was Vice President — Research & Risk Management of Navios since March 2004. Mr. McClure joined Navios in 1978, at which time he served as Manager of Financial Analysis and then Director of South American Transportation Projects, which included Navios' owned port facility in Uruguay and its commercial lead in Venezuela and Columbia. He is a board member of The Baltic Exchange and the prior chairman of the Baltic Exchange Freight Market Indices Committee, which is the organization responsible for all freight indices utilized for freight derivative trading by the industry. Mr. McClure graduated from Marquette University, Milwaukee, Wisconsin, with a Masters in Business Administration.

Vasiliki Papaefthymiou has been Navios' Execuive Vice President — Legal and a member of its board of directors since August 25, 2005, the date of the acquisition of Navios by International Shipping Enterprises, Inc. Prior to the acquisition, Ms. Papaefthymiou was the secretary and a director

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of ISE. Ms. Papaefthymiou has served as general counsel for Maritime Enterprises since October 2001, where she has advised that company on shipping, corporate and finance legal matters. Ms. Papaefthymiou provided similar services as general counsel to Franser Shipping from October 1991 to September 2001. Ms. Papaefthymiou received an undergraduate degree from the Law School of the University of Athens and a masters degree in Maritime Law from Southampton University in the United Kingdom. Ms. Papaefthymiou is also admitted to practice before the Bar in Piraeus, Greece.

Anna Kalathakis has been Senior Vice President — Legal Risk Management of Navios since December 8, 2005. Before joining Navios, Ms. Kalathakis was the General Manager of the Greek office since May 2000 and Associate Director of A. Bilbrough & Co. Ltd. (the managers of the London Steam-ship Owners' Mutual Insurance Association Limited). She has previously worked for a US maritime law firm in New Orleans, having qualified as a lawyer in Louisiana, and also in a similar capacity for a London maritime law firm. She qualified as a solicitor in England and Wales in 1999 and in Piraeus, Greece in 2004. She has studied International Relations in Georgetown University, Washington DC (1991). She holds an MBA from European University in Brussels (1992) and JD from Tulane Law School (1995).

Ted C. Petrone has been Senior Vice President — Trading of Navios since October 1, 2005. Mr. Petrone joined Navios in 1980 at the entry-level position of assistant vessel operator and has steadily risen through the ranks to his current position of Vice President of Navios. Mr. Petrone sailed as a third mate aboard US Navy (Military Sealift Command) tankers for one year before coming ashore to take operational positions in both Stolt-Nielsen and Maritime Overseas Group over a three-year period. Mr. Petrone graduated in 1977 from New York Maritime College at Fort Schuyler with a B.S. in Maritime Transportation.

Shunji Sasada has been Senior Vice President — Fleet Development of Navios since October 1, 2005. Mr. Sasada joined Navios in May 1997. Mr. Sasada started his shipping career in 1981 in Japan with Mitsui O.S.K. Lines, Ltd. In 1991, Mr. Sasada joined Trinity Bulk Carriers as its chartering manager as well as subsidiary board member representing MOSK as one of the shareholders. Mr. Sasada is a graduate of Keio University, Tokyo, with a B.A. degree in Business.

Spyridon Magoulas has been a member of Navios' board of directors since August 25, 2005, the date Navios was acquired by ISE. Mr. Magoulas is the co-founder and director of Doric Shipbrokers S.A., a chartering firm in the dry cargo vessel business based in Piraeus, Greece, and has served as the managing director of that company since its formation in 1994. From 1982 to 1993, Mr. Magoulas was a chartering director and shipbroker for Nicholas G. Moundreas Shipping S.A., a company located in Piraeus, Greece, and from 1980 to 1982, Mr. Magoulas served in the same positions at Orion and Global Chartering Inc. in New York. Mr. Magoulas also is a member of the Association of Ship Brokers and Agents in the United States. Mr. Magoulas received a bachelors degree in economics (honors) from the City University of New York, New York, a masters degree in transportation management from the Maritime College in New York and a masters degree in political economy the New School for Social Research in New York, New York.

John Stratakis has been a member of Navios' board of directors since August 25, 2005, the date Navios was acquired by ISE. Since 1994, Mr. Stratakis has been a partner with the law firm of Poles, Tublin, Stratakis, Gonzalez & Weichert, LLP, in New York, New York, where he specializes in all aspects of marine finance and admiralty law, real estate, trusts and estates and general corporate law. From 1992 to 1993, Mr. Stratakis was an associate attorney with Wilson, Elser, Moskowitz Edelman & Dicker, in New York, New York. Mr. Stratakis also has been a director and the Treasurer of the Hellenic-American Chamber of Commerce in New York since 2000. Mr. Stratakis received a bachelor of arts (summa cum laude) from Trinity College and a juris doctor degree from Washington College of Law-American University. Mr. Stratakis is admitted to practice law in the State of New York and in the courts of the Southern and Eastern Districts of New York.

Rex Harrington has been a member of Navios' board of directors since October 25, 2005. From 1957 to 1969 Mr. Harrington was the director of shipping at The Royal Bank of Scotland where he had responsibility for its extensive shipping portfolio. He currently sits on the board of General

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Maritime Corporation (NYSE: GMR) and A/S Dampskibsselskabet TORM (NASDAQ: TRMD). He is also an advisor to the Liberian Ship and Corporate Registry, a Deputy Chairman of the International Maritime Industries Forum and a member of InterCargo advisory panel, the General Committee of Lloyds Register of Shipping, the Steering Committee of the London Shipping Law Center, The Baltic Exchange, the Worshipful Company of Shipwrights — Liveryman. He was previously a director with Lloyds Register of Shipping, Clarksons plc, an international shipbroker, and the International Chamber of Commerce. Mr. Harrington received a B.A. and M.A. degree in economics from Oxford University in 1955.

Allan Shaw has been a member of Navios' board of directors since October 25, 2005. Mr. Shaw has almost 20 years of financial management experience, having most recently worked as Chief Financial Officer and Executive Management Board Member at Serono International S.A., from November 2002 to April 2004. Prior to joining Serono, Mr. Shaw was with Viatel Inc., an international telecommunications company, where he was a member of the Board of Directors and Chief Financial Officer. During his employment, Viatel filed for Chapter 11 protection under the bankruptcy laws of the United States in 2001. He was also a managing director with Deloitte & Touche. Mr. Shaw received a bachelor of science degree from the State University of New York, Oswego in 1986.

Board Practices

The board of directors of Navios is divided into three classes with only one class of directors being elected in each year and each class serving a three-year term. The term of office of the first class of directors, consisting of John Stratakis, Rex Harrington and Allan Shaw will expire at the annual meeting of stockholders to be held in 2006. The term of office of the second class of directors, consisting of Robert Shaw and Spyridon Magoulas, will expire at the annual meeting to be held in 2007. The term of office of the third class of directors, consisting of Angeliki Frangou and Vasiliki Papaefthymiou, will expire at the annual meeting to be held in 2008.

Nominating and Governance, Audit and Compensation Committees

Nominating and Governance Committee.    Navios' Nominating and Governance Committee consists of three independent directors, Spyridon Magoulas, John Stratakis and Rex Harrington.

Audit Committee.    Navios' Audit Committee consists of three independent directors, Spyridon Magoulas, Rex Harrington and Allan Shaw. Mr. Shaw is considered an ‘‘audit committee financial expert’’.

Compensation Committee.    Navios does not currently have a Compensation Committee. Any compensation decisions with respect to officers and directors will be made by a majority of the independent members of the full board of directors.

Code of Ethics

Navios has adopted a code of ethics applicable to officers, directors and employees of Navios that complies with applicable guidelines issued by the SEC. The Navios Code of Corporate Conduct and Ethics is available for review on Navios' website at www.navios.com.

Compensation of Directors and Executive Officers

The aggregate annual compensation paid to our current executive officers was approximately $922,000 for the year ended December 31, 2005. We also made contributions for our executive officers to a 401(k) and profit sharing plan in an aggregate amount of approximately $102,000. Navios has no option or long-term compensation plans. Non-employee directors receive annual fees in the amount of $30,000 plus reimbursement of their out-of-pocket expenses. In addition, the non-executive serving as chairman of the Audit Committee receives an annual fee of $20,000 and the chairman of the Nominating and Governance Committee receives an annual fee of $17,000, plus reimbursement of their out-of-pocket expenses.

During the 2003 and 2004 fiscal year, Ms. Frangou was not associated with Navios and only became our Chief Executive Officer upon the acquisition of Navios by ISE. Ms. Frangou was not paid any compensation by ISE prior to its acquisition of Navios.

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Share Ownership of Executive Officers, Directors and Major Shareholders

The following table sets forth information regarding the beneficial ownership of the common stock of Navios as of April 4, 2006, by:

•  each person known by Navios to be the beneficial owner of more than 5% of its outstanding shares of common stock based solely upon the amounts and percentages as are contained in the public filings of such persons; and
•  each of Navios' executive officers and directors.

Unless otherwise indicated, Navios believes that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them.


Name and Address of Beneficial Owner(1) Amount and Nature of
Beneficial Ownership		 Percentage of Outstanding
Common Stock
Angeliki Frangou(2)   21,207,313     40.7 % 
Robert Shaw   0     0  
Michael E. McClure   0     0  
Vasiliki Papaefthymiou   352,059     0.77 % 
Spyridon Magoulas   25,147     0.05 % 
John Stratakis   16,765     0.03 % 
Rex Harrington   0     0  
Allan Shaw   0     0  
Pequot Capital Management, Inc.(3)   2,864,900 (3)    6.90 % 
North Sound Capital LLC(4)   8,620,000     19.9 % 
DePrince, Race & Zollo, Inc.   2,400,360     6.02 % 
FMR Corp.(5)   3,000,000     6.60 % 
(1) Unless otherwise indicated, the business address of each of the individuals is 85 Akti Miaouli, Piraeus Greece 185 38.
(2) Angeliki Frangou has filed a Schedule 13D amendment indicating that she intends, subject to market conditions, to purchase up to $20 million of common stock and as of October 10, 2005, she has purchased approximately $10.0 million in value of common stock. Any such additional purchases would change the percentage owned by the initial stockholders and Ms. Frangou referred to above.
(3) A registered investment adviser exercising investment discretion over its clients' accounts. Represents 1,393,600 shares of common stock and 1,471,300 shares of common stock issuable upon exercise of warrants held for the accounts of the Reporting Person's clients.
(4) The ultimate managing member of North Sound Capital LLC ("North Sound") is Thomas McAuley. North Sound may be deemed the beneficial owner of the shares in its capacity as the managing member of North Sound Legacy Fund LLC and North Sound Legacy Institutional Fund LLC and the investment advisor of North Sound Legacy International Ltd. (the "Funds"), who are the holders of such shares. As the managing member or investment advisor, respectively, of the Funds, North Sound has voting and investment control with respect to the shares of common stock held by the Funds. The address of North Sound is 53 Forest Avenue, Suite 202, Old Greenwich, CT 06870. Represents 3,220,000 shares of common stock and 5,400,000 shares of common stock issuable upon exercise of warrants.
(5) The securities may be deemed to be owned by Edward C. Johnson III and Abigail P. Johnson. The address of FMR Corp. is 82 Devonshire Street, Boston, Massachusetts 02109.

Substantially all of the shares of common stock owned by the executive officers and directors of Navios identified above are held in escrow with Continental Stock Transfer & Trust Company, as escrow agent, and shall remain in escrow until the earliest of:

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•  December 10, 2007;
•  ISE's liquidation; or
•  the consummation of a liquidation, merger, stock exchange or other similar transaction which results in all of Navios' stockholders having the right to exchange their shares of common stock for cash, securities or other property.

During the escrow period, the holders of these escrowed shares will not be able to sell or transfer their securities, except to their spouses and children or trusts established for their benefit, but will retain all other rights as Navios stockholders, including, without limitation, the right to vote their shares of common stock and the right to receive cash dividends, if declared. If dividends are declared and payable in shares of common stock, such dividends will also be placed in escrow.

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

In September 2004, ISE, our legal predecessor, issued 4,250,000 shares of ISE common stock, which, by virtue of the acquisition of Navios by ISE and reincorporation through the merger of ISE with and into Navios, became Navios common stock, to the individuals set forth below for $25,000 in cash, at an average purchase price of approximately $0.006 per share, as follows:


Name Number of
Shares		 Relationship to Navios
Angeliki Frangou   4,000,000   Chairman of the Board and Chief Executive Officer
Vasiliki Papaefthymiou   210,000   Executive Vice President — Legal, Secretary and Director
Spyridon Magoulas   15,000   Director
Julian David Brynteson   15,000   Former Director
John Stratakis   10,000   Director

On January 2, 2006, Navios Corporation and Navios Shipmanagement Inc., two wholly owned subsidiaries of Navios, entered into two lease agreements with Goldland Ktimatiki – Ikodomiki – Touristiki and Xenodohiaki Anonimos Eteria, a Greek corporation which is partially owned by relatives of Angeliki Frangou, our Chairman and Chief Executive Officer. The lease agreements provide for the leasing of two facilities located in Piraeus, Greece, of approximately 2,034.3 square meters and will house the operations of Navios' subsidiaries. The total annual lease payments due under these leases is EUR 420,000 (approximately $500,000) and the lease agreements expire in 2017. Navios believes the terms and provisions of the lease agreements were similar to those that would have been available with a non-related third party. The lease payments are subject to annual adjustments starting form the third year and are based on the inflation rate prevailing in Greece as reported by the Greek State at the end of each year.

On December 19, 2004 Navios concluded an agreement to purchase four Panamax vessels from Maritime Enterprises Management S.A., a company affiliated with the Angeliki Frangou family the Company’s Chairman and Chief Executive Officer. On December 22, 2005, Navios took delivery of the first two vessels, the Navios Libra II and the Navios Alegria built in 1995 and 2004 respectively. The third vessel, the Navios Felicity built in 1997, was delivered on December 27, 2005 and the fourth vessel, the Navios Gemini S built in 1994, was delivered on January 5, 2006. The total acquisition cost for the four new vessels including backlogs was $119.8 million and was funded (i) with $13.0 million of Navios’ available cash; (ii) with $80.3 million from bank financing and (iii) through the issuance of 5,500,854 shares of Navios authorized common stock at $4.96 per share for Navios Alegria (1,840,923 shares) and Navios Libra II (1,227,282 shares), $4.82 per share for Navios Felicity (1,271,114 shares) and $4.42 for Navios Gemini S. (1,161,535 shares).

On November 29, 2004, ISE's board of directors authorized a stock dividend of approximately 0.676 shares of common stock for each outstanding share of common stock, effectively lowering the purchase price to approximately $0.004 per share.

The holders of the majority of these shares will be entitled to make up to two demands that Navios register these shares pursuant to a registration rights agreement previously entered into. The

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holders of the majority of these shares may elect to exercise these registration rights at any time after the date on which these shares of common stock are released from escrow, which, except in limited circumstances, is not before December 2007. In addition, these stockholders have certain "piggy-back" registration rights on registration statements filed subsequent to the date on which these shares of common stock are released from escrow. Navios will bear the expenses incurred in connection with the filing of any such registration statements.

As of December 16, 2004, Ms. Frangou had advanced a total of approximately $350,000 to ISE, on a non-interest bearing basis, for payment of offering expenses on ISE's behalf. These loans were paid without interest on December 21, 2004. In addition, Ms. Frangou agreed to loan ISE funds to cover its transaction expenses, including bank commitment fees and deposits, in connection with the acquisition of Navios that exceed the amount of funds held outside of ISE's trust, which loan in the aggregate amount of approximately $8.6 million was repaid, without interest, at the closing of the acquisition of Navios.

Navios owns 50% of the common stock of Acropolis Chartering and Shipping Inc., or Acropolis. Navios also uses Acropolis as a broker and paid commissions to Acropolis during the years ended December 31, 2005 and 2004 of $612,000, and $877,000, respectively. During the years ended December 31, 2005 and 2004, Navios received dividends from Acropolis of $972,000 and $699,000, respectively. As of December 31, 2004, $147,000 was due to Acropolis. During 2005, Navios received dividends totaling $972,378.

During 2003 and 2002, prior to Navios becoming a public company, Navios used Levant Maritime Company Ltd., or Levant, as an agent. Agency fees paid to Levant amounted to $1,003,000 and $846,000 respectively. Levant was managed by a former director and shareholder of Navios, and Navios ceased using Levant's services as of December 31, 2003.

In November 2002, prior to Navios becoming a public company, a predecessor company to Navios issued a promissory note for $367,000 to Kastella Trading, Inc., or Kastella, a Marshall Islands Corporation. Interest accrued at 4.6% per year and was payable at the note's due date. Kastella was wholly-owned by one of the predecessor company's executives. This loan was repaid in full in 2004.

In August 2004, prior to Navios becoming a public company, Navios advanced to one of its shareholders and executive officers the amount of $50,000. The loan was repaid in full during the year. No interest was calculated for the duration of this loan.

All ongoing and future transactions between Navios and any of its officers and directors or their respective affiliates, including loans by Navios' officers and directors, if any, will be on terms believed by Navios to be no less favorable than are available from unaffiliated third parties, and such transactions or loans, including any forgiveness of loans, will require prior approval, in each instance by a majority of Navios' uninterested ‘‘independent’’ directors or the members of Navios' board who do not have an interest in the transaction, in either case who had access, at Navios' expense, to its attorneys or independent legal counsel.

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DESCRIPTION OF SECURITIES

Set forth below is a summary of certain in formation relating to our securities and of certain provisions of our Articles of Incorporation and the laws of the Marshall Islands law. This summary does not purport to be complete. It is qualified in its entirety by reference to the Articles of Incorporation and the laws of the Marshall Islands in effect at the date of this prospectus.

General

On August 25, 2005, ISE, a publicly traded shell company, acquired Navios, a then privately held company, which caused Navios to become a wholly-owned subsidiary of a publicly traded company. Immediately following the acquisition, ISE reincorporated from the State of Delaware to the Republic of Marshall Islands by merging with and into Navios, its wholly owned subsidiary, and as a result of such merger, Navios became a publicly traded operating entity. As a result of the acquisition and reincorporation, and in accordance with its Third Amended and restated Articles of Incorporation, dated August 25, 2005, Navios is authorized to issue 120,000,000 shares of common stock, par value $.0001, and 1,000,000 shares of preferred stock, par value $.0001. As of April     , 2006, 45,400,854 shares of common stock are outstanding, held by eight record holders, seven of which are located in the United States. No shares of preferred stock are currently outstanding. Of Navios' outstanding securities, the common stock, warrants and units, the portions held by investors in the United States are approximately 61%, 89% and 82%, respectively.

Units

Each unit is publicly traded and consists of one share of common stock and two warrants, which warrants started trading separately as of the opening of trading on January 5, 2005. Each warrant entitles the holder to purchase one share of common stock at an exercise price of $5.00 per share.

Common stock

Navios' common stock is publicly traded and stockholders are entitled to one vote for each share held of record on all matters to be voted on by stockholders.

Navios' board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors.

Navios' stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the common stock.

Holders of 7,125,000 shares of common stock are entitled to registration rights. The holders of the majority of these shares are entitled to make up to two demands that Navios register the resale of these shares. The holders of the majority of these shares can elect to exercise these registration rights at any time after December 10, 2007. In addition, these stockholders have certain "piggy-back" registration rights on registration statements filed subsequent to December 10, 2007. Navios will bear the expenses incurred in connection with the filing of any such registration statements.

Preferred stock

Navios' certificate of incorporation authorizes the issuance of 1,000,000 shares of blank check preferred stock with such designation, rights and preferences as may be determined from time to time by Navios' board of directors. Accordingly, Navios' board of directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of common stock, although the underwriting agreement prohibits Navios, prior to a business combination, from issuing preferred stock which participates in any manner in the proceeds of the trust fund, or which votes as a class with the common stock on a business combination. Navios may issue some or all of the preferred

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stock to effect a business combination. In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of Navios. Although Navios does not currently intend to issue any shares of preferred stock, Navios cannot assure you that it will not do so in the future.

Warrants

Navios currently has warrants outstanding to purchase 65,550,000 shares of Navios common stock. Each warrant entitles the registered holder to purchase one share of Navios' common stock at a price of $5.00 per share, subject to adjustment as discussed below, at any time commencing on December 10, 2005.

The warrants will expire on December 9, 2008, at 5:00 p.m., New York City time. Navios may call the warrants for redemption, with Sunrise Securities Corp.'s prior consent, in whole and not in part, at a price of $.01 per warrant at any time after the warrants become exercisable, upon not less than 30 days' prior written notice of redemption to each warrant holder, if, and only if, the last reported sale price of the common stock equals or exceeds $8.50 per share, for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders and the weekly trading volume of Navios' common stock has been at least 800,000 shares for each of the two calendar weeks prior to the notice of redemption.

The warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and Navios.

The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or Navios' recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of common stock at a price below their respective exercise prices.

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price, by certified check payable to Navios, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock or any voting rights until they exercise their warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, Navios will, upon exercise, round up to the nearest whole number the number of shares of common stock to be issued to the warrant holder.

Transfer Agent and Warrant Agent

The transfer agent for Navios' securities and warrant agent for Navios' warrants is Continental Stock Transfer & Trust Company, 17 Battery Place, New York, New York 10004.

MARSHALL ISLANDS COMPANY CONSIDERATIONS

Our corporate affairs are governed by our articles of incorporation and bylaws and by the Business Corporation Act of the Republic of the Marshall Islands, or BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. For example, the BCA allows the adoption of various anti-takeover measures such as shareholder "rights" plans. While the BCA also provides that it is to be in interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands and we can not predict whether Marshall Islands courts would reach the same conclusions as U.S. courts. Thus, you may have more difficulty in

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protecting your interests in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction which has developed a substantial body of case law. The following table provides a comparison between the statutory provisions of the BCA and the Delaware General Corporation Law relating to shareholders' rights.


Marshall Islands Delaware
Shareholder Meetings
•Held at a time and place as designated in the by-laws •May be held at such time or place as designated in the certificate of incorporation or the by-laws, or if not so designated, as determined by the board of directors
•May be held within or without the Marshall Islands •May be held within or without Delaware
•Notice: •Notice:
•Whenever shareholders are required to take action at a meeting, written notice shall state the place, date and hour of the meeting and indicate that it is being issued by or at the direction of the person calling the meeting •Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any
•A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before the meeting •Written notice shall be given not less than 10 nor more than 60 days before the meeting
Shareholder's Voting Rights
•Any action required to be taken by meeting of shareholders may be taken without meeting if consent is in writing and is signed by all the shareholders entitled to vote •Shareholders may act by written consent to elect directors
•Any person authorized to vote may authorize another person or persons to act for him by proxy •Any person authorized to vote may authorize another person or persons to act for him by proxy
•Unless otherwise provided in the articles of incorporation, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting •For non-stock companies, certificate of incorporation or by-laws may specify the number of members to constitute a quorum. In the absence of this, one-third of the members shall constitute a quorum
•No provision for cumulative voting •For stock corporations, certificate of incorporation or by-laws may specify the number to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum
  •The certificate of incorporation may provide for cumulative voting

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Marshall Islands Delaware
Directors
•Board must consist of at least one member •Board must consist of at least one member
•Number of members can be changed by an amendment to the by-laws, by the shareholders, or by action of the board •Number of board members shall be fixed by the by-laws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment of the certificate
•If the board is authorized to change the number of directors, it can only do so by an absolute majority (majority of the entire board)  
Dissenter's Rights of Appraisal
•Shareholder's have a right to dissent from a merger or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares •Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation
•A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:  
•Alters or abolishes any preferential right of any outstanding shares having preference; or  
•Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or  
•Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or  
•Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class  

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Marshall Islands Delaware
Shareholder's Derivative Actions
•An action may be brought in the right of a corporation to procure a judgement in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law •In any derivative suit instituted by a stockholder or a corporation, it shall be averred in the complaint that the plaintiff was a stockholder of the corporation at the time of the transaction of which he complains or that such stockholder's stock thereafter devolved upon such stockholder by operation of law
•Complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort  
•Such action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic  
•Attorney's fees may be awarded if the action is successful  
•Corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the shares have a value of less than $50,000  

PLAN OF DISTRIBUTION

The shares of Common Stock underlying the publicly traded warrants are being offered directly by the Company, without an underwriter, and the holders of such publicly traded warrants may purchase the shares of Common Stock directly from the Company, by exercising the publicly traded warrants in accordance with the exercise provisions, and pursuant to the terms of the publicly traded warrants, as described in "Description of Securities."

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TAXATION

Marshall Islands Tax Considerations

Navios is incorporated in the Marshall Islands. Under current Marshall Islands law, Navios will not be subject to tax on income or capital gains, and no Marshall Islands withholding tax will be imposed upon payments.

Federal Income Tax Consequences

General

The following discussion addresses certain United States federal income tax aspects of our business and to the holders of our warrants and common stock. It does not address other tax aspects (including issues arising under state, local and foreign tax laws other than the Marshall Islands), nor does it attempt to address the specific circumstances of any particular stockholder of Navios.

United States Federal Income Tax Considerations

United States Taxation of Navios' Operating Income: In General

Navios is incorporated under the laws of the Marshall Islands. Accordingly, it will be taxed as a foreign corporation by the United States. If Navios were taxed as a domestic corporation, it could be subject to substantially greater United States income tax than contemplated below.

In general, a foreign corporation is subject to United States tax on income that is treated as derived from US source income or that is effectively connected income. Based on its current plans, however, Navios expects that its income from sources within the United States will be international shipping income that qualifies for exemption from United States federal income taxation under Section 883 of the Code, and that it will have no effectively connected income. Accordingly, Navios does not expect to be subject to federal income tax on any of its income.

If Navios is taxed as a foreign corporation and the benefits of Code Section 883 are unavailable, Navios' United States source shipping income that is not effectively connected income would be subject to a four percent (4%) tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions. Navios believes that no more than fifty percent (50%) of Navios' shipping income would be treated as United States source shipping income because, under Navios' current business plan, its shipping income will be attributable to transportation which does not both begin and end in the United States. Thus, the maximum effective rate of United States federal income tax on Navios' shipping income would never exceed two percent (2%) under the four percent (4%) gross basis tax regime.

To the extent the benefits of Code Section 883 exemption are unavailable and Navios' international shipping income is considered to be effectively connected income, such income, net of applicable deductions, would be subject to the United States federal corporate income tax. United States corporate income tax would also apply to any other effectively connected income of Navios, and to Navios' worldwide income if it were taxed as a domestic corporation. This could result in the imposition of a tax of up to 35% on Navios' income, except to the extent that Navios were able to take advantage of more favorable rates that may be imposed on shipping income of domestic corporations or foreign corporations. In addition, as a foreign corporation, Navios could potentially be subject to the thirty percent (30%) branch profits on effectively connected income, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of its United States trade or business. Since Navios does not intend to have any vessel sailing to or from the United States on a regularly scheduled basis, Navios believes that none of its international shipping income will be effectively connected income.

United States Taxation of Gain on Sale of Vessels

Regardless of whether Navios qualifies for exemption under Code Section 883, it will not be subject to United States federal income taxation with respect to gain realized on a sale of a vessel,

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provided that the sale is considered to occur outside of the United States as defined under United States federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected than any sale of a vessel by Navios will be considered to occur outside of the United States.

United States Federal Income Taxation of US Holders

As used herein, the term "US Holder" means a beneficial owner of warrants and/or common stock that

•  is an individual United States citizen or resident, a United States corporation or other United States entity taxable as a corporation, an estate of which the income is subject to United States federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust;
•  owns Navios common stock as a capital asset; and
•  owns less than ten percent (10%) of Navios' common stock for United States federal income tax purposes.

If a partnership holds Navios common stock, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding Navios common stock, you should consult your tax advisor.

Tax Treatment of the Warrants

A US Holder generally will not recognize gain or loss upon exercise of a warrant, except with respect to any cash received in lieu of a fractional share. The US Holder will have a tax basis in the shares of Navios common stock received on exercise of the warrant equal to the sum of the US Holder's tax basis in the warrant and the exercise price paid in respect of the exercise. The holding period of common stock received upon the exercise of a warrant will begin on the day the warrant is exercised. If a warrant expires without being exercised, a US Holder will recognize a capital loss in an amount equal to the US Holder's tax basis in the warrant.

Generally, a US Holder's tax basis in a warrant will equal the amount paid by the US Holder to acquire the warrant. The warrants were originally issued as part of a unit comprised of one share of Navios common stock and two warrants. If a US Holder acquired a warrant as part of such a unit, the amount paid for the warrant is the portion of the amount paid for the unit allocable to the warrant, based on the relative fair market values of the warrant and the Navios common stock comprising the unit on the date of acquisition. By analogy to other provisions of the Code, Navios' allocation of the value of the warrant may be binding on US Holders who acquired their warrants at original issue, but not on the Internal Revenue Service, unless the US Holder explicitly discloses a contrary position in a statement attached to the US Holder's timely filed United States federal income tax return for the taxable year in which the US Holder acquired the unit.

Adjustments to the exercise price of the warrants, or the failure to make adjustment, may in certain circumstances result in the receipt of taxable constructive dividends by the US Holders, in which event the US Holder's tax basis in the warrants would be increased by an amount equal to the constructive dividend.

See also discussion under "United States Federal Income Taxation of US Holders — Sale, Exchange or other Disposition of Common Stock or Warrants".

Tax Treatment of Common Stock

Distributions

Subject to the discussion of passive federal foreign investment companies below, distributions made by Navios with respect to Navios common stock to a US Holder will generally constitute

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dividends to the extent of Navios' current or accumulated earnings and profits, as determined under United States federal income tax principles, and will be included in the US Holder's gross income. Distributions in excess of such earnings and profits will first be treated as a nontaxable return of capital to the extent of the US Holder's tax basis in his common stock on a dollar-for-dollar basis and thereafter as capital gain. Because Navios is not a United States corporation, US Holders that are corporations will not be entitled to claim a dividends received deduction with respect to any distributions it receives from Navios. Dividends paid with respect to Navios' common stock will generally be treated as "passive income" for purposes of computing allowable foreign tax credits for United States foreign tax credit purposes.

Dividends paid on Navios common stock to a US Holder who is an individual, trust or estate, a US Non-Corporate Holder, will, under current law, generally be treated as "qualified dividend income" that is taxable to such US Non-Corporate Holder at preferential tax rates (through 2008), provided that (1) the common stock is readily tradable on an established securities market in the United States (such as the NASDAQ National Market); (2) Navios is not a passive foreign investment company for the taxable year during which the dividend is paid or the immediately preceding taxable year (which Navios does not believe it is or will be); (3) the US Non-Corporate Holder has owned the common stock for more than sixty (60) days in the 121-day period beginning sixty (60) days before the date on which the common stock becomes ex-dividend; and (4) the US Non-Corporate Holder is under no obligation to make related payments with respect to positions in substantially similar or related property. Special rules may apply to any "extraordinary dividend" generally, a dividend in an amount equal to or in excess of ten percent of a stockholder's adjusted basis in a share of common stock paid by Navios. If Navios pays an "extraordinary dividend" on its common stock that is treated as "qualified dividend income", then any loss derived by a US Non-Corporate Holder from the sale or exchange of such common stock will be treated as long-term capital loss to the extent of such dividend.

There is no assurance that any dividends paid on Navios common stock will be eligible for these preferential rates in the hands of a US Non-Corporate Holder, although Navios believes that they will be so eligible. Any dividends out of earnings and profits Navios pays which are not eligible for these preferential rates will be taxed as ordinary income to a US Non-Corporate Holder.

Sale, Exchange or Other Disposition of Common Stock or Warrants

Assuming Navios does not constitute a passive foreign investment company for any taxable year, a US Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of Navios common stock or warrants in an amount equal to the difference between the amount realized by the US Holder from such sale, exchange or other disposition and the US Holder's tax basis in such stock. Such gain or loss will be treated as long-term capital gain or loss if the US Holder's holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as United States source income or loss, as applicable, for United States foreign tax credit purposes. Long-term capital gains of US Non-Corporate Holders are eligible for reduced rates of taxation. A US Holder's ability to deduct capital losses is subject to certain limitations. See, "United States Federal Income Tax Considerations United States Tax Consequences" above, for a discussion of certain tax basis and holding period issues related to Navios common stock.

Passive Foreign Investment Company Status and Significant Tax Consequences

Special United States federal income tax rules apply to a US Holder that holds stock or warrants in a foreign corporation classified as a "passive foreign investment company" for United States federal income tax purposes. A foreign corporation will be a foreign passive investment company if 75% or more of its gross income for a taxable year is treated as passive income, or if the average percentage of assets held by such corporation during a taxable year which produce or are held to produce passive income is at least 50%. A US Holder of stock or warrants in a passive foreign investment company can be subject to current taxation on undistributed income of such company or to other adverse tax results if it does not elect to be subject to such current taxation.

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Navios believes that it will not be a passive foreign investment company because it believes that its shipping income will be active services income and most of its assets will be held for the production of active services income.

Since there is no legal authority directly on point, however, the IRS or a court could disagree with Navios' position and treat its shipping income and/or shipping assets as passive income or as producing or held to produce passive income. In addition, although Navios intends to conduct its affairs in a manner that would avoid Navios being classified as a passive foreign investment company with respect to any taxable year, it cannot ensure that the nature of its operations will not change in the future.

United States Federal Income Taxation of Non-US Holders

A beneficial owner of warrants or common stock (other than a partnership) that is not a US Holder is referred to herein as a Non-US Holder.

Tax Treatments of Warrants

The U.S. federal income tax consequences of the exercise of a warrant by a Non-US Holder generally are the same as described above for a US Holder.

Tax Treatment of Common Stock

Dividends on Common Stock

Non-US Holders generally will not be subject to United States federal income tax or withholding tax on dividends received with respect to Navios common stock, unless that income is effectively connected with the Non- US Holder's conduct of a trade or business in the United States. If the Non-US Holder is entitled to the benefits of a United States income tax treaty with respect to those dividends, that income is taxable only if it is attributable to a permanent establishment maintained by the Non-US Holder in the United States. In the event that Navios were to be taxed as a United States corporation received by Non-US Holders could be subject to United States withholding tax. See discussion above under "United States Tax Consequences Taxation of Operating Income: In General".

Sale, Exchange or other Disposition of Common Stock

Non-US Holders generally will not be subject to United States federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of Navios' common stock or warrants, unless:

•  the gain is effectively connected with the Non-US Holder's conduct of a trade or business in the United States (and, if the Non-US Holder is entitled to the benefits of an income tax treaty with respect to that gain, that gain is attributable to a permanent establishment maintained by the Non-US Holder in the United States); or
•  the Non-US Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.

If the Non-US Holder is engaged in a United States trade or business for United States federal income tax purposes, the income from the common stock, including dividends and the gain from the sale, exchange or other disposition of the stock or warrants, that is effectively connected with the conduct of that trade or business, will generally be subject to regular United States federal income tax in the same manner as discussed in the previous section relating to the taxation of US Holders. In addition, if the shareholder or warrant holder is a corporate Non-US Holder, the shareholder's earnings and profits that are attributable to the effectively connected income, which are subject to certain adjustments, may be subject to an additional branch profits tax at a rate of thirty percent (30%), or at a lower rate as may be specified by an applicable income tax treaty.

Backup Withholding and Information Reporting

In general, dividend payments or other taxable distributions, made within the United States to the shareholder, will be subject to information reporting requirements if the shareholder is a

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non-corporate US Holder. Such payments or distributions may also be subject to backup withholding tax if the shareholder is a non-corporate US Holder and:

•  fails to provide an accurate taxpayer identification number;
•  is notified by the IRS that the shareholder failed to report all interest or dividends required to be shown on the shareholder's federal income tax returns; or
•  in certain circumstances, fails to comply with applicable certification requirements.

Non-US Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on IRS Form W-8ECI or W-81MY, as applicable.

If the shareholder or warrant holder is a Non-US Holder and sells the Non-U.S. Holder's common stock or warrants to or through a United States office of a broker, the payment of the proceeds is subject to both United States backup withholding and information reporting unless the Non-U.S. Holder certifies that the Non-U.S. Holder is a non-United States person, under penalties of perjury, or otherwise establishes an exemption. If the Non-U.S. Holder sells common stock or warrants through a non-United States office of a non-United States broker and the sales proceeds are paid to the Non-U.S. Holder outside the United States, then information reporting and backup withholding generally will not apply to that payment. United States information reporting requirements, but not backup withholding, however, will apply to a payment of sales proceeds, even if that payment is made to the Non-U.S. Holder outside the United States, if the Non-U.S. Holder sells common stock or warrants through a non-United States office of a broker that is a United States person or has some other contacts with the United States. Such information reporting requirements will not apply, however, if the broker has documentary evidence in its records that the shareholder or warrant holder is a non-United States person and certain other conditions are met, or otherwise establishes an exemption.

The conclusions expressed above are based on current United States tax law. Future legislative, administrative or judicial changes or interpretations, which can apply retroactively, could affect the accuracy of those conclusions.

The discussion does not address all of the tax consequences that may be relevant to particular taxpayers in light of their personal circumstances or to taxpayers subject to special treatment under the Code. Such taxpayers include non-US persons, insurance companies, tax-exempt entities, dealers in securities, banks and persons who acquired their shares of capital stock pursuant to the exercise of employee options or otherwise as compensation.

BECAUSE OF THE COMPLEXITY OF THE TAX LAWS, AND BECAUSE THE TAX CONSEQUENCES TO ANY PARTICULAR STOCKHOLDER MAY BE AFFECTED BY MATTERS NOT DISCUSSED ABOVE, EACH NAVIOS WARRANT HOLDER AND STOCKHOLDER IS URGED TO CONSULT A TAX ADVISOR WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF THE OFFERING AND THE EXERCISE OF THE PUBLICLY TRADED WARRANTS, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-US TAX LAWS, AS WELL AS FEDERAL TAX LAWS.

ENFORCEABILITY OF CIVIL LIABILITIES AND
INDEMNIFICATION FOR SECURITIES ACT LIABILITIES

We are incorporated under the laws of the Republic of the Marshall Islands. A majority of the directors, officers and the experts named in the prospectus reside outside the United States. In addition, a substantial portion of the assets and the assets of the directors, officers and experts are located outside the United States. As a result, you may have difficulty serving legal process within the United States upon Navios or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in United States courts against Navios or these persons in any action, including actions based upon the civil liability provisions of United States federal or state securities laws. Furthermore, there is substantial doubt that the courts of the Marshall Islands would enter judgments in original actions brought in those courts predicated on United States federal or state securities laws.

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Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.

We have obtained directors' and officers' liability insurance against any liability asserted against such person incurred in the capacity of director or officer or arising out of such status, whether or not we would have the power to indemnify such person.

LEGAL MATTERS

The validity of the common stock underlying the publicly traded warrants offered in this offering, including the valid issuance of the shares of common stock upon exercise of the warrants and the comparison of stockholders' rights under Marshall Islands law as compared to Delaware law in connection with this offering relating to Marshall Islands law will be passed upon for us by Reeder & Simpson P.C.

EXPERTS

The consolidated financial statements of Navios Maritime Holdings Inc. (successor) as of December 31, 2005 and for the period from August 26, 2005 to December 31, 2005 and the consolidated financial statements of Navios Maritime Holdings, Inc. (predecessor) as of December 31, 2004, and for the period from January 1, 2005 until August 25, 2005 and for the two years in the period ended December 31, 2004 included in this prospectus have been so included in reliance on the reports of PricewaterhouseCoopers S.A., an independent registered public accounting firm, given on the authority of said firm as experts in accounting and auditing.

The financial statements of International Shipping Enterprises, Inc. (a corporation in the development stage) as of December 31, 2004 and for the period from September 17, 2004 to December 31, 2004 included in this prospectus have been so included in reliance on the report of Goldstein Golub Kessler LLP, an independent registered public accounting firm, given on the authority of said firm as experts in accounting and auditing.

The discussions contained under the sections of this prospectus entitled ‘'The International Dry Bulk Shipping Industry" have been reviewed by Drewry Shipping Consultants, Ltd., which has confirmed to Navios that they accurately describe the international dry bulk shipping industry, subject to the reliability of the data supporting the statistical and graphical information presented in this prospectus.

The statistical and graphical information Navios uses in this prospectus has been compiled by Drewry from its database. Drewry compiles and publishes data for the benefit of its clients. Its methodologies for collecting data, and therefore the data collected, may differ from those of other sources, and its data does not reflect all or even necessarily a comprehensive set of the actual transactions occurring in the market.

WHERE YOU CAN FIND MORE INFORMATION

We have filed a registration statement on Form F-1, including the exhibits and schedules thereto, with the Securities and Exchange Commission, or SEC, under the Securities Act, and the rules and regulations thereunder, for the registration of the common stock that are being offered by this prospectus. This prospectus does not include all of the information contained in the registration statement. You should refer to the registration statement and its exhibits for additional information. Whenever we make reference in this prospectus to any of our contracts, agreements or other documents, the references are not necessarily complete and you should refer to the exhibits attached to the registration statement for copies of the actual contract, agreements or other document.

We are subject to the informational requirements of the Securities Exchange Act, applicable to foreign private issuers. We, as a "foreign private issuer", are exempt from the rules under the

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Securities Exchange Act prescribing certain disclosure and procedural requirements for proxy solicitations, and our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions contained in Section 16 of the Securities Exchange Act, with respect to their purchases and sales of shares. In addition, we are not required to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Securities Exchange Act. However, we will file with the SEC, within 180 days after the end of each fiscal year, an annual report on Form 20-F containing financial statements audited by an independent accounting firm. We will also furnish quarterly reports on Form 6-K containing unaudited interim financial information for the first three quarters of each fiscal year, within 60 days after the end of such quarter.

You may read and copy any document we file or furnish with the SEC at reference facilities at 450 Fifth Street, NW, Washington, DC 20549. You may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 450 Fifth Street, NW, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities. You can review our SEC filings and the registration statement by accessing the SEC's internet site at http://www.sec.gov.

Documents may also be inspected at the National Association of Securities Dealers, Inc., 1735 K Street, N.W., Washington D.C. 20006.

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Index


  Page
NAVIOS MARITIME HOLDINGS INC.      
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (SUCCESOR) F-2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PREDECESSOR) F-3
CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2005 (SUCCESSOR) AND DECEMBER 31, 2004 (PREDECESSOR) F-4
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE PERIOD FROM AUGUST 26, 2005 TO DECEMBER 31, 2005 (SUCCESSOR), THE PERIOD FROM JANUARY 1, 2005 TO AUGUST 25, 2005, AND FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 (PREDECESSOR) F-5
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIOD FROM AUGUST 26, 2005 TO DECEMBER 31, 2005 (SUCCESSOR), THE PERIOD FROM JANUARY 1, 2005 TO AUGUST 25, 2005, AND FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 (PREDECESSOR) F-6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE PERIOD FROM AUGUST 26, 2005 TO DECEMBER 31, 2005 (SUCCESSOR), THE PERIOD FROM JANUARY 1, 2005 TO AUGUST 25, 2005 AND FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 (PREDECESSOR) F-8
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS F-9
INTERNATIONAL SHIPPING ENTERPRISE, INC.  
UNAUDITED BALANCE SHEET AT JUNE 30, 2005 F-47
UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2005 F-48
UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2005 F-49
UNAUDITED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2005 F-50
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS F-51
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM F-54
BALANCE SHEET FOR THE YEAR ENDED DECEMBER 31, 2004 F-55
INCOME STATEMENT FOR THE PERIOD FROM SEPTEMBER 17, 2004 (INCEPTION) TO DECEMBER 31, 2004 F-56
STATEMENT OF STOCKHOLDER'S EQUITY FOR THE PERIOD FROM SEPTEMBER 17, 2004 (INCEPTION) TO DECEMBER 31, 2004 F-57
STATEMENT OF CASH FLOWS FOR THE PERIOD FROM SEPTEMBER 17, 2004 (INCEPTION) TO DECEMBER 31, 2004 F-58
NOTES TO FINANCIAL STATEMENTS F-59

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of
Navios Maritime Holdings Inc.:

In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of operations, stockholders' equity and cash flows present fairly, in all material respects, the financial position of Navios Maritime Holdings Inc and its subsidiaries (Successor) at December 31, 2005 and the results of their operations and their cash flows for the period from August 26, 2005 to December 31, 2005, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers S.A.

Piraeus, Greece
March 22, 2006

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Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of
Navios Maritime Holdings Inc.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, stockholders' equity and cash flows present fairly, in all material respects, the financial position of Navios Maritime Holdings Inc and its subsidiaries (Predecessor) at December 31, 2004 and the results of their operations and their cash flows for the period from January 1, 2005 to August 25, 2005 and for each of the two years in the period ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers S.A.

Piraeus, Greece
March 22, 2006

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of US Dollars — except per share data)


    Successor Predecessor
  Notes December 31, 2005 December 31, 2004
ASSETS      
Current Assets                  
Cash and cash equivalents 4,12 $ 37,737   $ 46,758  
Restricted cash 2,12   4,086     3,513  
Accounts receivable, net 5   13,703     15,200  
Short term derivative asset 12   45,556     109,310  
Short term backlog asset 8   7,019     —  
Prepaid expenses and other current assets 6   6,438     13,163  
Total current assets     114,539     187,944  
Deposit on exercise of vessels purchase options 7   8,322     —  
Vessels, port terminal and other fixed assets, net 7,23   365,997     138,199  
Fixed assets under construction     —     2,794  
Long term derivative assets 12   28     708  
Deferred financing costs, net     11,677     425  
Deferred dry dock and special survey costs, net     2,448     435  
Investments in affiliates 9,17   657     557  
Long term backlog asset 8   7,744     —  
Trade name 8   89,014     2,004  
Port terminal operating rights 8   30,728     —  
Favorable lease terms 8   117,440     —  
Goodwill     40,789     226  
Total non-current assets     674,844     145,348  
Total Assets   $ 789,383   $ 333,292  
LIABILITIES AND STOCKHOLDERS’ EQUITY              
Current Liabilities              
Accounts payable   $ 13,886   $ 14,883  
Accrued expenses 10   11,253     7,117  
Deferred voyage revenue     6,143     15,135  
Short term derivative liability 12   39,992     65,392  
Short term backlog liability 8   8,109     —  
Current portion of long term debt 11   54,221     1,000  
Total current liabilities     133,604     103,527  
Long term debt, net of current portion 11   439,179     49,506  
Long term liabilities 13   2,297     3,024  
Long term derivative liability 12   598     2,444  
Long term backlog liability 8   5,947     —  
Total non-current liabilities     448,021     54,974  
Total liabilities     581,625     158,501  
Commitments and Contingencies 15            
Stockholders’ Equity              
Successor              
Preferred stock – $0.0001 par value, authorized 1,000,000 shares. None issued     —     —  
Common stock – $ 0.0001 par value, authorized 120,000,000 shares, issued and outstanding 44,239,319     4     —  
Predecessor              
Common stock – $0.10 par value – authorized, issued and outstanding 874,584 shares     —     87  
Additional paid-in capital     205,593     60,570  
Legal Reserve, restricted 14   —     289  
Retained earnings     2,161     113,845  
Total stockholders’ equity     207,758     174,791  
Total Liabilities and Stockholders’ Equity   $ 789,383   $ 333,292  

See notes to consolidated financial statements

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of US Dollars — except per share data)


    Successor Predecessor Predecessor Predecessor
  Note August 26, 2005
To
December 31, 2005		 January 1, 2005
To
August 25, 2005		 Year
Ended
December 31, 2004		 Year
Ended
December 31, 2003
Revenue   20   $ 76,376   $ 158,630   $ 279,184   $ 179,734  
(Loss) gain on Forward Freight Agreements   12     (2,766 )    2,869     57,746     51,115  
Time charter, voyage and port terminal expenses         (39,530 )    (91,806 )    (180,026 )    (136,551 ) 
Direct vessel expenses         (3,137 )    (5,650 )    (8,224 )    (10,447 ) 
General and administrative expenses         (4,582 )    (9,964 )    (12,722 )    (11,628 ) 
Depreciation and amortization   7,8     (13,582 )    (3,872 )    (5,925 )    (8,857 ) 
Gain (loss) on sale of assets   18     —     —     61     (2,367 ) 
Interest income         1,163     1,350     789     134  
Interest expense and finance cost, net   11     (11,892 )    (1,677 )    (3,450 )    (5,278 ) 
Other income         52     1,426     374     1,102  
Other expense         (226 )    (757 )    (1,438 )    (553 ) 
Income before equity in net earnings of affiliate companies         1,876     50,549     126,369     56,404  
Minority Interest   19     —     —     —     (1,306 ) 
Equity in net Earnings of Affiliated Companies   9,17     285     788     763     403  
Net income       $ 2,161   $ 51,337   $ 127,132   $ 55,501  
Earnings per share, basic       $ 0.05   $ 58.70   $ 139.83   $ 55.70  
Weighted average number of shares, basic   21     40,189,356     874,584     909,205     996,408  
Earnings per share, diluted       $ 0.05   $ 58.70   $ 139.83   $ 55.70  
Weighted average number of shares, diluted   21     45,238,554     874,584     909,205     996,408  

See notes to consolidated financial statements.

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NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of US Dollars)


    Successor Predecessor Predecessor Predecessor
  Note August 26, 2005
To
December 31, 2005		 January 1, 2005
To
August 25, 2005		 Year
Ended
December 31, 2004		 Year
Ended
December 31, 2003
OPERATING ACTIVITIES                              
Net income       $ 2,161   $ 51,337   $ 127,132   $ 55,501  
Adjustments to reconcile net income to net cash provided by operating activities:                              
Minority interest   19     —     —     —     1,306  
Depreciation and amortization   7,8     13,582     3,872     5,925     8,857  
Amortization of deferred financing cost         1,253     425     773     565  
Amortization of deferred dry dock costs         143     160     249     309  
Amortization of backlog         (78 )    —     —     —  
Provision for losses on accounts receivable   5     411     (880 )    (573 )    1,021  
(Gain) / loss on sale of fixed assets         —     —     (61 )    2,367  
Unrealized loss/(gain) on FFA derivatives   12     17,074     23,793     (599 )    (45,905 ) 
Unrealized (gain)/loss on foreign exchange contracts         (212 )    338     44     (170 ) 
Unrealized (gain)/loss on interest rate swaps         (384 )    (403 )    301     220  
Earnings in affiliates, net of dividends received   9,17     (285 )    185     (64 )    (325 ) 
Changes in operating assets and liabilities:                              
Decrease (increase) in restricted cash     433     (1,005 )    (281 )    309  
(Increase) decrease in accounts receivable     (9,193 )    11,768     2,721     (12,937 ) 
Decrease (increase) in prepaid expenses and other     2,896     3,762     4,755     (7,778 ) 
(Decrease) increase in accounts payable     (1,321 )    (10,172 )    708     10,895  
Increase (decrease) in accrued expenses     2,332     (1,229 )    191     1,732  
(Decrease) increase in deferred voyage revenue     (3,961 )    (5,032 )    (1,833 )    7,610  
(Decrease) increase in long term liability     (275 )    (451 )    148     198  
Increase (decrease) in derivative accounts     1,505     (4,523 )    (2,318 )    (2,323 ) 
Net cash provided by operating activities     26,081     71,945     137,218     21,452  
INVESTING ACTIVITIES:                          
Deposit on exercise of vessel purchase options     (8,322 )    —     —     —  
Deferred dry dock and special survey costs     (1,710 )    —     —     —  
Acquisition of vessels 7,17   (110,831 )    —     —     —  
Purchase of property and equipment 7   (294 )    (4,264 )    (5,103 )    (36,447 ) 
Proceeds from sale of fixed assets     —     —     136     63,041  
Net cash (used in) provided by investing activities     (121,157 )    (4,264 )    (4,967 )    26,594  
FINANCING ACTIVITIES:                          
Change in bank overdraft     —     —     —     (1,492 ) 
Proceeds from long term loan 11   105,900     —     91,506     45,325  
Repayment of long term debt 11   (126,870 )    (50,506 )    (139,189 )    (76,752 ) 
Repayment of shareholders loan 17   (8,622 )    —     367     —  
Deferred financing costs     (3,787 )    —     (438 )    (41 ) 
Acquisition of common stock     —     —     (9,000 )    (850 ) 
Issuance of preferred stock     —     —     —     6,440  
Redemption of preferred stock     —     —     (15,189 )    (686 ) 

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Table of Contents
    Successor Predecessor Predecessor Predecessor
  Note August 26, 2005
To
December 31, 2005		 January 1, 2005
To
August 25, 2005		 Year
Ended
December 31, 2004		 Year
Ended
December 31, 2003
Distribution paid to minority interest     —     —     —     (1,360 ) 
Dividends paid     —     —     (40,000 )    —  
Cash received from downstream merger 3   102,259     —     —     —  
Net cash provided by (used in) financing activities     68,880     (50,506 )    (111,943 )    (29,416 ) 
(Decrease) increase in cash and cash equivalents     (26,196 )    17,175     20,308     18,630  
Cash and cash equivalents, beginning of year     63,933     46,758     26,450     7,820  
Cash and cash equivalents, end of year   $ 37,737   $ 63,933   $ 46,758   $ 26,450  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                          
Cash paid for interest   $ 9,932   $ 2,358   $ 5,159   $ 6,794  

Non-cash investing and financing activities

•  See Note 3 for assets and liabilities assumed in the down stream merger of ISE
•  See Notes 7 and 17 for issuance of shares in connection with the acquisition of vessels

See notes to consolidated financial statements.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Expressed in thousands of US Dollars — except per share data)


  Number of
Common
Shares		 Common
Stock		 Additional
Paid-in
Capital		 Loan
To
Shareholder		 Legal
Reserve
(Restricted)		 Retained
Earnings		 Total
Stockholders’
Equity
Balance January 1, 2003 (Predecessor)   1,000,000   $ 100   $ 70,407   $ (367 )  $ 47   $ (28,546 )  $ 41,641  
Net income   —     —     —     —     —     55,501     55,501  
Movement in legal reserve   —     —     —     —     88     (88 )    —  
Cancellation of common stock   (21,553 )    (2 )    (848 )    —     —     —     (850 ) 
Balance December 31, 2003 (Predecessor)   978,447     98     69,559     (367 )    135     26,867     96,292  
Net income   —     —     —     —     —     127,132     127,132  
Movement in legal reserve   —     —     —     —     154     (154 )    —  
Repayment of shareholder loan   —     —     —     367     —     —     367  
Dividends   —     —     —     —     —     (40,000 )    (40,000 ) 
Cancellation of common stock   (103,863 )    (11 )    (8,989 )    —     —     —     (9,000 ) 
Balance December 31, 2004 (Predecessor)   874,584     87     60,570     —     289     113,845     174,791  
Net income – year to August 25, 2005   —     —     —     —     —     51,337     51,337  
Movement in legal reserve   —     —     —     —     163     (163 )    —  
Balance August 25, 2005 (Predecessor)   874,584     87     60,570     —     452     165,019     226,128  
Push down of purchase accounting   —     —     547,310     —     (452 )    (165,019 )    381,839  
Downstream merger   39,025,416     (83 )    (423,632 )    —     —     —     (423,715 ) 
Issuance of common stock in connection with the acquisition of vessels (Note 7)   4,339,319     —     21,345     —     —     —     21,345  
Net income August 26, 2005 to December 31, 2005   —     —     —     —     —     2,161     2,161  
Balance December 31, 2005 (Successor)   44,239,319   $ 4   $ 205,593   $ —   $ —   $ 2,161   $ 207,758  

See notes to consolidated financial statements.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

NOTE 1 — DESCRIPTION OF BUSINESS

On December 11, 2002, the shareholders of Anemos Maritime Holdings Inc. (‘‘Anemos’’) and Navios Corporation (‘‘Navios’’) each contributed their respective interests for shares of a newly created entity named Nautilus Maritime Holdings, Inc. (‘‘Nautilus’’), a Marshall Islands corporation. For accounting purposes, Anemos was considered the acquirer. During 2003, Nautilus changed its name to Navios Maritime Holdings Inc.

On August 25, 2005, pursuant to a Stock Purchase Agreement dated February 28, 2005, as amended, by and among International Shipping Enterprises, Inc. (‘‘ISE’’), Navios Maritime Holdings Inc. (‘‘Navios’’ or the ‘‘Company’’) and all the shareholders of Navios, ISE acquired Navios through the purchase of all of the outstanding shares of common stock. As a result of this acquisition, Navios became a wholly-owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of the Marshall Islands through a downstream merger with and into its newly acquired wholly-owned subsidiary, whose name was and continued to be Navios Maritime Holdings Inc. (Note 3).

The purpose of the business combination was to create a leading international maritime enterprise focused on the: (i) transportation and handling of bulk cargoes through the ownership, operation and trading of vessels, (ii) forward freight agreements ‘‘FFAs’’ and (iii) ownership and operation of port and transfer station terminals. The Company operates a fleet of owned Ultra Handymax and Panamax vessels and a fleet of time chartered Panamax and Ultra Handymax vessels that are employed to provide worldwide transportation of bulk commodities. The Company actively engages in assessing risk associated with fluctuating future freight rates, fuel prices and foreign exchange and, where appropriate, will actively hedge identified economic risk with appropriate derivative instruments. Such economic hedges do not always qualify for accounting hedge treatment, and, as such, the usage of such derivatives could lead to material fluctuations in the Company's reported results from operations on a period-to-period basis.

The Company also operates a port and transfer facility located in Nueva Palmira, Uruguay. The facility consists of docks, conveyors and silo storage capacity totaling 270,440 tons (2004: 205,000 tons; 2003: 165,000 tons). During 2005, shipments totaled 2,057,700 tons (2004: 2,027,200 tons; 2003: 1,811,000 tons) of agricultural and other products.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(a)  Basis of presentation:   The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP).
(b)  Principles of consolidation:   The accompanying consolidated financial statements include the accounts of Navios Maritime Holdings Inc., a Marshall Islands corporation, and its majority owned subsidiaries (the ‘‘Company’’ or ‘‘Navios’’). The consolidated financial statements for the period from August 26, 2005 to December 31, 2005 reflect the Company’s consolidated financial position, results of operations and cash flows as successor while all other periods presented are for the predecessor company (see note 3). All significant inter-company balances and transactions have been eliminated in the consolidated statements.
     Subsidiaries:   Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition plus costs directly attributable to the acquisition. The excess of the cost of acquisition over the fair value of the net tangible and intangible assets acquired and liabilities assumed is recorded as goodwill.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

     Investments in Affiliates:   Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but which it does not control. Investments in these entities are accounted for by the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate.

Companies included in the consolidation:


  Nature /
Vessel Name		 Country of
Incorporation		 Statement of operations
Company Name 2005
Successor		 2005
Predecessor		 2004
Predecessor		 2003
Predecessor
Navios Maritime Holdings Inc. Holding Company Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Navios Corporation Sub-Holding Company Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Navios International Inc. Operating Company Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Navimax Corporation Operating Company Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Navios Handybulk Inc. Operating Company Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Corporation Navios SA Operating Company Uruguay 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Hestia Shipping Ltd. Operating Company Malta 10/20-12/31 — — —
Anemos Maritime Holdings Sub-Holding Company Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Navios Shipmanagement Inc. Management Company Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Achilles Shipping Corporation Navios Achilles Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Apollon Shipping Corporation Navios Apollon Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Herakles Shipping Corporation Navios Herakles Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Hios Shipping Corporation Navios Hios Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 3/20-12/31
Ionian Shipping Corporation Navios Ionian Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
Kypros Shipping Corporation Navios Kypros Marshall Is. 8/26-12/31 1/1-8/25 1/1-12/31 2/28-12/31
Meridian Shipping Enterprises Inc. Navios Meridian Marshall Is. 11/30-12/31 — — —
Mercator Shipping Corporation Navios Mercator Marshall Is. 12/30-12/31 — — —
Libra Shipping Enterprises Corp. Navios Libra II Marshall Is. 12/22-12/31 — — —
Alegria Shipping Corporation Navios Alegria Marshall Is. 12/22-12/31 — — —
Felicity Shipping Corporation Navios Felicity Marshall Is. 12/27-12/31 — — —
Gemini Shipping Corporation Navios Gemini S    (ii) Marshall Is. — — — —
Arc Shipping Corporation Navios Arc       (iii) Marshall Is. — — — —
Galaxy Shipping Corporation Navios Galaxy I     (iv) Marshall Is. — — — —
Horizon Shipping Enterprises Corporation Navios Horizon (iv) Marshall Is. — — — —
Magellan Shipping Corporation Navios Magellan (iv) Marshall Is. — — — —
Acropolis Shipping & Trading Inc. (i) Brokerage Company Liberia 8/26-12/31 1/1-8/25 1/1-12/31 1/1-12/31
(i)  The company is 50% owned by Navios and is accounted for on the equity basis.
(ii)  The vessel was acquired on January 5, 2006 (Note 23)
(iii)  The vessel was acquired on February 10, 2006 (Note 23)
(iv) Navios Galaxy and Navios Magellan are expected to be delivered in the week starting March 20, 2006 and Navios Horizon in the first week of April 2006.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

(c)  Use of estimates:   The preparation of consolidated financial statements in conformity with the accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the carrying value of investments in affiliates, the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, provisions for legal disputes, pension benefits, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions.
(d) Cash and Cash equivalents:   Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.
(e)  Restricted cash:   Restricted cash consists of the restricted portion of derivative base and margin collaterals with NOS ASA, a Norwegian clearing house, and cash retention accounts which are restricted for use as general working capital unless such balances exceed installment and interest payments due to vessels' lenders. A portion of the amounts on deposit with NOS ASA are held as base and margin collaterals on active trades. As of December 31, 2005 and 2004, the restricted balance with NOS ASA was $1,000 and $2,768, respectively.
     Also included in restricted cash as of December 31, 2005 and 2004 are amounts held as security in the form of letters of guarantee or letters of credit totaling $500 and $745, respectively. In addition at December 31, 2005 restricted cash includes $2,586 held in retention accounts related to collateral for interest rate swaps and accrued interest on loans. No such retention accounts existed at December 31, 2004.
(f)  Insurance claims:   Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on the accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are expected to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectations as to their collection dates.
(g)  Inventories:   Inventories, which are comprised of lubricants and stock provisions on board the owned vessels, are valued at the lower of cost or market as determined on the first in first out basis or market value.
(h)  Vessels, net:   In connection with the acquisition / reincorporation, vessels owned by Navios (Predecessor) were recorded at fair market values as of August 25, 2005. Vessels acquisitions subsequent to that date are stated at historical cost, which consists of the contract price, any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

     Depreciation is computed using the straight line method over the useful life of the vessels, after considering the estimated residual value. Management estimates the useful life of the Company’s vessels to be 25 years from the vessel’s original construction. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective.
(i)  Port Terminal and Other Fixed Assets, net:   In connection with the acquisition / reincorporation, the port terminal and other fixed assets owned by Navios (Predecessor) were stated at fair market value as of August 25, 2005. Acquisitions subsequent to that date are stated at cost and are depreciated utilizing the straight — line method at rates equivalent to their average estimated economic useful lives. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of operations.
     Annual depreciation rates used, which approximate the useful life of the assets are:

Port facilities and transfer station 3 to 40 years
Furniture, fixtures and equipment 3 to 10 years
Computer equipment and software 5 years
Leasehold improvements 6 years
(j)  Fixed assets under construction:   This represents amounts expended by the Company in accordance with the terms of the purchase agreements for the construction of long-lived fixed assets. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. No interest was capitalized in any of the periods presented.
(k)  Assets Held for Sale:   It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale in accordance with SFAS No. 144, ‘‘Accounting for the Impairment or the Disposal of Long-Lived Assets’’, when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented.
(l)  Impairment of Long Lived Assets:   Vessels, other fixed assets and other long lived assets held and used by the Company are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In accordance with FAS 144, management reviews valuations and compares them to the assets carrying amounts. Should the valuations indicate potential impairment, management determines projected undiscounted cash flows for each asset and compares it to its carrying amount. In the event that impairment occurs, an impairment charge is recognized by comparing the asset’s carrying amount to its estimated fair value. For the purposes of assessing impairment, long lived-assets are grouped at the lowest levels for which there are separately identifiable cash flows. No impairment loss was recognized for any of the periods presented.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

(m)  Deferred Dry-dock and Special Survey Costs:   The Company’s vessels are subject to regularly scheduled dry-docking and special surveys which are carried out every 30 or 60 months to coincide with the renewal of the related certificates issued by the Classification Societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of dry-docking and special surveys is deferred and amortized over the above periods or to the next dry-docking or special survey date if such has been determined. Unamortized dry-docking or special survey costs of vessels sold are written off to income in the year the vessel is sold. When vessels are acquired the portion of the vessels’ capitalized cost that relates to dry-docking or special survey is treated as a separate component of the vessels’ cost and is deferred and amortized as above. This cost is determined by reference to the estimated economic benefits to be derived until the next dry-docking or special survey. For the periods from August 26, 2005 to December 31, 2005 and from January 1, 2005 to August 25, 2005 and for the years ended December 31, 2004 and 2003 the amortization was $143, $160, $249 and $309, respectively. Accumulated amortization as of December 31, 2005 and 2004 was $143 and $795, respectively.
(n)  Asset Retirement Obligation:   The Company adopted SFAS No. 143, ‘‘Accounting for Asset Retirement Obligations’’ as of January 1, 2003. This statement requires entities to record a legal obligation associated with the retirement of a tangible long lived asset in the period in which it is incurred. At December 31, 2005 and 2004, the asset balance was $22 and $23, respectively. At December 31, 2005 and 2004, the liability balance associated with the lease of port terminal was $30 and $28, respectively.
(o)  Deferred Financing Costs:   Deferred financing costs include fees, commissions and legal expenses associated with obtaining loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. During December 2005, the Company refinanced the credit facility obtained on July 12, 2005 (Note 11), which was not accounted for in the same manner as a debt extinguishment. Therefore, fees paid to the bank associated with the new loan and, along with any existing unamortized premium or discount, are being amortized as an adjustment of interest expense over the remaining term of the new loan using the interest method. Costs incurred with third parties (such as legal fees) in connection with this refinancing were expensed as incurred. Amortization for the periods from August 26, 2005 to December 31, 2005 and from January 1, 2005 to August 25, 2005 and for the years ended December 31, 2004 and 2003 was $1,253, $425, $773 and $565, respectively.
(p)  Goodwill and Other Intangibles: As required by SFAS No. 142 ‘‘Goodwill and Other Intangible Assets’’, goodwill acquired in a business combination initiated after June 30, 2001 is not to be amortized. Similarly, intangible assets with indefinite lives are not amortized. Rather, SFAS 142 requires that goodwill be tested for impairment at least annually and written down with a charge to operations if the carrying amount exceeds the estimated fair value.
     The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. If the fair value exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the implied fair value of the reporting unit's goodwill is compared with its carrying amount. The implied fair value is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that unit, as if the unit had been acquired in a business combination and the fair value of the unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to the implied fair value. The Company determined that there was no impairment of goodwill during the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and for the years ended December 31, 2004 and 2003.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

     All of the Company’s intangible assets were valued at August 25, 2005 in a process that included the use of independent appraisers. The fair value of the trade name was determined based on the ‘‘relief from royalty’’ method which values the trade name based on the estimated amount that a company would have to pay in an arms length transaction in order to use that trade name. The asset is being amortized under the straight line method over 32 years. Other intangibles that are being amortized, such as the amortizable portion of favorable leases, port terminal operating rights, backlog assets and liabilities, would be considered impaired if their fair market value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options, which are included in favorable lease terms, are not amortized and would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair market value of the vessel.
     The weighted average amortization periods for intangibles are:

Intangible assets Years
Trade name   32.0  
Favorable lease terms (*)   7.0  
Port terminal operating rights   40.0  
Backlog asset — charter out   2.8  
Backlog asset — port terminal   3.6  
Backlog liability — charter out   2.1  
     (*) The intangible asset associated with the favorable lease terms includes an amount of $20,670 related to purchase options for the vessels as of August 25, 2005. As of December 31, 2005, $50 had been transferred to the acquisiton cost of Navios Meridian. This amount is not amortized and should the purchase options be exercised, any unamortized portion of this asset will be capitalized as part of the cost of the vessel and will be depreciated over the remaining useful life of the vessel (Note 8).
(q)  Foreign Currency Translation:   The consolidated financial statements are prepared in US Dollars. The Company engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly US dollar denominated. Additionally, the Company's wholly-owned Uruguayan subsidiary transacts a nominal amount of its operations in Uruguayan pesos, whereas the Company's wholly-owned vessel subsidiaries and the vessel management subsidiary transacts a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are US dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statement of operations. The foreign currency exchange losses recognized in the consolidated statement of operations for the period from August 26, 2005 to December 31, 2005 and from January 1, 2005 to August 25, 2005 and for the years ended December 31, 2004 and 2003 were $(110), $(482), $(197) and $(431), respectively.
(r)  Provisions:   The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. In accordance with SFAS No. 5, ‘‘Accounting for Contingencies’’, as interpreted by the FASB Interpretation

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

  No. 14, ‘‘Reasonable Estimation of the Amount of a Loss’’, if the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide the lower amount of the range. See Note 14, ‘‘Uruguayan Subsidiary Legal Reserve’’ and Note 15, ‘‘Commitments and Contingencies’’ for further discussion.
     The Company participates in Protection and Indemnity (P&I) insurance coverage plans provided by mutual insurance societies known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums to fund operating deficits incurred by the clubs (‘‘back calls’’). Obligations for back calls are accrued annually based on information provided by the clubs regarding supplementary calls.
     Provisions for estimated losses on uncompleted voyages and vessels time chartered to others are provided for in the period in which such losses are determined. At December 31, 2005, the balance for provision for loss making voyages in progress was $0 (2004: $1,345).
(s)  Segment Reporting:   The Company accounts for its segments in accordance with SFAS No. 131, ‘‘Disclosure about Segments of an Enterprise and Related Information’’. SFAS No. 131 requires descriptive information about its reportable operating segments. Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company's methods of internal reporting and management structure, the Company has two reportable segments: Vessel Operations and Port Terminal.
(t)  Revenue and Expense Recognition:
     Revenue Recognition:   Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. The Company generates revenue from the following sources, (1) transportation of cargo, (2) time charter of vessels and, (3) port terminal operations in Uruguay. During the period January 1, 2003 to March 11, 2003 the Company also generated revenue from vessels contributed to the Navimax Pool, and a Navimax Pool management fee.
     Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. To conform to U.S. GAAP, the Company changed its policy effective October 1, 2005, to recognize voyage expenses as incurred. The difference between the new method and the method reflected in the 2004 and 2003 financial statements is not material and, therefore, those periods have not been restated. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, we agree to provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight rate per ton of cargo.
     Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements, as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel at the charterers’ disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium term charters. All other charters are considered long term. Under time charters, operating cost such as for crews, maintenance and insurance are typically paid by the owner of the vessel.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

     Revenues from port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into the silos for temporary storage and then loading the ocean going vessels. Revenues are recognized upon completion of loading the ocean going vessels. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading. Storage fees are assessed and recognized when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean going vessel.
     Revenue from vessels contributed to Navimax Pool was recognized when earned. The Pool ceased operation on March 11, 2003. The Pool, which was managed by a subsidiary of the Company, recognized its revenue on a percentage of completion basis, based on per day estimates and ratably over the period. The Company's earnings represent its proportionate share of the Pool's revenue less operating expenses and management fee, determined by a predetermined formula agreed by pool participants.
     Forward Freight Agreements (FFAs):   Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, quarterly the FFAs are ‘‘marked to market’’ to determine the fair values which generate unrealized gains or losses. FFAs trading generally have not qualified as hedges for accounting purposes, and, as such, the trading of FFAs could lead to material fluctuations in the Company's reported results from operations on a period to period basis. See note 12.
     Deferred Voyage Revenue:   Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period.
     Time Charter, Voyage and Port Terminal Expense:   Time charter and voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter and voyage expenses are charterers’ liability insurances, provision for losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses.
     Direct Vessel Expense:   Direct vessel expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of dry-docking and special survey costs.
     Prepaid Voyage Costs:   Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expense over the voyage or charter period.
(u)  Employee benefits:
     Pension and retirement obligations-crew:   The Company's ship-owning subsidiary companies employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or postretirement benefits.
     Provision for employees' severance and retirement compensation:   The employees in the Company's office in Greece are protected by Greek labor law. Accordingly, compensation is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement. If the employees remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

  amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company is required to annually value the statutory terminations indemnities liability. Management obtains a valuation from independent actuaries to assist in the calculation of the benefits. The Company provides, in full, for the employees' termination indemnities liability. This liability amounted to $20 and $74 at December 31, 2005 and 2004, respectively.
     U.S. Retirement savings plan: The Company sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan's eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services. See Note 13.
  Other post-retirement obligations:   The Company has a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits is only to these former employees. The expected costs of these benefits are accrued each year, using an accounting methodology similar to that for defined benefit pension plans. These obligations are valued annually by independent actuaries.
(v)  Financial Instruments:   Financial instruments carried on the balance sheet include cash and cash equivalents, trade receivables and payables, other receivables and other liabilities, long-term debt and capital leases. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable.
     Financial risk management:   The Company's activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, and fuel prices, credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations.
     Credit risk:   The Company closely monitors its exposure to customers and counter-parties for credit risk. The Company has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. Derivative counter-parties and cash transactions are limited to high quality credit financial institutions.
     Interest rate risk:   The Company is party to interest rate swap agreements. The purpose of the agreements is to reduce exposure to fluctuations in interest rates. Any differential to be paid or received on an interest rate swap agreement is recognized as a component of other income or expense over the period of the agreement. Gains and losses on early termination of interest rate swaps are taken to the consolidated statement of operations. The effective portion of changes in the fair value of interest rate swap agreements that are designated and qualify as cash flow hedges are recognized in equity. The gain or loss relating to the ineffective portion is recognized in the statement of operations.
     Liquidity risk:   Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances adequately to meet working capital needs.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

     Foreign exchange risk:   Foreign currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations.

Accounting for derivative financial instruments and hedge activities:

     The Company enters into dry bulk shipping FFAs as economic hedges relating to identifiable ship and or cargo positions and as economic hedges of transactions the Company expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including dry bulk shipping FFAs, the Company manages the financial risk associated with fluctuating market conditions. In entering into these contracts, the Company has assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. See Note 12.
     The Company also trades dry bulk shipping FFAs with NOS ASA, a Norwegian clearing house. NOS ASA calls for both base and margin collaterals, which are funded by the Company, and which in turn substantially eliminates counterparty risk. Certain portions of these collateral funds may be restricted at any given time as determined by NOS ASA.
     At the end of each calendar quarter, the fair value of dry bulk shipping FFAs traded over-the-counter are determined from an index published in London, United Kingdom and the fair value of those FFAs traded with NOS ASA are determined from the NOS valuation.
     Pursuant to SFAS 133, the Company records all its derivative financial instruments and hedges as economic hedges. Since they neither qualify as a hedge nor do they meet the criteria for hedge accounting all gains or losses are reflected in the statement of operations. For the period August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003, none of the FFAs, foreign exchange contracts or interest rate swaps qualifies for hedge accounting treatment. Accordingly, all gains or losses have been recorded in statement of operations for the periods presented.
(w)  Earnings per Share:   Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities (the warrants) are assumed to be exercised and the proceeds used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted earnings per share computation.
(x)  Income Taxes:   The Company is a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and United States of America (Note 22).
(y)  Dividends:   Dividends are recorded in the Company's financial statements in the period in which they are declared.
(z)  Guarantees:   The Company accounts for guarantees in accordance with FASB Interpretation No. 45 (FIN 45), ‘‘Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others’’. Under FIN 45 a liability for the fair value of the obligation undertaken in issuing the guarantee is recognized. However, this is limited to

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

  those guarantees issued or modified after December 31, 2002. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party or guarantees on product warranties. For those guarantees excluded from FIN 45's fair value recognition provision, financial statement disclosures of their terms are made.
(aa)  Recent Accounting Pronouncements:
     In March 2005 the U.S. Securities and Exchange Commission, or SEC, released Staff Accounting Bulletin 107, ‘‘Share-Based Payments’’, or SAB 107. The interpretations in SAB 107 express views of the SEC staff, or staff, regarding the interaction between SFAS 123R and certain SEC rules and regulations, and provide the staff's views regarding the valuation of share-based payment arrangements for public companies. In particular, SAB 107 provides guidance related to share-based payment transactions with non-employees, the transition from nonpublic to public entity status, valuation methods (including assumptions such as expected volatility and expected term), the accounting for certain redeemable financial instruments issued under share-based payment arrangements, the classification of compensation expense, non-GAAP financial measures, first-time adoption of SFAS 123R in an interim period, capitalization of compensation cost related to share-based payment arrangements, the accounting for income tax effects of share-based payment arrangements upon adoption of SFAS 123R, the modification of employee share options prior to adoption of SFAS 123R and disclosures in Management's Discussion and Analysis subsequent to adoption of SFAS 123R. The adoption of this interpretation will not have an effect on the Company's statement of financial position or results of operations
     In March 2005, the Financial Accounting Standards Board issued FIN 47 as an interpretation of FASB Statement No. 143, Accounting for Asset Retirement Obligations (FASB No. 143). This interpretation clarifies that the term conditional asset retirement obligation as used in FASB Statement No. 143, refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. The obligation to perform the asset retirement activity is unconditional even though uncertainty exists about the timing and/or method of settlement. Accordingly, an entity is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated. This interpretation also clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. FIN 47 is effective no later than the end of fiscal years ending after December 15, 2005. The adoption of this interpretation did not have an effect on the Company's statement of financial position or results of operations.
     In March 2005, the Financial Accounting Standards Board issued Statement No. 154, Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3. The Statement applies to all voluntary changes in accounting principle, and changes the requirements for accounting for and reporting of a change in accounting principle. Statement No. 154 requires retrospective applications to prior periods' financial statements of a voluntary change in accounting principle unless it is impracticable. Opinion 20 previously required that most voluntary change in accounting principle be recognized by including in net income of the period of the change the cumulative effect of changing to the new accounting principle. Statement No. 154 improves financial reporting because its requirements enhance the consistency of financial information between periods. The Company cannot determine what effect Statement No. 154 will have with regard to any future accounting changes. This statement will be effective for the Company for the fiscal year beginning on January 1, 2006.
     On November 3, 2005, Financial Accounting Standards Board issued Financial Staff Position (FSP) numbers 115-1 and 124-1 providing guidance for the application of FAS 115. These FSPs are effective for the Company beginning on January 1, 2006 and address the determination as to

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

  when an investment is considered impaired, whether that impairment is other than temporary, and the measurement of an impairment loss. They also state that impairment of investments in debt securities must be assessed on an individual basis. Adoptions of these interpretations are not expected to have a significant effect on the Company's statement of financial position or results of operations.
     In February 2006, the Financial Accounting Standard Board issued Statement of Financial Accounting Standards No. 155 (SFAS 155) ‘‘Accounting for Certain Hybrid Instruments — an amendment of FASB Statements No. 133 and 140’’. SFAS 155 amends SFAS 133 to permit fair value measurement for certain hybrid financial instruments that contain an embedded derivative, provides additional guidance on the applicability of SFAS 133 and SFAS 140 to certain financial instruments and subordinated concentrations of credit risk. SFAS 155 is effective for the first fiscal year that begins after September 15, 2006. We are currently evaluating the impact SFAS 155 will have on our consolidated financial statements. This statement will be effective for the Company for the fiscal year beginning on January 1, 2007.

NOTE 3 — ACQUISITION/ REINCORPORATION

On August 25, 2005, pursuant to a Stock Purchase Agreement dated February 28, 2005, as amended, by and among International Shipping Enterprises, Inc. (‘‘ISE’’), Navios Maritime Holdings Inc. (‘‘Navios’’ or the ‘‘Company’’) and all the shareholders of Navios, ISE acquired Navios through the purchase of all of its outstanding shares of common stock. As a result of this acquisition, Navios became a wholly-owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of the Marshall Islands through a downstream merger with and into its newly acquired wholly-owned subsidiary, whose name was and continued to be Navios Maritime Holdings Inc. As a result of the reincorporation, ISE transitioned from a shell company to an operating business and the operations of Navios became those of a publicly traded company. The Company reports to the Securities and Exchange Commission under the rules governing Foreign Private Issuers.

This transaction was recorded in two steps. In step one, ISE recorded the $594.4 million total cash purchase price, plus $14.2 million in allocable transaction costs, by allocating such cost to the assets acquired in accordance with their fair market value on the acquisition date. The excess of the purchase price over the fair value of the assets acquired was recorded as goodwill. In step two, which immediately followed, ISE effected a ‘‘downstream merger’’ with and into Navios. The assets and liabilities of ISE, which reflected the acquisition of Navios, became the assets and liabilities of Navios. The shareholders’ equity of ISE became the shareholders’ equity of Navios. The results of operations of Navios to August 25, 2005, are labeled as ‘‘Predecessor’’ and remain historically reported. The results of operations from August 26, 2005 forward are labeled as ‘‘Successor’’ and reflect the combined operations of Navios and ISE. The Stock Purchase Agreement required a purchase price adjustment based on an EBITDA target for the period from January 1, 2005 to August 31, 2005. The $594.4 million cash purchase price reflects a preliminary price adjustment based on the EBITDA target included in the contract and was adjusted by approximately $0.6 million based on a final calculation.

Approximately $412.0 million of the purchase price was obtained from a $514.4 million secured credit facility, entered into on July 12, 2005 and funded on August 25, 2005, with HSH Nordbank AG which was refinanced on December 21, 2005 (Note 11). The senior secured credit facility was assumed by Navios in connection with the acquisition and reincorporation.

The purchase accounting adjustments, presented in the following table, result from a valuation process that included the use of independent appraisers. The amounts allocated to accrued liabilities and goodwill continue to be preliminary pending finalization and full implementation of the restructuring

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

discussed below. The Company believes that the resulting balance sheet reflects the fair value of the assets and liabilities at the acquisition date at August 25, 2005. The following table also shows the roll forward of the balance sheet of Navios (predecessor) as of August 25, 2005 to Navios (successor) on August 25, 2005:


    August 25, 2005
  Predecessor Successor
  Navios ISE Purchase
Accounting		 Navios
Cash and cash equivalents $ 63,933   $ 102,259   $ —   $ 166,192  
Short term derivative assets   53,800     —     —     53,800  
Short term backlog asset   —     —     5,246     5,246  
Prepaid voyage costs   7,416     —     —     7,416  
Other current assets   10,700     657     —     11,357  
Total current assets   135,849     102,916     5,246     244,011  
Vessels   113,329     —     81,789     195,118  
Port terminal   26,714     —     (15 )    26,699  
Port terminal operating rights   —     —     31,000     31,000  
Trade name   1,947     —     88,053     90,000  
Favorable lease terms   —     —     139,680     139,680  
Deferred financing cost   —     9,143     —     9,143  
Investment in Navios   —     593,764     (593,764 )    —  
Deferred acquisition cost   —     14,203     (14,203 )    —  
Long term backlog asset   —     —     9,584     9,584  
Other non-current assets   6,890     9     —     6,899  
Goodwill   226     —     40,563     40,789  
Total assets   284,955     720,035     (212,067 )    792,923  
Accounts payable   4,711     10,496     —     15,207  
Accrued expenses   5,889     2,296     1,360     9,545  
Deferred voyage revenue   10,103     —     —     10,103  
Short term derivative liability   31,721     —     —     31,721  
Short term backlog liability   —     —     6,052     6,052  
Notes due to shareholder   —     8,621     —     8,621  
Current portion of long term debt   —     173,870     —     173,870  
Total current liabilities   52,424     195,283     7,412     255,119  
Long term debt   —     340,500     —     340,500  
Long term backlog liability   —     —     6,648     6,648  
Other long term liabilities   6,404     —     —     6,404  
Total liabilities   58,828     535,783     14,060     608,671  
Stockholder’s equity   226,127     184,252     (226,127 )    184,252  
Total liabilities & stockholders’ equity $ 284,955   $ 720,035   $ (212,067 )  $ 792,923  

F-21



Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The acquired intangible assets and liabilities at the acquisition date are listed below. Where applicable, they are amortized using the straight line method over the periods indicated below:


Description Fair Value As at
August 26, 2005		 Weighted Average
Amortization
Period (Years)
Trade name $ 90,000     32.0  
Favorable lease terms (*)   139,680     7.0  
Port terminal operating rights   31,000     40.0  
Backlog asset – charter out   14,200     2.8  
Backlog asset – port terminal   630     3.6  
Backlog liability – charter out   (12,700 )    2.1  
Total $ 262,810        
(*) The intangible asset associated with the favorable lease terms includes an amount of $20,670 related to purchase options for the vessels at the end of the lease term. This amount is not amortized and should the purchase options be exercised, any unamortized portion of this asset will be capitalized as part of the cost of the vessel and will be depreciated over the remaining useful life of the vessel (Note 8).

Goodwill arising from the acquisition has been allocated to the Company’s segments as follows:


Vessels operations $ 26,218  
Port terminal operations   14,571  
  $ 40,789  

At the time of the August 25, 2005 acquisition, ISE’s senior management anticipated implementing a strategic post-acquisition plan for the relocation of the Company’s offices in the United States from South Norwalk, Connecticut to New York City and of its existing offices in Piraeus, Greece to larger offices in Piraeus to house the Company’s headquarters. Management has commissioned an internal task force to implement this plan. This cost will include the cost of lease terminations, the write off of leasehold improvements at the offices vacated and severance. This plan will be implemented during the first half of 2006. A provision for the $1,360 cost of this plan has been included in the accompanying financial statements as a part of purchase accounting.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The following table presents the unaudited pro forma results as if the acquisition, downstream merger and related financing had occurred at the beginning of each of the periods presented during 2005 and 2004 (in thousands, except for numbers of and amounts per share):


  Years ended December 31,
  2005 2004
  Unaudited Unaudited
Gross revenues $ 235,006   $ 279,184  
Net income $ 24,822   $ 80,359  
Basic earnings per share $ 0.62   $ 2.01  
Diluted earnings per share $ 0.59   $ 2.01  
Average shares outstanding during the period presented   40,001,473     39,900,000  
Warrants assumed to be outstanding   65,550,000     65,550,000  
Proceeds to Company on exercise of warrants   327,750,000     327,750,000  
Assumed market price for repurchase of incremental shares   5.15     5.00  
Number of shares assumed to be repurchased   63,698,774     65,550,000  
Incremental shares on exercise of warrants   1,851,226     —  
Total number of shares assumed to be outstanding for dilution purposes   41,852,699     39,900,000  

The unaudited pro forma results are for comparative purposes only and do not purport to be indicative of the results that would have actually been obtained if the acquisition, downstream merger and related financing had occurred at the beginning of each of the periods presented.

NOTE 4 — CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of the following:


  Successor Predecessor
  December 31, 2005 December 31, 2004
Cash on hand and at banks $ 22,089   $ 18,647  
Short-term deposits and highly liquid funds   15,648     28,111  
Total cash and cash equivalents $ 37,737   $ 46,758  

NOTE 5 — ACCOUNTS RECEIVABLE, NET

Accounts receivables consist of the following:


  Successor Predecessor
  December 31, 2005 December 31, 2004
Accounts receivables $ 14,114   $ 17,491  
Less: Provision for doubtful receivables   (411 )    (2,291 ) 
Accounts receivables, net $ 13,703   $ 15,200  

F-23



Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

Changes to the provisions for doubtful accounts are summarized as follows:


Allowance for
doubtful receivables		 Balance at
Beginning of
Period		 Charges to
Costs and
expenses		 Amount
Utilized		 Balance at
End of Period
Predecessor                        
Year ended December 31, 2003 $ (1,843 )  $ (1,512 )  $ 491   $ (2,864 ) 
Year ended December 31, 2004   (2,864 )    (294 )    867     (2,291 ) 
January 1, 2005 to August 25, 2005   (2,291 )    —     880     (1,411 ) 
Successor                        
August 26, 2005 to December 31, 2005 (*)   —     (411 )    —     (411 ) 
(*)  All of the Company’s accounts receivable were recorded at their estimated fair value on August 25, 2005 as part of the purchase accounting process discussed in Note 3. As a result, the reserve for doubtful accounts was eliminated at August 26, 2005.

Concentrations of credit risk with respect to accounts receivables are limited due to the Company's large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company's trade receivables. For the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005, two customers from the Vessel Operations segment accounted for approximately 14.8% and 11.9% each of the Company's revenue, respectively. For the years ended December, 31 2004 and 2003, one customer from the Vessels Operation segment accounted for approximately 15.92% and 29.4% of the Company's revenue, respectively.

NOTE 6 — PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:


  Successor Predecessor
  December 31, 2005 December 31, 2004
Prepaid voyage costs $ 3,793   $ 11,120  
Claims receivables, net   1,234     296  
Advances to agents   829     1,492  
Inventories   425     255  
Other   157     —  
Total prepaid expenses and other current assets $ 6,438   $ 13,163  

Claims receivable mainly represent claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts current due to the Company. All amounts are shown net of applicable deductibles.

Advances to agents are made up of funds sent to port agents for port charges, tolls, canal fees and other voyage related expenses.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

NOTE 7 — VESSELS, PORT TERMINAL AND OTHER FIXED ASSETS


Vessels Cost Accumulated
Depreciation		 Net Book
Value
Balance January 1, 2004 (Predecessor) $ 131,347   $ (10,597 )  $ 120,750  
Additions   385     (4,904 )    (4,519 ) 
Balance December 31, 2004 (Predecessor)   131,732     (15,501 )    116,231  
Additions   311     (3,213 )    (2,902 ) 
Balance August 25, 2005 (Predecessor)   132,043     (18,714 )    113,329  
Revaluation in connection with purchase accounting   63,075     18,714     81,789  
Additions   147,153     (3,188 )    143,965  
Balance December 31, 2005 (Successor) $ 342,271   $ (3,188 )  $ 339,083  

Port Terminal Cost Accumulated
Depreciation		 Net Book
Value
Balance January 1, 2004 (Predecessor) $ 18,930   $ (564 )  $ 18,366  
Transfer amounts from assets under construction   1,448     —     1,448  
Additions   1,814     (667 )    1,147  
Disposals   (24 )    7     (17 ) 
Balance December 31, 2004 (Predecessor)   22,168     (1,224 )    20,944  
Additions   339     (472 )    (133 ) 
Balance August 25, 2005 (Predecessor)   22,507     (1,696 )    20,811  
Revaluation in connection with purchase accounting   4,192     1,696     5,888  
Additions   295     (295 )    —  
Balance December 31, 2005 (Successor) $ 26,994   $ (295 )  $ 26,699  

Other fixed assets Cost Accumulated
Depreciation		 Net Book
Value
Balance January 1, 2004 (Predecessor) $ 1,960   $ (721 )  $ 1,239  
Additions   109     (266 )    (157 ) 
Disposals   (229 )    171     (58 ) 
Balance December 31, 2004 (Predecessor)   1,840     (816 )    1,024  
Additions   32     (150 )    (118 ) 
Balance August 25, 2005 (Predecessor)   1,872     (966 )    906  
Revaluation in connection with purchase accounting   (1,068 )    966     (102 ) 
Charge to relocation accrual   —     (517 )    (517 ) 
Additions   6     (78 )    (72 ) 
Balance December 31, 2005 (Successor) $ 810   $ (595 )  $ 215  

F-25



Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)


Total Cost Accumulated
Depreciation		 Net Book
Value
Balance January 1, 2004 (Predecessor) $ 152,237   $ (11,882 )  $ 140,355  
Transfer from assets under construction   1,448     —     1,448  
Additions   2,308     (5,837 )    (3,529 ) 
Disposals   (253 )    178     (75 ) 
Balance December 31, 2004 (Predecessor)   155,740     (17,541 )    138,199  
Additions   682     (3,835 )    (3,153 ) 
Balance August 25, 2005 (Predecessor)   156,422     (21,376 )    135,046  
Revaluation in connection with purchase accounting   66,199     21,376     87,575  
Charge to relocation accrual   —     (517 )    (517 ) 
Additions   147,454     (3,561 )    143,893  
Balance December 31, 2005 (Successor) $ 370,075   $ (4,078 )  $ 365,997  

During December 2005, the Company acquired three vessels for a total consideration of approximately $95.0 million from companies affiliated with the Company’s CEO. The purchase price was paid with $65.1 million drawn from the Company’s credit facility, $8.5 million from available cash and issuance of 4,339,319 shares of Company’s common stock. The stock issued in this transaction was valued at $4.96 per share for the first two vessels and $4.82 per share for the third vessel for a total value of $21.3 million (Note 17).

Per SFAS 95, when some transactions are part cash and part non-cash, only the cash portion shall be reported in the statement of cash flows. Hence, the non cash effect of this common stock on Paid-in-Capital has to be offset against the total consideration of the vessels and is disclosed under non-cash investing and financing activities.

The Company has deposited $8,322 in a restricted account in connection with the acquisition of four option vessels, the Navios Arc, Navios Magellan, Navios Horizon and Navios Galaxy, expected to be delivered in the first four months of 2006 (Note 23).

NOTE 8 — INTANGIBLE ASSETS OTHER THAN GOODWILL

Intangible assets as of December 31, 2005 and 2004 consist of the following:


  Successor Predecessor
  Balance Accumulated
Amortization		 Net Book Value
December 31, 2005		 Balance Accumulated
Amortization		 Net Book Value
December 31, 2004
Trade name $ 90,000   $ (986 )  $ 89,014   $ 2,184   $ (180 )  $ 2,004  
Port terminal operating rights   31,000     (272 )    30,728     —     —     —  
Favorable lease terms   125,167     (7,727 )    117,440     —     —     —  
Backlog assets   16,830     (2,067 )    14,763     —     —     —  
Backlog liabilities   (16,200 )    2,144     (14,056 )    —     —     —  
Total $ 246,797   $ (8,908 )  $ 237,889   $ 2,184   $ (180 )  $ 2,004  

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)


  Successor Predecessor
  Amortization
Expense
August 26, 2005
to December 31,
2005		 Amortization
Expense
January 1,
2005 to
August 25,
2005		 Amortization
Expense
Year ended
December 31,
2004		 Amortization
Expense
Year ended
December 31,
2003
Trade name $ (986 )  $ (57 )  $ (88 )  $ (87 ) 
Port terminal operating rights   (272 )    —     —     —  
Favorable lease terms   (7,727 )    —     —     —  
Backlog assets   (2,067 )    —     —     —  
Backlog liabilities   2,144     —     —     —  
Total $ (8,908 )  $ (57 )  $ (88 )  $ (87 ) 

The aggregate amortization of acquired intangibles for the next five years will be as follows:


Description Within one
year		 Year Two Year Three Year Four Year Five Five Year
Aggregate
Tradename $ 2,812   $ 2,812   $ 2,820   $ 2,812   $ 2,812   $ 14,068  
Favorable lease terms   11,949     10,914     11,389     11,358     9,135     54,745  
Port terminal operating rights   775     774     777     775     775     3,876  
Backlog asset — charter out   5,071     5,072     2,279     —     —     12,422  
Backlog asset — port terminal   175     175     175     43     —     568  
Backlog liability — charter out   (6,052 )    (4,526 )    —     —     —     (10,578 ) 
  $ 14,730   $ 15,221   $ 17,440   $ 14,988   $ 12,722   $ 75,101  

NOTE 9 — INVESTMENT IN AFFILIATES

The Company has a 50% interest in Acropolis Chartering & Shipping, Inc., a brokerage firm for freight and shipping charters. Although Navios owns 50% of the stock, the two shareholders have agreed that the earnings and amounts declared by way of dividends for 2004 and thereafter, will be allocated 35% to the Company (2003: 40% to the Company) with the balance to the other shareholder. As of December 31, 2005 and 2004, the carrying amount of the investment was $657 and $557, respectively. Dividends received for the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and for the years ended December 31, 2004 and 2003 were $0, $973, $699 and $78, respectively. See Note 17.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

NOTE 10 — ACCRUED EXPENSES

Accrued expenses consist of the following:


  Successor Predecessor
  December 31, 2005 December 31, 2004
Payroll $ 311   $ 1,312  
Accrued Interest   707     260  
Accrued voyage expenses   2,191     1,442  
Provision for losses on voyages in progress   —     1,345  
Accrued lease liability   473     239  
Audit fees and related services   1,261     142  
Finance fees   2,601     —  
Relocation reserve   840     —  
Professional fees   1,120     10  
Other accrued expenses   1,749     2,367  
Total accrued expenses $ 11,253   $ 7,117  

NOTE 11 — BORROWINGS

Borrowings consist of the following:


  Successor Predecessor
  December 31, 2005 December 31, 2004
2004 Revolving Credit Facilities $ —   $ 40,506  
2004 Term Loan   —     10,000  
Credit Facility   493,400     —  
Total borrowings   493,400     50,506  
Less current portion   (54,221 )    (1,000 ) 
Total long term borrowings $ 439,179   $ 49,506  

Credit facility:   On August 18, 2005, the Company closed out its then existing loan facility and repaid the $49.8 million outstanding on that date. This prepayment was made using available funds and no penalties were incurred. On July 12, 2005, a new senior secured credit facility, with HSH Nordbank AG, was established by ISE to provide a portion of the funds necessary to acquire Navios and provide working capital for the Successor Company. This facility was assumed by the Company, and fully drawn on August 25, 2005. Of the $514.4 million borrowed under this facility, $412.0 million was used in connection with the acquisition/reincorporation. On December 21, 2005, the Company entered into a restated credit facility with HSH Nordbank AG under which it borrowed $649 million. Of the $649 million, $435million was used to restructure the balance of the credit facility described above and the remaining balance of $214 million to finance the acquisition of ten new vessels. Of the $214 million Navios has drawn $106 million as of December 31, 2005.

The interest rate under the facility is LIBOR, plus the costs of complying with any applicable regulatory requirements and a margin ranging from 1.5% to 2.75% per annum, depending on the tranche being borrowed, and the applicable rate from interest rate swaps, which are required by the lender to limit the Company's exposure to interest rate fluctuations. Amounts drawn under the facility are secured by first preferred mortgages over the Company’s vessels, general assignment of earning and charter agreements, insurance policies and pledge of shares. Outstanding amounts under the facility may be prepaid without penalty in multiples of $1.0 million upon 10 days' written notice. The facility requires mandatory prepayment of amounts outstanding under the credit facility in the event of a sale or loss of assets, including the sale of a vessel in the ordinary course of business.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The credit facility contains a number of covenants, including covenants limiting, subject to specified exceptions, the payment of dividends, mergers and acquisitions, the incurrence of indebtedness and liens, and transactions with affiliates. The credit facility also requires compliance with a number of financial covenants including tangible net worth, debt coverage ratios, specified tangible net worth to total debt percentages and minimum liquidity. It is an event of default under the credit facility if such covenants are not complied with or if Angeliki Frangou, the Company's Chairman and Chief Executive Officer, beneficially owns less than 20% of the issued stock or does not remain actively involved in the operating business.

2004 Revolving Credit Facilities:   On October 5, 2004, the Company entered into a revolving credit facility of $51,000 collateralized by the vessels M/V Navios Apollon, M/V Navios Herakles and M/V Navios Ionian. The book value of the vessels collateralizing the revolving credit facility was $53,626 at December 31, 2004. On each revolving facility reduction date the maximum revolving facility amount is to be reduced, by $1,700. The ‘‘revolving facility date’’ means each one of the seventeen (17) dates falling at consecutive six (6) monthly intervals after the first advance date, up to, and including, the revolving facility availability termination date. Principal payments are due only when the balance on the facility is greater than or equal to the maximum revolving credit facility amount as determined after the reduction of each of the 17 revolving facility dates mentioned above, which as of December 31, 2004, are determined to be in 2013. The revolving credit facility bears interest at LIBOR plus 1%. The Company must pay a fee of 0.3% per annum on the unused portion of the maximum revolving facility amount on a quarterly basis in arrears. The amount outstanding as of December 31, 2004 was $18,100.

On October 4, 2004 the Company entered into a revolving credit facility of $55,000 collateralized by the vessels M/V Navios Achilles, M/V Navios Hios and M/V Navios Kypros and a guarantee of Navios Maritime Holdings, Inc. The book value of the vessels collateralizing the revolving credit facility was $62,056 at December 31, 2004. On each revolving facility reduction date, the maximum revolving facility amount is to be reduced, by $1,000. The ""revolving facility date" means each one of the thirty five (35) dates falling at consecutive three (3) monthly intervals after the first advance date, up to, and including, the revolving facility availability termination date. Principal payments are due only when the balance on the facility is greater than or equal to the maximum revolving credit facility amount as determined after the reduction of each of the 35 revolving facility dates mentioned above, which as of December 31, 2004, are determined to be in 2013. The revolving credit facility bears interest at LIBOR plus 1%. The Company must pay a fee of 0.3% per annum on the unused portion of the maximum revolving facility amount on a quarterly basis in arrears. The amount outstanding as of December 31, 2004 was $22,406.

2004 Term Loan:   On October 4, 2004, the Company entered into a $10,000 term loan collateralized by the vessels M/V Navios Achilles, M/V Navios Hios, and M/V Navios Kypros, which is due October 2010. The book value of the vessels collateralizing the term loan was $62,056 at December 31, 2004. The loan is repayable in twenty four consecutive quarterly installments of $250 with a balloon payment of $4,000 due upon maturity. Interest is payable at an aggregate of the margin of 1.5% over LIBOR. The amount outstanding as of December 31, 2004 was $10,000.

2004 Line of credit:   A line of credit of up to $5,000 was made available to the Company in October 2004, which replaced the 2003 revolving Credit Facility. The facility was available to be used for the purpose of meeting working capital requirements and for general corporate purposes. Interest was payable at an aggregate of the margin of 2.25% plus ‘‘overnight Euro Dollar rate’’ for the term of each advance. This facility expired in October 2005. The amount outstanding as of December 31, 2004 was $0.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The principal payments of the credit facility outstanding balance as of December 31, 2005 for the next 5 years and thereafter are as follows:


Year Amount in million of USD
2006   54.2  
2007   54.2  
2008   54.2  
2009   52.7  
2010   52.7  
2011 and thereafter   225.4  
    493.4  

NOTE 12 — DERIVATIVES AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Interest rate risk

The Company entered into interest rate swap contracts as economic hedges to its exposure to variability in its floating rate long term debt. Under the terms of the interest rate swaps, the Company and the bank agreed to exchange at specified intervals, the difference between paying fixed rate and floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, the derivatives described below do not qualify for accounting purposes as cash flow hedges, under FASB Statement No. 133, Accounting for derivative instruments and hedging activities, as the Company does not have currently written contemporaneous documentation, identifying the risk being hedged, and both on a prospective and retrospective basis, performed an effective test supporting that the hedging relationship is highly effective. Consequently, the Company recognizes the change in fair value of these derivatives in the statement of operations.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The principal terms of the interest rate swaps outstanding at December 31, 2005 and 2004 are as follows:


December 31, 2005
Counterparty HSH
Nordbank		 HSH
Nordbank		 Royal
Bank of
Scotland		 Royal
Bank of
Scotland		 Royal Bank of
Scotland		 Alpha
Bank
Notional USD
171,000
declining
100,500 at
resetting
dates
until
maturity
date		 USD
82,000
declining
13,250 at
resetting
dates
until
maturity
date		 USD
11,375
declining
437 at
resetting
dates
until
maturity
date		 USD
13,430
declining
478 at
resetting
dates
until
maturity
date		 USD
10,500
declining
525 at
resetting
dates until
maturity
date		 USD
10,500
declining
250 at
resetting
dates
until
maturity
date
Terms 3 months
LIBOR for
4.74%		 Floor 3
months
LIBOR
4.45%
Cap 3
months
LIBOR
5%		 Floor 6
months
LIBOR
5.55%
Cap 6
months
LIBOR
7.5%		 Floor 6
months
LIBOR
5.54%
Cap 6
months
LIBOR
7.5%		 6 months
LIBOR for
5.57%		 Floor 3
months
LIBOR
5.65%
Cap 6
months
LIBOR
7.5%
Resets Quarterly Quarterly April and
October		 April and
October		 February
and August		 Quarterly
Inception March
2006		 March
2007		 April
2001		 October
2001		 June 2001 July
2001
Maturity March
2007		 June
2008		 October
2010		 October
2006		 February 2006 July
2010

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)


December 31, 2004
Counterparty Royal
Bank of
Scotland		 Royal
Bank of
Scotland		 Royal Bank of
Scotland		 Alpha
Bank
Notional USD
12,250
declining
437 at
each
resetting
dates
until
maturity
date		 USD
14,385
declining
478 at
each
resetting
date until
maturity
date		 USD
11,550
declining
525 at
each
resetting
date
until
maturity date		 USD
11,500
declining
250 at
each
resetting
date until
maturity
date
Terms Floor 6
months
LIBOR
5.55%
Cap 6
months
LIBOR
7.5%		 Floor 6
months
LIBOR
5.54%
Cap 6
months
LIBOR
7.5%		 6 months
LIBOR for
5.57%		 Floor 3
months
LIBOR
5.65%
Cap 3
months
LIBOR
7.5%
Reset April and
October		 April and
October		 February
and August		 Quarterly
Inception April
2001		 October
2001		 June 2001 July
2001
Maturity October
2010		 October
2006		 February 2006 July
2010

For the periods from August 26, 2005 to December 31, 2005 and from January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003, the realized gain (loss) on interest rate swaps was $191, $403, $(301) and $(220), respectively. As of December 31, 2005 and 2004, the outstanding net liability was $915 and $3,104, respectively.

The swap agreements have been entered into by subsidiaries. The Royal Bank of Scotland swap agreements have been collateralized by a cash deposit of $1.8 million. The Alpha Bank swap agreement has been guaranteed by the Company. The HSH Nordbank swap agreements are bound by the same securities as the secured credit facility.

Foreign Currency Risk

The Company has not entered into any new Foreign Exchange Currency contracts (FEC') since March 28, 2005. During the period January 1, 2005 to March 28, 2005, the Company purchased €3,000 at an average rate of 1.30 with a sales value of $3,923. During the year ended December 31, 2004, the Company purchased €2,500 at an average rate of 1.32 with a sales value of $3,290.

These contracts mature within twelve months of the balance sheet date for all periods. As of December 31, 2005, all contracts had been settled. As of December 31, 2004, the fair value of all open contracts was $126. The open contracts as of December 31, 2004, were settled quarterly between March 2005 and June 2005. The net (loss) gain from FECs recognized in the consolidated statement of operations amounted to $(98), $(462), $219 and $432 for the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and for the years ended

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

December 31, 2004 and 2003, respectively. The unrealized gain (loss) from FECs amounted to $212 for the period August 26 to December 31, 2005, $(338) for the period January 1 to August 25, 2005, $(44) and $170 for the years ended December 31, 2004 and 2003, respectively.

Forward Freight Agreements (FFAs)

The Company actively trades in the FFAs market with both an objective to utilize them as economic hedging instruments that are highly effective in reducing the risk on specific vessel(s), freight commitments, or the overall fleet or operations, and to take advantage of short term fluctuations in the market prices. FFAs trading generally have not qualified as hedges for accounting purposes, and, as such, the trading of FFAs could lead to material fluctuations in the Company’s reported results from operations on a period to period basis.

Dry bulk shipping FFAs generally have the following characteristics: they cover periods from one month to one year; they can be based on time charter rates or freight rates on specific quoted routes; they are executed between two parties and give rise to a certain degree of credit risk depending on the counterparties involved; they are settled monthly based on publicly quoted indices.

At December 31, 2005 and 2004, none of the ‘‘mark to market’’ positions of the open dry bulk FFA contract qualified for hedge accounting treatment. Dry bulk FFAs traded by the Company that do not qualify for hedge accounting are shown at fair value through the statement of operations.

The net (losses) gains from FFAs amounted to $(2,766), $2,869, $57,746 and $51,115 for the periods from August 26, 2005 to December 31, 2005 and from January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003, respectively.

During the periods from August 26, 2005 to December 31, 2005 and from January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003, the changes in net unrealized (losses) gains on FFAs amounted to $(17,074), $(23,793), $599 and $45,905, respectively.

The open dry bulk shipping FFAs at net contracted (strike) rate after consideration of the fair value settlement rates is summarized as follows:


  Successor Predecessor
Forward Freight Agreements (FFAs) December 31, 2005 December 31, 2004
Short term FFA derivative asset $ 45,818   $ 111,131  
Long term FFA derivative asset   —     708  
Short term FFA derivative liability   (39,578 )    (63,981 ) 
Long term FFA derivative liability   —     (752 ) 
Net fair value on FFA contracts $ 6,240   $ 47,106  
NOS FFAs portion of fair value transferred to NOS derivative account $ (331 )  $ (1,947 ) 

The open interest rate swaps, after consideration of their fair value, are summarized as follows:


  Successor Predecessor
Interest Rate Swaps December 31, 2005 December 31, 2004
Short term interest rate swap asset $ 69   $ —  
Long term interest rate swap asset   28     —  
Short term interest rate swap liability   (414 )    (1,411 ) 
Long term interest rate swap liability   (598 )    (1,692 ) 
Net fair value of interest rate swap contract $ (915 )  $ (3,103 ) 

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The open Forward Exchange Contracts (FECs), after consideration of their fair value, are summarized as follows:


  Successor Predecessor
Forward Exchange Contracts (FECs) December 31, 2005 December 31, 2004
Short term FECs derivative (liability) asset $     —   $ 126  

Reconciliation of balances

Total of balances related to derivatives and financial instruments:


  Successor Predecessor
  December 31, 2005 December 31, 2004
FFAs $ 6,240   $ 47,106  
NOS FFAs portion of fair value transferred to NOS derivative account   (331 )    (1,947 ) 
Interest rate swaps   (915 )    (3,103 ) 
FECs   —     126  
Total $ 4,994   $ 42,182  

Balance Sheet Values


  Successor Predecessor
  December 31, 2005 December 31, 2004
Total short term derivative asset $ 45,556   $ 109,310  
Total long term derivative asset   28     708  
Total short term derivative liability   (39,992 )    (65,392 ) 
Total long term derivative liability   (598 )    (2,444 ) 
Total $ 4,994   $ 42,182  

Fair value of financial instruments

The Following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments.

Forward Contracts: The estimated fair value of forward contracts and other assets was determined based on quoted market prices.

Borrowings: The carrying amount of the floating rate loan approximates its fair value.

Interest rate swaps: The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date by obtaining quotes from financial institutions.

Forward freight agreements: The fair value of forward freight agreements is the estimated amount that the Company would receive or pay to terminate the agreement at the reporting date by obtaining quotes from brokers or exchanges.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The estimated fair values of the Company’s financial instruments are as follows:


  Successor Predecessor
  December 31, 2005 December 31, 2004
  Book Value Fair Value Book Value Fair Value
Cash and short term investments   41,823     41,823     50,271     50,271  
Trade receivables   13,703     13,703     15,200     15,200  
Accounts payable   (13,886 )    (13,886 )    (14,883 )    (14,883 ) 
Long term debt   (493,400 )    (493,400 )    (50,506 )    (50,506 ) 
Interest rate swaps   (915 )    (915 )    (3,103 )    (3,103 ) 
Forward Freight Agreements, net   6,240     6,240     47,106     47,106  

NOTE 13 — EMPLOYEE BENEFIT PLANS

Retirement Saving Plan

The Company sponsors an employee saving plan covering all of its employees in the United States. The Company’s contributions to the employee saving plan during the periods from August 26, 2005 to December 31, 2005 and from January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003 were approximately $53, $204, $267 and $273, respectively, which included a discretionary contribution of $26, $107, $137 and $153, respectively.

Defined Benefit Pension Plan

The Company sponsors a legacy unfunded defined benefit pension plan that covers certain Bahamian and Uruguayan nationals and former Navios Corporation employees. The liability related to the plan is recognized based on actuarial valuations. The current portion of the liability is included in accrued expenses and the non-current portion of the liability is included in other long term liabilities. There are no pension plan assets.

The Greek office employees are protected by the Greek Labor Law. According to the law, the Company is required to pay retirement indemnities to employees on dismissal, or on leaving with an entitlement to a full security retirement pension. The amount of the compensation is based on the number of years of service and the amount of the monthly remuneration including regular bonuses at the date of dismissal or retirement up to a maximum of two years salary. If the employees remain in the employment of the Company until normal retirement age, the entitled retirement compensation is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company considers this plan equivalent to a lump sum defined benefit pension plan and accounts it under FAS Statement No. 87 ‘‘Employer’s Accounting for Pension’’.

Post-employment medical and life insurance benefits

The Company also sponsors a legacy post-retirement medical plan that covers certain US retirees of Navios Corporation. The unfunded liability related to post-retirement medical and life insurance is recognized based on actuarial valuations. The current portion of the liability is included in accrued expenses and the non-current portion of the liability is included in other long term liabilities.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The Company uses December 31 as the measurement date of its plans.


  Pension Benefits Other Benefits
  Successor Predecessor Successor Predecessor
  December 31,
2005		 December 31,
2004		 December 31,
2005		 December 31,
2004
Benefit obligation at beginning of year   367     393     745     652  
Service cost   6     7     —     —  
Interest cost   18     22     42     39  
Plan participants’ contributions   —     —     —     —  
Amendments   —     —     —     —  
Amortization of prior service cost   4     —     —     —  
Actuarial (gain) loss   18     (5 )    47     88  
Benefits paid   (87 )    (50 )    (37 )    (34 ) 
Benefit obligation at end of year   326     367     797     745  
Funded status (*)   (326 )    (367 )    (797 )    (745 ) 
Unrecognized net actuarial loss (gain)   —     —     —     —  
Unrecognized prior service cost (benefit)   —     —     —     —  
Net amount recognized   (326 )    (367 )    (797 )    (745 ) 
(*)  All of the Company's plans are unfunded.

Amounts recognized on the balance sheets consist of:


  Pension Benefits Other Benefits
  Successor Predecessor Successor Predecessor
  December 31,
2005		 December 31,
2004		 December 31,
2005		 December 31,
2004
Prepaid benefit cost   —     —     —     —  
Accrued benefit cost   (326 )    (367 )    (797 )    (745 ) 
Intangible assets   —     —     —     —  
Accumulated other comprehensive income   —     —     —     —  
Net amount recognized   (326 )    (367 )    (797 )    (745 ) 

The accumulated benefit obligation for all benefit pension plans, including the Greek indemnity plan was $326 and $367 at December 31, 2005 and 2004, respectively.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

Components of Net Periodic Benefit Expense


  Pension Benefits
  Successor Predecessor Predecessor Predecessor
  August 26 to
December 31,
2005		 January 1 to
August 25,
2005		 Year ended
December 31,
2004		 Year ended
December 31,
2003
Service cost $ 2   $ 4   $ 7   $ 5  
Interest cost   5     13     22     23  
Expected return on plan assets   —     —     —     —  
Amortization of prior service cost   4     —     —     —  
Amortization of net actuarial (gain) loss   8     10     (5 )    39  
Regular net periodic benefit cost $ 19   $ 27   $ 24   $ 67  
Other income   —     (26 )    —     —  
Total net periodic benefit cost   19     1     24     67  

  Other Benefits
  Successor Predecessor Predecessor Predecessor
  August 26 to
December 31,
2005		 January 1 to
August 25,
2005		 Year ended
December 31,
2004		 Year ended
December 31,
2003
Service cost $ —   $ —   $ —   $ —  
Interest cost   14     28     39     45  
Expected return on plan assets   —     —     —     —  
Amortization of prior service cost   —     —     —     —  
Amortization of net actuarial (gain) loss   39     8     88     (42 ) 
Regular net periodic benefit cost $ 53   $ 36   $ 127   $ 3  
Other income   —     —     —     —  
Total net periodic benefit cost   53     36     127     3  

Assumptions

Weighted average assumptions used to determine benefit obligations:


  Pension Benefits Other Benefits
  Successor Predecessor Successor Predecessor
  December 31,
2005		 December 31,
2004		 December 31,
2005		 December 31,
2004
Discount rate   5.50 %    5.75 %    5.50 %    5.75 % 
Rate of compensation increase   4.50 %    4.50 %    n/a     n/a  

Weighted average assumption used to determine net periodic benefit cost:


  Pension Benefits
  Successor Predecessor Predecessor Predecessor
  August 26 to
December 31,
2005		 January 1 to
August 25,
2005		 Year ended
December 31,
2004		 Year ended
December 31,
2003
Discount rate   5,75 %    5.75 %    6.25 %    6.75 % 
Expected long-term return on plan assets   —     —     —     —  
Rate of compensation increase   4.50 %    4.50 %    4.50 %    4.50 % 

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)


  Other Benefits
  Successor Predecessor Predecessor Predecessor
  August 26 to
December 31,
2005		 January 1 to
August 25,
2005		 Year ended
December 31,
2004		 Year ended
December 31,
2003
Discount rate   5.75 %    5.75 %    6.25 %    6.75 % 
Expected long-term return on plan assets   —     —     —     —  
Rate of compensation increase   —     —     —     —  

Assumed health care cost trend rates:


  Successor Predecessor
  December 31,
2005		 December 31,
2004
Health care cost trend rate assumed for next year   10 %    10 % 
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)   0.5 %    0.5 % 
Year that the rate reaches the ultimate trend rate   2015     2014  

Discount rates according to actuarial reports have been determined for U.S. employees by reference to the Moody’s Aa Corporation Bond Rate rounded to the next higher 0.25% and for Greek employees by reference to the yield on Greek Government Bonds. No adjustments were made for differences between the terms of the bonds and the term of the benefit obligations.

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:


  1-Percentage-Point
Increase		 1-Percentage-Point
Decrease
Effect on total of service and interest cost   46     38  
Effect on post-retirement benefit obligation   871     732  

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):


  Pension Benefits Other Benefits
2006   51     47  
2007   49     50  
2008   43     52  
2009   38     55  
2010   36     58  
2011 to 2015   117     319  

NOTE 14 — URUGUAYAN SUBSIDIARY LEGAL RESERVE

The Company's Uruguayan subsidiary maintains a retained earnings reserve, as required by Uruguayan law. This law states that 5% of each year's net income must be set aside until the reserve equals 20% of the subsidiary's paid in capital. As of December 31, 2005 and 2004, this reserve totals $451 and $289, respectively. As a result of the acquisition of Navios by ISE and the subsequent downstream merger with and into its newly acquired wholly owned subsidiary, Navios, the legal reserve is no longer presented as a separate component of stockholders’ equity on the face of the balance sheet at December 31, 2005.

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

NOTE 15 — COMMITMENTS AND CONTINGENCIES:

The Company as of December 31, 2005 was contingently liable for letters of guarantee and letters of credit amounting to $500 (2004: $745) issued by various banks in favor of various organizations. These are collateralized by cash deposits, which are included as a component of restricted cash.

The Company has issued guarantees, amounting to $2.3 million (2004:$71) at December 31, 2005 to third parties where the Company irrevocably and unconditionally guarantees subsidiaries obligations under dry bulk shipping FFAs. The guarantees remain in effect for a period of six months following the last trade date, which was December 15, 2005.

The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date the financial statements were prepared. In the opinion of management, the ultimate disposition of these matters is immaterial and will not adversely affect the Company's financial position, results of operations or liquidity.

The Company, in the normal course of business, entered into contracts to time charter-in vessels for various periods through July 2015.

NOTE 16 — LEASES

Charters-in:

As of December 31, 2005, the Company had 21 chartered-in vessels in operation (6 Ultra Handymax and 15 Panamax vessels). The Company has options to purchase six of these vessels, all of which options have been exercised in 2005. The first two of the option vessels were delivered on November 30, 2005 and December 30, 2005, respectively, the third option vessel was delivered on February 10, 2006 (Note 23) while two of the remaining three are expected to be delivered in the week starting March 20, 2006 and the third in the first week of April 2006.

The future minimum commitments, net of commissions under charters in are as follows (in thousands):


  Amount
2006 $ 42,773  
2007   45,520  
2008   50,523  
2009   44,721  
2010   38,050  
2011 and thereafter   98,406  
  $ 319,993  

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

Charters-out:

The future minimum revenue, net of commissions, expected to be earned on non-cancelable time charters is as follows (in thousands):


    Amount
2006       $ 109,508  
2007         37,922  
2008         4,992  
        $ 152,422  

Revenues from time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Office space:

The future minimum commitments under lease obligations for office space are as follows (in thousands):


  Amount
2006 $ 380  
2007   336  
2008   350  
2009   361  
2010   361  
2011 and thereafter   166  
Net minimum lease payments $ 1,954  

On January 2, 2006 the Company relocated its headquarters to new leased premises in Piraeus, Greece. In 2001, the Company entered into a ten-year lease for office facilities in Norwalk USA, that expires in June 2011. The above table only incorporates the lease commitment on the offices in South Norwalk, Connecticut. See Notes 3 and 23 for further information on the office relocation and the new lease.

NOTE 17 — TRANSACTIONS WITH RELATED PARTIES

Vessel acquisitions: On December 19, 2005 Navios entered into an agreement to purchase four Panamax vessels from Maritime Enterprises Management S.A., a company affiliated with the Company’s CEO and the Manager of the selling owning companies of the vessels below. On December 22, 2005 Navios took delivery of the first two vessels the Navios Libra II built in 1995 and the Navios Alegria built in 2004, owned by Sealand Access S.A. and Victory Confidence S.A., respectively. The third vessel, the Navios Felicity built in 1997 and owned by Mercury Marine S.A., was delivered on December 27, 2005 and the fourth vessel, the Navios Gemini S built in 1994 and owned by Shipcare Dominion S.A., was delivered on January 5, 2006. The total acquisition cost for the four new vessels including backlogs was $119.8 million (cost related to the three vessels delivered during 2005 was $95.0 million) and was funded with (a) $13.0 million ($8.5 million related to vessels delivered in 2005) of Navios’ available cash; (b) $80.3 million ($65.1 million related to vessels delivered in 2005) from bank financing and (c) through the issuance of 5,500,854 shares (4,339,319

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

shares relates to vessels delivered) of Navios authorized capital at $4.96 per share for Navios Alegria (1,840,923 shares) and Navios Libra II (1,227,282 shares), $4.82 per share for Navios Felicity (1,271,114 shares) and $4.42 per share for Navios Gemini S. (1,161,535 shares) (Note 23).

Purchase of services: The Company utilizes Acropolis Chartering and Shipping Inc. (‘‘Acropolis’’) as a broker. Commissions paid to Acropolis for the periods from August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and during the years ended December 31, 2004 and 2003 were $455, $157, $877 and $597, respectively. The Company owns fifty percent of the common stock of Acropolis. During the periods August 26, 2005 to December 31, 2005 and January 1, 2005 to August 25, 2005 and the years ended December 31, 2004 and 2003 the Company received dividends of $0, $972, $699 and 78, respectively.

During the year ended December 31, 2003, Navios (predecessor) utilized Levant Maritime Company Ltd. (‘‘Levant’’) as an agent. Agency fees paid to Levant amounted to $1,003. Levant is a company that is not included in the consolidated financial statements. The management of Levant was carried out by one of the Navios (predecessor) former directors and stockholders. Levant ceased to provide services to Navios (predecessor) in 2003.

Loans from stockholders: Prior to acquisition of the Company on August 25, 2005, an initial stockholder of International Shipping Enterprises, Inc. (the’’ISE’’), who became an officer and principal stockholder of the Company, advanced a total of $8.6 million to ISE in the form of non-interest bearing loans. These funds were used to pay costs related to the acquisition and were repaid by the Company following completion of the August 25, 2005 transaction.

Loans to shareholders: In November 2002 Navios (predecessor) issued a promissory note for $367 to Kastella Trading, Inc. (‘‘Kastella’’), a Marshall Islands corporation. Interest was accrued at 4.6% per year and was payable at the note’s due date. Kastella was wholly owned by one of Navios (predecessor) executives. This loan was fully repaid in 2004 and the interest received was $33 and is included in the December 31, 2004 consolidated statement of operations.

In August 2004 Navios (predecessor) advanced to one of its shareholders and executive officers the amount of $50. The full amount was repaid during the year. No interest was calculated for the duration of this loan.

Balances due to related parties: Included in the trade accounts payable at December 31, 2005 is an amount of $90 (2004: $147), which is due to Acropolis Chartering and Shipping Inc.

NOTE 18 — DISPOSAL OF FIXED ASSETS

No fixed assets were disposed of in 2005.

In 2004, the following fixed assets were disposed of:


Fixed assets Net Sales
Proceeds		 Net Book
Value		 Gain on
Sale
Payloaders $ 112   $ (58 )  $ 54  
Uniloaders   24     (17 )    7  
  $ 136   $ (75 )  $ 61  

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

In 2003, the following vessels were disposed of:


Vessel Net Sales
Proceeds		 Net Book
Value		 Gain/(loss)
on Sale
M/V Navios Pioneer $ 6,020   $ (5,805 )  $ 215  
M/V Agios Konstantinos   18,487     (19,413 )    (926 ) 
M/V Artemis   18,538     (21,712 )    (3,174 ) 
M/V Navios Aegean   19,996     (18,478 )    1,518  
  $ 63,041   $ (65,408 )  $ (2,367 ) 

NOTE 19 — MINORITY INTEREST

The Navimax Pool, an association of three participants, was created for purposes of trading operating vessels owned and/or chartered by the Pool’s participants, as well as, to charter and trade with third parties under freight contracts.

In 2003 Navios (predecessor) liquidated the third participant’s interest in the Navimax Pool based on a mutual agreement. This liquidation was carried out on March 11, 2003 by distributing to the third participant, its remaining monetary value of pool interests as there were no other assets or liabilities.

NOTE 20 — SEGMENT INFORMATION

The Company has two reportable segments from which it derives its revenues: Vessel Operations and Port Terminal. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Vessel Operations business consists of transportation and handling of bulk cargoes through ownership, operation, and trading of vessels, freight, and forward freight agreements. The Port Terminal business consists of operating a port and transfer station terminal.

The Company measures segment performance based on net income. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following table.


  Vessel Operations Port Terminal Total
  Successor Predecessor Successor Predecessor Successor Predecessor
  August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005
Revenue $ 74,296     152,668   $ 2,080     5,962   $ 76,376     158,630  
Gain (loss) on forward freight agreements   (2,766 )    2,869     —     —     (2,766 )    2,869  
Interest income   1,162     1,349     1     1     1,163     1,350  
Interest expense   (11,892 )    (1,677 )    —     —     (11,892 )    (1,677 ) 
Depreciation and amortization   (13,016 )    (3,391 )    (566 )    (481 )    (13,582 )    (3,872 ) 
Equity in net income of affiliated companies   285     788     —     —     285     788  
Net income   1,856     48,517     305     2,820     2,161     51,337  
Total assets   715,996     256,867     73,387     28,088     789,383     284,955  
Capital expenditures (*)147,363   777     295     3,487     147,658     4,264  
Investments in affiliates $ 657     372   $ —     —   $ 657     372  
(*) Includes $21.3 million non-cash consideration in the form of common stock issued in connection with the purchase of three vessels and $13.4 million transferred from vessel purchase options in connection with the acquisition of two option vessels

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NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)


  Predecessor Predecessor Predecessor
  Vessel Operations
for the Year Ended
December 31, 2004		 Port Terminal
Operations for
the Year Ended
December 31, 2004		 Total for the
Year Ended
December 31, 2004
Revenue $ 271,536   $ 7,648   $ 279,184  
Gain on forward freight agreements   57,746     —     57,746  
Interest income   787     2     789  
Interest expense   (3,140 )    (310 )    (3,450 ) 
Depreciation and amortization   (5,258 )    (667 )    (5,925 ) 
Equity in net earnings of affiliate companies   763     —     763  
Net income   123,841     3,291     127,132  
Total assets   309,022     24,270     333,292  
Capital expenditures   494     4,609     5,103  
Investment in affiliates $ 557   $ —   $ 557  

  Predecessor Predecessor Predecessor
  Vessel Operations
for the Year Ended
December 31, 2003		 Port Terminal
Operations for
the Year Ended
December 31, 2003		 Total for the
Year Ended
December 31, 2003
Revenue $ 172,824   $ 6,910   $ 179,734  
Gain on forward freight agreements   51,115     —     51,115  
Interest income   132     2     134  
Interest expense   (4,738 )    (540 )    (5,278 ) 
Depreciation and amortization   (8,293 )    (564 )    (8,857 ) 
Equity in net earnings of affiliate companies   403     —     403  
Net income   55,588     2,913     55,501  
Total assets   340,017     21,516     361,533  
Capital expenditures   34,894     1,553     36,447  
Investment in affiliates $ 493   $ —   $ 493  

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

The following table sets out operating revenue by geographic region for the Company’s reportable segments. Vessel Operation and Port Terminal revenue is allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels operate worldwide. Revenues from specific geographic region which contribute over 10% of total revenue are disclosed separately.

Revenue By Geographic Region


  Successor Predecessor
  August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 Years ended
December 31
  2004 2003
North America $ 5,767   $ 20,206   $ 38,201   $ 30,308  
South America   3,512     9,287     7,808     7,055  
Europe   41,614     78,007     119,393     85,533  
Australia   554     2,587     12,943     10,863  
Asia   24,929     48,318     99,356     44,308  
Other   —     225     1,483     1,667  
Total $ 76,376   $ 158,630   $ 279,184   $ 179,734  

The following describes long-lived assets by country for the Company’s reportable segments. Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for vessels amounted to $339,083 and $116,231 at December 31, 2005 and 2004, respectively. For Port Terminal, all long-lived assets are located in Uruguay. The total net book value of long-lived assets for the Port Terminal amounted to $26,699 and $20,944 at December 31, 2005 and 2004, respectively.

NOTE 21 — EARNINGS PER COMMON SHARE

The downstream merger of ISE with and into Navios (Note 3) resulted in the cancellation of the existing Navios common shares to reflect those issued by ISE. All earnings per share calculations for periods prior to the August 25, 2005 acquisition and merger (Navios predecessor) are based on the average number of Navios shares outstanding during the respective periods.

Earning per share for periods subsequent to the acquisition and merger are calculated by dividing net income by the average number of shares of Navios successor outstanding during the period. Fully diluted earnings per share assumes that the 65,550,000 warrants outstanding were exercised at the warrant price of $5.00 each generating proceeds of $327.8 million and these proceeds were used to buy back shares of common stock at the average market price during the period.

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)


  Successor Predecessor Predecessor Predecessor
  August 26,
2005 to
December 31,
2005		 January 1,
2005 to
August 25,
2005		 Year ended
December 31,
2004		 Year ended
December 31,
2003
Numerator:                        
Net income — basic and diluted   2,161     51,337     127,132     55,501  
Denominator:                        
Denominator for basic earning per share — weighted average shares   40,189,356     874,584     909,205     996,408  
Dilutive potential common shares                        
Warrants outstanding   65,550,000     —     —     —  
Proceeds on exercises of warrants   327,750,000     —     —     —  
Number of shares to be repurchased   60,500,802     —     —     —  
Effect of dilutive securities — warrants   5,049,198     —     —     —  
Denominator for diluted earnings per share — adjusted weighted shares and assumed conversions   45,238,554     874,584     909,205     996,408  
Basic earnings per share   0.05     58.7     139.83     55.7  
Diluted earnings per share   0.05     58.7     139.83     55.7  

NOTE 22 — INCOME TAXES

Marshall Islands, Greece, Liberia and Panama, do not impose a tax on international shipping income. Under the laws of Marshall Islands, Greece, Liberia and Panama the countries of the companies’ incorporation and vessels’ registration, the companies are subject to registration and tonnage taxes which have been included in vessel operating expenses in the accompanying consolidated statements of operations.

Certain of the Company’s subsidiaries are registered as Law 89 companies in Greece. These Law 89 companies are exempt from Greek income tax on their income derived from certain activities related to shipping. Since all the Law 89 companies conduct only business activities that qualify for the exemption of Greek income tax, no provision has been made for Greek income tax with respect to income derived by these Law 89 companies from their business operations in Greece.

Corporacion Navios Sociedad Anonima is located in a tax free zone and is not liable to income or other tax.

Pursuant to Section 883 of the Internal Revenue Code of the United States (the ‘‘Code’’), U.S. source income from the international operation of ships is generally exempt from U.S. income tax if the company operating the ships meets certain incorporation and ownership requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country, which grants an equivalent exemption from income taxes to U.S. corporations. All the company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the countries of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. Subject to proposed regulations becoming finalized in their current form, the management of the Company believes by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company like the Company, the second criterion can also be

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Table of Contents

NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Experessed in thousands of US Dollars — except per share data)

satisfied based on the trading volume and ownership of the Company’s shares, but no assurance can be given that this will remain so in the future.

NOTE 23 — SUBSEQUENT EVENTS

On January 2, 2006, Navios Corporation and Navios Shipmanagement Inc., two wholly owned subsidiaries of Navios, entered into two lease agreements with Goldland Ktimatiki — Ikodomiki — Touristiki and Xenodohiaki Anonimos Eteria, a Greek corporation which is partially owned by relatives of Angeliki Frangou, Navios’ Chairman and Chief Executive Officer. The lease agreements provide for the leasing of two facilities located in Piraeus, Greece, of approximately 2,034.3 square meters and will house the operations of the Company’s subsidiaries. The total annual lease payments are EUR 420,000 (approximately $500,000) and the lease agreements expire in 2017. The Company believes the terms and provisions of the lease agreements were similar to those that would have been agreed with a non-related third party. The lease payments are subject to annual adjustments starting form the third year which are based on the inflation rate prevailing in Greece as reported by the Greek State at the end of each year.

On January 5, 2006, the Company took delivery of vessel Navios Gemini S the last of the four Panamax vessels purchased from Maritime Enterprises Management S.A., a company affiliated with the Frangou family (Notes 2 and 17).

On February 10, 2006, the Company took delivery of Navios Arc the first of the remaining four option vessels to be delivered in 2006 (Notes 2 and 15).

On February 16, 2006, the Board of Directors resolved that a dividend of $0.0666 per common share will be paid on March 13, 2006 to stockholders of records as of February 27, 2006.

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
BALANCE SHEET


  June 30, 2005 December 31, 2004
  (unaudited)  
ASSETS            
Current assets:            
Cash and cash equivalents $ 172,064   $ 2,032,478  
Investment held in Trust Fund   182,798,858     180,691,163  
Deferred Tax Asset   145,000        
Prepaid expenses   63,850     12,988  
Total current assets   183,179,772     182,736,629  
Advances held in escrow for Acquisitions   3,016,178        
Property & Equipment (net)   9,205     7,195  
Deferred Acquisitions costs   1,894,859     81,000  
Deferred Finance costs   3,448,500        
Total Assets $ 191,548,514   $ 182,824,824  
LIABILITIES & STOCKHOLDERS' EQUITY            
Current Liabilities:      
Trade payable & Accrued Expenses $ 1,855,003   $ 139,177  
Notes payable, stockholder   5,022,037     805  
Deferred Interest at Trust account   444,349     23,021  
Income taxes payable   712,000     6,700  
Total Current Liabilities   8,033,389     169,703  
Common Stock, Subject to possible conversion   36,097,142     36,097,142  
Stockholders' Equity:      
Preferred Stock $.0001 par value, authorized 1,000,000 shares, none issued   —     —  
Common Stock $.0001 par value, authorized 120,000,000 shares, issued and outstanding 39,900,000 (which includes 6,551,723 shares subject to possible conversion)   3,990     3,990  
Additional paid-in capital   146,551,057     146,545,159  
Earnings accumulated during the development stage   862,936     8,830  
Total stockholders' equity   147,417,983     146,557,979  
Total Liabilities and Stockholders' Equity $ 191,548,514   $ 182,824,824  

See Notes to Unaudited Financial Statements

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)

STATEMENT OF OPERATIONS
(unaudited)


  Six months ended
June 30, 2005		 Three months ended
June 30, 2005		 For the period from
September 17, 2004
(inception) to
June 30, 2005
Net revenue from operations                  
Capital based Taxes $ (130,000 )  $ (16,500 )  $ (184,759 ) 
Other Operating expenses   (157,430 )    (80,159 )    (179,856 ) 
Formation & Operating Cost   (287,430 )    (96,659 )    (364,615 ) 
Operating Loss   (287,430 )    (96,659 )    (364,615 ) 
Income from Financing Activities            
Bank Interest Income, net   1,708,536     967,401     1,801,251  
Income before provision for income taxes   1,421,106     870,742     1,436,636  
Provision for Income Taxes   567,000     310,000     573,700  
Net Income $ 854,106   $ 560,742   $ 862,936  
Weighted average number of common shares outstanding   39,900,000     39,900,000        
Net income per share: $ 0.02   $ 0.01        

See Notes to Unaudited Financial Statements

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)

STATEMENT OF THE STOCKHOLDER'S EQUITY
For the period from September 17th, 2004 (inception) to June 30, 2005


      
    
Common Stock and		 Additional
Paid-In
Capital		 Earnings
Accumulated
During the
Development
Stage		 Stockholders'
Equity
  Shares Amount
Sale of 7,125,000 shares of common stock to initial stockholders   7,125,000   $ 713.00   $ 24,287     —   $ 25,000  
Sale of 32,775,000 units, net of underwriters' discount and offering expenses (includes 6,551,723 shares subject to possible convertion)   32,775,000     3,277.00     182,618,014           182,621,291  
Proceeds subject to possible conversion of 6,551,723 shares   —     —     (36,097,142 )          (36,097,142 ) 
Net Income                   $ 8,830     8,830  
Balance at December 31, 2004   39,900,000     3,990     146,545,159     8,830     146,557,979  
Unaudited:                              
Finalization of estimated costs of the offering   —           5,898           5,898  
Net Income   —                 854,106     854,106  
Balance at June 30, 2005   39,900,000   $ 3,990.00   $ 146,551,057   $ 862,936   $ 147,417,983  

See Notes to Unaudited Financial Statements

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INTERNATIONAL SHIPPING ENTERPRISE, INC.
(a corporation in the development stage)

STATEMENT OF CASH FLOWS
(Unaudited)


  Six months ended
June 30, 2005		 For the period from
September 17, 2004
(inception) to
June 30, 2005
CASH FLOWS FROM OPERATING ACTIVITIES            
Net Income $ 854,106   $ 862,936  
Adjustments to reconcile net income to net cash used in
operating activities:		            
Depreciation   1,749     1,749  
Interest income on treasury bills   (2,123,873 )    (2,239,036 ) 
Changes in operating assets & liabilities:      
Increase in prepaid expenses   (50,862 )    (63,850 ) 
Increase in accounts payable and accrued expenses   15,711     154,888  
Increase in deferred interest   421,328     444,349  
Increase in income taxes payable   705,300     712,000  
Increase in deferred tax assets   (145,000 )    (145,000 ) 
Net cash used in operating activities   (321,541 )    (271,964 ) 
CASH FLOWS FROM INVESTING ACTIVITIES            
Purchase of Treasury Bills held in trust   —     (180,575,746 ) 
Increase in cash held in trust   —     (254 ) 
Purchase of property & equipment   (3,760 )    (10,955 ) 
Advance for the acquisition of a target   (3,000,000 )    (3,000,000 ) 
Payment of deferred acquisition costs   (1,062,244 )    (1,143,244 ) 
Net cash used in investing activities   (4,066,004 )    (184,730,199 ) 
CASH FLOWS FROM FINANCING ACTIVITIES            
Gross proceeds from initial public offering   —     196,650,000  
Payment of costs of initial public offering   5,899     (14,022,810 ) 
Proceeds from stockholders loans & advances   5,021,232     5,371,353  
Payment to stockholders loans & advances   —     (349,316 ) 
Proceeds from sale of common stock   —     25,000  
Payment of deferred finance costs   (2,500,000 )    (2,500,000 ) 
Net cash provided by financing activities   2,527,131     185,174,227  
Increase/decrease in cash at end of period   (1,860,414 )    172,064  
Cash and cash equivalents at beginning of period   2,032,478        
Cash and cash equivalents at end of period $ 172,064   $ 172,064  
Supplemental schedule of non-cash investing activity:      
Accrual of deferred acquisition costs $ 751,615   $ 751,615  
Supplemental schedule of non-cash financing activity:      
Accrual of deferred finance costs $ 948,500   $ 948,500  

See Notes to ISE Unaudited Financial Statements

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to ISE Unaudited Financial Statements

1.    Organization and Business Operations

International Shipping Enterprises, Inc. ("ISE") was incorporated in Delaware on September 17, 2004, as a blank check company, the objective of which is to acquire one or more vessels or an operating business in the dry bulk sector of the shipping industry.

All activity from January 1, 2005, through June 30, 2005, relates to ISE's search for a business combination and the negotiation of the acquisition of Navios Maritime Holdings Inc. described below. The Company has selected December 31 as its fiscal year-end.

The registration statement for ISE's initial public offering ("Offering") was declared effective December 10, 2004. ISE consummated the Offering on December 16, 2004, and received net proceeds of approximately $182,621,000 (Note 2). ISE's management has broad discretion with respect to the specific application of the net proceeds of this Offering, although substantially all of the net proceeds of this Offering are intended to be generally applied toward consummating a business combination with (or acquisition of) one or more vessels or an operating business in the dry bulk sector of the shipping industry ("Business Combination"). Furthermore, there is no assurance that ISE will be able to successfully effect a Business Combination. An amount of $180,576,000 of the net proceeds were placed in an interest-bearing trust account ("Trust Account") until the earlier of (i) the consummation of a Business Combination or (ii) the liquidation of ISE. Under the agreement governing the Trust Account, funds will only be invested in United States government securities (Treasury Bills) with a maturity of 180 days or less. (Note 3) The remaining net proceeds (not held in the Trust Account) may be used to pay for business, legal, and accounting due diligence on prospective acquisitions and continuing general and administrative expenses.

ISE, after signing a definitive agreement for the acquisition of a target business, will submit such transaction for stockholder approval. In the event that stockholders owning 20% or more of the shares sold in the Offering vote against the Business Combination and exercise their redemption rights described below, the Business Combination will not be consummated. All of ISE's stockholders prior to the Offering, including all of the officers and directors of the Company ("Initial Stockholders"), have agreed to vote their 7,125,000 founding shares of common stock in accordance with the vote of the majority in interest of all other stockholders of the Company ("Public Stockholders") with respect to any Business Combination. After consummation of a Business Combination, these voting safeguards will no longer be applicable.

With respect to a Business Combination which is approved and consummated, any Public Stockholder who votes against the Business Combination may demand that ISE convert his shares. The per share conversion price will equal to the amount in the Trust Account calculated as of two business days prior to the proposed consummation of the Business Combination divided by the number of shares of common stock held by Public Stockholders at the consummation of the Offering. Accordingly, Public Stockholders holding 19.99% of the aggregate number of shares owned by all Public Stockholders may seek conversion of their shares in the event of a Business Combination. Such Public Stockholders are entitled to receive their per share interest in the Trust Account computed without regard to the shares held by Initial Stockholders. Accordingly, a portion of the net proceeds from the offering (19.99% of the amount held in the Trust Account) has been classified as common stock subject to possible conversion and 19.99% of the interest earned on the amount held in the Trust Account has been recorded as deferred interest in the accompanying June 30, 2005 balance sheet.

ISE's Certificate of Incorporation provides for mandatory liquidation of ISE in the event that the Company does not consummate a Business Combination within 12 months from the date of the consummation of the Offering, or 18 months from the consummation of the Offering if certain extension criteria have been satisfied. In the event of liquidation, it is likely that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per share in the Offering due to costs related to the Offering and since no value would be attributed to the Warrants contained in the Units sold (Note 2).

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to ISE Unaudited Financial Statements

In connection with a proposed acquisition (Note 4), ISE has deferred $3,448,500 relating to bank commitment fees and $1,246,983 of costs relating to professional fees for legal, due diligence and accounting services.

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

2.    Initial Public Offering

On December 16, 2004, ISE sold 32,775,000 units ("Units") in the Offering, which included all of the 4,275,000 Units subject to the underwriters' over-allotment option. Each Unit consists of one share of ISE's common stock, $.0001 par value, and two Redeemable Common Stock Purchase Warrants ("Warrants"). Each Warrant entitles the holder to purchase from ISE one share of common stock at an exercise price of $5.00 commencing the later of the completion of a Business Combination with a target business or one year from the effective date of the Offering and expiring four years from the date of the prospectus. The Warrants will be redeemable, upon prior written consent of ISE's underwriter in the Offering, Sunrise Securities Corp., at a price of $.01 per Warrant upon 30 days' notice after the Warrants become exercisable, only in the event that the last sale price of the common stock is at least $8.50 per share for any 20 trading days within a 30 trading day period ending on the third day prior to date on which notice of redemption is given and only if the weekly trading volume of ISE's common stock has been at least 800,000 shares for each of the two calendar weeks prior to the date on which notice of redemption is given.

At June 30, 2005, 65,550,000 shares of common stock were reserved for issuance upon exercise of Warrants.

3.    Investments Held in Trust Account

At June 30, 2005, the investments held in the Trust Account consist principally of short-term Treasury Bills which are treated as trading securities and recorded at their market value. The excess of market value over cost, exclusive of 19.99% of the interest which has been recorded as deferred interest as described above, is included in interest income on the accompanying income statement.

4.    Acquisition of Navios Maritime Holdings Inc.

On February 28, 2005, ISE entered into a Stock Purchase Agreement (the "Purchase Agreement") with Navios Maritime Holdings Inc., a Marshall Islands corporation ("Navios"), and all of the shareholders of Navios in connection with ISE's acquisition of all of the outstanding capital of Navios. At the closing, the Navios shareholders will be paid an aggregate of $607.5 million in cash for all the outstanding capital stock of Navios, subject to adjustments and certain holdbacks. The purchase price will be partially funded through a secured credit facility with HSH Nordbank AG.

Simultaneously with the signing of the Purchase Agreement, ISE deposited $3,000,000 with an escrow agent as a deposit to be applied against the purchase price at closing. On July 15, 2005, ISE deposited an additional $3,000,000 in conjunction with the extension of closing date to August 31, 2005, in accordance with the terms and conditions of the Purchase Agreement. In the event that the closing does not occur, any and all deposits will be returned to ISE, except in those cases where the closing has not occurred due to ISE's breach of one of its representation, warranty, covenant or agreement in the Purchase Agreement. In connection with the deposit and other costs and expenses associated with the transaction, an Initial Stockholder has agreed to loan the necessary funds to ISE (Note 5).

At June 30, 2005, trade payables and accrued expenses include $647,876 due to Navios.

The transaction is expected to be consummated upon receipt of the required approval by ISE's stockholders. The special meeting of ISE's stockholders is currently scheduled for August 23, 2005.

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to ISE Unaudited Financial Statements

5.    Note Payable, Stockholder

ISE issued a $4,022,037 unsecured promissory note to an Initial Stockholder, who is also an officer, on April 18, 2005. The amount of $5,022,037, including additional advances of $1,000,000, is due to the Initial Stockholder as of June 30, 2005. The amount due to the Initial Stockholder is non interest-bearing and is payable on demand at any time on or after the closing date of the acquisition of Navios.

6.    Commitment

ISE presently has certain office and secretarial services made available to it by unaffiliated third parties, as may be required by ISE from time to time. Under its agreement with its underwriters, ISE is permitted to pay up to an aggregate of $5,500 per month for office space and all such services on an ongoing basis. The statement of operations for the period ended June 30, 2005 includes approximately $9,672 related to this agreement.

7.    Subsequent events

On August 25th, 2005, pursuant to a stock purchase agreement dated February 28, 2005, as amended, by and between ISE and Navios Maritime Holdings, Inc. (‘‘Navios’’), ISE acquired all of the outstanding shares of common stock of Navios for a cash payment of $594.4 million. Approximately $182.4 million of the cash payment was obtained from funds from ISE's initial public offering and the balance of approximately $412 million was obtained from a $514.4 million senior secured credit facility, entered into on July 12, 2005 and funded on August 25, 2005, with HSH Nordbank AG.

As a result of such acquisition, Navios became a wholly owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of the Marshall Islands through a downstream merger with and into its newly acquired wholly-owned subsidiary Navios.

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to ISE Unaudited Financial Statements

Report of Independent Registered Public Accounting Firm

To the Board of Directors
International Shipping Enterprises, Inc.

We have audited the accompanying balance sheet of International Shipping Enterprises, Inc. (a corporation in the development stage) as of December 31, 2004, and the related statements of income, stockholders' equity and cash flows for the period from September 17, 2004 (inception) to December 31, 2004. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of International Shipping Enterprises, Inc. as of December 31, 2004, and the results of its operations and its cash flows for the period from September 17, 2004 (inception) to December 31, 2004 in conformity with United States generally accepted accounting principles.

/s/ Goldstein Golub Kessler LLP
New York, New York
January 17, 2005

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
BALANCE SHEET
DECEMBER 31, 2004


ASSETS      
Current assets:      
Cash $ 2,032,478  
Investments held in trust   180,691,163  
Prepaid expenses and other current assets   12,988  
Total Current Assets   182,736,629  
Property and Equipment   7,195  
Deferred acquisition costs   81,000  
Total Assets $ 182,824,824  
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
Accounts payable and accrued expenses $ 139,177  
Deferred interest   23,021  
Due to stockholder   805  
Income taxes payable   6,700  
Total liabilities   169,703  
Commitment      
Common stock subject to possible conversion   36,097,142  
Stockholder's Equity:      
Preferred stock $.0001 par value, authorized 1,000,000 shares, none issued      
Common stock $.0001 par value; authorized 120,000,000 shares, issued and outstanding 39,900,000 (which includes 6,551,723 subject to possible conversion)   3,990  
Additional paid-in-capital   146,545,159  
Earnings accumulated during the development stage   8,830  
Total stockholders' equity   146,557,979  
Total Liabilities and Stockholders' Equity $ 182,824,824  

See Notes to Financial Statements

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
INCOME STATEMENT
FOR THE PERIOD FROM SEPTEMBER 17, 2004 (INCEPTION) TO DECEMBER 31, 2004

Operating expenses:


Capital based taxes $ (54,759 ) 
Other operating expenses   (22,426 ) 
Total operating expenses   (77,185 ) 
Net operating loss   (77,185 ) 
Interest income   92,715  
Income before provision for income taxes   15,530  
Provision for income taxes   6,700  
Net income $ 8,830  
Weighted average number of common shares outstanding   12,743,571  
Net income per shares basic and diluted $ 0.00  

See Notes to Financial Statements

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
STATEMENT OF STOCKHOLDERS' EQUITY
For the period from September 17, 2004 (inception) to December 31, 2004


  Common Stock and Additional
Paid-In
Capital		 Earnings
Accumulated
During the
Development
Stage		 Stockholders' Equity
  Shares Amount
Sale of 7,125,000 shares of common stock to initial stockholders for $.0035 per share, as adjusted
(Note 7)		   7,125,000   $ 713   $ 24,287     —   $ 25,000  
Sale of 32,775,000 units, net of underwriters' discount and offering expenses (includes 6,551,723 shares subject to possible conversion)   32,775,000     3,277     182,618,014     —     182,621,291  
Proceeds subject to possible conversion of 6,551,723 shares   —     —     (36,097,142 )    —     (36,097,142 ) 
Net income for the period   —     —     —   $ 8,830     8,830  
Balance at December 31, 2004   39,900,000   $ 3,990   $ 146,545,159   $ 8,830   $ 146,557,979  

See Notes to Financial Statements

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Table of Contents

INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
STATEMENT OF CASH FLOWS
For the period from September 17, 2004 (inception) to December 31, 2004

CASH FLOWS FROM OPERATING ACTIVITIES


Net income $ 8,830  
Adjustements to reconcile net income to net cash provided by operating activities:      
Interest income on treasury bills   (115,163 ) 
Changes in operating assets and liabilities:      
Increase in prepaid expenses   (12,988 ) 
Increase in accounts payable and accrued expenses   79,235  
Increase in deferred interest   23,021  
Increase in income taxes payable   6,700  
Net cash provided by operating activities   (10,365 ) 
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of Treasury Bills held in trust   (180,575,746 ) 
Increase in cash held in trust   (254 ) 
Purchase of property and equipment   (7,195 ) 
Payment of deferred acquisition costs   (81,000 ) 
Net cash used in investing activities   (180,664,195 ) 
CASH FLOWS FROM FINANCING ACTIVITIES      
Gross proceeds from initial public offering   196,650,000  
Payment of costs of initial public offering   (13,968,767 ) 
Proceeds from stockholder loans and advances   350,121  
Payment of stockholder loans and advances   (349,316 ) 
Proceeds from sale of shares of common stock   25,000  
Net cash provided by financing activities   182,707,038  
Increase in cash and cash at end of period $ 2,032,478  
Supplemental schedule of non-cash financing activity:      
Accrual of costs of initial public offering $ 59,942  

See Notes to Financial Statements

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INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to Financial Statements

1.  Organization and Business Operations

International Shipping Enterprises, Inc. ("ISE" or the "Company") was incorporated in Delaware on September 17, 2004 as a blank check company, the objective of which is to acquire one or more vessels or an operating business in the shipping industry.

All activity from September 17, 2004 (inception) through December 31, 2004 relates to the Company's formation, initial public offering and search for a business combination described below. The Company has selected December 31 as its fiscal year-end.

The registration statement for the Company's initial public offering ("Offering") was declared effective December 10, 2004. The Company consummated the Offering on December 16, 2004 and received net proceeds of approximately $182,621,000 (Note 2). The Company's management has broad discretion with respect to the specific application of the net proceeds of this Offering, although substantially all of the net proceeds of this Offering are intended to be generally applied toward consummating a business combination with (or acquisition of) one or more vessels or an operating business in the shipping industry ("Business Combination"). Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination. An amount of $180,576,000 of the net proceeds is being held in an interest-bearing trust account ("Trust Account") until the earlier of (i) the consummation of a Business Combination or (ii) the liquidation of the Company. Under the agreement governing the Trust Account, funds will only be invested in United States government securities (Treasury Bills) with a maturity of 180 days or less. (Note 3) The remaining net proceeds (not held in the Trust Account) may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses.

The Company, after signing a definitive agreement for the acquisition of a target business, will submit such transaction for stockholder approval. In the event that stockholders owning 20% or more of the shares sold in the Offering vote against the Business Combination and exercise their redemption rights described below, the Business Combination will not be consummated. All of the Company's stockholders prior to the Offering, including all of the officers and directors of the Company ("Initial Stockholders"), have agreed to vote their 7,125,000 founding shares of common stock in accordance with the vote of the majority in interest of all other stockholders of the Company ("Public Stockholders") with respect to any Business Combination. After consummation of a Business Combination, these voting safeguards will no longer be applicable.

With respect to a Business Combination which is approved and consummated, any Public Stockholder who voted against the Business Combination may demand that the Company convert his shares. The per share conversion price will equal the amount in the Trust Account calculated as of two business days prior to the proposed consummation of the Business Combination divided by the number of shares of common stock held by Public Stockholders at the consummation of the Offering. Accordingly, Public Stockholders holding 19.99% of the aggregate number of shares owned by all Public Stockholders may seek conversion of their shares in the event of a Business Combination. Such Public Stockholders are entitled to receive their per share interest in the Trust Account computed without regard to the shares held by Initial Stockholders. Accordingly, a portion of the net proceeds from the offering (19.99% of the amount held in the Trust Account) has been classified as common stock subject to possible conversion and 19.99% of the interest earned on the amount held in the Trust Account has been recorded as deferred interest in the accompanying December 31, 2004 balance sheet.

The Company's Certificate of Incorporation provides for mandatory liquidation of the Company in the event that the Company does not consummate a Business Combination within 12 months from the date of the consummation of the Offering, or 18 months from the consummation of the Offering if certain extension criteria have been satisfied. In the event of liquidation, it is likely that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will

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INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to Financial Statements

be less than the initial public offering price per share in the Offering due to costs related to the Offering and since no value would be attributed to the Warrants contained in the Units sold (Note 2).

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

Depreciation of property, plant and equipment will be provided for by the straight-line method over the estimated useful lives of the related assets.

In connection with a proposed acquisition, the Company has deferred $81,000 of related costs, principally relating to a retainer paid in December 2004 for legal services.

Deferred income taxes are provided for the differences between the bases of assets and liabilities for financial reporting and income tax purposes. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

Basic net income per common share is computed using the weighted average number of shares outstanding. Diluted net income per common share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. There are no incremental shares included in the diluted calculations since the common stock was not trading separately during the period and the warrants were therefore not exercisable.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

2.  Initial Public Offering

On December 31, 2004, the Company sold 32,775,000 units ("Units") in the Offering, which included all of the 4,275,000 Units subject to the underwriters' overallotment option. Each Unit consists of one share of the Company's common stock, $.0001 par value, and two Redeemable Common Stock Purchase Warrants ("Warrants"). Each Warrant will entitle the holder to purchase from the Company one share of common stock at an exercise price of $5.00 commencing the later of the completion of a Business Combination with a target business or one year from the effective date of the Offering and expiring four years from the date of the prospectus. The Warrants will be redeemable, upon prior written consent of the Company's underwriter in the Offering, Sunrise Securities Corp., at a price of $.01 per Warrant upon 30 days notice after the Warrants become exercisable, only in the event that the last sale price of the common stock is at least $8.50 per share for any 20 trading days within a 30 trading day period ending on the third day prior to date on which notice of redemption is given and only if the weekly trading volume of our common stock has been at least 800,000 shares for each of the two calendar weeks prior to the date on which notice of redemption is given.

At December 31, 2004, 65,550,000 shares of common stock were reserved for issuance upon exercise of Warrants.

3.  Investments Held in Trust Account

At December 31, 2004, the investments held in the Trust Account consist principally of short-term Treasury Bills which are treated as trading securities and recorded at their market value. The excess of market value over cost, exclusive of 19.99% of the interest which has been recorded as deferred interest as described above, is included in interest income on the accompanying income statement.

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INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to Financial Statements

4.  Property and equipment

Property and equipment, at cost, consists of computer equipment with an estimated useful life of three years. No depreciation has been charged against the Company's property and equipment as they were not in service during the period.

5.  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


Delaware franchise tax payable $ 12,859  
New York capital taxes   41,900  
Printing costs due on initial public offering   59,942  
Accrued professional fees   13,629  
Other accounts payable and accrued expenses   10,847  
  $ 139,177  
6.  Note Payable, Stockholder

The Company issued a $225,000 unsecured promissory note to an Initial Stockholder, who is also an officer, on September 23, 2004. The Initial Stockholder also advanced approximately $125,000 of additional funds to the Company. The amount due to the Initial Stockholder was non interest-bearing and substantially all the amount due was paid from the net proceeds of the Offering. At December 31, 2004, there is a remaining due amount to the Initial Stockholder of $805.

7.  Commitment

The Company presently occupies office space from, and has certain office and secretarial services made available to it by, unaffiliated third parties, as may be required by the Company from time to time. The Company has agreed to pay approximately $1,500 per month for office space through March 15, 2005 and, under its agreement with its underwriters, is permitted to pay up to an aggregate of $5,500 per month for office space and all such services on an ongoing basis. The statement of operations for the period ended December 31, 2004 includes approximately $5,700 related to this agreement.

8.  Preferred Stock

The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors.

9.  Common Stock

On November 29, 2004, the Company's Board of Directors authorized a stock dividend of approximately 0.676 shares of common stock for each outstanding share of common stock and increased the number of authorized shares of common stock to 120,000,000. The accompanying financial statements have been retroactively restated to reflect these transactions.

10.  Income Taxes

The provision for income taxes consists of:

Period from September 17, 2004 (inception) to December 31, 2004

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INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to Financial Statements

Current:


Federal $ 1,600  
State and local   5,100  
Total current $ 6,700  

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INTERNATIONAL SHIPPING ENTERPRISES, INC.
(a corporation in the development stage)
Notes to Financial Statements

The provision for income taxes differs from the amount computed using the federal statutory rate of 34% as a result of the following:

Period from September 17, 2004 (inception) to December 31, 2004


Federal statutory rate   34.0 % 
State income taxes, net of federal income tax effect   7.5  
Effect of reduced federal rates based on income levels   (19.0 ) 
Nondeductible expenses for state tax purposes   20.6  
    43.1 % 

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65,550,000 Shares of Common Stock

[NAVIOS LOGO]

NAVIOS MARITIME HOLDINGS INC.

PROSPECTUS

                            , 2006

All dealers that buy, sell or trade our shares of common stock, whether or not participating in this offering, may be required to deliver a prospectus.



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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS

Item 6.    Indemnification of Directors and Officers.

Under the Articles of Incorporation, our Bylaws and under Section 60 of the Marshall Islands Business Corporations Act (‘‘BCA’’), we may indemnify anyone who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding (other than an action by or in the right of the corporation) whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise.

A limitation on the foregoing is the statutory proviso (also found in our Bylaws) that, in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was unlawful.

Further, under Section 60 of the BCA and our Bylaws, the termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.

In addition, under Section 60 of the BCA and under our Bylaws, a corporation may indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the corporation to procure judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise. Such indemnification may be made against expenses (including attorneys' fees) actually and reasonably incurred such person or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation. Again, this is provided that no indemnification may be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.

Further, and as provided by both our Bylaws and Section 60 of the BCA, when a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in the foregoing instances, or in the defense of a related claim, issue or matter, he will be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with such matter.

Likewise, pursuant to our Bylaws and Section 60 of the BCA, expenses (our Bylaws specifically includes attorneys' fees in expenses) incurred in defending a civil or criminal action, suit or proceeding by an officer or director may be paid in advance of the final disposition of the action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it is ultimately determined that he is not entitled to indemnification. The Bylaws further provide that with respect to other employees, such expenses may be paid on the terms and conditions, if any, as the Board may deem appropriate.

Both Section 60 of the BCA and our Bylaws further provided that the foregoing indemnification and advancement of expenses are not exclusive of any other rights to which those seeking

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indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and/or as to action in another capacity while holding office.

Under both Section 60 of the BCA and our Bylaws, we also have the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity regardless of whether the corporation would have the power to indemnify him against such liability under the foregoing.

Under Section 60 of the BCA (and as provided in our Bylaws), the indemnification and advancement of expenses provided by, or granted under the foregoing continue with regard to a person who has ceased to be a director, officer, employee or agent and inure to the benefit of his heirs, executors and administrators unless otherwise provided when authorized or ratified. Additionally, under Section 60 of the BCA and our Bylaws, the indemnification and advancement of expenses provided by, or granted under the foregoing continue with regard to a person who has ceased to be a director, officer, employee or agent and inure to the benefit of his heirs, executors and administrators unless otherwise provided when authorized or ratified.

In addition to the above, our Bylaws provide that references to us includes constituent corporations, and defines 'other enterprises' to include employee benefit plans, ‘‘fines’’ to include excise taxes imposed on a person with respect to an employee benefit plan, and further defines the term 'serving at the request of the corporation.'

Our Articles of Incorporation set out a much abbreviated version of the foregoing and make reference to the provisions of the Bylaws.

Such limitation of liability and indemnification does not affect the availability of equitable remedies. In addition, we have been advised that in the opinion of the SEC, indemnification for liabilities arising under the Securities Act is against public policy as expressed in the Securities Act and is therefore unenforceable.

Item 7.    Recent Sales of Unregistered Securities

On August 25, 2005, pursuant to a Stock Purchase Agreement dated February 28, 2005, as amended, by and among International Shipping Enterprises, Inc., or ISE, Navios and all the shareholders of Navios, ISE acquired substantially all of the assets of Navios through the purchase of all of the outstanding shares of stock of Navios. As a result of such acquisition, Navios became a wholly-owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios, ISE effected a reincorporation from the State of Delaware to the Republic of Marshall Islands through a downstream merger with and into its newly acquired wholly-owned subsidiary, Navios. As a result of the reincorporation, ISE changed its name to Navios Maritime Holdings Inc. to reflect its operations and ISE transitioned from a shell company to an operating business and the operations of Navios became those of a publicly traded company. Prior to becoming a public company on August 25, 2005, Navios was a privately held company that sold all of its outstanding shares that had been previously issued on such date.

On December 22, 2005, Navios purchased four Panamax dry-bulk carriers from Maritime Enterprises Management S.A., a company affiliated with Angeliki Frangou, our chief executive officer and her family. Two of the vessels were delivered on December 22, 2005, a third vessel was delivered on December 27, 2005, and the fourth vessel was delivered on January 5, 2006. The purchase price for these four vessels was $125.5 million. The purchase price was funded with (i) $13.0 million of Navios' cash; (ii) $80.3 million from the restructured facility; and (iii) $32.2 million through the issuance of 5,500,854 shares of common stock of Navios valued at $5.85 per share.

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Item 8.    Exhibits and Financial Statement Schedules

(a)  Exhibits

3.1 Amended and Restated Articles of Incorporation.†
3.2 Bylaws.†
4.1 Specimen Unit Certificate.†
4.2 Specimen Common Stock Certificate.†
4.3 Specimen Warrant Certificate.†
4.4 Form of Warrant Agreement between Continental Stock Transfer & Trust Company and International Shipping Enterprises, Inc., the legal predecessor of Navios (Incorporated by reference to Exhibit 4.4 of the Registration Statement on Form S-1 of International Shipping Enterprises, Inc. (File No. 333-119719)).
5.1 Opinion of Reeder & Simpson P.C., Marshall Islands Counsel to Navios, as to the validity of the shares.†
10.1 Plan and Agreement of Merger, dated as of August 25, 2005, between International Shipping Enterprises, Inc. and Navios Maritime Holdings Inc.†
10.2 Form of Stock Escrow Agreement between International Shipping Enterprises, Inc., the legal predecessor of Navios, Continental Stock Transfer & Trust Company and the Initial Stockholders of International Shipping Enterprises, Inc. (Incorporated by reference to the Registration Statement on Form S-1 of International Shipping Enterprises, Inc. (File No. 333-119719)).
10.3 Form of Registration Rights Agreement among International Shipping Enterprises, Inc., the legal predecessor of Navios, and the Initial Stockholders (Incorporated by reference to the Registration Statement on Form S-1 of International Shipping Enterprises, Inc. (File No. 333-119719)).
10.4 Stock Purchase Agreement, dated as of February 28, 2005, by and among International Shipping Enterprises, Inc., the legal predecessor of Navios, Navios, the Shareholders' agent and the Shareholders of Navios (Incorporated by reference to International Shipping Enterprises, Inc.'s, the legal predecessor of Navios, Amendment No. 1 to Annual Report on Form 10-K/A filed on April 18, 2005.)
10.4.1 List of omitted schedules to the Stock Purchase Agreement identified in Exhibit 10.3 (Incorporated by reference to pre-effective Amendment No. 2 of the Registration Statement on Form S-4 of International Shipping Enterprises, Inc. filed on June 27, 2005) (1).
10.5 Facilities Agreement for International Shipping Enterprises, Inc. with HSH Nordbank AG dated July 12, 2005 (replaced with facility identified in Exhibit 10.9) (Incorporated by reference to International Shipping Enterprise, Inc.'s, the legal predecessor of Navios, Current Report on Form 8-K dated July 12, 2005 and filed on July 15, 2005). The Registrant will furnish supplementally a copy of any omitted schedule to the commission upon request.
10.6 Amendment to the Stock Purchase Agreement dated May 27, 2005 (Incorporated by reference to International Shipping Enterprise, Inc.'s, the legal predecessor of Navios, Current Report on Form 8-K dated May 27, 2005 and filed on June 3, 2005).
10.7 Second Amendment to the Stock Purchase Agreement dated July 14, 2005 (Incorporated by reference to International Shipping Enterprise, Inc.'s, the legal predecessor of Navios, Current Report on Form 8-K dated July 12, 2005 and filed on July 15, 2005).
10.8 Form of Registration Rights Agreement among International Shipping Enterprises, Inc., the legal predecessor of Navios, and the initial stockholders of ISE.*
10.9 Facilities Agreement for Navios Maritime Holdings Inc. with HSH Nordbank AG dated December 21, 2005. The Registrant will furnish supplementally a copy of any omitted schedule to the Commission upon request.*
23.1 Consent of PricewaterhouseCoopers*
23.2 Consent of Reeder & Simpson P.C.†(see Exhibit 5.1)
23.3 Consent of Drewry Shipping Consultants.*

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23.4 Consent of Goldstein Golub Kessler LLP*
24 Powers of Attorney.†
† Previously filed
* Filed herewith
(1)  In accordance with Item 601(b)(2) of Regulation S-K, the schedules have been omitted and a list briefly describing the omitted schedules is filed herewith. The Registrant will furnish supplementally a copy of any omitted schedule to the Commission upon request.
(b)  Financial Statement Schedule(s):

All schedules are omitted for the reason that the information is included in the financial statements or the notes thereto or that they are not required or are not applicable.

Item 9.    Undertakings

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the Registrant pursuant to the provisions described herein, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than any payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) If the registrant is a foreign private issuer, to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering.

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SIGNATURES

Pursuant to the requirement of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in Piraeus, Greece on April 5, 2006.

NAVIOS MARITIME HOLDINGS INC.
By:   /s/ Angeliki Frangou           
Name:   Angeliki Frangou
Title:   Chairman and Chief Executive Officer
By:   /s/ Michael McClure             
Name:   Michael McClure
Title:   Chief Financial Officer

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by each of the following persons in the capacities indicated on December 15, 2005.

Signature Title(s) Date
/s/ Angeliki Frangou Chief Executive Officer
(principal executive officer)		 April 5, 2006
Angeliki Frangou
/s/ Michael McClure Chief Financial Officer
(principal financial and accounting
officer)		 April 5, 2006
Michael McClure
/s/ Angeliki Frangou Chairman of the Board April 5, 2006
Angeliki Frangou
* President and Director April 5, 2006
Robert Shaw
* Director April 5, 2006
Vasiliki Papaefthymiou
* Director April 5, 2006
Spyridon Magoulas
* Director April 5, 2006
John Stratakis
* Director April 5, 2006
Rex Harrington
* Director April 5, 2006
Allan Shaw
*  By executing her name hereto, Angeliki Frangou is signing this document on behalf of the persons indicated above pursuant to the powers of attorney duly executed by such persons and filed with the Securities and Exchange Commission.

By: /s/ Angeliki Frangou

Angeliki Frangou

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                                                                    EXHIBIT 10.8

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into
as of the day of       , 2004, by and among: International Shipping Enterprises,
Inc., a Delaware corporation (the "Company"); and the undersigned parties listed
under Investors on the signature page hereto (each, an "Investor" and
collectively, the "Investors").

         WHEREAS, the Investors currently hold all of the issued and outstanding
securities of the Company;

         WHEREAS, the Investors and the Company desire to enter into this
Agreement to provide the Investors with certain rights relating to the
registration of shares of Common Stock held by them;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         1. DEFINITIONS. The following capitalized terms used herein have the
following meanings:

                  "Agreement" means this Agreement, as amended, restated,
supplemented, or otherwise modified from time to time.

                  "Commission" means the Securities and Exchange Commission, or
any other federal agency then administering the Securities Act or the Exchange
Act.

                  "Common Stock" means the common stock, par value $0.0001 per
share, of the Company.

                  "Company" is defined in the preamble to this Agreement.

                  "Demand Registration" is defined in Section 2.1.1.

                  "Demanding Holder" is defined in Section 2.1.1.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

                  "Form S-3" is defined in Section 2.3.

                  "Indemnified Party" is defined in Section 4.3.

                  "Indemnifying Party" is defined in Section 4.3.

                  "Investor" is defined in the preamble to this Agreement.

                  "Investor Indemnified Party" is defined in Section 4.1.








                  "Maximum Number of Shares" is defined in Section 2.1.4.

                  "Notices" is defined in Section 6.3.

                  "Piggy-Back Registration" is defined in Section 2.2.1.

                  "Register," "registered" and "registration" mean a
registration effected by preparing and filing a registration statement or
similar document in compliance with the requirements of the Securities Act, and
the applicable rules and regulations promulgated thereunder, and such
registration statement becoming effective.

                  "Registrable Securities" mean all of the shares of Common
Stock owned or held by Investors. Registrable Securities include any warrants,
shares of capital stock or other securities of the Company issued as a dividend
or other distribution with respect to or in exchange for or in replacement of
such shares of Common Stock. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them
shall not require registration under the Securities Act; (c) such securities
shall have ceased to be outstanding, or (d) the Securities and Exchange
Commission makes a definitive determination to the Company that the Registrable
Securities are salable under Rule 144(k).

                  "Registration Statement" means a registration statement filed
by the Company with the Commission in compliance with the Securities Act and the
rules and regulations promulgated thereunder for a public offering and sale of
Common Stock (other than a registration statement on Form S-4 or Form S-8, or
their successors, or any registration statement covering only securities
proposed to be issued in exchange for securities or assets of another entity).

                  "Release Date" means the date on which shares of Common Stock
are disbursed from escrow pursuant to Section 3 of that certain Stock Escrow
Agreement dated as of , 2004 by and among the parties hereto and Continental
Stock Transfer & Trust Company.

                  "Securities Act" means the Securities Act of 1933, as amended,
and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time.

                  "Underwriter" means a securities dealer who purchases any
Registrable Securities as principal in an underwritten offering and not as part
of such dealer's market-making activities.

         2. REGISTRATION RIGHTS.

                  2.1           Demand Registration.

                                        2







                           2.1.1. Request for Registration. At any time and from
time to time on or after the Release Date, the holders of a majority-in-interest
of the Registrable Securities held by the Investors or the transferees of the
Investors, may make a written demand for registration under the Securities Act
of all or part of their Registrable Securities (a "Demand Registration"). Any
demand for a Demand Registration shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will notify all holders of Registrable
Securities of the demand, and each holder of Registrable Securities who wishes
to include all or a portion of such holder's Registrable Securities in the
Demand Registration (each such holder including shares of Registrable Securities
in such registration, a "Demanding Holder") shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the
Company. Upon any such request, the Demanding Holders shall be entitled to have
their Registrable Securities included in the Demand Registration, subject to
Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not
be obligated to effect more than an aggregate of two (2) Demand Registrations
under this Section 2.1.1 in respect of Registrable Securities.

                           2.1.2. Effective Registration. A registration will
not count as a Demand Registration until the Registration Statement filed with
the Commission with respect to such Demand Registration has been declared
effective and the Company has complied with all of its obligations under this
Agreement with respect thereto; provided, however, that if, after such
Registration Statement has been declared effective, the offering of Registrable
Securities pursuant to a Demand Registration is interfered with by any stop
order or injunction of the Commission or any other governmental agency or court,
the Registration Statement with respect to such Demand Registration will be
deemed not to have been declared effective, unless and until, (i) such stop
order or injunction is removed, rescinded or otherwise terminated, and (ii) a
majority-in-interest of the Demanding Holders thereafter elect to continue the
offering; provided, further, that the Company shall not be obligated to file a
second Registration Statement until a Registration Statement that has been filed
is counted as a Demand Registration or is terminated.

                           2.1.3. Underwritten Offering. If a
majority-in-interest of the Demanding Holders so elect and such holders so
advise the Company as part of their written demand for a Demand Registration,
the offering of such Registrable Securities pursuant to such Demand Registration
shall be in the form of an underwritten offering. In such event, the right of
any holder to include its Registrable Securities in such registration shall be
conditioned upon such holder's participation in such underwriting and the
inclusion of such holder's Registrable Securities in the underwriting to the
extent provided herein. All Demanding Holders proposing to distribute their
securities through such underwriting shall enter into an underwriting agreement
in customary form with the Underwriter or Underwriters selected for such
underwriting by a majority-in-interest of the holders initiating the Demand
Registration.

                           2.1.4. Reduction of Offering. If the managing
Underwriter or Underwriters for a Demand Registration that is to be an
underwritten offering advises the Company and the Demanding Holders in writing
that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other shares of Common
Stock or other securities which the Company desires to sell and the shares of
Common Stock, if any, as to which registration has been requested pursuant to
written contractual piggy-back registration rights held by other shareholders of
the Company who desire

                                       3







to sell, exceeds the maximum dollar amount or maximum number of shares that can
be sold in such offering without adversely affecting the proposed offering
price, the timing, the distribution method, or the probability of success of
such offering (such maximum dollar amount or maximum number of shares, as
applicable, the "Maximum Number of Shares"), then the Company shall include in
such registration: (i) first, the Registrable Securities as to which Demand
Registration has been requested by the Demanding Holders (pro rata in accordance
with the number of shares of Registrable Securities which such Demanding Holder
has requested be included in such registration, regardless of the number of
shares of Registrable Securities held by each Demanding Holder) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause
(i), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (iii)
third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i) and (ii), the shares of Common Stock for the
account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons and that can be sold without
exceeding the Maximum Number of Shares; and (v) fourth, to the extent that the
Maximum Number of Shares have not been reached under the foregoing clauses (i),
(ii), and (iii), the shares of Common Stock that other shareholders desire to
sell that can be sold without exceeding the Maximum Number of Shares.

                           2.1.5. Withdrawal. If a majority-in-interest of the
Demanding Holders disapprove of the terms of any underwriting or are not
entitled to include all of their Registrable Securities in any offering, such
majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or
Underwriters of their request to withdraw prior to the effectiveness of the
Registration Statement filed with the Commission with respect to such Demand
Registration. If the majority-in-interest of the Demanding Holders withdraws
from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in Section
2.1.1.

                  2.2      Piggy-Back Registration.

                           2.2.1. Piggy-Back Rights. If at any time on or after
the Release Date the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into,
equity securities, by the Company for its own account or for shareholders of the
Company for their account (or by the Company and by shareholders of the Company
including, without limitation, pursuant to Section 2.1), other than a
Registration Statement (i) filed in connection with any employee stock option or
other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company's existing shareholders, (iii) for an offering of debt that is
convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such
proposed filing to the holders of Registrable Securities as soon as practicable
but in no event less than ten (10) days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, of the offering, and (y)
offer to the holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares

                                       4







of Registrable Securities as such holders may request in writing within fifteen
(15) days following receipt of such notice (a "Piggy-Back Registration"). The
Company shall cause such Registrable Securities to be included in such
registration and shall use its best efforts to cause the managing Underwriter or
Underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration to be included
on the same terms and conditions as any similar securities of the Company and to
permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All holders of
Registrable Securities proposing to distribute their securities through a
Piggy-Back Registration that involves an Underwriter or Underwriters shall enter
into an underwriting agreement in customary form with the Underwriter or
Underwriters selected for such Piggy-Back Registration.

                           2.2.2. Reduction of Offering. If the managing
Underwriter or Underwriters for a Piggy-Back Registration that is to be an
underwritten offering advises the Company and the holders of Registrable
Securities in writing that the dollar amount or number of shares of Common Stock
which the Company desires to sell, taken together with shares of Common Stock,
if any, as to which registration has been demanded pursuant to written
contractual arrangements with persons other than the holders of Registrable
Securities hereunder, the Registrable Securities as to which registration has
been requested under this Section 2.2, and the shares of Common Stock, if any,
as to which registration has been requested pursuant to the written contractual
piggy-back registration rights of other shareholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such
registration:

                                    (i) If the registration is undertaken for
the Company's account: (A) first, the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock,
if any, including the Registrable Securities, as to which registration has been
requested pursuant to written contractual piggy-back registration rights of
security holders (pro rata in accordance with the number of shares of Common
Stock which each such person has actually requested to be included in such
registration, regardless of the number of shares of Common Stock with respect to
which such persons have the right to request such inclusion) that can be sold
without exceeding the Maximum Number of Shares; and

                                    (ii) If the registration is a "demand"
registration undertaken at the demand of persons other than the holders of
Registrable Securities pursuant to written contractual arrangements with such
persons, (A) first, the shares of Common Stock for the account of the demanding
persons that can be sold without exceeding the Maximum Number of Shares; (B)
second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; and (C) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), the Registrable
Securities as to which registration has been requested under this Section 2.2
(pro rata in accordance with the number of shares of Registrable Securities held
by each such holder); and (D) fourth, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (A), (B) and (C), the
shares of Common Stock, if any, as to which registration has been requested
pursuant to written contractual piggy-

                                       5







back registration rights which other shareholders desire to sell that can be
sold without exceeding the Maximum Number of Shares.

                           2.2.3. Withdrawal. Any holder of Registrable
Securities may elect to withdraw such holder's request for inclusion of
Registrable Securities in any Piggy-Back Registration by giving written notice
to the Company of such request to withdraw prior to the effectiveness of the
Registration Statement. The Company may also elect to withdraw a registration
statement at any time prior to the effectiveness of the Registration Statement.
Notwithstanding any such withdrawal, the Company shall pay all expenses incurred
by the holders of Registrable Securities in connection with such Piggy-Back
Registration as provided in Section 3.3.

                  2.3 Registrations on Form S-3. The holders of Registrable
Securities may at any time and from time to time, request in writing that the
Company register the resale of any or all of such Registrable Securities on Form
S-3 or any similar short-form registration which may be available at such time
("Form S-3"); provided, however, that the Company shall not be obligated to
effect such request through an underwritten offering. Upon receipt of such
written request, the Company will promptly give written notice of the proposed
registration to all other holders of Registrable Securities, and, as soon as
practicable thereafter, effect the registration of all or such portion of such
holder's or holders' Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any other
holder or holders joining in such request as are specified in a written request
given within fifteen (15) days after receipt of such written notice from the
Company; provided, however, that the Company shall not be obligated to effect
any such registration pursuant to this Section 2.3: (i) if Form S-3 is not
available for such offering; or (ii) if the holders of the Registrable
Securities, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the
public of less than $500,000. Registrations effected pursuant to this Section
2.3 shall not be counted as Demand Registrations effected pursuant to Section
2.1.

         3.       REGISTRATION PROCEDURES.

                  3.1 Filings; Information. Whenever the Company is required to
effect the registration of any Registrable Securities pursuant to Section 2, the
Company shall use its best efforts to effect the registration and sale of such
Registrable Securities in accordance with the intended method(s) of distribution
thereof as expeditiously as practicable, and in connection with any such
request:

                           3.1.1. Filing Registration Statement. The Company
shall, as expeditiously as possible and in any event within sixty (60) days
after receipt of a request for a Demand Registration pursuant to Section 2.1,
prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies or which counsel for the Company shall deem
appropriate and which form shall be available for the sale of all Registrable
Securities to be registered thereunder in accordance with the intended method(s)
of distribution thereof, and shall use its best efforts to cause such
Registration Statement to become and remain effective for the period required by
Section 3.1.3; provided, however, that the Company shall have the right to defer
any Demand Registration for up to thirty (30) days, and

                                       6







any Piggy-Back Registration for such period as may be applicable to deferment of
any demand registration to which such Piggy-Back Registration relates, in each
case if the Company shall furnish to the holders a certificate signed by the
Chief Executive Officer of the Company stating that, in the good faith judgment
of the Board of Directors of the Company, it would be materially detrimental to
the Company and its shareholders for such Registration Statement to be effected
at such time; provided further, however, that the Company shall not have the
right to exercise the right set forth in the immediately preceding proviso more
than once in any 365-day period in respect of a Demand Registration hereunder.

                           3.1.2. Copies. The Company shall, prior to filing a
Registration Statement or prospectus, or any amendment or supplement thereto,
furnish without charge to the holders of Registrable Securities included in such
registration, and such holders' legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such
Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such
Registration Statement (including each preliminary prospectus), and such other
documents as the holders of Registrable Securities included in such registration
or legal counsel for any such holders may request in order to facilitate the
disposition of the Registrable Securities owned by such holders.

                           3.1.3. Amendments and Supplements. The Company shall
prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus
used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act
until all Registrable Securities and other securities covered by such
Registration Statement have been disposed of in accordance with the intended
method(s) of distribution set forth in such Registration Statement (which period
shall not exceed the sum of one hundred eighty (180) days plus any period during
which any such disposition is interfered with by any stop order or injunction of
the Commission or any governmental agency or court) or such securities have been
withdrawn.

                           3.1.4. Notification. After the filing of a
Registration Statement, the Company shall promptly, and in no event more than
two (2) business days after such filing, notify the holders of Registrable
Securities included in such Registration Statement of such filing, and shall
further notify such holders promptly and confirm such advice in writing in all
events within two (2) business days of the occurrence of any of the following:
(i) when such Registration Statement becomes effective; (ii) when any
post-effective amendment to such Registration Statement becomes effective; (iii)
the issuance or threatened issuance by the Commission of any stop order (and the
Company shall take all actions required to prevent the entry of such stop order
or to remove it if entered); and (iv) any request by the Commission for any
amendment or supplement to such Registration Statement or any prospectus
relating thereto or for additional information or of the occurrence of an event
requiring the preparation of a supplement or amendment to such prospectus so
that, as thereafter delivered to the purchasers of the securities covered by
such Registration Statement, such prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and
promptly make available to the holders of Registrable Securities included in
such Registration Statement any such supplement or amendment; except that before
filing with the Commission a Registration Statement or

                                       7







prospectus or any amendment or supplement thereto, including documents
incorporated by reference, the Company shall furnish to the holders of
Registrable Securities included in such Registration Statement and to the legal
counsel for any such holders, copies of all such documents proposed to be filed
sufficiently in advance of filing to provide such holders and legal counsel with
a reasonable opportunity to review such documents and comment thereon, and the
Company shall not file any Registration Statement or prospectus or amendment or
supplement thereto, including documents incorporated by reference, to which such
holders or their legal counsel shall object.

                           3.1.5. State Securities Laws Compliance. The Company
shall use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or "blue sky" laws
of such jurisdictions in the United States as the holders of Registrable
Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause
such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other Governmental Authorities as may be
necessary by virtue of the business and operations of the Company and do any and
all other acts and things that may be necessary or advisable to enable the
holders of Registrable Securities included in such Registration Statement to
consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally
to do business in any jurisdiction where it would not otherwise be required to
qualify but for this paragraph (e) or subject itself to taxation in any such
jurisdiction.

                           3.1.6. Agreements for Disposition. The Company shall
enter into customary agreements (including, if applicable, an underwriting
agreement in customary form) and take such other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable
Securities. The representations, warranties and covenants of the Company in any
underwriting agreement which are made to or for the benefit of any Underwriters,
to the extent applicable, shall also be made to and for the benefit of the
holders of Registrable Securities included in such registration statement. No
holder of Registrable Securities included in such registration statement shall
be required to make any representations or warranties in the underwriting
agreement except, if applicable, with respect to such holder's organization,
good standing, authority, title to Registrable Securities, lack of conflict of
such sale with such holder's material agreements and organizational documents,
and with respect to written information relating to such holder that such holder
has furnished in writing expressly for inclusion in such Registration Statement.

                           3.1.7. Cooperation. The principal executive officer
of the Company, the principal financial officer of the Company, the principal
accounting officer of the Company and all other officers and members of the
management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the
preparation of the Registration Statement with respect to such offering and all
other offering materials and related documents, and participation in meetings
with Underwriters, attorneys, accountants and potential investors.

                           3.1.8. Records. The Company shall make available for
inspection by the holders of Registrable Securities included in such
Registration Statement, any Underwriter

                                        8







participating in any disposition pursuant to such registration statement and any
attorney, accountant or other professional retained by any holder of Registrable
Securities included in such Registration Statement or any Underwriter, all
financial and other records, pertinent corporate documents and properties of the
Company, as shall be necessary to enable them to exercise their due diligence
responsibility, and cause the Company's officers, directors and employees to
supply all information requested by any of them in connection with such
Registration Statement.

                           3.1.9. Opinions and Comfort Letters. The Company
shall furnish to each holder of Registrable Securities included in any
Registration Statement a signed counterpart, addressed to such holder, of (i)
any opinion of counsel to the Company delivered to any Underwriter and (ii) any
comfort letter from the Company's independent public accountants delivered to
any Underwriter. In the event no legal opinion is delivered to any Underwriter,
the Company shall furnish to each holder of Registrable Securities included in
such Registration Statement, at any time that such holder elects to use a
prospectus, an opinion of counsel to the Company to the effect that the
Registration Statement containing such prospectus has been declared effective
and that no stop order is in effect.

                           3.1.10. Earnings Statement. The Company shall comply
with all applicable rules and regulations of the Commission and the Securities
Act, and make available to its shareholders, as soon as practicable, an earnings
statement covering a period of twelve (12) months, beginning within three (3)
months after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.

                           3.1.11. Listing. The Company shall use its best
efforts to cause all Registrable Securities included in any registration to be
listed on such exchanges or otherwise designated for trading in the same manner
as similar securities issued by the Company are then listed or designated or, if
no such similar securities are then listed or designated, in a manner
satisfactory to the holders of a majority of the Registrable Securities included
in such registration.

                  3.2 Obligation to Suspend Distribution. Upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant
to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading compliance program adopted by the Company's Board of Directors,
of the ability of all "insiders" covered by such program to transact in the
Company's securities because of the existence of material non-public
information, each holder of Registrable Securities included in any registration
shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated
by Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact
in the Company's securities is removed, as applicable, and, if so directed by
the Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder's possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such
notice.

                                        9







                  3.3 Registration Expenses. The Company shall bear all costs
and expenses incurred in connection with any Demand Registration pursuant to
Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any
registration on Form S-3 effected pursuant to Section 2.3, and all expenses
incurred in performing or complying with its other obligations under this
Agreement, whether or not the Registration Statement becomes effective,
including, without limitation: (i) all registration and filing fees; (ii) fees
and expenses of compliance with securities or "blue sky" laws (including fees
and disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities); (iii) printing expenses; (iv) the Company's internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees); (v) the fees and expenses incurred in connection with
the listing of the Registrable Securities as required by Section 3.1.11; (vi)
National Association of Securities Dealers, Inc. fees; (vii) fees and
disbursements of counsel for the Company and fees and expenses for independent
certified public accountants retained by the Company (including the expenses or
costs associated with the delivery of any opinions or comfort letters requested
pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts
retained by the Company in connection with such registration and (ix) the fees
and expenses of one legal counsel selected by the holders of a
majority-in-interest of the Registrable Securities included in such
registration. The Company shall have no obligation to pay any underwriting
discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling
commissions shall be borne by such holders. Additionally, in an underwritten
offering, all selling shareholders and the Company shall bear the expenses of
the underwriter pro rata in proportion to the respective amount of shares each
is selling in such offering.

                  3.4 Information. The holders of Registrable Securities shall
provide such information as may reasonably be requested by the Company, or the
managing Underwriter, if any, in connection with the preparation of any
Registration Statement, including amendments and supplements thereto, in order
to effect the registration of any Registrable Securities under the Securities
Act pursuant to Section 2 and in connection with the Company's obligation to
comply with federal and applicable state securities laws.

         4. INDEMNIFICATION AND CONTRIBUTION.

                  4.1 Indemnification by the Company. The Company agrees to
indemnify and hold harmless each Investor and each other holder of Registrable
Securities, and each of their respective officers, employees, affiliates,
directors, partners, members, attorneys and agents, and each person, if any, who
controls an Investor and each other holder of Registrable Securities (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
(each, an "Investor Indemnified Party"), from and against any expenses, losses,
judgments, claims, damages or liabilities, whether joint or several, arising out
of or based upon any untrue statement (or allegedly untrue statement) of a
material fact contained in any Registration Statement under which the sale of
such Registrable Securities was registered under the Securities Act, any
preliminary prospectus, final prospectus or summary prospectus contained in the
Registration Statement, or any amendment or supplement to such Registration
Statement, or arising out of or based upon any omission (or alleged omission) to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading, or any violation by the Company of the
Securities Act or any rule or regulation promulgated thereunder

                                       10






applicable to the Company and relating to action or inaction required of the
Company in connection with any such registration; and the Company shall promptly
reimburse the Investor Indemnified Party for any legal and any other expenses
reasonably incurred by such Investor Indemnified Party in connection with
investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in
any such case to the extent that any such expense, loss, claim, damage or
liability arises out of or is based upon any untrue statement or allegedly
untrue statement or omission or alleged omission made in such Registration
Statement, preliminary prospectus, final prospectus, or summary prospectus, or
any such amendment or supplement, in reliance upon and in conformity with
information furnished to the Company, in writing, by such selling holder
expressly for use therein. The Company also shall indemnify any Underwriter of
the Registrable Securities, their officers, affiliates, directors, partners,
members and agents and each person who controls such Underwriter on
substantially the same basis as that of the indemnification provided above in
this Section 4.1.

                  4.2 Indemnification by Holders of Registrable Securities. Each
selling holder of Registrable Securities will, in the event that any
registration is being effected under the Securities Act pursuant to this
Agreement of any Registrable Securities held by such selling holder, indemnify
and hold harmless the Company, each of its directors and officers and each
underwriter (if any), and each other person, if any, who controls such selling
holder or such underwriter within the meaning of the Securities Act, against any
losses, claims, judgments, damages or liabilities, whether joint or several,
insofar as such losses, claims, judgments, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or
allegedly untrue statement of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or
supplement to the Registration Statement, or arise out of or are based upon any
omission or the alleged omission to state a material fact required to be stated
therein or necessary to make the statement therein not misleading, if the
statement or omission was made in reliance upon and in conformity with
information furnished in writing to the Company by such selling holder expressly
for use therein, and shall reimburse the Company, its directors and officers,
and each such controlling person for any legal or other expenses reasonably
incurred by any of them in connection with investigation or defending any such
loss, claim, damage, liability or action. Each selling holder's indemnification
obligations hereunder shall be several and not joint and shall be limited to the
amount of any net proceeds actually received by such selling holder.

                  4.3 Conduct of Indemnification Proceedings. Promptly after
receipt by any person of any notice of any loss, claim, damage or liability or
any action in respect of which indemnity may be sought pursuant to Section 4.1
or 4.2, such person (the "Indemnified Party") shall, if a claim in respect
thereof is to be made against any other person for indemnification hereunder,
notify such other person (the "Indemnifying Party") in writing of the loss,
claim, judgment, damage, liability or action; provided, however, that the
failure by the Indemnified Party to notify the Indemnifying Party shall not
relieve the Indemnifying Party from any liability which the Indemnifying Party
may have to such Indemnified Party hereunder, except and solely to the extent
the Indemnifying Party is actually prejudiced by such failure. If the
Indemnified Party is seeking indemnification with respect to any claim or action
brought against the

                                       11







Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all
other Indemnifying Parties, to assume control of the defense thereof with
counsel satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable
to the Indemnified Party for any legal or other expenses subsequently incurred
by the Indemnified Party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that in any action in
which both the Indemnified Party and the Indemnifying Party are named as
defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of
such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, consent to entry of judgment or effect any
settlement of any claim or pending or threatened proceeding in respect of which
the Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding.

                  4.4      Contribution.

                           4.4.1. If the indemnification provided for in the
foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in
respect of any loss, claim, damage, liability or action referred to herein, then
each such Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a
result of such loss, claim, damage, liability or action in such proportion as is
appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted
in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any
Indemnifying Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by such Indemnified Party or such Indemnifying Party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

                           4.4.2. The parties hereto agree that it would not be
just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding
Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of
any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses incurred by such Indemnified Party in
connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.4, no holder of Registrable
Securities shall be required to contribute any amount in excess of the dollar
amount

                                       12






of the net proceeds (after payment of any underwriting fees, discounts,
commissions or taxes) actually received by such holder from the sale of
Registrable Securities which gave rise to such contribution obligation. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

         5.       UNDERWRITING AND DISTRIBUTION.

                  5.1 Rule 144. The Company covenants that it shall file any
reports required to be filed by it under the Securities Act and the Exchange Act
and shall take such further action as the holders of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such
holders to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 under the
Securities Act, as such Rules may be amended from time to time, or any similar
Rule or regulation hereafter adopted by the Commission.

         6.       MISCELLANEOUS.

                  6.1 Other Registration Rights. The Company represents and
warrants that no person, other than a holder of the Registrable Securities, has
any right to require the Company to register any shares of the Company's capital
stock for sale or to include shares of the Company's capital stock in any
registration filed by the Company for the sale of shares of capital stock for
its own account or for the account of any other person.

                  6.2 Assignment; No Third Party Beneficiaries. This Agreement
and the rights, duties and obligations of the Company hereunder may not be
assigned or delegated by the Company in whole or in part. This Agreement and the
rights, duties and obligations of the holders of Registrable Securities
hereunder may be freely assigned or delegated by such holder of Registrable
Securities in conjunction with and to the extent of any transfer of Registrable
Securities by any such holder. This Agreement and the provisions hereof shall be
binding upon and shall inure to the benefit of each of the parties and their
respective successors and the permitted assigns of the Investor or holder of
Registrable Securities or of any assignee of the Investor or holder of
Registrable Securities. This Agreement is not intended to confer any rights or
benefits on any persons that are not party hereto other than as expressly set
forth in Article 4 and this Section 6.2.

                  6.3 Notices. All notices, demands, requests, consents,
approvals or other communications (collectively, "Notices") required or
permitted to be given hereunder or which are given with respect to this
Agreement shall be in writing and shall be personally served, delivered by
reputable air courier service with charges prepaid, or transmitted by hand
delivery, telegram, telex or facsimile, addressed as set forth below, or to such
other address as such party shall have specified most recently by written
notice. Notice shall be deemed given on the date of service or transmission if
personally served or transmitted by telegram, telex or facsimile; provided, that
if such service or transmission is not on a business day or is after normal
business hours, then such notice shall be deemed given on the next business day.
Notice otherwise sent as provided herein shall be deemed given on the next
business day following timely delivery of such notice to a reputable air courier
service with an order for next-day delivery.

                                       13







                           To the Company:

                           International Shipping Enterprises, Inc.
                           1225 Franklin Avenue, Suite 325
                           Garden City, New York 11530
                           Attention:  Chairman

                           with a copy to:

                           Gusrae, Kaplan & Bruno, PLLC
                           120 Wall Street
                           11th Floor
                           New York, NY 10005
                           Attn:   Scott M. Miller, Esq.; and

                           Graubard Miller
                           600 Third Avenue
                           New York, NY 10016-2097
                           Attention: David Miller

                           To an Investor, to:

                           Angeliki Frangou         ; or

                           Vasiliki Papaefthymiou   ; or

                           Spyridon Magoulas        ; or

                           Julian David Brynteson   ; or

                           John Stratakis

                           with a copy to:

                           Graubard Miller
                           600 Third Avenue
                           New York, NY 10016-2097
                           Attention: David Miller

                                       14






                  6.4 Severability. This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

                  6.5 Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

                  6.6 Entire Agreement. This Agreement (including all agreements
entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with
respect to the subject matter hereof and supersede all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written.

                  6.7 Modifications and Amendments. No amendment, modification
or termination of this Agreement shall be binding upon any party unless executed
in writing by such party.

                  6.8 Titles and Headings. Titles and headings of sections of
this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

                  6.9 Waivers and Extensions. Any party to this Agreement may
waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless
it is in writing, is signed by such party, and specifically refers to this
Agreement. Waivers may be made in advance or after the right waived has arisen
or the breach or default waived has occurred. Any waiver may be conditional. No
waiver of any breach of any agreement or provision herein contained shall be
deemed a waiver of any preceding or succeeding breach thereof nor of any other
agreement or provision herein contained. No waiver or extension of time for
performance of any obligations or acts shall be deemed a waiver or extension of
the time for performance of any other obligations or acts.

                  6.10 Remedies Cumulative. In the event that the Company fails
to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Investor or any other holder of Registrable Securities
may proceed to protect and enforce its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement or
for an injunction against the breach of any such term or in aid of the exercise
of any power granted in this Agreement or to enforce any other legal or
equitable right, or to take any one or more of such actions, without being
required to post a bond. None of the rights, powers or remedies conferred under
this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter available at law, in equity, by
statute or otherwise.

                                       15







                  6.11 Governing Law. This Agreement shall be governed by,
interpreted under, and construed in accordance with the internal laws of the
State of New York applicable to agreements made and to be performed within the
State of New York, without giving effect to any choice-of-law provisions thereof
that would compel the application of the substantive laws of any other
jurisdiction.

                  6.12 Waiver of Trial by Jury. Each party hereby irrevocably
and unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise)
arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the Investor in the negotiation,
administration, performance or enforcement hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       16







         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.


                                                   INTERNATIONAL SHIPPING
                                                   ENTERPRISES, INC.
                                                   A Delaware corporation


                                               By:
                                                   -----------------------------
                                                   Angeliki Frangou, Chairman

                                                   INVESTORS:



                                                   ----------------------------
                                                   Angeliki Frangou



                                                   ----------------------------
                                                   Vasiliki Papaefthymiou



                                                   ----------------------------
                                                   Spyridon Magoulas



                                                   ----------------------------
                                                   Julian David Brynteson



                                                   ----------------------------
                                                   John Stratakis


                                       17
















Private & Confidential

                             DATED 21 DECEMBER 2005

                                   ----------

                                 US$649,000,000

                              FACILITIES AGREEMENT
                                       FOR
                          NAVIOS MARITIME HOLDINGS INC.

                                   ARRANGED BY
                                 HSH NORDBANK AG
                            AS MANDATED LEAD ARRANGER

                                      WITH

                                 HSH NORDBANK AG
                                 ACTING AS AGENT

                                       AND

                                 HSH NORDBANK AG
                            ACTING AS SECURITY AGENT

                                                              [NORTON ROSE LOGO]



                                    CONTENTS

CLAUSE                                                                      PAGE
- ------                                                                      ----
 1   Definitions and Interpretation......................................      1
SECTION 2 : THE FACILITIES...............................................     40
 2   The Facilities......................................................     40
 3   Purpose.............................................................     41
 4   Conditions of Utilisation...........................................     41
SECTION 3 : UTILILSATION.................................................     43
 5   Utilisation.........................................................     43
SECTION 4 : REPAYMENT, PREPAYMENT AND CANCELLATION.......................     46
 6   Repayment...........................................................     46
 7   Illegality, Voluntary Prepayment and Cancellation...................     52
 8   Mandatory Prepayment................................................     53
 9   Restrictions........................................................     63
SECTION 5 : COSTS OF UTILISATION.........................................     65
10   Interest............................................................     65
11   Interest Periods....................................................     66
12   Changes to the Calculation of Interest..............................     67
13   Fees................................................................     68
SECTION 6 : ADDITIONAL PAYMENT OBLIGATIONS...............................     69
14   Tax Gross Up and Indemnities........................................     69
15   Increased Costs.....................................................     71
16   Other Indemnities...................................................     72
17   Mitigation by the Finance Parties...................................     73
18   Costs and Expenses..................................................     74
SECTION 7 : ACCOUNTS.....................................................     75
19   Accounts............................................................     75
SECTION 8 : REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT..........     78
20   Representations.....................................................     78
21   Information Undertakings............................................     87
22   Financial Covenants.................................................     93



23   General Undertakings................................................     98
24   Events of Default...................................................    115
SECTION 9 : CHANGES TO THE PARTIES.......................................    121
25   Changes to the Lenders..............................................    121
26   Matters concerning the Obligors.....................................    125
SECTION 10 : THE FINANCE PARTIES.........................................    128
27   Role of the Agent, the Arranger and others..........................    128
28   Conduct of Business by the Finance Parties..........................    137
29   Sharing Among the Finance Parties...................................    138
SECTION 11 : ADMINISTRATION..............................................    140
30   Payment Mechanics...................................................    140
31   Set-off.............................................................    142
32   Notices.............................................................    142
33   Calculations and Certificates.......................................    144
34   Partial Invalidity..................................................    144
35   Remedies and Waivers................................................    144
36   Amendments and Waivers..............................................    145
37   Counterparts........................................................    146
38   Publicity...........................................................    146
39   Patriot Act Notice..................................................    146
SECTION 12 : GOVERNING LAW AND ENFORCEMENT...............................    147
40   Governing Law.......................................................    147
41   Jurisdiction........................................................    147
42   Service of process..................................................    147

Schedule 1 The Original Parties..........................................    148
Schedule 2 The Ships.....................................................    153
Schedule 3 Conditions Precedent..........................................    155
Schedule 4 Requests......................................................    172
Schedule 5 Mandatory Cost Formula........................................    174
Schedule 6 Form of Transfer Certificate..................................    176
Schedule 7 Form of Resignation Letter....................................    178



Schedule 8 Form of Compliance Certificate................................    179
Schedule 9 LMA Form of Confidentiality Undertaking.......................    180
Schedule 10 Timetables...................................................    183
Schedule 11 The Group including the Target Group.........................    184
Schedule 12 Form of Hedge Counterparty Accession Letter..................    185
Schedule 13 Form of Trust Deed...........................................    186



THIS AGREEMENT is dated 21 December 2005 and made between:

(1)  NAVIOS MARITIME HOLDINGS INC. as the Borrower;

(2)  HSH NORDBANK AG as mandated lead arranger (the "ARRANGER");

(3)  THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original
     Parties) as lenders (the "ORIGINAL LENDERS");

(4)  HSH NORDBANK AG as agent of the other Finance Parties (the "AGENT");

(5)  HSH NORDBANK AG as Security Agent for the Secured Parties (the "SECURITY
     AGENT"); and

(6)  HSH NORDBANK AG as the original hedge counterparty (the "ORIGINAL HEDGE
     COUNTERPARTY").

IT IS AGREED as follows:

                            SECTION 1: INTERPRETATION

1    DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS

     In this Agreement:

     "ACCEPTABLE BANK" means:

     (a)  a bank or financial institution which has a rating for its long-term
          unsecured and non credit-enhanced debt obligations of A or higher by
          Standard & Poor's Rating Services or Fitch Ratings Ltd or A2 or higher
          by Moody's Investor Services Limited or a comparable rating from an
          internationally recognised credit rating agency; or

     (b)  any other bank or financial institution approved by the Agent.

     "ACCOUNT LETTERS OF UNDERTAKING" means, together, certain letters of
     undertaking executed or (as the context may require) to be executed by
     certain members of the Group in respect of (a) certain Permitted Existing
     Accounts held by such members of the Group with HSBC Bank in Greece and (b)
     the CNSA Account held with Banco de la Republica Oriental del Uruguay in
     Uruguay and "ACCOUNT LETTER OF UNDERTAKING" means any of them.

     "ACCOUNT PLEDGES" means, together, the CNSA Account Pledges, the HSH
     Hamburg Account Pledge, the Wachovia Deposit Account Security Agreement,
     the HSH London Account Charge, the Greek Account Pledges and any other
     Security over the Permitted Existing Accounts and "ACCOUNT PLEDGE" means
     any of them.

     "ACCOUNTANTS' REPORT" means the report by Ernst & Young dated 28 February
     2005 relating to the Target and its Subsidiaries prior to the Completion.

     "ACCOUNTING PRINCIPLES" means:

     (a)  US GAAP as adopted in the Original Financial Statements delivered
          pursuant to Part I of Schedule 3 (Conditions Precedent); or

     (b)  where any change in (a) has been agreed under clause 21.3.2(c)
          (Requirements as to Financial Statements) such accounting principles,
          standards, practices and bases as have been so agreed.

     "ACCOUNTING REFERENCE DATE" means 31 December.

     "ACCOUNTS" means the HSH Accounts, the CNSA Accounts, the Wachovia Accounts
     and the Permitted Existing Accounts.


                                        1



     "ACQUISITION" means the acquisition by the Borrower of the Target Shares on
     the terms of the Acquisition Documents.

     "ACQUISITION AGREEMENT" means the stock purchase agreement dated 28
     February 2005 relating to the sale and purchase of the Target Shares and
     made between the Target, the Vendors, Robert Shaw and Bruce Hoag as the
     Vendor's agent and ISE.

     "ACQUISITION COSTS" means all fees, costs and expenses, stamp, registration
     and other Taxes incurred by ISE or any other member of the Group in
     connection with the Acquisition or the Transaction Documents.

     "ACQUISITION DOCUMENTS" means the Acquisition Agreement and any other
     document designated as an "ACQUISITION DOCUMENT" by the Agent and the
     Borrower.

     "ACT" means the Companies Act 1985, as amended.

     "ADDITIONAL COLLATERAL OWNER" means each member of the Group which is or is
     to become (pursuant to the relevant Purchase Option MOA or (as the case may
     be) the relevant MOA) the registered owner of an Additional Collateral Ship
     and "ADDITIONAL COLLATERAL OWNERS" means any or all of them.

     "ADDITIONAL COLLATERAL SHIP" means:

     (a)  each of the motor vessels listed in rows 7, 10, 11, 13, 14 and 15 of
          Schedule 2 (The Ships) (being, on the date of this Agreement,
          Chartered Ships); and

     (b)  each of the motor vessels listed in rows 27 to 30 (inclusive) of
          Schedule 2 (The Ships) (being the MOA Ships),

     each indicated as a vessel to be purchased by the member of the Group
     specified opposite such Additional Collateral Ship and, in relation to a
     Facility (and the Facility Loan or Facility Loans relating to such
     Facility), it means the Additional Collateral Ship opposite the name of
     which that Facility is specified in the relevant column of Schedule 2 (The
     Ships), and "ADDITIONAL COLLATERAL SHIPS" means any or all of them.

     "ADDITIONAL COST RATE" has the meaning given to it in Schedule 5 (Mandatory
     Cost Formula).

     "ADDITIONAL SECURITY PROVIDER" means a company which becomes a Security
     Provider in accordance with clause 23.32 (Security Providers) or clause
     26.2 (Additional Security Providers).

     "AFFILIATE" means in relation to any person, (a) any person which Controls
     such first person or which is under common Control with such first person
     or (b) any person who is a director or officer (i) of such first person, or
     (ii) of any person described in (a) above, where, for the purposes of this
     definition the reference in the definition of "Control" to 50 per cent.
     shall be deemed to be 25 per cent..

     "AGENCY AGREEMENT" means, in relation to each Charter Company (other than
     Hestia Shipping Ltd.), the agency agreement entered into or (as the context
     may require) to be entered into between the relevant Charter Company and
     the Security Agent and "AGENCY AGREEMENTS" means any or all of them.

     "ANEMOS GUARANTEE" means the guarantee, in the agreed form, executed or (as
     the context may require) to be executed by Anemos Maritime Holdings Inc. in
     favour of the Security Agent.

     "ANNUAL FINANCIAL STATEMENTS" has the meaning given to it in clause 21
     (Information Undertakings).

     "APPROVED BROKER" means each of Arrow Research Ltd. of London, England,
     Astrup Fearnley A/S of Oslo, Norway, H Clarkson & Company Ltd. of London,
     England, Maersk Broker K/S of Copenhagen, Denmark, and Simpson Spence &
     Young Ltd. of London, England and any other ship brokers nominated by the
     Agent from time to time and includes their respective successors in title
     and "APPROVED BROKERS" means any or all of them.

     "ASSIGNMENT OF TERMINAL INSURANCES" means each assignment, in the agreed
     form, executed or (as the context may require) to be executed by any of
     Navios Corporation or any other member of the


                                        2



     Group in favour of the Security Agent in respect of its rights under
     certain of the insurances over the Terminal and "ASSIGNMENTS OF TERMINAL
     INSURANCES" means any or all of them.

     "AUDITORS" means the auditors for the time being of the Group being
     PricewaterhouseCoopers or such other firm approved in advance by the Agent
     (such approval not to be unreasonably withheld or delayed).

     "AUTHORISATION" means an authorisation, consent, approval, resolution,
     licence, exemption, filing, notarisation or registration.

     "AVAILABILITY PERIOD" means, in relation to each Facility, the period from
     and including the date of this Agreement to and including:

     (a)  in respect of any of Facility A, Facility B1, Facility B2, Facility
          B3, Facility C1, Facility C2, Facility D1, Facility D2, Facility D3
          and Facility D4, 31 January 2006; or

     (b)  in respect of either of Facility C3 and Facility C4, 28 February 2006;
          or

     (c)  in respect of either of Facility C5 and Facility C6, 30 April 2006,

     or, in each such case, such longer period as the Lenders may in their sole
     discretion determine.

     "AVAILABLE COMMITMENT" means, in relation to a Facility, a Lender's
     Commitment under that Facility minus:

     (a)  the amount of its participation in any outstanding Loans under that
          Facility; and

     (b)  in relation to any proposed Loan, the amount of its participation in
          any other Loans that are due to be made under that Facility on or
          before the Utilisation Date for that proposed Loan.

     "AVAILABLE FACILITY" means, in relation to a Facility, the aggregate for
     the time being of each Lender's Available Commitment in respect of that
     Facility.

     "BASE CASE MODEL" means the financial model including profit and loss,
     balance sheet and cashflow projections in agreed form relating to the
     Group.

     "BORROWER" means Navios Maritime Holdings Inc., a corporation incorporated
     in the Marshall Islands.

     "BORROWINGS" has the meaning given to that term in clause 22.1 (Financial
     definitions).

     "BREAK COSTS" means the amount (if any) by which:

     (a)  the interest which a Lender should have received for the period from
          the date of receipt of all or any part of its participation in a Loan
          or Unpaid Sum to the last day of the current Interest Period in
          respect of that Loan or Unpaid Sum, had the principal amount or Unpaid
          Sum received been paid on the last day of that Interest Period;

     exceeds:

     (b)  the amount which that Lender would be able to obtain by placing an
          amount equal to the principal amount or Unpaid Sum received by it on
          deposit with a leading bank in the Relevant Interbank Market for a
          period starting on the Business Day following receipt or recovery and
          ending on the last day of the current Interest Period.

     "BUDGET" means, in relation to any period, any budget delivered by the
     Borrower to the Agent in respect of that period pursuant to clause 21.4
     (Budget), prepared in accordance with the terms of clause 21.4.3 (Budget).

     "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which banks
     are open for general business in Athens, Hamburg, London and New York City
     and in such other relevant locations as the Agent may notify to the
     Borrower.


                                        3



     "BUSINESS PLAN" means the business plan setting out the strategy and future
     expectations and intentions for the Borrower and the Group, in the agreed
     form, prepared by the Borrower.

     "CAPITAL EXPENDITURE" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "CASH EQUIVALENT INVESTMENTS" means at any time:

     (a)  certificates of deposit maturing within one year after the relevant
          date of calculation and issued by an Acceptable Bank;

     (b)  any investment in marketable debt obligations issued or guaranteed by
          the government of the United States, the United Kingdom, any member
          state of the European Economic Area or any Participating Member State
          or by an instrumentality or agency of any of them having an equivalent
          credit rating, maturing within one year after the relevant date of
          calculation and not convertible or exchangeable to any other security;

     (c)  commercial paper not convertible or exchangeable to any other
          security:

          (i)  for which a recognised trading market exists;

          (ii) issued by an issuer incorporated in the United States, the United
               Kingdom, any member of the European Economic Area or any
               Participating Member State;

          (iii) which matures within one year after the relevant date of
               calculation; and

          (iv) which has a credit rating of either A-1 or higher by Standard &
               Poor's Rating Services or Fitch Ratings Ltd or P-1 or higher by
               Moody's Investor Services Limited, or, if no rating is available
               in respect of the commercial paper, the issuer of which has, in
               respect of its long-term unsecured and non-credit enhanced debt
               obligations, an equivalent rating;

     (d)  any investment accessible within 30 days in money market funds which
          have a credit rating of either A-1 or higher by Standard & Poor's
          Rating Services or Fitch Rating Ltd or P-1 or higher by Moody's
          Investor Services Limited and which invest substantially all their
          assets in securities of the types described in sub-paragraphs (a) to
          (c) above; or

     (e)  any other debt security approved by the Agent,

     in each case, to which any member of the Group is beneficially entitled at
     that time and which is not issued or guaranteed by any member of the Group
     or subject to any Security (other than one arising under the Transaction
     Security Documents).

     "CHARGED PROPERTY" means all of the assets of the Obligors which from time
     to time are, or are expressed to be, the subject of the Transaction
     Security.

     "CHARTER" means each of the time charter contracts identified in schedule
     3.16 to the Acquisition Agreement and any other time charter in existence
     at the date of this Agreement, each having a term which exceeds or by
     virtue of any optional extension therein contained may exceed 11 months
     from the Closing Date or from the first Utilisation Date, and any other
     time charter or bareboat charter contract entered into after the date of
     this Agreement having a term which exceeds or which by virtue of any
     optional extension therein contained may exceed 11 months and which is
     entered into by a member of the Group (whether as a charterer,
     sub-charterer or owner) and "CHARTERS" means any or all of them.

     "CHARTER COMPANIES" means Navios Corporation, Navimax Corporation, Navios
     Handybulk Inc., Navios International Inc. and Hestia Shipping Ltd. and
     "CHARTER COMPANY" means any of them.

     "CHARTER EARNINGS" means, in relation to a Chartered Ship, all moneys
     whatsoever from time to time due and payable to the relevant Obligor
     arising out of the chartering or other employment or utilisation of such
     Chartered Ship including any pool earnings and any damages for breach (or
     payments for variation or termination) of any charterparty or other
     contract for the employment of such Chartered Ship.


                                        4



     "CHARTERED SHIP" means each of the motor vessels listed in Schedule 2 (The
     Ships) indicated as a chartered ship in the relevant column opposite such
     Chartered Ship's name and any other motor vessel taken on charter (whether
     on time, voyage, trip, bareboat or other basis), by any member of the Group
     as charterer from time to time, in each case for so long as such motor
     vessel is not an Owned Ship, and "CHARTERED SHIPS" means any or all of
     them.

     "CHARTERS AND COAS REPORT" means, collectively, the reports in the agreed
     form prepared by Holman, Fenwick & Willan dated 5 July 2005 and 20 December
     2005 and by Burke and Parsons dated 21 February 2005, 16 March 2005 and 19
     December 2005, all of which are addressed to, and/or capable of being
     relied upon by, the Arranger and the other Secured Parties.

     "CLASSIFICATION" means, in relation to each Owned Ship, the highest class
     available to a vessel of such Ship's type with the Classification Society
     of such Ship whether for the purposes of the relevant Transaction Security
     Documents (if any) or otherwise.

     "CLASSIFICATION SOCIETY" means Lloyds Register of Shipping or such other
     classification society being a member of the International Association of
     Classification Societies (or any successor organisation) which the Agent
     shall, at the request of a member of the Group, have agreed in writing
     shall be treated as the Classification Society in relation to the Ship
     owned by such member whether for the purposes of the relevant Transaction
     Security Documents (if any) or otherwise.

     "CLOSING DATE" means 25 August 2005, being the date on which Completion
     occurred.

     "CNSA" means Corporacion Navios Sociedad Anonima of Zona Franca Nueva
     Palmira, Parana s/n, Nueva Palmira, 70101, Departamento de Colonia,
     Uruguay.

     "CNSA ACCOUNT" means each of:

     (a)  the dollar account in the name of CNSA held with Banco de la Republica
          Oriental del Uruguay in Uruguay;

     (b)  the peso account in the name of CNSA held with Citibank in Uruguay;

     (c)  the peso account in the name of CNSA held with C.O.F.A.C. in Uruguay;
          and

     (d)  the dollar account in the name of CNSA held with the Agent in London,

     or such other account or accounts as the Security Agent may agree and "CNSA
     ACCOUNTS" means any or all of them.

     "CNSA ACCOUNT PLEDGE" means, in respect of each of the CNSA Accounts held
     with Citibank and C.O.F.A.C.in Uruguay, the first priority account pledge,
     in the agreed form, executed or (as the context may require) to be executed
     by CNSA in favour of the Security Agent in respect of such CNSA Account and
     "CNSA ACCOUNT PLEDGES" means any or all of them.

     "CNSA ASSETS" means all of CNSA's assets (including the Terminal and any
     plant, buildings, machinery, tools, moveables, lease rights, Intellectual
     Property, insurance proceeds and any other rights) wherever situated.

     "CNSA ASSIGNMENT OF EARNINGS" means the assignment, in the agreed form,
     executed or (as the context may require) to be executed by CNSA in favour
     of the Security Agent in respect of its rights under certain of the
     Terminal Earnings.

     "CNSA ASSIGNMENT OF INSURANCES" means the assignment, in the agreed form,
     executed or (as the context may require) to be executed by CNSA and/or any
     other relevant member of the Group in favour of the Security Agent in
     respect of its rights under certain of the insurances over the Terminal.

     "CNSA GUARANTEE" means the guarantee, in the agreed form, executed or (as
     the context may require) to be executed by CNSA in favour of the Security
     Agent.

     "CNSA QUARTERLY REPORT" means a report in the agreed form detailing the
     performance and operation of CNSA in the period to which such report
     relates.


                                        5



     "CNSA SHARE PLEDGE" means the first priority share pledge, in the agreed
     form, executed or (as the context may require) to be executed by Navios
     Corporation and CNSA in favour of the Security Agent in respect of Navios
     Corporation's shares in CNSA.

     "CODE" means the U.S. Internal Revenue Code of 1986, as amended.

     "COLLATERAL GUARANTEE" means, in relation to each Collateral Ship and its
     Collateral Owner, the corporate guarantee executed or (as the context may
     require) to be executed by the relevant Collateral Owner in favour of the
     Security Agent or (as the case may be) the Secured Parties and "COLLATERAL
     GUARANTEES" means any or all of them.

     "COLLATERAL OWNER" means each Existing Collateral Owner, each Additional
     Collateral Owner and any other registered owner of a Collateral Ship.

     "COLLATERAL SHIP" means each Existing Collateral Ship, each Additional
     Collateral Ship (but only following the Utilisation Date of the Facility
     relating to such Additional Collateral Ship) and each other Owned Ship
     which is or is to be pursuant to the terms of this Agreement, subject to a
     Security in favour of the Security Agent or, as the case may be, the
     Secured Parties as security for the repayment of moneys owing under the
     Finance Documents and "COLLATERAL SHIPS" means any or all of them.

     "COLLATERAL SHIP CHARTER ASSIGNMENT" means, in relation to a Collateral
     Ship, the specific assignment of a charterparty of such Collateral Ship, in
     the agreed form, executed or (as the context may require) to be executed by
     the relevant Collateral Owner in favour of the Security Agent and
     "COLLATERAL SHIP CHARTER ASSIGNMENTS" means any or all of them.

     "COLLATERAL SHIP INSURANCE PROCEEDS" has the meaning given to it in clause
     8.1 (Total Loss/ Sale).

     "COMMITMENT" means a Facility A Commitment or a Facility B1 Commitment or a
     Facility B2 Commitment or a Facility B3 Commitment or a Facility C1
     Commitment or a Facility C2 Commitment or a Facility C3 Commitment or a
     Facility C4 Commitment or a Facility C5 Commitment or a Facility C6
     Commitment or a Facility D1 Commitment or a Facility D2 Commitment or a
     Facility D3 Commitment or a Facility D4 Commitment (as the context may
     require).

     "COMPLETION" means the completion of the Acquisition in accordance with
     section 9 of the Acquisition Agreement.

     "COMPLIANCE CERTIFICATE" means a certificate substantially in the form set
     out in Schedule 8 (Form of Compliance Certificate).

     "COMPULSORY ACQUISITION" means requisition for title or other compulsory
     acquisition, requisition, appropriation, expropriation, deprivation,
     forfeiture or confiscation for any reason of a Ship or the Terminal by any
     Government Entity or other competent authority, whether de jure or de
     facto, but shall exclude requisition for use of hire not involving
     requisition of title.

     "CONFIDENTIALITY UNDERTAKING" means a confidentiality undertaking
     substantially in a recommended form of the LMA as set out in Schedule 9
     (LMA Form of Confidentiality Undertaking) or in any other form agreed
     between the Borrower and the Agent.

     "CONFIRMATION" means the deed of confirmation from the Borrower
     substantially in the form set out in Part VI of Schedule 3 (Form of Deed of
     Confirmation in relation to ISE-Navios Merger).

     "CONSTITUTIONAL DOCUMENTS" means in respect of a person (other than a
     natural person), such person's memorandum and articles of association,
     articles of incorporation, certificate of incorporation, by-laws, extracts
     from public registers, company statute or other organisational or
     constitutive instruments or governance rules, including those relating to
     an Obligor delivered pursuant to Schedule 3 (Conditions Precedent).

     "CONTRACT OF AFFREIGHTMENT" means each of the contracts of affreightment
     listed in schedule 3.16 to the Acquisition Agreement and any other
     contracts of affreightment in existence at the date of this Agreement, each
     having a term which exceeds or by virtue of any optional extension therein
     contained may exceed 11 months from the Closing Date or the first
     Utilisation Date, and any other contract of affreightment entered into
     after the date of this Agreement having a term which exceeds or by virtue
     of


                                        6



     any optional extension therein contained may exceed 11 months and which is
     entered into by any member of the Group from time to time and "CONTRACTS OF
     AFFREIGHTMENT" means any or all of them.

     "CONTROL" means in relation to a body corporate:

     (a)  the power (whether by way of ownership of shares, proxy, contract,
          agency or otherwise) to:

          (i)  cast, or control the casting of, more than 50 per cent. of the
               maximum number of votes that might be cast at a general meeting
               of such body corporate; or

          (ii) appoint or remove all, or the majority, of the directors or other
               equivalent officers of such body corporate; or

          (iii) give directions with respect to the operating and financial
               policies of such body corporate with which the directors or other
               equivalent officers of such body corporate are obliged to comply;
               and/or

     (b)  the holding beneficially of more than 50 per cent. of the issued share
          capital of such body corporate (excluding any part of that issued
          share capital that carries no right to participate beyond a specified
          amount in a distribution of either profits or capital),

     and "CONTROLLED" shall be construed accordingly.

     "CORE ACTIVITIES" means the operation of an international maritime business
     focusing on:

     (a)  the transportation and handling of bulk dry cargoes through the
          ownership, operation and chartering of vessels and the trading of
          freight derivatives; and

     (b)  the right to the operation of the port and transfer station at the
          Nueva Palmira Free Trade Zone.

     "DEBT COVER" has the meaning given to that term in clause 22.1 (Financial
     definitions).

     "DEBT SERVICE" has the meaning given to that term in clause 22.1 (Financial
     definitions).

     "DEFAULT" means an Event of Default or any event or circumstance specified
     in clause 24 (Events of Default) which would (with the expiry of a grace
     period, the giving of notice, the making of any determination under the
     Finance Documents or any combination of any of the foregoing) be an Event
     of Default.

     "DELEGATE" means any delegate, agent, attorney or co-trustee appointed by
     the Security Agent.

     "DNB OPERATING ACCOUNT" means the Navimax Corporation DnB Operating
     Account, the Navios Handybulk DnB Operating Account, the Navios
     International DnB Operating Account and the Navios Corporation DnB
     Operating Account and "DNB OPERATING ACCOUNTS" means any or all of them.

     "DOC" means a document of compliance issued to an owner of a Ship in
     accordance with rule 13 of the ISM Code.

     "DOLLARS" and "US$" means the lawful currency for the time being of the
     United States of America.

     "DORMANT SUBSIDIARY" means a member of the Group which does not trade (for
     itself or as agent for any person) and does not own, legally or
     beneficially, assets (including indebtedness owed to it) which in aggregate
     have a value of $100,000 or more or its equivalent in other currencies.

     "EARNINGS" means, in relation to an Owned Ship, all moneys whatsoever from
     time to time due and payable to the relevant member of the Group arising
     out of the use or operation of such Owned Ship including all freight, hire
     and passage moneys, income arising under pooling arrangements, compensation
     payable to such member in the event of requisition of such Owned Ship for
     hire, remuneration for salvage and towage services, demurrage and detention
     moneys, and damages for breach (or payments for variation or termination)
     of any charterparty or other contract for the employment of such Owned
     Ship.


                                        7



     "EBITDA" has the meaning given to that term in clause 22.1 (Financial
     definitions).

     "ENVIRONMENTAL CLAIM" means:

     (a)  any and all enforcement, clean-up, removal or other governmental or
          regulatory action or order or claim instituted or made pursuant to any
          Environmental Law or resulting from a Spill; or

     (b)  any claim made by any other person relating to a Spill.

     "ENVIRONMENTAL INCIDENT" means any Spill:

     (a)  from any Relevant Vessel; or

     (b)  from any other vessel in circumstances where:

          (i)  any Relevant Vessel or its owner, operator or manager may be
               liable for Environmental Claims arising from the Spill (other
               than Environmental Claims arising and fully satisfied before the
               date of this Agreement); and/or

          (ii) any Relevant Vessel may be arrested or attached in connection
               with any such Environmental Claims.

     "ENVIRONMENTAL LAW" means any applicable law or regulation which relates
     to:

     (a)  the pollution or protection of the environment;

     (b)  harm to or the protection of human health; or

     (c)  any emission or substance capable of causing harm to any living
          organism or the environment.

     "ENVIRONMENTAL PERMITS" means any permit and other Authorisation and the
     filing of any notification, report or assessment required under any
     Environmental Law for the operation of the business of any member of the
     Group conducted on or from the properties owned or used by any member of
     the Group.

     "ERISA" means the Employee Retirement Income Security Act of 1974 of the
     United States, as amended, or any successor statute, as interpreted by the
     rules and regulations thereunder, all as the same may be in effect from
     time to time.

     "ERISA AFFILIATE" means an entity, whether or not incorporated, which is
     under common control with the Borrower and any of its Subsidiaries within
     the meaning of Section 4001(a)(14) of ERISA, or is a member of a group
     which includes the Borrower and any of its Subsidiaries and which is
     treated as a single employer under Section 414(b), (c), (m) or (o) of the
     Code.

     "ERISA EVENT" means (a) with respect to any Plan, the occurrence of a
     Reportable Event or the substantial cessation of operations (within the
     meaning of Section 4062(e) of ERISA), (b) the withdrawal of the Borrower or
     any of its Subsidiaries or any ERISA Affiliate from a Multiple Employer
     Plan during a plan year in which it was a substantial employer (as such
     term is defined in Section 4001(a)(2) of ERISA), or the termination of a
     Multiple Employer Plan, (c) the distribution of a notice of intent to
     terminate or the actual termination of a Plan pursuant to Section
     4041(a)(2) or 4041A of ERISA, (d) the institution of proceedings to
     terminate or the actual termination of a Plan by the PBGC under Section
     4042 of ERISA, (e) any event or condition which might reasonably constitute
     grounds under Section 4042 of ERISA for the termination of, or the
     appointment of a trustee to administer, any Plan, (f) the complete or
     partial withdrawal of the Borrower or any of its Subsidiaries or any ERISA
     Affiliate from a Multiemployer Plan, (g) the conditions for imposition of a
     lien under Section 302(f) of ERISA exist with respect to any Plan or (h)
     the adoption of an amendment to any Plan requiring the provision of
     security to such Plan pursuant to Section 307 of ERISA.

     "EVENT OF DEFAULT" means any event or circumstance specified as such in
     clause 24 (Events of Default).


                                        8



     "EXCHANGE ACT" means the Securities Exchange Act of 1934 of the United
     States, as amended, and the rules and regulations promulgated thereunder.

     "EXCLUDED EXISTING ACCOUNTS" means those bank accounts of members of the
     Group as at the date of this Agreement notified by the Agent to the
     Borrower in writing as being "Excluded Existing Accounts" on or prior to
     the submission of the first Utilisation Request.

     "EXCESS CASH" means, in relation to each Financial Quarter, the amount
     (calculated pursuant to clause 8.1.8(Total Loss/Sale)) which is equal to:

     (a)  the Free Liquid Assets of the Group as at the Excess Cash Calculation
          Date in relation to such Financial Quarter, minus

     (b)  $40,000,000, minus

     (c)  only in the case of each of (i) the Financial Quarter ending 31
          December 2005, (ii) the Financial Quarters of the Financial Year
          ending 31 December 2006 and (iii) the first three Financial Quarters
          of the Financial Year ending 31 December 2007, the Relevant Amount for
          the relevant Financial Quarter.

     "EXCESS CASH CALCULATION DATE" means, in relation to each Financial
     Quarter, the date falling one month (or such other later date agreed in
     writing by the Agent in its sole discretion following a request by the
     Borrower in writing) after the end of that Financial Quarter and "EXCESS
     CASH CALCULATION DATES" means any or all of them.

     "EXISTING COLLATERAL OWNER" means each registered owner of an Existing
     Collateral Ship and "EXISTING COLLATERAL OWNERS" means any or all of them.

     "EXISTING COLLATERAL SHIP" means each of the motor vessels (being, on the
     date of this Agreement, Owned Ships) listed in rows 1 to 6 (inclusive) of
     Schedule 2 (The Ships), indicated as owned by the member of the Group
     specified opposite such Existing Collateral Ship's name and "EXISTING
     COLLATERAL SHIPS" means any or all of them.

     "EXISTING FINANCIAL INDEBTEDNESS" means the Financial Indebtedness of the
     Group as at the date of this Agreement (including the Existing HSH Debt)
     notified by the Agent to the Borrower as being "Existing Financial
     Indebtedness" on or prior to the submission of a Utilisation Request.

     "EXISTING HSH DEBT" means the aggregate principal amount owing by the
     Borrower under the Existing Loan Agreement at any relevant time.

     "EXISTING LOAN AGREEMENT" means the facilities agreement dated 12 July 2005
     (as amended by an amendment letter dated 25 August 2005) and made between
     (inter alios) ISE as borrower and HSH Nordbank AG as mandated lead
     arranger, agent and security agent, as amended and supplemented, in respect
     of loan facilities of (originally) $520,000,000.

     "FACILITY" means Facility A or Facility B1 or Facility B2 or Facility B3 or
     Facility C1 or Facility C2 or Facility C3 or Facility C4 or Facility C5 or
     Facility C6 or Facility D1 or Facility D2 or Facility D3 or Facility D4 (as
     the context requires) and, in relation to an Additional Collateral Ship, it
     means the Facility specified opposite such Ship's name in the relevant
     column of Schedule 2 (The Ships) and "FACILITIES" means all of them.

     "FACILITY A" means the term loan facility made available under this
     Agreement as described in paragraph (a) of clause 2.1.1 (The Facilities).

     "FACILITY A COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility A Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          A Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          A Commitment transferred to it under this Agreement,


                                        9



     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY A LOAN" means a loan made or to be made under Facility A or the
     principal amount outstanding for the time being of that loan.

     "FACILITY A REPAYMENT DATE" means each date set out in clause 6.1.1
     (Repayment of Loans).

     "FACILITY B LOAN" means a Facility B1 Loan or a Facility B2 Loan or a
     Facility B3 Loan, as the context requires and "FACILITY B LOANS" means all
     of them.

     "FACILITY B REPAYMENT DATE" means each date for repayment of Facility B1,
     Facility B2 and Facility B3 as set out in clause 6.1.2 (Repayment of
     Loans).

     "FACILITY B1" means the term loan facility made available under this
     Agreement as described in paragraph (b) of clause 2.1.1 (The Facilities).

     "FACILITY B1 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility B1 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          B1 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          B1 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY B1 LOAN" means a loan made or to be made under Facility B1 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY B2" means the term loan facility made available under this
     Agreement as described in paragraph (c) of clause 2.1.1 (The Facilities).

     "FACILITY B2 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility B2 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          B2 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          B2 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY B2 LOAN" means a loan made or to be made under Facility B2 or the
     principal amount outstanding for the time being of that loan.

     "FACILITY B3" means the term loan facility made available under this
     Agreement as described in paragraph (d) of clause 2.1.1 (The Facilities).

     "FACILITY B3 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility B3 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          B3 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          B3 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.


                                       10



     "FACILITY B3 LOAN" means the loan made or to be made under Facility B3 or
     the principal amount outstanding for the time being of that loan.

     "FACILITY C LOAN" means a Facility C1 Loan or a Facility C2 Loan or a
     Facility C3 Loan or a Facility C4 Loan or a Facility C5 Loan or a Facility
     C6 Loan, as the context requires and "FACILITY C LOANS" means all of them.

     "FACILITY C REPAYMENT DATE" means each date for repayment of Facility C1,
     Facility C2, Facility C3, Facility C4, Facility C5 and Facility C6 as set
     out in clause 6.1.3 (Repayment of Loans).

     "FACILITY C1" means the term loan facility made available under this
     Agreement as described in paragraph (e) of clause 2.1.1 (The Facilities).

     "FACILITY C1 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility C1 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          C1 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          C1 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY C1 LOAN" means a loan made or to be made under Facility C1 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY C2" means the term loan facility made available under this
     Agreement as described in paragraph (f) of clause 2.1.1 (The Facilities).

     "FACILITY C2 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility C2 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          C2 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          C2 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY C2 LOAN" means a loan made or to be made under Facility C2 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY C3" means the term loan facility made available under this
     Agreement as described in paragraph (g) of clause 2.1.1 (The Facilities).

     "FACILITY C3 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility C3 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          C3 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          C3 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY C3 LOAN" means a loan made or to be made under Facility C3 or the
     principal amount outstanding for the time being on that loan.


                                       11



     "FACILITY C4" means the term loan facility made available under this
     Agreement as described in paragraph (h) of clause 2.1.1 (The Facilities).

     "FACILITY C4 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility C4 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          C4 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          C4 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY C4 LOAN" means a loan made or to be made under Facility C4 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY C5" means the term loan facility made available under this
     Agreement as described in paragraph (i) of clause 2.1.1 (The Facilities).

     "FACILITY C5 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility C5 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          C5 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          C5 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY C5 LOAN" means a loan made or to be made under Facility C5 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY C6" means the term loan facility made available under this
     Agreement as described in paragraph (j) of clause 2.1.1 (The Facilities).

     "FACILITY C6 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility C6 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          C6 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          C6 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY C6 LOAN" means a loan made or to be made under Facility C6 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY D LOAN" means a Facility D1 Loan or a Facility D2 Loan or a
     Facility D3 Loan or a Facility D4 Loan, as the context requires and
     "FACILITY D LOANS" means all of them.

     "FACILITY D REPAYMENT DATE" means each date for repayment of Facility D1,
     Facility D2, Facility D3 and Facility D4, as set out in clause 6.1.4
     (Repayment of Loans).

     "FACILITY D1" means the term loan facility made available under this
     Agreement as described in paragraph (k) of clause 2.1.1 (The Facilities).


                                       12



     "FACILITY D1 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility D1 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          D1 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          D1 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY D1 LOAN" means a loan made or to be made under Facility D1 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY D2" means the term loan facility made available under this
     Agreement as described in paragraph (l) of clause 2.1.1 (The Facilities).

     "FACILITY D2 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility D2 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          D2 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          D2 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY D2 LOAN" means a loan made or to be made under Facility D2 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY D3" means the term loan facility made available under this
     Agreement as described in paragraph (m) of clause 2.1.1 (The Facilities).

     "FACILITY D3 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility D3 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          D3 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          D3 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.

     "FACILITY D3 LOAN" means a loan made or to be made under Facility D3 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY D4" means the term loan facility made available under this
     Agreement as described in paragraph (n) of clause 2.1.1 (The Facilities).

     "FACILITY D4 COMMITMENT" means:

     (a)  in relation to an Original Lender, the amount in dollars set opposite
          its name under the heading "Facility D4 Commitment" in Part II of
          Schedule 1 (The Original Parties) and the amount of any other Facility
          D4 Commitment transferred to it under this Agreement; and

     (b)  in relation to any other Lender, the amount in dollars of any Facility
          D4 Commitment transferred to it under this Agreement,

     to the extent not cancelled, reduced or transferred by it under this
     Agreement.


                                       13



     "FACILITY D4 LOAN" means a loan made or to be made under Facility D4 or the
     principal amount outstanding for the time being on that loan.

     "FACILITY OFFICE" means:

     (a)  in respect of a Lender, the office or offices notified by such Lender
          to the Agent in writing on or before the date it becomes a Lender (or,
          following that date, by not less than five Business Days' prior
          written notice) as the office or offices through which it will perform
          its obligations under this Agreement; or

     (b)  in respect of any other person, any relevant jurisdiction in which it
          is resident for tax purposes.

     "FEE LETTER" means the letter dated on or about the date of this Agreement
     between (inter alios) the Agent and the Borrower setting out any of the
     fees referred to in clause 13 (Fees).

     "FFA" means a forward freight derivative transaction.

     "FFA TRADING STATEMENT" means a statement of earnings and cash receipts
     from forward freight derivatives including a schedule of existing FFAs
     (whether closed or not) for the immediately preceding Financial Quarter of
     the Group and a short commentary specifying the current trading positions,
     significant changes from the preceding Financial Quarter, expected trading
     and any changes in trading policy.

     "FINANCE DOCUMENT" means this Agreement, the Offer Letter, any Compliance
     Certificate, the Fee Letter, any Hedge Agreement, any Resignation Letter,
     any Selection Notice, any Transaction Security Document, any Utilisation
     Request, the Intra-Group Loan Agreement and any other document designated
     as a "Finance Document" by the Agent and the Borrower.

     "FINANCE LEASE" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "FINANCE PARTY" means the Agent, the Arranger, the Security Agent, a Lender
     or any Hedge Counterparty.

     "FINANCIAL INDEBTEDNESS" means any indebtedness for or in respect of:

     (a)  monies borrowed;

     (b)  any amount raised by acceptance under any acceptance credit facility
          or dematerialised equivalent;

     (c)  any amount raised pursuant to any note purchase facility or the issue
          of bonds, notes, debentures, loan stock or any similar instrument;

     (d)  the amount of any liability in respect of any lease or hire purchase
          contract which would, in accordance with the Accounting Principles, be
          treated as a finance or capital lease;

     (e)  receivables sold or discounted (other than any receivables to the
          extent they are sold on a non-recourse basis);

     (f)  any Treasury Transaction (and, when calculating the value of that
          Treasury Transaction, only the marked to market value shall be taken
          into account);

     (g)  any counter-indemnity obligation in respect of a guarantee, bond,
          standby or documentary letter of credit or any other instrument issued
          by a bank or financial institution;

     (h)  any amount of any liability under an advance or deferred purchase
          agreement if (a) one of the primary reasons behind entering into the
          agreement is to raise finance or (b) the agreement is in respect of
          the supply of assets or services and payment is due more than 90 days
          after the date of supply;


                                       14



     (i)  any arrangement pursuant to which an asset sold or otherwise disposed
          of by that person may be re-acquired by a member of the Group (whether
          following the exercise of an option or otherwise);

     (j)  any amount raised under any other transaction (including any forward
          sale or purchase agreement) having the commercial effect of a
          borrowing; and

     (k)  the amount of any liability in respect of any guarantee for any of the
          items referred to in paragraphs (a) to (j) above,

     and so that where the amount of Financial Indebtedness falls to be
     calculated, no amount shall be taken into account more than once in the
     same calculation and, where the amount is to be calculated on a
     consolidated basis in respect of a corporate group, monies borrowed or
     raised, or other indebtedness, as between members of such group shall be
     excluded provided that the debtor is a wholly-owned subsidiary of the
     Borrower.

     "FINANCIAL QUARTER" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "FINANCIAL QUARTER DAY" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "FINANCIAL YEAR" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "FLAG STATE" means:

     (a)  the Republic of Panama; or

     (b)  in relation to the Existing Collateral Ships only, the Hellenic
          Republic or, following the Borrower's compliance with clause 23.52.1
          (Conditions Subsequent), the Marshall Islands or the Republic of
          Panama,

     or, in each such case, such other state or territory approved in writing by
     the Agent, at the request of a member of the Group, as being the "Flag
     State" of the Ship owned by such member whether, in the case of a
     Collateral Ship, for the purposes of the relevant Transaction Security
     Documents or, in the case of any other Owned Ship, for any other purpose.

     "FLEET BOOK VALUE" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "FLEET MARKET VALUE" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "FOREIGN PLAN" means any employee benefit plan, program, policy,
     arrangement or agreement maintained or contributed to by, or entered into
     with, the Borrower or any of its Subsidiaries with respect to employees
     employed outside the United States.

     "FOREIGN PLAN UNDERFUNDING" means an excess of the present value of the
     accrued benefit liabilities (whether or not vested) under a Foreign Plan,
     determined as of the end of the most recently ended fiscal year of the
     Borrower or any of its Subsidiaries (based on the actuarial assumptions
     used for purposes of the applicable jurisdiction's financial reporting
     requirements), over the current value of the assets of such Foreign Plan.

     "FORM S-4" means the form S-4 Registration Statement filed with the United
     States Securities and Exchange Commission by ISE in connection with the
     Acquisition and the ISE-Navios Merger.

     "FREE LIQUID ASSETS" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "GENERAL ASSIGNMENT" means, in relation to a Collateral Ship, the general
     assignment collateral to the Mortgage for such Collateral Ship, in the
     agreed form, executed or (as the context may require) to be executed by the
     relevant Collateral Owner in favour of the Security Agent or (as the case
     may be) the Secured Parties and "GENERAL ASSIGNMENTS" means any or all of
     them;

     "GREEK ACCOUNT PLEDGES" means, together (a) the account pledge executed by
     the Manager in favour of HSH Nordbank AG in respect of two bank accounts of
     the Manager held with Alpha Bank A.E. in Greece and (b) the account pledge
     executed by Navios Corporation in favour of HSH Nordbank AG in


                                       15



     respect of two bank accounts of Navios Corporation held with Alpha Bank
     A.E. in Greece and "GREEK ACCOUNT PLEDGE" means either of them.

     "GOVERNMENT ENTITY" means and includes (whether having a distinct legal
     personality or not) any national, local or supranational government or
     governmental authority, regulatory body, board, commission, department,
     division, organ, instrumentality, court or agency and any association,
     organisation or institution of which any of the foregoing is a member or to
     whose jurisdiction any of the foregoing is subject or in whose activities
     any of the foregoing is a participant.

     "GROUP" means the Borrower and each of its Subsidiaries from time to time
     during the term of this Agreement.

     "GROUP STRUCTURE CHART" means the group structure chart in the agreed form.

     "HEDGE AGREEMENT" means any master agreement, confirmation, schedule or
     other agreement in agreed form entered into or to be entered into by the
     Borrower and a Hedge Counterparty (including the HSH ISDA Agreement) for
     the purpose of hedging interest rate liabilities in relation to the
     Facilities in accordance with the Hedge Strategy Letter.

     "HEDGE COUNTERPARTY" means the Original Hedge Counterparty and each Lender
     or Affiliate of a Lender which, in accordance with and for the purposes of
     clause 25.8 (Hedge Counterparties) acts as an interest rate hedging
     counterparty and has executed and delivered a Hedge Counterparty Accession
     Letter.

     "HEDGE COUNTERPARTY ACCESSION LETTER" means a document duly executed by a
     Hedge Counterparty substantially in the form set out in Schedule 12 (Form
     of Hedge Counterparty Accession Letter).

     "HEDGE STRATEGY LETTER" means a letter delivered to the Agent in accordance
     with clause 5.6 (Hedge Transactions) between the Agent and the Borrower
     describing the hedging arrangements entered into or to be entered into in
     respect of the interest rate liabilities of the Borrower under this
     Agreement.

     "HESTIA GUARANTEE" means the guarantee, in the agreed form, executed or (as
     the context may require) to be executed by Hestia Shipping Ltd. in favour
     of the Security Agent.

     "HESTIA OPERATING ACCOUNT" means an interest bearing dollar account of
     Hestia Shipping Ltd. opened or (as the context may require) to be opened
     with the London branch of the Security Agent designated the Hestia Shipping
     Ltd. Operating Account and includes any other account designated in writing
     by the Agent to be a Hestia Shipping Ltd. Operating Account for the
     purposes of this Agreement.

     "HOLDING ACCOUNT" means an interest bearing account:

     (a)  held in Hamburg by the Borrower with the Agent or Security Agent;

     (b)  identified in a letter between the Borrower and the Agent as a Holding
          Account; and

     (c)  subject to Security in favour of the Security Agent which Security is
          in form and substance satisfactory to the Agent,

     (as the same may be redesignated, substituted or replaced from time to
     time).

     "HOLDING COMPANY" means, in relation to a company or corporation, any other
     company or corporation in respect of which it is a Subsidiary.

     "HSH ACCOUNTS" means the Holding Account, the Operating Accounts (other
     than any CNSA Account which is an Operating Account), the Retention Account
     and the Working Capital Account and includes any sub-accounts thereof.

     "HSH HAMBURG ACCOUNT PLEDGE" means the first priority account pledge, in
     the agreed form, executed or (as the context may require) to be executed by
     the Borrower in favour of the Security Agent in respect of the Holding
     Account, the Retention Account and the Working Capital Account.


                                       16



     "HSH ISDA AGREEMENT" means the 1992 ISDA Master Agreement (including a
     schedule thereto) dated as of 4 October 2005 entered into between the
     Borrower and the Original Hedge Counterparty, including any Confirmations
     (as defined therein) executed pursuant thereto and any Transactions (as
     defined therein) entered into thereunder.

     "HSH LONDON ACCOUNT CHARGE" means the first priority account charge, in the
     agreed form, executed or (as the context may require) to be executed by
     CNSA, Navios International Inc., Navimax Corporation, Navios Handybulk
     Inc., Hestia Shipping Ltd., Navios ShipManagement Inc., each Existing
     Collateral Owner, each Additional Collateral Owner and any other relevant
     member of the Group in favour of the Security Agent.

     "INFORMATION MEMORANDUM" means the document in the form approved by the
     Borrower concerning the Target Group which, at the request of the Borrower
     and on its behalf is or is to be prepared in relation to this transaction,
     approved by the Borrower and distributed by the Arranger prior to the
     Syndication Date in connection with the syndication of the Facilities.

     "INFORMATION PACKAGE" means the Reports, the Base Case Model and the
     Business Plan.

     "INSURANCE REPORT" means an insurance opinion in the agreed form prepared
     by BankServe Insurance Services Ltd and dated on or before the first
     Utilisation Date and addressed to, and/or capable of being relied upon by,
     the Arranger and the other Secured Parties.

     "INTELLECTUAL PROPERTY" means:

     (a)  any patents, trade marks, service marks, designs, business names,
          copyrights, design rights, software rights, domain names, moral
          rights, inventions, confidential information, knowhow and other
          intellectual property rights and interests, whether registered or
          unregistered; and

     (b)  the benefit of all applications and rights to use such assets of each
          member of the Group.

     "INTEREST" has the meaning given to that term in clause 22.1 (Financial
     definitions).

     "INTEREST PAYABLE" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "INTEREST PERIOD" means, in relation to a Loan, each period determined in
     accordance with clause 11 (Interest Periods) and, in relation to an Unpaid
     Sum, each period determined in accordance with clause 10.4 (Default
     interest).

     "INTEREST RECEIVABLE" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "INTRA-GROUP LOAN AGREEMENT" means the intra-group loan agreement, in the
     agreed form, between the Borrower and others as borrowers, the Borrower and
     others as lenders and the Security Agent.

     "INTRA-GROUP LOAN ASSIGNMENT" means the loan assignment, in the agreed
     form, executed or (as the context may require) to be executed by the
     Borrower and others in favour of the Security Agent.

     "INTRA-GROUP LOANS" means loans made by:

     (a)  the Borrower to a Security Provider;

     (b)  one Security Provider to another Security Provider where neither such
          Security Provider is a Purchase Option Subsidiary; or

     (c)  a member of the Group to a Purchase Option Subsidiary for the sole
          purpose of assisting such Purchase Option Subsidiary to acquire a
          Purchase Option Ship, provided that such Purchase Option Ship is
          acquired in accordance with clause 23.43 (Purchase Option
          Subsidiaries);

     (d)  the Borrower to a New Share Issue Subsidiary for the sole purpose of
          assisting such New Share Issue Subsidiary to acquire a Permitted NSIS
          Asset, provided that the acquisition is made subject to the provisions
          of clause 23.44 (New Share Issue Subsidiaries); or

     (e)  a Purchase Option Subsidiary or a New Share Issue Subsidiary to the
          Borrower,


                                       17



     where the parties to such loans are parties to the Intra-Group Loan
     Agreement.

     "ISE" means, as of prior to the ISE-Navios Merger, International Shipping
     Enterprises, Inc. a corporation then incorporated in Delaware (now merged
     into the Borrower).

     "ISE-NAVIOS MERGER" means the merger (completed on 25 August 2005) of ISE
     with the Target such that the resulting entity was the Borrower.

     "ISE-NAVIOS MERGER STEPS PAPER" means the steps paper in the agreed form
     entitled "ISE/Navios Merger Steps Paper".

     "ISM CODE" means the International Management Code for the Safe Operation
     of Ships and for Pollution Prevention constituted pursuant to Resolution A.
     741 (18) of the International Maritime Organisation and incorporated into
     the International Convention for the Safety of Life at Sea 1974 and
     includes any amendments or extensions thereto and any regulation issued
     pursuant thereto.

     "ISPS CODE" means the International Ship and Port Facility Security Code
     constituted pursuant to Resolution A. 924(22) of the International Maritime
     Organisation and incorporated into the International Convention for the
     Safety of Life at Sea 1974 and includes any amendments or extensions
     thereto and any regulation issued pursuant thereto.

     "ISSC" means an International Ship Security Certificate issued in respect
     of a Ship under the provisions of the ISPS Code.

     "JOINT VENTURE" means any joint venture entity, whether a company,
     unincorporated firm, undertaking, association or partnership or any other
     entity.

     "KEY PERSONNEL" means each and all of Ted C. Petrone, Michael E. McClure,
     Shunji Sasada, Pablo Soler and Ruben Martinez Baeza and any person
     appointed as a replacement for any such persons in accordance with clause
     23.26.2 (Service Contracts).

     "LEASE" means the lease agreement (or agreement for use) dated 27 September
     1956, as amended and/or supplemented and/or modified by the lease agreement
     (or agreement for use) dated 4 December 1995, each made between (a) the
     State of the Oriental Republic of Uruguay acting through certain of its
     Government Entities and (b) Navios Corporation of the Republic of Liberia
     (now incorporated into Navios Corporation) acting through its Uruguayan
     branch, each in respect of the Terminal and/or the Project, as amended
     and/or supplemented and/or modified by an amendment and extension agreement
     dated 15 June 1998, as transferred and/or assigned to CNSA under and
     pursuant to a contract of transfer dated 24 September 1999, and as the same
     may be amended and/or supplemented from time to time.

     "LEGAL DUE DILIGENCE REPORT" means the legal due diligence report in the
     agreed form dated 24 March 2005 as supplemented by a memorandum dated 6 May
     2005 prepared by Mintz Levin Cohn Ferris Glovsky and Popeo P.C. relating to
     the Acquisition and addressed to, and/or capable of being relied upon by,
     the Arranger and the other Secured Parties.

     "LEGAL RESERVATIONS" means:

     (a)  the principle that equitable remedies may be granted or refused at the
          discretion of a court and the limitation of enforcement by laws
          relating to insolvency, reorganisation and other laws generally
          affecting the rights of creditors;

     (b)  the time barring of claims under the Limitation Acts, the possibility
          that an undertaking to assume liability for or indemnify a person
          against non-payment of UK stamp duty may be void and defences of
          set-off or counterclaim; and

     (c)  similar principles, rights and defences under the laws of any Relevant
          Jurisdiction.


                                       18



     "LENDER" means:

     (a)  any Original Lender; and

     (b)  any bank, financial institution, trust, fund or other entity which has
          become a Party in accordance with clause 25 (Changes to the Lenders),

     which in each case has not ceased to be a Party in accordance with the
     terms of this Agreement.

     "LIBOR" means in relation to a particular period:

     (a)  the rate per annum for deposits of dollars for a period equivalent to
          such period at the Specified Time on the Quotation Day for such period
          as displayed on Reuters BBA page LIBOR01 (and, for the purposes of
          this Agreement, "REUTERS BBA PAGE LIBOR01" means the display
          designated as "Reuters BBA page LIBOR01" on the Telerate Service or
          such other page as may replace "Reuters BBA page LIBOR01" on the
          Telerate Service for the purpose of displaying rates comparable to
          that rate or on such other service as may be nominated by the British
          Bankers' Association for the purpose of displaying BBA Interest
          Settlement Rates (as defined in the British Bankers' Association's
          Recommended Terms and Conditions ("BBAIRS" terms) dated August, 1996)
          for dollars); or

     (b)  if on such date no such rate is displayed, LIBOR for such period shall
          be the rate per annum determined by the Agent to be the arithmetic
          mean of the rates per annum (rounded upward if necessary to the
          nearest one sixteenth (1/16th) of one per cent) quoted to the Agent by
          the Reference Banks at the request of the Agent as the Reference
          Banks' offered rate for deposits in dollars in an amount comparable
          with the amount in relation to which LIBOR is to be determined and for
          a period equal to the relevant period to prime banks in the London
          interbank market at or about the Specified Time on the Quotation Day
          for such period.

     "LMA" means the Loan Market Association.

     "LOAN" means a Facility A Loan or a Facility B1 Loan or a Facility B2 Loan
     or a Facility B3 Loan or a Facility C1 Loan or a Facility C2 Loan or a
     Facility C3 Loan or a Facility C4 Loan or a Facility C5 Loan or a Facility
     C6 Loan or a Facility D1 Loan or a Facility D2 Loan or a Facility D3 Loan
     or a Facility D4 Loan (as the context may require).

     "LONG-STOP DATE" means 30 April 2006 or such other later date (falling in
     any event not later than 31 May 2006) as the Agent (acting on the
     instructions of the Majority Lenders) may, following the Borrower's request
     in writing, agree in writing in its absolute discretion and, if such
     consent is given, on such conditions as the Agent (acting on the
     instructions of the Majority Lenders) may impose.

     "MAJORITY LENDERS" means a Lender or Lenders whose Commitments aggregate
     more than 66(2)/3 per cent. of the Total Commitments (or, if the Total
     Commitments have been reduced to zero, aggregated more than 66(2)/3 per
     cent. of the Total Commitments immediately prior to that reduction).

     "MANAGEMENT AGREEMENT" means, in relation to each Collateral Ship:

     (a)  the agreement made or (as the context may require) to be made, in the
          agreed form, between the relevant Collateral Owner and the Manager
          providing for the Manager to manage such Collateral Ship; and

     (b)  the agreement dated 2 June 2004 between the Manager as head manager
          and Navimax Corporation as commercial sub-manager of such Collateral
          Ship (as amended and supplemented from time to time),

     and "MANAGEMENT AGREEMENTS" means any or all of them.

     "MANAGER" means Navios ShipManagement, Inc. and/or any other person
     appointed by the relevant Collateral Owner, with the prior written consent
     of the Agent, as the manager of any of the Collateral Ships and includes
     its successors in title and assignees.


                                       19



     "MANAGER'S UNDERTAKING" means, in relation to each Collateral Ship, an
     undertaking and assignment, in the agreed form, executed or (as the context
     may require) to be executed by the Manager in favour of the Security Agent
     as a condition precedent to the approval of the Management Agreements
     relating to such Collateral Ship (as the case may be) and "MANAGER'S
     UNDERTAKINGS" means any or all of them.

     "MANDATORY COST" means the percentage rate per annum calculated by the
     Agent in accordance with Schedule 5 (Mandatory Cost Formula).

     "MARGIN" means:

     (a)  in relation to the Facility A Loan, the Facility C Loans and the
          Facility D Loans, 1.50 per cent. per annum;

     (b)  in relation to the Facility B1 Loan, 2.25 per cent. per annum;

     (c)  in relation to the Facility B2 Loan, 2.50 per cent. per annum;

     (d)  in relation to the Facility B3 Loan, 2.75 per cent. per annum;

     (e)  in relation to any Unpaid Sum relating or referable to a Facility, the
          rate per annum specified above for that Facility; and

     (f)  in relation to any other Unpaid Sum, the highest rate specified above.

     "MATERIAL ADVERSE EFFECT" means in the reasonable opinion of the Agent a
     material adverse effect on:

     (a)  the business, operations, property, assets, condition (financial or
          otherwise) or prospects of the Group taken as a whole; or

     (b)  the ability of an Obligor to perform its obligations under the Finance
          Documents; or

     (c)  the validity or enforceability of, or the effectiveness or ranking of
          any Transaction Security or the rights or remedies of any Finance
          Party under any of the Finance Documents.

     "MATERIAL CONTRACT" means each of the material contracts identified in
     schedule 3.16 of the Acquisition Agreement and any other Charters and
     Contracts of Affreightment save for:

     (a)  any contract of affreightment having a term of less than 11 months as
          at the Closing Date and which does not contain any optional extension
          by virtue of which its term may exceed 11 months as from the Closing
          Date; and

     (b)  any charterparty having a term of less than 11 months as at the
          Closing Date and which does not contain any optional extension by
          virtue of which its term may exceed 11 months as from the Closing
          Date.

     "MERGER AGREEMENT" means the merger agreement dated 25 August 2005 and
     entered into between ISE and the Target setting out the plan for and basis
     upon which they merged into one entity (being the Borrower).

     "MOA" means, in relation to a MOA Ship, the memorandum of agreement made or
     (as the context may require) to be made between the relevant Seller and the
     relevant Additional Collateral Owner, in relation to the sale by the
     relevant Seller, and the purchase by the relevant Additional Collateral
     Owner, of such MOA Ship, as such memorandum of agreement may be amended
     and/or supplemented from time to time with the prior written consent of the
     Agent (acting on the instructions of the Majority Lenders) and "MOAS" means
     any or all of them.

     "MOA SHIP" means each of the motor vessels listed in rows 27 to 30
     (inclusive) of Schedule 2 (The Ships) indicated as a ship to be purchased
     under a MOA in the relevant column opposite such MOA Ship's name, and "MOA
     SHIPS" means any or all of them.


                                       20



     "MORTGAGE" means, in relation to each Collateral Ship, the first preferred
     mortgage of such Collateral Ship, in the agreed form, executed or (as the
     context may require) to be executed by the relevant Collateral Owner in
     favour of the Security Agent or (as the case may be) the Secured Parties
     and "MORTGAGES" means any or all of them.

     "MULTIEMPLOYER PLAN" means at any time a Plan covered by Title IV of ERISA
     which is a Multiemployer Plan as defined in Section 3(37) or 4001(a)(3) of
     ERISA.

     "MULTIPLE EMPLOYER PLAN" means a Plan covered by Title IV of ERISA, other
     than a Multiemployer Plan, of which the Borrower or any of its Subsidiaries
     or any ERISA Affiliate and at least one employer other than the Borrower or
     any of its Subsidiaries or any ERISA Affiliate are contributing sponsors.

     "NAVIMAX CORPORATION ASSIGNMENT OF INSURANCES" means the assignment, in the
     agreed form, executed (or as the context may require) to be executed by
     Navimax Corporation in favour of the Security Agent in respect of its
     rights under certain insurances of which it has the benefit.

     "NAVIMAX CORPORATION CHARTER ASSIGNMENT" means a first priority assignment,
     in the agreed form, executed or (as the context may require) to be executed
     by Navimax Corporation in favour of the Security Agent in respect of all
     Charters or Contracts of Affreightment to which Navimax Corporation is a
     party.

     "NAVIMAX CORPORATION DNB OPERATING ACCOUNT" means the interest bearing
     dollar account of Navimax Corporation held with DnB Nor Bank in New York.

     "NAVIMAX CORPORATION GUARANTEE" means the guarantee, in the agreed form,
     executed or (as the context may require) to be executed by Navimax
     Corporation in favour of the Security Agent.

     "NAVIMAX CORPORATION OPERATING ACCOUNT" means an interest bearing dollar
     account of Navimax Corporation opened or (as the context may require) to be
     opened with the London branch of the Security Agent designated the Navimax
     Corporation Operating Account and includes any other account designated in
     writing by the Agent to be a Navimax Corporation Operating Account for the
     purposes of this Agreement.

     "NAVIOS CORPORATION ASSIGNMENT OF INSURANCES" means the assignment, in the
     agreed form, executed (or as the context may require) to be executed by
     Navios Corporation in favour of the Security Agent in respect of its rights
     under certain insurances of which it has the benefit.

     "NAVIOS CORPORATION CHARTER ASSIGNMENT" means a first priority assignment,
     in the agreed form, executed (or as the context may require) to be executed
     by Navios Corporation in favour of the Security Agent in respect of all
     Charters or Contracts of Affreightment to which Navios Corporation is a
     party.

     "NAVIOS CORPORATION DNB OPERATING ACCOUNT" means the interest bearing
     dollar account of Navios Corporation held with DnB Nor Bank in New York
     with such account details as have been notified by the Borrower to the
     Agent.

     "NAVIOS CORPORATION GUARANTEE" means the guarantee, in the agreed form,
     executed or (as the context may require) to be executed by Navios
     Corporation in favour of the Security Agent.

     "NAVIOS CORPORATION OPERATING ACCOUNT" means an interest bearing dollar
     account of Navios Corporation opened (or as the context may require) to be
     opened with the London branch of the Security Agent and designated as the
     Navios Corporation Operating Account and includes any other account
     designated in writing by the Agent to be a Navios Corporation Operating
     Account for the purposes of this Agreement.

     "NAVIOS HANDYBULK ASSIGNMENT OF INSURANCES" means the assignment, in the
     agreed form, executed (or as the context may require) to be executed by
     Navios Handybulk Inc. in favour of the Security Agent in respect of its
     rights under certain insurances of which it has the benefit.

     "NAVIOS HANDYBULK CHARTER ASSIGNMENT" means a first priority assignment, in
     the agreed form, executed or (as the context may require) to be executed by
     Navios Handybulk Inc. in favour of the


                                       21



     Security Agent in respect of all Charters or Contracts of Affreightment to
     which Navios Handybulk Inc. is a party.

     "NAVIOS HANDYBULK DNB OPERATING ACCOUNT" means the interest bearing dollar
     account of Navios Handybulk Inc. held with DnB Nor Bank in New York.

     "NAVIOS HANDYBULK GUARANTEE" means the guarantee, in the agreed form,
     executed or (as the context may require) to be executed by Navios Handybulk
     Inc. in favour of the Security Agent.

     "NAVIOS HANDYBULK OPERATING ACCOUNT" means an interest bearing dollar
     account of Navios Handybulk Inc. opened or (as the context may require) to
     be opened with the London branch of the Security Agent and designated the
     Navios Handybulk Operating Account and includes any other account
     designated in writing by the Agent to be a Navios Handybulk Operating
     Account for the purposes of this Agreement.

     "NAVIOS INTERNATIONAL ASSIGNMENT OF INSURANCES" means the assignment, in
     the agreed form, executed or (as the context may require) to be executed by
     Navios International Inc. in favour of the Security Agent in respect of its
     rights under certain insurances of which it has the benefit.

     "NAVIOS INTERNATIONAL CHARTER ASSIGNMENT" means a first priority
     assignment, in the agreed form, executed or (as the context may require) to
     be executed by Navios International Inc. in favour of the Security Agent in
     respect of all Charters or Contracts of Affreightment to which Navios
     International Inc. is a party.

     "NAVIOS INTERNATIONAL DNB OPERATING ACCOUNT" means the interest bearing
     dollar account of Navios International Inc. held with DnB Nor Bank in New
     York.

     "NAVIOS INTERNATIONAL GUARANTEE" means the guarantee, in the agreed form,
     executed or (as the context may require) to be executed by Navios
     International Inc. in favour of the Security Agent.

     "NAVIOS INTERNATIONAL OPERATING ACCOUNT" means an interest bearing dollar
     account of Navios International Inc. opened or (as the context may require)
     to be opened with the London branch of the Security Agent and designated
     the Navios International Operating Account and includes any other account
     designated in writing by the Agent to be a Navios International Operating
     Account for the purposes of this Agreement.)

     "NAVIOS SHIPMANAGEMENT ASSIGNMENT OF INSURANCES" means the assignment, in
     the agreed form, executed or (as the context may require) to be executed by
     Navios ShipManagement Inc. in favour of the Security Agent in respect of
     its rights under certain insurances of which it has the benefit.

     "NAVIOS SHIPMANAGEMENT GUARANTEE" means the guarantee, in the agreed form,
     executed or (as the context may require) to be executed by Navios
     ShipManagement Inc. in favour of the Security Agent.

     "NAVIOS SHIPMANAGEMENT OPERATING ACCOUNT" means an interest bearing dollar
     account of Navios ShipManagement Inc. opened or (as the context may
     require) to be opened with the Security Agent and designated the Navios
     ShipManagement Operating Account and includes any other account designated
     in writing by the Agent to be a Navios ShipManagement Operating Account for
     the purposes of this Agreement.

     "NEW SHARE ISSUE SHIP" means an Owned Ship which is owned by a New Share
     Issue Subsidiary.

     "NEW SHARE ISSUE SUBSIDIARY" means:

     (a)  a Subsidiary of the Borrower which is incorporated or acquired for the
          sole purpose of carrying out an acquisition of a Permitted NSIS Asset;
          and

     (b)  any company which is incorporated or acquired for the sole purpose of
          being the Holding Company of a Subsidiary or Subsidiaries (as the case
          may be) of the Borrower referred to in paragraph (a) of this
          definition, provided that any Obligor which is the Holding Company of
          a Subsidiary of the Borrower referred to in paragraph (a) of this
          definition shall not be a New Share Issue Subsidiary merely by virtue
          of being such a Holding Company.


                                       22



     "OBLIGOR" means the Borrower or a Security Provider and any other member of
     the Group party to a Finance Document (save that if such member of the
     Group is only party to the Intra-Group Loan Agreement it shall not be an
     Obligor).

     "OFFER LETTER" means the offer letter dated 16 December 2005 between HSH
     Nordbank AG and the Borrower.

     "OPERATING ACCOUNT" means the Navimax Corporation Operating Account, the
     Navios Handybulk Operating Account, the Navios International Operating
     Account, the Hestia Operating Account, the Navios ShipManagement Operating
     Account, the Navios Corporation Operating Account and the CNSA Account held
     with the Agent in London and "OPERATING ACCOUNTS" means any or all of them.

     "ORIGINAL FINANCIAL STATEMENTS" means the consolidated audited financial
     statements of the Target for its Financial Year ended 31 December 2004.

     "ORIGINAL OBLIGOR" means the Borrower or an Original Security Provider.

     "ORIGINAL SECURITY PROVIDER" means the companies listed in Part 1 of
     Schedule 1 (the Original Parties) as original Security Providers.

     "OWNED SHIP" means each motor vessel registered in the ownership of a
     member of the Group from time to time and for the purposes of clause 22.1
     (Financial definitions) and clause 23.37 (Valuation of Owned Ships) also
     includes any motor vessels the book value of which is included in the
     balance sheet of a Group member and "OWNED SHIPS" means any or all of them.

     "PARTICIPATING MEMBER STATE" means any member state of the European
     Communities that adopts or has adopted the euro as its lawful currency in
     accordance with legislation of the European Community relating to Economic
     and Monetary Union.

     "PARTY" means a party to this Agreement.

     "PATRIOT ACT" has the meaning given to it in clause 20.36 (Anti-Terrorism
     Laws).

     "PBGC" means the Pension Benefit Guaranty Corporation established pursuant
     to Subtitle A of Title IV of ERISA or any entity succeeding to any or all
     of its functions under ERISA.

     "PERMITTED ACQUISITION" means:

     (a)  an acquisition by an Obligor of an asset sold, leased, transferred or
          otherwise disposed of by another Obligor in circumstances constituting
          a Permitted Disposal;

     (b)  an acquisition of securities which are Cash Equivalent Investments so
          long as those Cash Equivalent Investments become subject to the
          Transaction Security as soon as is reasonably practicable;

     (c)  an acquisition of shares pursuant to a Permitted Share Issue;

     (d)  an acquisition of a Purchase Option Ship by a Purchase Option
          Subsidiary made in accordance with clause 23.43 (Purchase Option
          Subsidiaries);

     (e)  the acquisition or formation of a Purchase Option Subsidiary or a New
          Share Issue Subsidiary provided that, in the case of a Purchase Option
          Subsidiary, prior to such acquisition or formation such Purchase
          Option Subsidiary has not traded or incurred any liabilities or
          commitments (actual or contingent, present or future).

     (f)  an acquisition by a New Share Issue Subsidiary of a Permitted NSIS
          Asset;

     (g)  an acquisition of an asset required for or relating to the Core
          Activities of the Borrower and which acquisition is entirely or (in
          the case of a Permitted NSIS Asset only) partially funded out of the
          proceeds of a Permitted Share Issue and which:

          (i)  is provided for in the Quarterly Budget; and


                                       23



          (ii) when made would not result in a Default;

     (h)  the acquisition of the Additional Collateral Ships by the Additional
          Collateral Owners pursuant to the MOAs and the Purchase Option MOAs
          (as the case may be); or

     (i)  any other acquisition made with the prior written consent of the
          Lenders.

     "PERMITTED DISPOSAL" means any sale, lease, licence, transfer or other
     disposal which is on arm's length terms:

     (a)  of cash made by any member of the Group in the ordinary course of
          trading of the disposing entity;

     (b)  of any asset by a member of the Group (the "DISPOSING COMPANY") to
          another member of the Group (the "ACQUIRING COMPANY"), but if:

          (i)  the Disposing Company is an Obligor, the Acquiring Company must
               also be an Obligor;

          (ii) the Disposing Company had given Security over the asset, the
               Acquiring Company must give at least equivalent Security over
               that asset; and

          (iii) the Disposing Company is a Security Provider, the Acquiring
               Company must be a Security Provider guaranteeing at all times an
               amount no less than that guaranteed by the Disposing Company;

     (c)  of assets (other than shares, the Terminal, any Charter, any Material
          Contract, businesses, Real Property or Intellectual Property) in
          exchange for other assets comparable or superior as to type, value or
          quality;

     (d)  of obsolete or redundant vehicles, plant and equipment for cash;

     (e)  of Cash Equivalent Investments for cash or in exchange for other Cash
          Equivalent Investments;

     (f)  constituted by a licence of intellectual property rights permitted by
          clause 23.28 (Intellectual Property);

     (g)  to a Joint Venture, to the extent permitted by clause 23.9 (Joint
          ventures);

     (h)  arising as a result of any Permitted Security;

     (i)  made with the prior written consent of the Agent;

     (j)  of an Existing Collateral Ship or an Additional Collateral Ship or any
          other Purchase Option Ship, provided that (i) the net proceeds arising
          from such disposal are not less than the amount specified in clause
          8.1.4(b) or clause 8.1.5 (Total Loss/Sale) (as applicable) with
          reference to the relevant date of disposal (where, for the purposes of
          this paragraph (j) the relevant date of disposal shall be the date of
          transfer of title of the relevant Existing Collateral Ship, Additional
          Collateral Ship or Purchase Option Ship) and (ii) such proceeds are
          applied in accordance with clause 8.1.4 or clause 8.1.5 (Total
          Loss/Sale) (as applicable);

     (k)  of any Purchase Option to a Purchase Option Subsidiary;

     (l)  of the Earnings, Insurances and Requisition Compensation of a Purchase
          Option Subsidiary in so far as such disposal is required under the
          terms of any arrangements with a Third Party Financier;

     (m)  of any Permitted NSIS Asset (including the Earnings, Insurances and
          Requisition Compensation of any New Share Issue Ship); and

     (n)  of assets (other than shares or receivables) for cash where the higher
          of the market value and net consideration receivable (when aggregated
          with the higher of the market value and net consideration receivable
          for any other sale, lease, licence, transfer or other disposal not
          allowed


                                       24



          under the preceding paragraphs or as a Permitted Transaction) does not
          exceed US$7,500,000 (or its equivalent) in total during the term of
          this Agreement and does not exceed US$1,000,000 (or its equivalent) in
          any Financial Year of the Borrower,

     but it shall not be a Permitted Disposal:for any member of the Group to
     dispose of any shares in a Subsidiary (other than a New Share Issue
     Subsidiary) or for Navios Corporation to dispose of its shares in Acropolis
     Chartering & Shipping Inc..

     "PERMITTED DISTRIBUTION" means:

     (a)  the payment of a lawful dividend to the Borrower or any of its
          wholly-owned Subsidiaries (provided that such wholly owned Subsidiary
          is not a Purchase Option Subsidiary or a New Share Issue Subsidiary),
          but if the company paying the dividend is a Security Provider the
          wholly-owned subsidiary receiving the dividend must also be a Security
          Provider; and

     (b)  the payment of a lawful dividend by the Borrower to its shareholders
          provided that:

          (i)  any such dividend shall be declared and distributed in relation
               to a Financial Quarter;

          (ii) no such dividend shall be distributed during the Financial Year
               ending 31 December 2005 in respect of any Financial Quarter
               thereof;

          (iii) no dividend shall be declared in respect of the Financial
               Quarter ending 31 December 2005, in excess of $3,000,000;

          (iv) no dividend shall be declared or distributed in respect of any of
               (A) the Financial Quarter ending 31 December 2005 or (B) the
               first three Financial Quarters of the Financial Year ending 31
               December 2006, which, when aggregated with the dividend declared
               or distributed in relation to the other such Financial Quarters
               referred to in this paragraph (iv), shall be in excess of
               $12,000,000 in aggregate, inclusive of the aggregate Relevant
               Amount(s) (if any) notified by the Borrower to the Agent pursuant
               to clause 8.1.8(Total Loss/Sale) in relation to each such
               Financial Quarter;

          (v)  no dividend shall be declared or distributed in respect of any of
               (A) the Financial Quarter ending 31 December 2006 or (B) the
               first three Financial Quarters of the Financial Year ending 31
               December 2007, which, when aggregated with the dividend declared
               or distributed in relation to the other such Financial Quarters
               referred to in this paragraph (v), shall be in excess of
               $12,000,000 in aggregate, inclusive of the aggregate Relevant
               Amount(s) (if any) notified by the Borrower to the Agent pursuant
               to clause 8.1.8(Total Loss/Sale) in relation to each such
               Financial Quarter

          (vi) no dividend (in excess of any Relevant Amount(s) (if applicable)
               for any relevant Financial Quarters) shall be declared or
               distributed in respect of the Financial Quarters of a Financial
               Year which in total exceeds 50% of the aggregate Excess Cash
               (calculated pursuant to clause 8.1.8(Total Loss/Sale)) as of the
               Excess Cash Calculation Dates falling during such Financial Year;

          (vii) at both the date of declaration and the date of payment of such
               dividend no Default shall have occurred and be continuing or
               would result from the payment of the proposed dividend; and

          (viii) no less than 30 days before the proposed payment date, the
               Borrower has provided to the Agent pro forma financial statements
               and such other information as the Agent may request showing
               compliance with clauses 22.2.4 (Minimum Liquidity) and 8.1.8
               (Total Loss/Sale) at the proposed payment date and for the two
               full Financial Quarters immediately following such proposed
               payment date.

     "PERMITTED EXISTING ACCOUNTS" means those accounts of members of the Group
     in existence at the date of this Agreement notified by the Agent to the
     Borrower in writing as being "Permitted Existing Accounts".


                                       25



     "PERMITTED FFA" means any FFA which:

     (a)  is made by a team experienced in trading in FFAs, the senior members
          of which are Key Personnel;

     (b)  is made in accordance with the proper risk management procedures as
          specified in the Accountants' Report; and

     (c)  complies with the requirements of the Forward Freight Agreement
          Brokers Association or any other equivalent person.

     "PERMITTED FINANCIAL INDEBTEDNESS" means Financial Indebtedness:

     (a)  arising under any Intra-Group Loans and subject always to the terms of
          this Agreement;

     (b)  arising under a foreign exchange transaction for spot or forward
          delivery entered into in connection with protection against
          fluctuation in currency rates where that foreign exchange exposure
          arises in the ordinary course of trade but not a foreign exchange
          transaction for investment or speculative purposes;

     (c)  arising under a Permitted Loan or a Permitted Guarantee;

     (d)  of any person acquired by a member of the Group after the date of this
          Agreement which is incurred under arrangements in existence at the
          date of acquisition, but not incurred or increased or its maturity
          date extended in contemplation of, or since, that acquisition, and
          outstanding only for a period of six months following the date of
          acquisition;

     (e)  under finance or capital leases of vehicles, plant, equipment or
          computers, provided that the aggregate capital value of all such items
          so leased or financed under outstanding leases or finance transactions
          by members of the Group does not exceed US$1,000,000 (or its
          equivalent in other currencies) at any time;

     (f)  incurred by a New Share Issue Subsidiary in connection with an
          acquisition permitted in accordance with clause 23.44.1 (New Share
          Issue Subsidiaries).

     (g)  incurred in the exercise of a Purchase Option in accordance with
          clause 23.43.2 (Purchase Option Subsidiaries);

     (h)  arising under any Permitted FFA; and

     (i)  not permitted by the preceding paragraphs or as a Permitted
          Transaction and the outstanding amount of which does not exceed
          US$2,000,000 (or its equivalent) in aggregate for the Group at any
          time.

     "PERMITTED GUARANTEE" means:

     (a)  the endorsement of negotiable instruments in the ordinary course of
          trade;

     (b)  guarantees granted by a Security Provider in respect of the
          obligations (not being Financial Indebtedness) of any other Security
          Provider under any contract entered into in the ordinary course of
          trade;

     (c)  guarantees granted by a non-Security Provider in respect of the
          obligations (not being Financial Indebtedness) of any other Group
          member under any contract entered into in the ordinary course of
          trading;

     (d)  any guarantee of a Joint Venture to the extent permitted by clause
          23.9 (Joint ventures);

     (e)  any guarantee permitted under clause 23.21 (Financial Indebtedness);

     (f)  any guarantee given in respect of the netting or set-off arrangements
          permitted pursuant to paragraph (b) of the definition of Permitted
          Security;


                                       26



     (g)  guarantees comprising Existing Financial Indebtedness; or

     (h)  any guarantees granted in addition to those permitted under
          sub-paragraphs (a) to (g) above, of an aggregate amount not exceeding
          US$2,000,000.

     "PERMITTED LOAN" means:

     (a)  Financial Indebtedness which is referred to in the definition of, or
          otherwise constitutes, Permitted Financial Indebtedness (except under
          paragraph (c) of that definition);

     (b)  an Intra-Group Loan; and

     (c)  a loan made by a member of the Group to an employee or director of any
          member of the Group if the amount of that loan when aggregated with
          the amount of all other loans to employees and directors by members of
          the Group does not exceed US$750,000 (or its equivalent) at any time,

     so long as in the case of paragraph (b) above the creditor of such
     Financial Indebtedness shall (if it is an Obligor and has not already done
     so pursuant to a Transaction Security Document) grant security over its
     rights in respect of such Financial Indebtedness in favour of the Lenders
     on terms acceptable to the Agent.

     "PERMITTED NSIS ASSET" means a New Share Issue Ship or any other asset or
     assets required or relating to the Core Activities:

     (a)  where the Borrower has provided the Agent with reasonable notice of
          its acquisition prior to such acquisition;

     (b)  the acquisition of which would not result in a Default;

     (c)  where at least 20 per cent. of the funding required for the
          acquisition of such asset or assets is directly sourced from the
          proceeds of a Permitted Share Issue by the Borrower and which have
          been directly on-loaned to the relevant New Share Issue Subsidiary;
          and

     (d)  where the balance of funding (over and above the funding referred to
          in paragraph (c)) required for the acquisition of such asset or assets
          is not sourced from the Borrower or any other Obligor.

     "PERMITTED SECURITY" means:

     (a)  any lien arising by operation of law and in the ordinary course of
          trading (including any lien on a Ship for master's, officer's or
          crew's wages outstanding in the ordinary course of trading, any lien
          for salvage and any ship repairer's or outfitter's possessory lien)
          and not as a result of any default or omission by any member of the
          Group in aggregate for a sum not exceeding US$1,500,000;

     (b)  any netting or set-off arrangement entered into by any member of the
          Group in the ordinary course of its banking arrangements for the
          purpose of netting debit and credit balances of members of the Group
          but only so long as (i) such arrangement does not permit credit
          balances of Obligors to be netted or set off against debit balances of
          members of the Group which are non-Security Providers and (ii) such
          arrangement does not give rise to other Security over the assets of
          Obligors in support of liabilities of members of the Group which are
          non-Security Providers;

     (c)  any margin, netting or set-off or other security arrangement arising
          out of any Permitted FFA or any Hedge Agreement;

     (d)  any Security or Quasi-Security over or affecting any asset acquired by
          a member of the Group after the date of this Agreement if:

          (i)  the Security or Quasi-Security was not created in contemplation
               of the acquisition of that asset by a member of the Group;


                                       27



          (ii) the principal amount secured has not been increased in
               contemplation of or since the acquisition of that asset by a
               member of the Group; and

          (iii) the Security or Quasi-Security is removed or discharged within
               three months of the date of acquisition of such asset;

     (e)  any Security or Quasi-Security over or affecting any asset of any
          company which becomes a member of the Group after the date of this
          Agreement, where the Security or Quasi-Security is created prior to
          the date on which that company becomes a member of the Group; if

          (i)  the Security or Quasi-Security was not created in contemplation
               of the acquisition of that company;

          (ii) the principal amount secured has not increased in contemplation
               of or since the acquisition of that company; and

          (iii) the Security or Quasi-Security is removed or discharged within
               three months of that company becoming a member of the Group;

     (f)  any Security arising under any retention of title, hire purchase or
          conditional sale arrangement or arrangements having similar effect in
          respect of goods supplied to a member of the Group in the ordinary
          course of trading and on the supplier's standard or usual terms and
          not arising as a result of any default or omission by any member of
          the Group;

     (g)  any Quasi-Security arising as a result of a disposal which is a
          Permitted Disposal;

     (h)  any Security or Quasi-Security arising as a consequence of any finance
          lease permitted pursuant to paragraph (e) of the definition of
          "Permitted Financial Indebtedness";

     (i)  any Security arising under a standard form contract over goods,
          documents of title to goods and related documents and insurances and
          their proceeds, in each case in respect of documentary credit
          transactions in the ordinary course of trade;

     (j)  any Security and any negative covenant for the benefit of a Third
          Party Financier granted by a Purchase Option Subsidiary in accordance
          with clause 23.43 (Purchase Option Subsidiaries);

     (k)  any Security and any negative covenant granted by a New Share Issue
          Subsidiary for the benefit of a Third Party Financier; or

     (l)  any Security securing indebtedness the outstanding principal amount of
          which (when aggregated with the outstanding principal amount of any
          other indebtedness which has the benefit of Security given by any
          member of the Group other than any permitted under paragraphs (a) to
          (h) above) does not exceed US$1,500,000 (or its equivalent in other
          currencies).

     but in no case shall any Security over any shares in a Subsidiary of the
     Borrower or over any Account (other than the Excluded Existing Accounts),
     any Charter (other than a Charter entered into by a New Share Issue
     Subsidiary or a Purchase Option Subsidiary where Security has been granted,
     in the case of a Purchase Option Subsidiary, on a first priority basis or,
     in the case of New Share Issue Subsidiary on any basis, to a Third Party
     Financier), the Terminal, any Material Contract (other than a Material
     Contract entered into by a New Share Issue Subsidiary or a Purchase Option
     Subsidiary where Security has been granted, in the case of a Purchase
     Option Subsidiary, on a first priority basis or, in the case of New Share
     Issue Subsidiary on any basis, to a Third Party Financier), any CNSA Asset
     or any Owned Ship (other than a Purchase Option Ship or a New Share Issue
     Ship) constitute a Permitted Security other than any such Security created
     under the Finance Documents.

     "PERMITTED SHARE ISSUE" means an issue of:

     (a)  shares by the Borrower to its shareholders, paid for in full in cash
          upon issue (provided that, for the purposes or this paragraph (a) the
          issue of securities on the basis described in the section headed
          "Description of Securities" in the Form S-4 shall be deemed to satisfy
          this


                                       28



          requirement) and which by their terms are not redeemable and where no
          Default has occurred and is continuing or would result from the
          proposed share issue;

     (b)  shares by a member of the Group which is a Subsidiary to its immediate
          Holding Company where (i) (if the existing shares of the Subsidiary
          are the subject of the Transaction Security) the newly-issued shares
          also become subject to the Transaction Security on the same terms,
          (ii) if the Subsidiary is a Security Provider then the Holding Company
          must also be a Security Provider and (iii) the Holding Company is not
          a Purchase Option Subsidiary or a New Share Issue Subsidiary; or

     (c)  shares by the Borrower to any Seller as part of the purchase price of
          the MOA Ships payable to the relevant Seller pursuant to the relevant
          MOAs.

     "PERMITTED TRANSACTION" means:

     (a)  any disposal required, Financial Indebtedness incurred, guarantee,
          indemnity or Security or Quasi-Security given, or other transaction
          arising, under the Finance Documents;

     (b)  the solvent liquidation or reorganisation of any member of the Group
          which is not an Obligor so long as any payments or assets distributed
          as a result of such liquidation or reorganisation are distributed to
          other members of the Group; or

     (c)  transactions (other than the granting or creation of Security or the
          incurring or permitting to subsist of Financial Indebtedness)
          conducted in the ordinary course of trading on arm's length terms.

     "PLAN" means at any time any employee benefit plan (as defined in Section
     3(3) of ERISA) which is covered by ERISA and with respect to which the
     Borrower or any of its Subsidiaries or any ERISA Affiliate is (or, if such
     plan were terminated at such time, would under Section 4069 of ERISA be
     deemed to be) an "employer" within the meaning of Section 3(5) of ERISA.

     "POLLUTANT" means and includes oil and its products, any other polluting,
     toxic or hazardous substance and any other substance whose release into the
     environment is regulated or penalised by Environmental Laws.

     "PORT REPORTS" means the Uniconsult Universal Transport Consulting GmbH
     technical assessment of the Navios Grain Terminal Nueva Palmira, Uruguay
     dated 1 February 2005 and the Hughes and Hughes report in connection with
     the Navios Terminal at Nueva Palmira, Uruguay dated 22 February 2005 each
     addressed to, and/or capable of being relied upon by, the Arranger and the
     other Secured Parties.

     "PURCHASE OPTION" means each of the options contained in certain of the
     charters listed in schedule 3.16 to the Acquisition Agreement pursuant to
     which the members of the Group being party to such charters have, either
     directly or through nominees, the right to purchase under certain terms and
     conditions the Chartered Ships relevant to such charters.

     "PURCHASE OPTION MOA" means, in relation to an Additional Collateral Ship
     (other than a MOA Ship), each memorandum of agreement made or (as the
     context may require) to be made between the relevant Seller and the
     relevant Additional Collateral Owner, in relation to the sale by the
     relevant Seller, and the purchase by the relevant Additional Collateral
     Owner, of such Additional Collateral Ship (other than a MOA Ship), as such
     memorandum of agreement may be amended and/or supplemented from time to
     time with the prior written consent of the Agent (acting on the
     instructions of the Majority Lenders) and "PURCHASE OPTION MOAS" means any
     or all of them.

     "PURCHASE OPTION SHIP" means a Chartered Ship which is the subject of a
     Purchase Option which has been exercised by its rightful owner and
     consequently acquired by the relevant Purchase Option Subsidiary.

     "PURCHASE OPTION SUBSIDIARY" means a member of the Group which is formed or
     acquired for the sole purpose of acquiring a Purchase Option Ship (other
     than a New Share Issue Subsidiary) but such entity shall only be a Purchase
     Option Subsidiary if (a) any amount remains owing to a Third Party


                                       29



     Financier or (b) any Security or Quasi-Security continues to be granted by
     such Purchase Option Subsidiary to a Third Party Financier.

     "QUARTERLY BUDGET" means the quarterly budget required to be delivered by
     the Borrower pursuant to clause 21.4.2 (Budget).

     "QUASI-SECURITY" has the meaning given to that term in clause 23.15
     (Negative pledge).

     "QUOTATION DAY" means, in relation to any period for which an interest rate
     is to be determined two Business Days before the first day of that period,
     unless market practice differs in the Relevant Interbank Market, in which
     case the Quotation Day will be determined by the Agent in accordance with
     market practice in the Relevant Interbank Market (and if quotations would
     normally be given by leading banks in the Relevant Interbank Market on more
     than one day, the Quotation Day will be the last of those days).

     "REAL PROPERTY" means:

     (a)  any freehold or leasehold real property or immovable property; and

     (b)  any buildings, fixtures, fittings, fixed plant or machinery from time
          to time situated on or forming part of that freehold, leasehold real
          or immovable property.

     "RECEIVER" means a receiver or receiver and manager or administrative
     receiver of the whole or any part of the Charged Property.

     "REFERENCE BANKS" means the principal London offices of the Lenders and
     such other prime banks in the London banking market as may be selected and
     appointed by the Agent.

     "REGISTRATION REQUIREMENTS" means the making of appropriate registrations,
     filings, recordings and/or notifications of a Finance Document that are
     required to be made by law, to ensure the validity, effectiveness,
     enforceability and/or admissibility in evidence of such Finance Documents
     in any Relevant Jurisdiction.

     "REGISTRY" means such registrar, commissioner or representative of the
     relevant Flag State who is duly authorised and empowered to register an
     Owned Ship, the relevant Group member's title to such Owned Ship and the
     relevant Mortgage (if any) under the laws and flag of the relevant Flag
     State.

     "REGULATION O, T, U OR X" means Regulation O, T, U or X, respectively, of
     the Board of Governors of the Federal Reserve System of the United States
     as amended, or any successor regulation.

     "RELEVANT AMOUNT" means:

     (a)  in relation to each of (i) the Financial Quarter ending 31 December
          2005 and (ii) the first three Financial Quarters of the Financial Year
          ending 31 December 2006, an amount notified by the Borrower to the
          Agent in writing pursuant to clause 8.1.8(Total Loss/Sale), which,
          when aggregated with the amounts so notified by the Borrower in
          respect of the preceding Financial Quarters referred to in this
          paragraph (a), shall not exceed $3,000,000 in aggregate; or

     (b)  in relation to each of (i) the Financial Quarter ending 31 December
          2006 and (ii) the first three Financial Quarters of the Financial Year
          ending 31 December 2007, an amount notified by the Borrower to the
          Agent in writing pursuant to clause 8.1.8(Total Loss/Sale), which,
          when aggregated with the amounts so notified by the Borrower in
          respect of the preceding Financial Quarters referred to in this
          paragraph (b), shall not exceed $3,000,000 in aggregate.

     "RELEVANT INTERBANK MARKET" means the London interbank market.

     "RELEVANT JURISDICTION" means, in relation to an Obligor:

     (a)  its jurisdiction of incorporation or establishment;

     (b)  any jurisdiction where any asset subject to or intended to be subject
          to the Transaction Security to be created by it is situated;


                                       30



     (c)  any jurisdiction where it conducts its business; and

     (d)  the jurisdiction whose laws govern the perfection of any of the
          Transaction Security Documents entered into by it.

     "RELEVANT PERIOD" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "RELEVANT VESSEL" means the Ships and any other vessel operated, managed or
     crewed by any member of the Group.

     "REPAYMENT DATE" means a Facility A Repayment Date or a Facility B
     Repayment Date or a Facility C Repayment Date or a Facility D Repayment
     Date.

     "REPAYMENT INSTALMENT" means in relation to a Facility, each repayment
     instalment in respect of that Facility due under clause 6 (Repayment).

     "REPEATING REPRESENTATIONS" means each of the representations set out in
     clause 20.2 (Status) to clause 20.7 (Governing law and enforcement)
     (inclusive), clause 20.11 (No default), clause 20.12.7 (No misleading
     information), clause 20.13.5 to clause 20.13.7 (Original Financial
     Statements), clause 20.19 (Ranking) to clause 20.21 (Legal and beneficial
     ownership), clause 20.27 (Acquisition Documents, disclosures and other
     Documents) and clause 20.31 (Pensions) to clause 20.36 (Anti-Terrorism
     Laws).

     "REPORTS" means the Accountants' Report, the Charters and COAs Report, the
     Legal Due Diligence Report, the Insurance Report, the Port Reports, the Tax
     Report and the ISE-Navios Merger Steps Paper.

     "REQUISITION COMPENSATION" means, in respect of a Ship, all sums of money
     or other compensation received from time to time by reason of the
     Compulsory Acquisition of such Ship.

     "RESIGNATION LETTER" means a letter substantially in the form set out in
     Schedule 7 (Form of Resignation Letter).

     "RETENTION ACCOUNT" means an interest-bearing dollar account:

     (a)  held in Hamburg in the Federal Republic of Germany by the Borrower
          with the Agent or Security Agent;

     (b)  identified in a letter between the Borrower and the Agent as the
          Retention Account;

     (c)  subject to Security in favour of the Security Agent which Security is
          in form and substance satisfactory to the Agent; and

     (d)  from which no withdrawals may be made by any members of the Group
          except as contemplated by this Agreement,

     (as the same may be redesignated, substituted or replaced from time to
     time).

     "RETENTION AMOUNT" means, in relation to any Retention Date, such sum as
     shall be the aggregate of:

     (a)  one-third ((1)/3rd) of the Repayment Instalment falling due for
          payment pursuant to clause 6.1 (Repayment of Loans) (as the same may
          have been reduced by any prepayment or any reduction of a Repayment
          Instalment in accordance with clauses 6.1.5, 6.1.6 and 6.1.7
          (Repayment of Loans)) on the next Repayment Date for the relevant Loan
          after the relevant Retention Date; and

     (b)  the applicable fraction (as hereinafter defined) of the aggregate
          amount of interest falling due for payment in respect of each part of
          the relevant Loan during and at the end of each Interest Period for
          such Loan current at the relevant Retention Date and, for this
          purpose, the expression "APPLICABLE FRACTION" in relation to each
          Interest Period shall mean a fraction having a numerator of one and a
          denominator equal to the number of Retention Dates falling within the
          relevant Interest Period for such Loan.


                                       31



     "RETENTION DATE" means, in relation to each Facility and a Repayment Date
     (the "RELEVANT REPAYMENT DATE") thereof (other than the last Repayment Date
     thereof), each of:

     (a)  the date falling ten(10) Business Days after the first day of the
          first month commencing immediately after the Relevant Repayment Date;

     (b)  the first day of the second month commencing immediately after the
          Relevant Repayment Date; and

     (c)  the first day of the third month commencing immediately after the
          Relevant Repayment Date,

     and "RETENTION DATES" means any or all of them. For the purposes of this
     definition, a "Relevant Repayment Date" shall be deemed to be the relevant
     set date as specified in the relevant tables of clause 6.1 (Repayment of
     Loans), and clause 30.7 (Business Days) shall not apply thereto.

     "SARBANES-OXLEY ACT" means the Sarbanes-Oxley Act 2002 of the United
     States, as amended, and the rules and regulations promulgated thereunder.

     "SECOND SECURITY COLLATERAL SHIP" means a Purchase Option Ship which is
     subject to second ranking Security in favour of the Security Agent or, as
     the case may be, the Finance Parties.

     "SECURED PARTIES" means each Finance Party from time to time party to this
     Agreement and any Receiver or Delegate.

     "SECURITIES ACT" means the Securities Act of 1933 of the United States, as
     amended, and the rules and regulations promulgated thereunder.

     "SECURITY" means:

     (a)  any mortgage, charge, pledge, lien, hypothecation, assignment by way
          of security, trust arrangement for the purpose of providing security
          or other security interest of any kind in any jurisdiction;

     (b)  any proprietary interest over an asset, or any contractual arrangement
          in relation to an asset, in each case created in relation to the
          obligation of any person and which has the same commercial effect as
          if security had been created over it; or

     (c)  any right of set-off created by agreement.

     "SECURITY PROVIDER" means an Original Security Provider or an Additional
     Security Provider being in each case a person that is from time to time
     party to one or more Transaction Security Documents and a "NON-SECURITY
     PROVIDER" is a member of the Group which is not a Security Provider.

     "SECURITY REQUIREMENT" means the amount in dollars (as certified by the
     Agent whose certificate shall, in the absence of manifest error, be
     conclusive and binding on the Parties) which, at any relevant time, is One
     hundred and twenty five per cent. (125%) of the total amount of the
     Facility A Loan, the Facility C Loans and the Facility D Loans outstanding
     at such time.

     "SECURITY VALUE" means the amount in dollars (as certified by the Agent
     whose certificate shall, in the absence of manifest error, be conclusive
     and binding on the Parties) which, at any relevant time, is the aggregate
     of (i) the market value of the Collateral Ships as most recently determined
     in accordance with clause 23.53(b) and (ii) the market value of any
     additional security for the time being actually provided to the Finance
     Parties pursuant to clause 23.53(a)(ii) as most recently determined in
     accordance with clause 23.53(e).

     "SELECTION NOTICE" means a notice substantially in the form set out in Part
     II of Schedule 4 (Selection Notice) given in accordance with clause 11
     (Interest Periods) in relation to a Facility.

     "SELLER" means, in relation to an Additional Collateral Ship, the
     registered owner of such Additional Collateral Ship as of the date of this
     Agreement, as specified opposite the relevant Additional Collateral Ship's
     name in Schedule 2 (The Ships) and "SELLERS" means any or all of them;


                                       32



     "SERVICE CONTRACT" means a service contract of each member of Key Personnel
     in agreed form.

     "SHIP INSURANCES" means such contracts of insurance a member of the Group
     maintains in respect of an Owned Ship.

     "SHIPS" means the Chartered Ships and the Owned Ships or any of them, as
     the context requires and "SHIP" means any of them.

     "SILO" means the horizontal silo no. 7 identified in the Uniconsult
     Universal Transport Consulting GmbH technical assessment of the Navios
     Grain Terminal Nueva Palmira, Uruguay, constructed at the Terminal.

     "SINGLE EMPLOYER PLAN" means any Plan which is covered by Title IV of
     ERISA, but which is not a Multiemployer Plan or a Multiple Employer Plan.

     "SMC" means a safety management certificate issued in respect of a Ship in
     accordance with rule 13 of the ISM Code.

     "SPECIFIED TIME" means a time determined in accordance with Schedule 10
     (Timetables).

     "SPILL" means any actual or threatened emission, spill, release or
     discharge of a Pollutant into the environment.

     "SUB-MANAGER'S UNDERTAKING" means, in relation to each Collateral Ship, an
     undertaking and assignment in the agreed form executed or (as the context
     may require) to be executed by Navimax Corporation in favour of the
     Security Agent as a condition precedent to the approval of the Management
     Agreements relating to such Collateral Ship (as the case may be) and
     "SUB-MANAGER'S UNDERTAKINGS" means any or all of them.

     "SUBSIDIARY" of a person means: (a) any other person directly or indirectly
     Controlled by such person; or (b) whose dividends or distributions on
     ordinary voting share capital that person is entitled to receive more than
     50 per cent; or (c) any entity (whether or not so Controlled) treated as a
     subsidiary in the financial statements of that person from time to time.

     "SYNDICATION DATE" means the day on which the Arranger confirms that the
     primary syndication of the Facilities has been completed.

     "TANGIBLE NET WORTH" has the meaning given to that term in clause 22.1
     (Financial definitions).

     "TARGET" means, as of prior to the ISE-Navios Merger, Navios Maritime
     Holdings Inc., a corporation incorporated under the laws of the Marshall
     Islands with corporation number 8116 (now incorporated into the Borrower).

     "TARGET GROUP" means the Target and its Subsidiaries being, as of
     immediately prior to the ISE-Navios Merger, the companies listed in
     Schedule 11 (The Group including the Target Group), except for those
     companies marked therein with an asterisk.

     "TARGET SHARES" means all of the shares of the Target, which were acquired
     by ISE in the context of the ISE-Navios Merger.

     "TAX" means any tax, levy, impost, duty or other charge or withholding of a
     similar nature (including any penalty or interest payable in connection
     with any failure to pay or any delay in paying any of the same) imposed by
     a Government Entity regardless of whether disputed.

     "TAX REPORT" means the tax report in the agreed form prepared by Mintz
     Levin Cohn Ferris Glovsky and Popeo P.C..

     "TERMINAL" means the port, transfer and storage terminal for the loading,
     unloading, transhipment, handling and storage of grain, soy beans,
     fertilizers, manganese ore, other raw material or commodities and general
     cargo, as more precisely described in the Lease presently occupying
     approximately 15 hectares of land and having two docks, one of 240 meters
     long and another of 170 meters long, situate at the Free Zone of Nueva
     Palmira, Colonia, Uruguay (and including all buildings,


                                       33



     silos and equipment located at the relevant area), as the same may from
     time to time be further developed, refurbished, redesigned, expanded or
     improved.

     "TERMINAL EARNINGS" means, in relation to the Terminal, all moneys
     whatsoever from time to time due and payable to CNSA arising out of the use
     of the Terminal.

     "TERMINAL INSURANCE PROCEEDS" has the meaning given to it in clause 8.1
     (Total Loss/Sale).

     "THIRD PARTY FINANCIER" means any bank or financial institution which
     provides financing to a Purchase Option Subsidiary or a New Share Issue
     Subsidiary for the purpose of:

     (a)  financing the acquisition by a Purchase Option Subsidiary of a
          Purchase Option Ship; or

     (b)  financing the acquisition of a Permitted NSIS Asset by a New Share
          Issue Subsidiary; or

     (c)  refinancing the financing referred to in paragraphs (a) and (b).

     "THIRD PARTY INTERCREDITOR AGREEMENT" means an intercreditor agreement
     and/or priority agreement entered into or (as the context may require) to
     be entered into between, among others, the Security Agent and a Third Party
     Financier in form and substance satisfactory to each Third Party Financier
     and the Security Agent.

     "TOTAL COMMITMENTS" means the aggregate of the Total Facility A
     Commitments, the Total Facility B1 Commitments, the Total Facility B2
     Commitments, the Total Facility B3 Commitments, the Total Facility C1
     Commitments, the Total Facility C2 Commitments, the Total Facility C3
     Commitments, the Total Facility C4 Commitments, the Total Facility C5
     Commitments, the Total Facility C6 Commitments, the Total Facility D1
     Commitments, the Total Facility D2 Commitments, the Total Facility D3
     Commitments and the Total Facility D4 Commitments, being a maximum of
     US$649,000,000 at the date of this Agreement.

     "TOTAL DEBT" has the meaning given to that term in clause 22.1 (Financial
     definitions).

     "TOTAL FACILITY A COMMITMENTS" means the aggregate of the Facility A
     Commitments, being US$125,000,000 at the date of this Agreement.

     "TOTAL FACILITY B1 COMMITMENTS" means the aggregate of the Facility B1
     Commitments, being US$175,400,000 at the date of this Agreement.

     "TOTAL FACILITY B2 COMMITMENTS" means the aggregate of the Facility B2
     Commitments, being US$40,800,000 as at the date of this Agreement.

     "TOTAL FACILITY B3 COMMITMENTS" means the aggregate of the Facility B3
     Commitments, being US$93,800,000 at the date of this Agreement.

     "TOTAL FACILITY C1 COMMITMENTS" means the aggregate of the Facility C1
     Commitments, being US$20,254,000 at the date of this Agreement.

     "TOTAL FACILITY C2 COMMITMENTS" means the aggregate of the Facility C2
     Commitments, being US$21,775,000 at the date of this Agreement.

     "TOTAL FACILITY C3 COMMITMENTS" means the aggregate of the Facility C3
     Commitments, being US$24,451,000 at the date of this Agreement.

     "TOTAL FACILITY C4 COMMITMENTS" means the aggregate of the Facility C4
     Commitments, being US$22,100,000 at the date of this Agreement.

     "TOTAL FACILITY C5 COMMITMENTS" means the aggregate of the Facility C5
     Commitments, being US$23,725,000 at the date of this Agreement.

     "TOTAL FACILITY C6 COMMITMENTS" means the aggregate of the Facility C6
     Commitments, being US$19,695,000 at the date of this Agreement.


                                       34



     "TOTAL FACILITY D1 COMMITMENTS" means the aggregate of the Facility D1
     Commitments, being US$26,550,000 at the date of this Agreement.

     "TOTAL FACILITY D2 COMMITMENTS" means the aggregate of the Facility D2
     Commitments, being US$18,000,000 at the date of this Agreement.

     "TOTAL FACILITY D3 COMMITMENTS" means the aggregate of the Facility D3
     Commitments, being US$16,900,000 at the date of this Agreement.

     "TOTAL FACILITY D4 COMMITMENTS" means the aggregate of the Facility D4
     Commitments, being US$20,550,000 at the date of this Agreement.

     "TOTAL LOSS" means:

     (a)  in relation to a Ship:

          (i)  the actual, constructive, compromised or arranged total loss of
               such Ship; or

          (ii) the Compulsory Acquisition of such Ship; or

          (iii) the hijacking, theft, condemnation, capture, seizure, arrest,
               detention or confiscation of such Ship (other than where the same
               amounts to the Compulsory Acquisition of such Ship) by any
               Government Entity, or by persons acting or purporting to act on
               behalf of any Government Entity, unless such Ship be released and
               restored to its relevant registered owner from such hijacking,
               theft, condemnation, capture, seizure, arrest, detention or
               confiscation within 45 days after the occurrence thereof; and

     (b)  in relation to the Terminal:

          (i)  the actual, constructive, compromised or arranged total loss of
               the Terminal; or

          (ii) the Compulsory Acquisition of the Terminal and/or the other CNSA
               Assets or any of them; or

          (iii) the confiscation of the Terminal and/or the other CNSA Assets or
               any of them (other than where the same amounts to Compulsory
               Acquisition) by any Government Entity unless the Terminal and/or
               the relevant CNSA Assets are released and restored to CNSA from
               such confiscation within ten days after the occurrence thereof;
               or

          (iv) the Lease is repudiated, suspended, cancelled or terminated for
               any reason whatsoever.

     "TRANSACTION DOCUMENTS" means the Finance Documents, the Acquisition
     Documents, the Management Agreements, the MOAs, the Purchase Option MOAs,
     the Lease, the Charters, the Contracts of Affreightment, the Material
     Contracts, the Constitutional Documents and the Merger Agreement and any
     other documents designated as such by the Borrower and the Agent.

     "TRANSACTION SECURITY" means the Security created or expressed to be
     created in favour of the Security Agent or, as the case may be, the Finance
     Parties, pursuant to the Transaction Security Documents.

     "TRANSACTION SECURITY DOCUMENTS" means each of the documents listed as
     being a Transaction Security Document in paragraph 3.4 of Part I or
     paragraph 2.1 Part II of Schedule 3 (Conditions Precedent) and any document
     required to be delivered to the Agent under paragraph 2 of Part III of
     Schedule 3 (Conditions Precedent) together with any other document entered
     into by any Obligor creating or expressed to create any guarantee or any
     Security over all or any part of its assets in respect of the obligations
     of any of the Obligors under any of the Finance Documents.

     "TRANSFER CERTIFICATE" means a certificate substantially in one of the
     forms set out in Schedule 6 (Form of Transfer Certificates) or any other
     form agreed between the Agent and the Borrower.


                                       35



     "TRANSFER DATE" means, in relation to a transfer, the later of:

     (a)  the proposed Transfer Date specified in the Transfer Certificate; and

     (b)  the date on which the Agent executes the Transfer Certificate.

     "TREASURY TRANSACTIONS" means any derivative transaction entered into in
     connection with protection against or benefit from fluctuation in any rate
     or price (including any FFA).

     "TRUST DEED" means a trust deed in the form, or substantially in the form,
     set out in Schedule 13 (Form of Trust Deed).

     "TRUST PROPERTY" means, collectively, (i) the security, powers, rights,
     titles, benefits and interests (both present and future) constituted by,
     and conferred on the Security Agent under, the Transaction Security
     Documents, any other Finance Document, any Transaction Document, any Report
     or any other document in connection with the transactions contemplated by
     the Finance Documents and/or the Transactions Documents (including any
     legal opinion addressed to the Security Agent) (together the "TRUST
     DOCUMENTS"), (ii) all assets paid or transferred to or vested in the
     Security Agent or its agent or received or recovered by the Security Agent
     or its agent in connection with any of the Trust Documents whether from any
     Security Provider or any other person and (iii) all rights, benefits,
     interests and other assets at any time representing or deriving from any of
     the foregoing, including all interest, income and other sums at any time
     received or receivable by the Security Agent or its agent in respect of the
     same (or any part thereof).

     "UNPAID SUM" means any sum due and payable but unpaid by an Obligor under
     the Finance Documents.

     "U.S." and "UNITED STATES" means the United States of America, its
     territories, possessions and other areas subject to the jurisdiction of the
     United States of America.

     "US GAAP" means accounting principles, concepts, bases and policies
     generally adopted and accepted in the United States.

     "UTILISATION DATE" means, in relation to a Loan under a Facility, the date
     on which the relevant Facility is utilised by the drawing of that Loan and
     "UTILISATION DATES" means any or all of them.

     "UTILISATION REQUEST" means a notice substantially in the relevant form set
     out in Part I of Schedule 4 (Requests).

     "VAT" means value added tax as provided for in the Value Added Tax Act 1994
     and any other tax of a similar nature and analogous taxes in any other
     relevant jurisdiction.

     "VENDORS" means the shareholders listed in exhibit A of the Acquisition
     Agreement.

     "WACHOVIA ACCOUNTS" means, together, the four interest bearing dollar
     accounts of Navios Corporation held with Wachovia Bank, National
     Association in Connecticut as notified in writing by the Borrower to the
     Agent prior to the date of this Agreement.

     "WACHOVIA DEPOSIT ACCOUNT CONTROL AGREEMENTS" means, together, the control
     agreements, in the agreed form, executed or (as the context may require) to
     be executed by Navios Corporation, the Security Agent and Wachovia Bank,
     National Association in respect of the Wachovia Accounts and "WACHOVIA
     DEPOSIT ACCOUNT CONTROL AGREEMENT" means any of them.

     "WACHOVIA DEPOSIT ACCOUNT SECURITY AGREEMENTS" means, together, the
     security agreements, in the agreed form, executed or (as the context may
     require) to be executed by Navios Corporation in favour of the Security
     Agent in respect of the Wachovia Accounts and "WACHOVIA DEPOSIT ACCOUNT
     SECURITY AGREEMENT" means any of them.

     "WORKING CAPITAL ACCOUNT" means an interest bearing dollar account of the
     Borrower, opened or (as the context may require) to be opened with the
     Security Agent in Hamburg and designated the Working Capital Account and
     includes any other account designated in writing by the Agent to be a
     Working Capital Account for the purposes of this Agreement.


                                       36



1.2  CONSTRUCTION

1.2.1 Unless a contrary indication appears, a reference in this Agreement to:

     (a)  the "AGENT", the "ARRANGER", any "FINANCE PARTY", any "LENDER", any
          "OBLIGOR", any "PARTY", any "SECURED PARTY", any "SECURITY PROVIDER",
          the "SECURITY AGENT" or any other person shall be construed so as to
          include its successors in title, permitted assigns and permitted
          transferees and, in the case of the Security Agent, any person for the
          time being appointed as Security Agent or Security Agents in
          accordance with the Finance Documents;

     (b)  a document in "AGREED FORM" is a document which is previously agreed
          in writing by or on behalf of the Borrower and the Agent or, if not so
          agreed, is in the form specified by the Agent;

     (c)  "ASSETS" includes present and future properties, revenues and rights
          of every description;

     (d)  "DISPOSAL" or "DISPOSE" means a sale, lease, licence, transfer or loan
          (but not including by way of loan of money) or other disposal by a
          person of any asset, undertaking or business (whether by a voluntary
          or involuntary single transaction or series of transactions);

     (e)  the "EQUIVALENT" of an amount specified in a particular currency (the
          "SPECIFIED CURRENCY AMOUNT") shall be construed as a reference to the
          amount of the other relevant currency which can be purchased with the
          specified currency amount in the London foreign exchange market at or
          about 11 a.m. on the date the calculation falls to be made for spot
          delivery, as conclusively determined by the Agent;

     (f)  (or to any provision of) a "FINANCE DOCUMENT" or a "TRANSACTION
          DOCUMENT" or any other agreement or instrument is a reference to that
          Finance Document or Transaction Document, that provision or other
          agreement or instrument as in force for the time being and as from
          time to time amended, restated, supplemented or novated (however
          fundamentally including by any increase in amounts owing or available
          to be utilised under such document or any change to the parties
          thereto) and (where such consent is, by the terms of this Agreement or
          the relevant document, required to be obtained as a condition to such
          amendment being permitted) with the prior written consent of the Agent
          and/or any other Finance Parties;

     (g)  "GUARANTEE" means any guarantee, letter of credit, bond, indemnity or
          similar assurance against loss including a third party security
          arrangement, or any obligation, direct or indirect, actual or
          contingent, to purchase or assume any indebtedness of any person or to
          make an investment in or loan to any person or to purchase assets of
          any person where, in each case, such obligation is assumed in order to
          maintain or assist the ability of such person to meet its
          indebtedness;

     (h)  "INCLUDING" means including without limitation;

     (i)  "INDEBTEDNESS" includes any obligation (whether incurred as principal
          or as surety) for the payment or repayment of money, whether present
          or future, actual or contingent;

     (j)  "MONTH" means a period starting on one day in a calendar month and
          ending on the numerically corresponding day in the next calendar
          month, except that:

          (i)  if the numerically corresponding day is not a Business Day, that
               period shall end on the next Business Day in that calendar month
               in which that period is to end if there is one, or if there is
               not, on the immediately preceding Business Day; and

          (ii) if there is no numerically corresponding day in the calendar
               month in which that period is to end, that period shall end on
               the last Business Day in that calendar month.

          The above rules will only apply to the last month of any period.
          "MONTHLY" shall be construed accordingly.

     (k)  something being in the "ORDINARY COURSE OF BUSINESS" or the "ORDINARY
          COURSE OF TRADE" of a person means something that is in the ordinary
          course of that person's trading or other


                                       37



          ordinary operational business and not merely anything which that
          person is entitled to do under its Constitutional Documents;

     (l)  "PAY", "PREPAY" or "REPAY" in clause 23 (General Undertakings)
          includes by way of set-off, combination of accounts or otherwise;

     (m)  a "PERSON" includes any person, firm, company, corporation,
          government, state or agency of a state or any association, trust or
          partnership (whether or not having separate legal personality) of two
          or more of the foregoing;

     (n)  a "REGULATION" includes any regulation, rule, official directive,
          request or guideline (whether or not having the force of law but one
          with which it is customary for companies undertaking similar
          activities to comply) of any governmental, intergovernmental or
          supranational body, agency, department or regulatory, self-regulatory
          or other authority or organisation;

     (o)  "RIGHTS" include all rights, whether actual or contingent, present or
          future, arising under contract or law, or in equity;

     (p)  "SPOT RATE OF EXCHANGE" shall include any premium and costs of
          exchange payable in connection with the purchase of a currency;

     (q)  "TRUSTEE", "FIDUCIARY" and "FIDUCIARY DUTY" has in each case the
          meaning given to such term under applicable law;

     (r)  (i) to the "WINDING UP", "DISSOLUTION", or "ADMINISTRATION" of a
          person or (ii) to a "RECEIVER" or "ADMINISTRATIVE RECEIVER" or
          "ADMINISTRATOR" in the context of insolvency proceedings or security
          enforcement actions in respect of a person shall be construed so as to
          include any equivalent or analogous proceedings or any equivalent and
          analogous person or appointee (respectively) under the law of the
          jurisdiction in which such person is established or incorporated or
          any jurisdiction in which such person carries on business including
          (in respect of proceedings) the seeking or occurrence of liquidation,
          winding-up, reorganisation, dissolution, administration, arrangement,
          adjustment, protection or relief of debtors;

     (s)  "WHOLLY-OWNED SUBSIDIARY" or "WHOLLY-OWNED SUBSIDIARY" has the meaning
          given to that term in section 736 of the Act;

     (t)  a provision of law is a reference to that provision as amended or
          re-enacted;

     (u)  a time of day is a reference to Central European time (CET); and

     (v)  words importing the plural shall include the singular and vice versa.

1.2.2 Section, clause and Schedule headings are for ease of reference only.

1.2.3 Unless a contrary indication appears, a term used in any other Finance
     Document or in any notice given under or in connection with any Finance
     Document has the same meaning in that Finance Document or notice as in this
     Agreement.

1.2.4 A Default (other than an Event of Default) is "continuing" if it has not
     been remedied or waived and an Event of Default is "CONTINUING" if it has
     not been remedied or waived.

1.3  THIRD PARTY RIGHTS

1.3.1 Unless expressly provided to the contrary in a Finance Document, a person
     who is not a Party has no right under the Contracts (Rights of Third
     Parties) Act 1999 (the "THIRD PARTIES ACT") to enforce or enjoy the benefit
     of any term of this Agreement.

1.3.2 Notwithstanding any term of any Finance Document, the consent of any
     person who is not a Party is not required to rescind or vary this Agreement
     at any time.


                                       38



1.4  THE OFFER LETTER

     In the event of any conflict between the terms of the Offer Letter and the
     terms of this Agreement, the provisions of this Agreement shall prevail.


                                       39



                            SECTION 2: THE FACILITIES

2    THE FACILITIES

2.1  THE FACILITIES

2.1.1 Subject to clause 2.1.2 and the other terms of this Agreement, the Lenders
     make available:

     (a)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility A Commitments;

     (b)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility B1 Commitments;

     (c)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility B2 Commitments;

     (d)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility B3 Commitments;

     (e)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility C1 Commitments;

     (f)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility C2 Commitments;

     (g)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility C3 Commitments;

     (h)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility C4 Commitments;

     (i)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility C5 Commitments;

     (j)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility C6 Commitments;

     (k)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility D1 Commitments;

     (l)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility D2 Commitments;

     (m)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility D3 Commitments; and

     (n)  a dollar term loan facility in an aggregate amount equal to the Total
          Facility D4 Commitments.

2.1.2 In the event that the first utilisation under this Agreement has not
     occurred by 30 December 2005, then on 30 December 2005:

     (a)  the Total Facility A Commitments shall be immediately reduced by
          $7,500,000; and

     (b)  the Total Facility B1 Commitments shall be immediately reduced by
          $22,600,000; and

     (c)  the Total Facility B2 Commitments shall be immediately reduced by
          $5,300,000; and

     (d)  the Total Facility B3 Commitments shall be immediately reduced by
          $12,000,000,

     and the relevant Facilities shall thereafter be available for utilisation
     to the extent of such reduced Commitments, respectively. In the event of
     such reduction, each Lender's Available Commitment in an Available Facility
     shall (as applicable) be reduced pro rata to its then Available Commitment
     in respect of such Available Facility.

2.1.3 Each Facility will be made available to the Borrower and paid to the
     Borrower or, if the Borrower so requests in the case of any Facility C Loan
     or any Facility D Loan, the relevant Loan may be paid directly to the
     relevant Seller.


                                       40



2.2  FINANCE PARTIES' RIGHTS AND OBLIGATIONS

2.2.1 The obligations of each Finance Party under the Finance Documents are
     several. Failure by a Finance Party to perform its obligations under the
     Finance Documents does not affect the obligations of any other party under
     the Finance Documents. No Finance Party is responsible for the obligations
     of any other Finance Party under the Finance Documents.

2.2.2 The rights of each Finance Party under or in connection with the Finance
     Documents are separate and independent rights and any debt arising under
     the Finance Documents to a Finance Party from an Obligor shall be a
     separate and independent debt.

2.2.3 A Finance Party may, except as otherwise stated in the Finance Documents
     including clause 27.25 (All enforcement action through the Security Agent),
     separately enforce its rights under the Finance Documents.

3    PURPOSE

3.1  PURPOSE

3.1.1 The Borrower shall apply all amounts borrowed by it under Facility A,
     Facility B1, Facility B2 and Facility B3 towards refinancing in full of the
     Existing HSH Debt. To the extent that any part of the Existing HSH Debt
     (the "WORKING CAPITAL PORTION") had been borrowed by the Borrower for the
     general corporate and working capital purpose of the Group and has not, as
     of the first Utilisation Date, been so applied by the Borrower and/or the
     Group (whether because it is standing to the credit of the Working Capital
     Account (as defined in the Existing Loan Agreement) or otherwise), the
     Borrower shall ensure that a part of Facility A equal to the Working
     Capital Portion shall be used for general corporate and working capital
     purposes of the Group provided that such amounts are used to finance the
     Core Activities of the Group.

3.1.2 The Borrower shall apply all amounts borrowed by it under each of Facility
     C1, Facility C2, Facility C3, Facility C4, Facility C5, Facility C6,
     Facility D1, Facility D2, Facility D3 and Facility D4 towards:

     (a)  payment to the relevant Seller of the purchase price of the Additional
          Collateral Ship relevant to such Facility pursuant to the relevant
          Purchase Option MOA or the relevant MOA; and/or

     (b)  refinancing the Group's equity in such Additional Collateral Ship.

3.2  MONITORING

     No Finance Party is bound to monitor or verify the application of any
     amount borrowed pursuant to this Agreement.

4    CONDITIONS OF UTILISATION

4.1  INITIAL CONDITIONS PRECEDENT

4.1.1 The Lenders will only be obliged to comply with clause 5.4 (Lenders'
     participation) in relation to any Facility A Loan or Facility B Loan, if on
     or before the proposed Utilisation Date for the Facility A Loan and the
     Facility B Loans, the Agent has received all of the documents and other
     evidence listed in Part I of Schedule 3 (Conditions Precedent) in form and
     substance satisfactory to the Agent. The Agent shall notify the Borrower
     and the Lenders promptly upon being so satisfied.

4.1.2 The Lenders will only be obliged to comply with clause 5.4 (Lenders'
     participation) in relation to any Facility C Loan or any Facility D Loan,
     if on or before the proposed Utilisation Date for the relevant Loan, the
     Agent has received all of the documents and other evidence listed in Part
     II of Schedule 3 (Conditions Precedent) in connection with the Additional
     Collateral Ship relating to such Facility C Loan or (as the case may be)
     Facility D Loan, in form and substance satisfactory to the Agent. The Agent
     shall notify the Borrower and the Lenders promptly upon being so satisfied.


                                       41



4.2  FURTHER CONDITIONS PRECEDENT

     The Lenders will only be obliged to comply with clause 5.4 (Lenders'
     participation) in relation to any Loan if on the date of the relevant
     Utilisation Request and on the proposed Utilisation Date for such Loan:

     (a)  no Default is continuing or would result from the making of the
          proposed Loan; and

     (b)  all the representations and warranties in clause 20 (Representations)
          are true.


                                       42



                             SECTION 3: UTILISATION

5    UTILISATION

5.1  DELIVERY OF A UTILISATION REQUEST

     The Borrower may utilise a Facility by delivery to the Agent of a duly
     completed Utilisation Request not later than the Specified Time.

5.2  COMPLETION OF A UTILISATION REQUEST

     Each Utilisation Request is irrevocable and will not be regarded as having
     been duly completed unless:

     (a)  it identifies the Facility to be utilised;

     (b)  the proposed Utilisation Date is a Business Day within the
          Availability Period applicable to that Facility;

     (c)  the currency and amount of the proposed Loan comply with clause 5.3
          (Currency and amount); and

     (d)  the proposed Interest Period complies with clause 11 (Interest
          Periods).

5.3  CURRENCY AND AMOUNT

5.3.1 Each Facility shall be borrowed in full, in one amount, in cash on its
     Utilisation Date and shall be applied in accordance with clause 3.1
     (Purpose).

5.3.2 The currency specified in a Utilisation Request must be dollars.

5.3.3 The aggregate amount of the proposed Loans under Facility A, Facility B1,
     Facility B2 and Facility B3 shall not exceed the lower of (a) $435,000,000
     and (b) the amount of the Existing HSH Debt outstanding on the Utilisation
     Date for such Facilities.

5.3.4 The amount of the proposed Loan of each Facility must be:

     (a)  for Facility A, an amount equal to US$125,000,000 or, if less, the
          Available Facility for Facility A; or

     (b)  for Facility B1, an amount equal to US$175,400,000 or, if less, the
          Available Facility for Facility B1; or

     (c)  for Facility B2, an amount equal to US$40,800,000 or, if less, the
          Available Facility for Facility B2; or

     (d)  for Facility B3, an amount equal to US$93,800,000 or, if less, the
          Available Facility for Facility B3; or

     (e)  for Facility C1, an amount equal to the lower of (i) US$20,254,000 and
          (ii) the amount in dollars which is equal to 68% of the market value
          of the Additional Collateral Ship relevant to Facility C1 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          C1; or

     (f)  for Facility C2, an amount equal to the lower of (i) US$21,775,000 and
          (ii) the amount in dollars which is equal to 68% of the market value
          of the Additional Collateral Ship relevant to Facility C2 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          C2; or


                                       43



     (g)  for Facility C3, an amount equal to the lower of (i) US$24,451,000 and
          (ii) the amount in dollars which is equal to 68% of the market value
          of the Additional Collateral Ship relevant to Facility C3 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          C3; or

     (h)  for Facility C4, an amount equal to the lower of (i) US$22,100,000 and
          (ii) the amount in dollars which is equal to 68% of the market value
          of the Additional Collateral Ship relevant to Facility C4 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          C4; or

     (i)  for Facility C5, an amount equal to the lower of (i) US$23,725,000 and
          (ii) the amount in dollars which is equal to 68% of the market value
          of the Additional Collateral Ship relevant to Facility C5 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          C5; or

     (j)  for Facility C6, an amount equal to the lower of (i) US$19,695,000 and
          (ii) the amount in dollars which is equal to 68% of the market value
          of the Additional Collateral Ship relevant to Facility C6 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          C6; or

     (k)  for Facility D1, an amount equal to the lower of (i) US$26,550,000 and
          (ii) the amount in dollars which is equal to 64% of the market value
          of the Additional Collateral Ship relevant to Facility D1 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          D1; or

     (l)  for Facility D2, an amount equal to the lower of (i) US$18,000,000 and
          (ii) the amount in dollars which is equal to 64% of the market value
          of the Additional Collateral Ship relevant to Facility D2 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          D2; or

     (m)  for Facility D3, an amount equal to the lower of (i) US$16,900,000 and
          (ii) the amount in dollars which is equal to 64% of the market value
          of the Additional Collateral Ship relevant to Facility D3 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          D3; or

     (n)  for Facility D4, an amount equal to the lower of (i) US$20,550,000 and
          (ii) the amount in dollars which is equal to 64% of the market value
          of the Additional Collateral Ship relevant to Facility D4 (as
          determined by the valuation of such Ship obtained pursuant to clause
          4.1 (Initial Conditions Precedent) and Part II of Schedule 3
          (Conditions Precedent)) and (iii) the Available Facility for Facility
          D4.

5.4  LENDERS' PARTICIPATION

5.4.1 If the conditions set out in this Agreement have been met, each Lender
     shall make its participation in each Loan available by the relevant
     Utilisation Date through its Facility Office.

5.4.2 The amount of each Lender's participation in each Loan will be equal to
     the proportion borne by its Available Commitment to the Available Facility
     in respect of the Facility under which such Loan is to be made immediately
     prior to making such Loan.

5.4.3 The Borrower irrevocably authorises and directs the Agent to remit the
     proceeds of each Loan as follows:


                                       44



     (a)  in the case of a Loan to be applied for refinancing the Existing HSH
          Debt, to such account of the Agent (in its capacity as agent under the
          Existing Loan Agreement) as specified by the Borrower in the relevant
          Utilisation Request and agreed by the Agent;

     (b)  in the case of a Loan or part thereof to be applied in financing the
          acquisition of an Additional Collateral Ship, to such account of the
          Seller of such Additional Collateral Ship as specified by the Borrower
          in the relevant Utilisation Request; and

     (c)  in the case of a Loan or part thereof to be applied in refinancing the
          Group's equity in an Additional Collateral Ship, to such account of
          the Borrower as specified by it in the relevant Utilisation Request,

     and the Borrower acknowledges that such payments by the Agent that are not
     made directly to the Borrower shall constitute the making of a Loan to the
     Borrower by the Lenders (and the Agent shall obtain a good discharge
     thereof upon receipt in the relevant bank accounts).

5.5  LIMITATIONS ON UTILISATIONS

     Save as otherwise expressly agreed between the Lenders and the Borrower:

5.5.1 each of Facility A, Facility B1, Facility B2 and Facility B3 shall be
     utilised simultaneously; and

5.5.2 no other Facility shall be utilised unless each of Facility A, Facility
     B1, Facility B2 and Facility B3 have already been utilised.

5.6  HEDGE TRANSACTIONS

5.6.1 The Borrower undertakes with each of the Finance Parties that it shall, by
     no later than the date specified in the Hedge Strategy Letter delivered by
     the Borrower to the Original Hedge Counterparty in accordance with clause
     4.1 (Initial conditions precedent), enter into such interest rate hedging
     transactions as are required in the Hedge Strategy Letter so as to limit
     its exposure under this Agreement to interest rate fluctuations.

5.6.2 Any swap or hedging transaction or instrument shall be entered into on the
     basis of a Hedge Agreement and pursuant to the strategy set out in the
     Hedge Strategy Letter and shall be concluded (a) with the Original Hedge
     Counterparty and/or (b) with any other Hedge Counterparty and/or (c) with
     the prior written consent of the Lenders, with any other counterparty,
     Provided however that no such transaction or instrument shall be concluded
     or entered into by the Borrower with a counterparty other than the Original
     Hedge Counterparty, unless the Borrower shall have first given the Original
     Hedge Counterparty the opportunity to make an offer for the same or an
     equivalent transaction or instrument and (i) the Original Hedge
     Counterparty has declined or failed to provide such an offer (in full or
     for any part thereof, as the case may be) or (ii) the Original Hedge
     Counterparty has made such an offer and the Borrower (acting reasonably)
     has declined the offer of the Original Hedge Counterparty.

5.6.3 The Parties acknowledge that (a) the Borrower has already entered into the
     HSH ISDA Agreement with the Original Hedge Counterparty, (b) the Borrower
     and the Original Hedge Counterparty have entered and may enter into
     Transactions (as defined therein) pursuant to the HSH ISDA Agreement and
     (c) in doing so, the Borrower is in compliance with the strategy set out in
     the Hedge Strategy Letter and is not in breach of this clause 5.6.


                                       45



                SECTION 4: REPAYMENT, PREPAYMENT AND CANCELLATION

6    REPAYMENT

6.1  REPAYMENT OF LOANS

6.1.1 The Borrower shall repay the Facility A Loan in instalments by repaying on
     each Facility A Repayment Date the amount set out opposite that Facility A
     Repayment Date below:

   FACILITY A          REPAYMENT
 REPAYMENT DATE     INSTALMENT (US$)
- -----------------   ----------------
31 December 2005        7,500,000
31 March 2006           1,798,500
30 June 2006            1,798,500
30 September 2006       1,798,500
31 December 2006        1,798,500
31 March 2007           1,798,500
30 June 2007            1,798,500
30 September 2007       1,798,500
31 December 2007        1,798,500
31 March 2008           1,798,500
30 June 2008            1,798,500
30 September 2008       1,798,500
31 December 2008        1,798,500
31 March 2009           1,798,500
30 June 2009            1,798,500
30 September 2009       1,798,500
31 December 2009        1,798,500
31 March 2010           1,798,500
30 June 2010            1,798,500
30 September 2010       1,798,500
31 December 2010        1,798,500
31 March 2011           1,798,500
30 June 2011            1,798,500
30 September 2011       1,798,500
31 December 2011        1,798,500
31 March 2012           1,798,500
30 June 2012            1,798,500
30 September 2012       1,798,500
31 December 2012        1,798,500


                                       46



   FACILITY A          REPAYMENT
 REPAYMENT DATE     INSTALMENT (US$)
- -----------------   ----------------
31 March 2013           1,798,500
30 June 2013            1,798,500
30 September 2013       1,798,500
31 December 2013        1,798,500
31 March 2014           1,798,500
30 June 2014            1,798,500
30 September 2014       1,798,500
31 December 2014        1,798,500
31 March 2015           1,798,500
30 June 2015            1,798,500
30 September 2015       1,798,500
31 December 2015       47,358,500

6.1.2 The Borrower shall repay the aggregate Facility B Loans in instalments by
     repaying on each Facility B Repayment Date the amounts set out opposite
     that Facility B Repayment Date below in relation to each relevant Facility:

                           REPAYMENT INSTALMENT (US$)
   FACILITY B       ---------------------------------------
 REPAYMENT DATE     FACILITY B1   FACILITY B2   FACILITY B3
- -----------------   -----------   -----------   -----------
31 December 2005     22,600,000    5,300,000    12,100,000
31 March 2006         5,457,143    1,267,858     2,917,858
30 June 2006          5,457,143    1,267,858     2,917,858
30 September 2006     5,457,143    1,267,858     2,917,858
31 December 2006      5,457,143    1,267,858     2,917,858
31 March 2007         5,457,143    1,267,858     2,917,858
30 June 2007          5,457,143    1,267,858     2,917,858
30 September 2007     5,457,143    1,267,858     2,917,858
31 December 2007      5,457,143    1,267,858     2,917,858
31 March 2008         5,457,143    1,267,858     2,917,858
30 June 2008          5,457,143    1,267,858     2,917,858
30 September 2008     5,457,143    1,267,858     2,917,858
31 December 2008      5,457,143    1,267,858     2,917,858
31 March 2009         5,457,143    1,267,858     2,917,858
30 June 2009          5,457,143    1,267,858     2,917,858
30 September 2009     5,457,143    1,267,858     2,917,858
31 December 2009      5,457,143    1,267,858     2,917,858


                                       47



                           REPAYMENT INSTALMENT (US$)
   FACILITY B       ---------------------------------------
 REPAYMENT DATE     FACILITY B1   FACILITY B2   FACILITY B3
- -----------------   -----------   -----------   -----------
31 March 2010         5,457,143    1,267,858     2,917,858
30 June 2010          5,457,143    1,267,858     2,917,858
30 September 2010     5,457,143    1,267,858     2,917,858
31 December 2010      5,457,143    1,267,858     2,917,858
31 March 2011         5,457,143    1,267,858     2,917,858
30 June 2011          5,457,143    1,267,858     2,917,858
30 September 2011     5,457,143    1,267,858     2,917,858
31 December 2011      5,457,143    1,267,858     2,917,858
31 March 2012         5,457,143    1,267,858     2,917,858
30 June 2012          5,457,143    1,267,858     2,917,858
30 September 2012     5,457,143    1,267,858     2,917,858
31 December 2012      5,457,139    1,267,834     2,917,834

6.1.3 The Borrower shall repay the aggregate Facility C Loans in instalments by
     repaying on each Facility C Repayment Date the amounts set out opposite
     that Facility C Repayment Date below in relation to each relevant Facility:



                                               REPAYMENT INSTALMENT (US$)
   FACILITY C       ---------------------------------------------------------------------------------
 REPAYMENT DATE     FACILITY C1   FACILITY C2   FACILITY C3   FACILITY C4   FACILITY C5   FACILITY C6
- -----------------   -----------   -----------   -----------   -----------   -----------   -----------

31 March 2006         298,000       320,000       382,000       307,000       395,500       308,000
30 June 2006          298,000       320,000       382,000       307,000       395,500       308,000
30 September 2006     298,000       320,000       382,000       307,000       395,500       308,000
31 December 2006      298,000       320,000       382,000       307,000       395,500       308,000
31 March 2007         298,000       320,000       382,000       307,000       395,500       308,000
30 June 2007          298,000       320,000       382,000       307,000       395,500       308,000
30 September 2007     298,000       320,000       382,000       307,000       395,500       308,000
31 December 2007      298,000       320,000       382,000       307,000       395,500       308,000
31 March 2008         298,000       320,000       382,000       307,000       395,500       308,000
30 June 2008          298,000       320,000       382,000       307,000       395,500       308,000
30 September 2008     298,000       320,000       382,000       307,000       395,500       308,000
31 December 2008      298,000       320,000       382,000       307,000       395,500       308,000
31 March 2009         298,000       320,000       382,000       307,000       395,500       308,000
30 June 2009          298,000       320,000       382,000       307,000       395,500       308,000
30 September 2009     298,000       320,000       382,000       307,000       395,500       308,000
31 December 2009      298,000       320,000       382,000       307,000       395,500       308,000
31 March 2010         298,000       320,000       382,000       307,000       395,500       308,000
30 June 2010          298,000       320,000       382,000       307,000       395,500       308,000



                                       48





                                            REPAYMENT INSTALMENT (US$)
    FACILITY C     ----------------------------------------------------------------------------
  REPAYMENT DATE   FACILITY C1  FACILITY C2  FACILITY C3  FACILITY C4  FACILITY C5  FACILITY C6
- -----------------  -----------  -----------  -----------  -----------  -----------  -----------

30 September 2010     298,000      320,000      382,000       307,000     395,500      308,000
31 December 2010      298,000      320,000      382,000       307,000     395,500      308,000
31 March 2011         298,000      320,000      382,000       307,000     395,500      308,000
30 June 2011          298,000      320,000      382,000       307,000     395,500      308,000
30 September 2011     298,000      320,000      382,000       307,000     395,500      308,000
31 December 2011      298,000      320,000      382,000       307,000     395,500      308,000
31 March 2012         298,000      320,000      382,000       307,000     395,500      308,000
30 June 2012          298,000      320,000      382,000       307,000     395,500      308,000
30 September 2012     298,000      320,000      382,000       307,000     395,500      308,000
31 December 2012      298,000      320,000      382,000       307,000     395,500      308,000
31 March 2013         298,000      320,000      382,000       307,000     395,500      308,000
30 June 2013          298,000      320,000      382,000       307,000     395,500      308,000
30 September 2013     298,000      320,000      382,000       307,000     395,500      308,000
31 December 2013      298,000      320,000      382,000       307,000     395,500      308,000
31 March 2014         298,000      320,000      382,000       307,000     395,500      308,000
30 June 2014          298,000      320,000      382,000       307,000     395,500      308,000
30 September 2014     298,000      320,000      382,000       307,000     395,500      308,000
31 December 2014      298,000      320,000      382,000       307,000     395,500      308,000
31 March 2015         298,000      320,000      382,000       307,000     395,500      308,000
30 June 2015          298,000      320,000      382,000       307,000     395,500      308,000
30 September 2015     298,000      320,000      382,000       307,000     395,500      308,000
31 December 2015    8,632,002    9,295,016    9,553,005    10,127,000   8,300,500    7,682,985


6.1.4 The Borrower shall repay the aggregate Facility D Loans in instalments by
     repaying on each Facility D Repayment Date the amounts set out opposite
     that Facility D Repayment Date below in relation to each relevant Facility:



                                  REPAYMENT INSTALMENT (US$)
    FACILITY D      -----------------------------------------------------
  REPAYMENT DATE    FACILITY D1   FACILITY D2   FACILITY D3   FACILITY D4
- -----------------   -----------   -----------   -----------   -----------

31 March 2006           454,500     537,500       552,778        522,000
30 June 2006            454,500     537,500       552,778        522,000
30 September 2006       454,500     537,500       552,778        522,000
31 December 2006        454,500     537,500       552,778        522,000
31 March 2007           454,500     537,500       552,778        522,000
30 June 2007            454,500     537,500       552,778        522,000
30 September 2007       454,500     537,500       552,778        522,000
31 December 2007        454,500     537,500       552,778        522,000



                                       49





                                  REPAYMENT INSTALMENT (US$)
    FACILITY D      -----------------------------------------------------
  REPAYMENT DATE    FACILITY D1   FACILITY D2   FACILITY D3   FACILITY D4
- -----------------   -----------   -----------   -----------   -----------

31 March 2008           454,500     537,500       552,778        522,000
30 June 2008            454,500     537,500       552,778        522,000
30 September 2008       454,500     537,500       552,778        522,000
31 December 2008        454,500     537,500       552,778        522,000
31 March 2009           329,500     412,500       427,778        397,000
30 June 2009            329,500     412,500       427,778        397,000
30 September 2009       329,500     412,500       427,778        397,000
31 December 2009        329,500     412,500       427,778        397,000
31 March 2010           329,500     412,500       427,778        397,000
30 June 2010            329,500     412,500       427,778        397,000
30 September 2010       329,500     412,500       427,778        397,000
31 December 2010        329,500     412,500       427,778        397,000
31 March 2011           329,500     412,500       427,778        397,000
30 June 2011            329,500     412,500       427,778        397,000
30 September 2011       329,500     412,500       427,778        397,000
31 December 2011        329,500     412,500       427,778        397,000
31 March 2012           329,500     412,500       427,778        397,000
30 June 2012            329,500     412,500       427,778        397,000
30 September 2012       329,500     412,500       427,778        397,000
31 December 2012        329,500     412,500       427,778        397,000
31 March 2013           329,500     412,500       427,778        397,000
30 June 2013            329,500     412,500       427,778        397,000
30 September 2013       329,500     412,500       427,778        397,000
31 December 2013        329,500     412,500       427,778        397,000
31 March 2014           329,500     412,500       427,778        397,000
30 June 2014            329,500     412,500       427,778        397,000
30 September 2014       329,500     412,500       427,778        397,000
31 December 2014        329,500     412,500       427,770        397,000
31 March 2015           329,500     412,500        0/N/A         397,000
30 June 2015            329,500     412,500        0/N/A         397,000
30 September 2015       329,500     412,500        0/N/A         397,000
31 December 2015     12,199,500     412,500        0/N/A       3,567,000



                                       50



6.1.5 In the event that clause 2.1.2 (The Facilities) applies and the amount of
     the Total Facility A Commitments, the Total Facility B1 Commitments, the
     Total Facility B2 Commitments and the Total Facility B3 Commitments are
     reduced as provided therein, the Repayment Instalments of each of Facility
     A, Facility B1, Facility B2 and Facility B3 falling due on the first
     Repayment Dates for each such Facility (as shown in the relevant table for
     each such Facility in this clause 6.1 (Repayment of Loans)) shall be
     immediately cancelled and no longer due and, from that day, the first
     Repayment Instalment due under each such Facility shall be that specified
     to be due on the second Repayment Date for the relevant Facility (as shown
     in the same table).

6.1.6 In the event that any of Facility C1, Facility C2, Facility C3, Facility
     C4, Facility C5, Facility D1, Facility D2, Facility D3 or Facility D4 has
     not been utilised by 30 March 2006, the Repayment Instalment of the
     relevant Facility due on the first Repayment Date thereof (as shown in the
     relevant table for such Facility in this clause 6.1 (Repayment of Loans))
     shall be no longer due on such first Repayment Date. Assuming that the
     relevant Facility is subsequently utilised pursuant to the terms of this
     Agreement, such Repayment Instalment shall be added proportionately to, and
     shall be due and payable with, each of the Repayment Instalments of such
     Facility due on the second, third and fourth Repayment Dates for such
     Facility (as shown in the same table) and the amounts of such Repayment
     Instalments shall be increased accordingly. In the event that this clause
     applies, each portion of the relevant first Repayment Instalment of such
     Facility added to the relevant second, third and fourth Repayment
     Instalments of such Facility, respectively, shall thereafter be deemed to
     constitute part of the relevant second, third and fourth Repayment
     Instalments of such Facility, respectively.

6.1.7 In the event that Facility C6 has not been utilised by 30 March 2006, the
     Repayment Instalment of Facility C6 due on the first Repayment Date thereof
     (as shown in the table of clause 6.1.3 (Repayment of Loans)) shall be no
     longer due on such first Repayment Date. Assuming that Facility C6 is
     subsequently utilised pursuant to the terms of this Agreement, such first
     Repayment Instalment of Facility C6 shall be added to the final Repayment
     Instalment of Facility C6 (as shown in the same table) and the amount of
     such final Repayment Instalment shall be increased accordingly. In the
     event that this clause applies, the amount of the first Repayment
     Instalment of Facility C6 added to the final Repayment Instalment of
     Facility C6 shall thereafter be deemed to constitute part of the final
     Repayment Instalment of Facility C6.

6.1.8 The Borrower may not re-borrow any part of a Facility which is repaid.

6.2  EFFECT OF CANCELLATION AND PREPAYMENT ON SCHEDULED REPAYMENTS

6.2.1 If the Borrower cancels the whole or any part of the Commitment of a
     Lender under any Facility in accordance with clause 7.4 (Right of
     cancellation and repayment in relation to a single Lender) or if the
     Commitment of any Lender under any Facility is reduced under clause 7.1
     (Illegality), then the amount of the Repayment Instalments of the relevant
     Facility for each Repayment Date thereof falling after that cancellation
     will reduce pro rata by the amount cancelled.

6.2.2 If the Borrower cancels the whole or any part of the Commitments under any
     Facility in accordance with clause 7.2 (Voluntary cancellation), then the
     amount of the Repayment Instalments of the relevant Facility for each
     Repayment Date thereof falling after that cancellation will reduce in
     inverse chronological order by the amount cancelled.

6.2.3 If any Loan is prepaid in accordance with clause 7.4 (Right of
     cancellation and repayment in relation to a single Lender) or clause 7.1
     (Illegality), then the amount of the Repayment Instalments of the relevant
     Facility for each Repayment Date thereof falling after that prepayment will
     reduce pro rata by the amount of the relevant Loan prepaid.

6.2.4 If any Loan is prepaid in accordance with clause 7.3 (Voluntary prepayment
     of Loans), 8.1.6 (Total Loss/Sale) or clause 8.3 (Application of mandatory
     prepayments), then the amount of the Repayment Instalments of the relevant
     Facility for each Repayment Date thereof falling after that prepayment will
     reduce in inverse chronological order by the amount of the relevant Loan
     prepaid.


                                       51



7    ILLEGALITY, VOLUNTARY PREPAYMENT AND CANCELLATION

7.1  ILLEGALITY

     If it becomes unlawful in any applicable jurisdiction for a Lender to
     perform any of its obligations as contemplated by this Agreement or to
     fund, issue or maintain its participation in any Loan:

7.1.1 that Lender, shall promptly notify the Agent upon becoming aware of that
     event;

7.1.2 upon the Agent notifying the Borrower, the Commitment of that Lender will
     be immediately cancelled; and

7.1.3 the Borrower shall repay that Lender's participation in the Loans on the
     last day of the Interest Period for each Loan occurring after the Agent has
     notified the Borrower or, if earlier, the date specified by the Lender in
     the notice delivered to the Agent (being no earlier than the last day of
     any applicable grace period permitted by law).

7.2  VOLUNTARY CANCELLATION

     The Borrower may, if it gives the Agent not less than ten Business Days'
     (or such shorter period as the Agent may agree) prior notice, cancel the
     whole or any part (being a minimum amount of US$1,000,000) of an Available
     Facility. Any cancellation under this clause 7.2 shall reduce the
     Commitments of the Lenders under that Facility rateably.

7.3  VOLUNTARY PREPAYMENT OF LOANS

7.3.1 Subject to clause 7.3.3 the Borrower may, if it gives the Agent not less
     than ten Business Days' prior notice, prepay the whole or any part of a
     Loan (but, if in part, being an amount that reduces the amount of that Loan
     by a minimum amount of US$1,000,000).

7.3.2 A Loan may only be prepaid after the last day of the Availability Period
     of the relevant Facility (or, if earlier, the day on which the applicable
     Available Facility is zero).

7.3.3 Any voluntary prepayment shall be applied in reducing the Repayment
     Instalments in respect of Facility A, Facility C1, Facility C2, Facility
     C3, Facility C4, Facility C5, Facility C6, Facility D1, Facility D2,
     Facility D3 and Facility D4, pro rata as between such Facilities, and when
     such Facilities have been prepaid in full, in reducing the Repayment
     Instalments of Facility B1 and, when Facility B1 has been prepaid in full,
     in reducing the Repayment Instalments of Facility B2 and, when Facility B2
     has been prepaid in full, in reducing the Repayment Instalments of Facility
     B3. Such voluntary prepayments of the Facilities shall be applied against
     the relevant Repayment Instalments in accordance with clause 6.2.4 (Effect
     of cancellation and prepayment on scheduled repayments).

7.4  RIGHT OF CANCELLATION AND REPAYMENT IN RELATION TO A SINGLE LENDER

7.4.1 If:

     (a)  any sum payable to any Lender by an Obligor is required to be
          increased under clause 14.2.3 (Tax gross-up); or

     (b)  any Lender claims indemnification from the Borrower or an Obligor
          under clause 14.3 (Tax indemnity) or clause 15.1 (Increased costs),

     the Borrower may, whilst the circumstance giving rise to the requirement or
     indemnification continues, give the Agent notice of cancellation of the
     Commitments of that Lender and its intention to procure the repayment of
     that Lender's participation in the Loans.

7.4.2 On receipt of a notice referred to in clause 7.4.1 in relation to a
     Lender, the Commitments of that Lender shall immediately be reduced to
     zero.

7.4.3 On the last day of each Interest Period for a Loan which ends after the
     Borrower has given notice under clause 7.4.1 in relation to a Lender (or,
     if earlier, the date specified by the Borrower in that


                                       52



     notice), the Borrower shall repay that Lender's participation in that Loan
     together with all interest and other amounts accrued under the Finance
     Documents.

7.5  MANDATORY CANCELLATION

     If a Facility is not utilised by the last day of the Availability Period
     for that Facility, the relevant Facility shall then be immediately
     cancelled.

8    MANDATORY PREPAYMENT

8.1  TOTAL LOSS/SALE

8.1.1 For the purposes of this clause 8.1 and clause 8.2:

     "COLLATERAL SHIP INSURANCE PROCEEDS" means the proceeds of any insurance
     claim received in relation to any Collateral Ship by any member of the
     Group and after deducting any reasonable expenses in relation to that claim
     which are incurred by any member of the Group to persons who are not
     members of the Group.

     "TERMINAL INSURANCE PROCEEDS" means the proceeds of any insurance claim
     received in relation to the Terminal by any member of the Group and after
     deducting any reasonable expenses in relation to that claim which are
     incurred by any member of the Group to persons who are not members of the
     Group.

8.1.2 On the date falling 120 days after that on which a Collateral Ship (other
     than a Second Security Collateral Ship) became a Total Loss or, if earlier,
     on the date upon which the Collateral Ship Insurance Proceeds in respect of
     such Total Loss are, or Requisition Compensation is, received by the
     relevant Collateral Owner (or the Security Agent or, as the case may be the
     Secured Parties, pursuant to the relevant Transaction Security Documents)
     (as the case may be), the Borrower shall prepay to the Agent for the
     account of the Lenders an amount equal to any Collateral Ship Insurance
     Proceeds or any Requisition Compensation (as the case may be) or, in the
     case of an Existing Collateral Ship or an Additional Collateral Ship (if
     higher than the relevant Collateral Ship Insurance Proceeds or Requisition
     Compensation), the amount specified in the table below opposite the name of
     the relevant Collateral Ship by reference to the actual date of the Total
     Loss:

                             YEAR TOTAL LOSS OCCURS



Collateral Ship      2005         2006         2007         2008         2009         2010
- ---------------   ----------   ----------   ----------   ----------   ----------   ----------

Navios Achilles   29,930,597   27,436,381   21,949,105   18,457,202   15,464,142   12,471,082
Navios Apollon    29,066,918   26,644,675   21,315,740   17,924,599   15,017,908   12,111,216
Navios Herakles   29,930,597   27,436,381   21,949,105   18,457,202   15,464,142   12,471,082
Navios Hios       32,521,635   29,811,499   23,849,199   20,055,008   16,802,845   13,550,681
Navios Ionian     29,066,918   26,644,675   21,315,740   17,924,599   15,017,908   12,111,216
Navios Kypros     32,521,635   29,811,499   23,849,199   20,055,008   16,802,845   13,550,681
Navios Meridian   29,683,832   27,210,179   21,768,143   18,305,030   15,336,646   12,368,263
Navios Mercator   30,331,591   27,803,959   22,243,167   18,704,481   15,671,322   12,638,163
Navios Arc        32,048,668   29,377,945   23,502,356   19,763,345   16,558,478   13,353,612
Navios Horizon    28,665,924   26,277,097   21,021,678   17,677,320   14,810,727   11,944,135
Navios Galaxy     31,359,781   28,746,466   22,997,172   19,338,531   16,202,553   13,066,575
Navios Magellan   30,331,591   27,803,959   22,243,167   18,704,481   15,671,322   12,638,163
Alegria           35,770,714   32,789,821   26,231,857   22,058,607   18,481,535   14,904,464


Collateral Ship      2011         2012         2013         2014         2015
- ---------------   ----------   ----------   ----------   ----------   ----------

Navios Achilles   10,974,552   10,475,709    9,976,866    9,478,022    8,979,179
Navios Apollon    10,657,870   10,173,421    9,688,973    9,204,524    8,720,075
Navios Herakles   10,974,552   10,475,709    9,976,866    9,478,022    8,979,179
Navios Hios       11,924,599   11,382,572   10,840,545   10,298,518    9,756,490
Navios Ionian     10,657,870   10,173,421    9,688,973    9,204,524    8,720,075
Navios Kypros     11,924,599   11,382,572   10,840,545   10,298,518    9,756,490
Navios Meridian   10,884,072   10,389,341    9,894,611    9,399,880    8,905,150
Navios Mercator   11,121,583   10,616,057   10,110,530    9,605,004    9,099,477
Navios Arc        11,751,178   11,217,034   10,682,889   10,148,745    9,614,600
Navios Horizon    10,510,839   10,033,073    9,555,308    9,077,543    8,599,777
Navios Galaxy     11,498,586   10,975,923   10,453,260    9,930,597    9,407,934
Navios Magellan   11,121,583   10,616,057   10,110,530    9,605,004    9,099,477
Alegria           13,115,928   12,519,750   11,923,571   11,327,393   10,731,214



                                       53





Libra II          25,293,462   23,185,674   18,548,539   15,597,635   13,068,289   10,538,943
Navios Gemini S   23,545,540   21,583,412   17,266,730   14,519,750   12,165,196    9,810,642
Navios Felicity   29,930,597   27,436,381   21,949,105   18,457,202   15,464,142   12,471,082



Libra II           9,274,270    8,852,712    8,431,154    8,009,596    7,588,039
Navios Gemini S    8,633,365    8,240,939    7,848,513    7,456,088    7,063,662
Navios Felicity   10,974,552   10,475,709    9,976,866    9,478,022    8,979,179


     in each case in the manner contemplated by clause 8.3 (Application of
     mandatory prepayments).

8.1.3 On the date falling 120 days after that on which a Second Security
     Collateral Ship became a Total Loss or, if earlier on the date upon which
     the Collateral Ship Insurance Proceeds in respect of such Total Loss are,
     or Requisition Compensation is, received by the relevant Collateral Owner
     (or the Security Agent or, as the case may be, the Secured Parties,
     pursuant to the relevant Transaction Security Documents) (as the case may
     be), the Borrower shall prepay to the Agent for the account of the Lenders
     the amount specified in the table below by reference to the actual date of
     the Total Loss:

YEAR TOTAL LOSS OCCURS   PREPAYMENT AMOUNT (US$)
- ----------------------   -----------------------
         2005                   7,000,000
         2006                   7,000,000
         2007                   7,000,000
         2008                   4,000,000
         2009                   4,000,000
         2010                   4,000,000
         2011                   1,500,000
         2012                   1,500,000
         2013                      Nil
         2014                      Nil
         2015                      Nil

8.1.4 In the event that an Existing Collateral Ship or an Additional Collateral
     Ship is sold or is otherwise disposed of (in accordance with the terms of
     clause 23.16 (Disposals)) then on the date on which such a Collateral Ship
     is disposed of, the Borrower shall prepay an amount equal to the higher of:

     (a)  the market value of such Collateral Ship (as most recently calculated
          pursuant to valuations obtained in accordance with clause 23.37
          (Valuation of Owned Ships) and/or 23.53(b)(Security value
          maintenance)); and

     (b)  the amount specified in the table below opposite the name of the
          relevant Collateral Ship with reference to the relevant date of
          disposal (where, for the purposes of this clause 8.1.4, the relevant
          date of disposal shall be the date of transfer of title of the
          relevant Collateral Ship:


                                       54



                              YEAR DISPOSAL OCCURS



Collateral Ship     2005        2006        2007        2008        2009        2010
- ---------------  ----------  ----------  ----------  ----------  ----------  ----------

Navios Achilles  29,930,597  27,436,381  21,949,105  18,457,202  15,464,142  12,471,082
Navios Apollon   29,066,918  26,644,675  21,315,740  17,924,599  15,017,908  12,111,216
Navios Herakles  29,930,597  27,436,381  21,949,105  18,457,202  15,464,142  12,471,082
Navios Hios      32,521,635  29,811,499  23,849,199  20,055,008  16,802,845  13,550,681
Navios Ionian    29,066,918  26,644,675  21,315,740  17,924,599  15,017,908  12,111,216
Navios Kypros    32,521,635  29,811,499  23,849,199  20,055,008  16,802,845  13,550,681
Navios Meridian  29,683,832  27,210,179  21,768,143  18,305,030  15,336,646  12,368,263
Navios Mercator  30,331,591  27,803,959  22,243,167  18,704,481  15,671,322  12,638,163
Navios Arc       32,048,668  29,377,945  23,502,356  19,763,345  16,558,478  13,353,612
Navios Horizon   28,665,924  26,277,097  21,021,678  17,677,320  14,810,727  11,944,135
Navios Galaxy    31,359,781  28,746,466  22,997,172  19,338,531  16,202,553  13,066,575
Navios Magellan  30,331,591  27,803,959  22,243,167  18,704,481  15,671,322  12,638,163
Alegria          35,770,714  32,789,821  26,231,857  22,058,607  18,481,535  14,904,464
Libra II         25,293,462  23,185,674  18,548,539  15,597,635  13,068,289  10,538,943
Navios Gemini S  23,545,540  21,583,412  17,266,730  14,519,750  12,165,196   9,810,642
Navios Felicity  29,930,597  27,436,381  21,949,105  18,457,202  15,464,142  12,471,082


Collateral Ship     2011        2012        2013        2014        2015
- ---------------  ----------  ----------  ----------  ----------  ----------

Navios Achilles  10,974,552  10,475,709   9,976,866   9,478,022   8,979,179
Navios Apollon   10,657,870  10,173,421   9,688,973   9,204,524   8,720,075
Navios Herakles  10,974,552  10,475,709   9,976,866   9,478,022   8,979,179
Navios Hios      11,924,599  11,382,572  10,840,545  10,298,518   9,756,490
Navios Ionian    10,657,870  10,173,421   9,688,973   9,204,524   8,720,075
Navios Kypros    11,924,599  11,382,572  10,840,545  10,298,518   9,756,490
Navios Meridian  10,884,072  10,389,341   9,894,611   9,399,880   8,905,150
Navios Mercator  11,121,583  10,616,057  10,110,530   9,605,004   9,099,477
Navios Arc       11,751,178  11,217,034  10,682,889  10,148,745   9,614,600
Navios Horizon   10,510,839  10,033,073   9,555,308   9,077,543   8,599,777
Navios Galaxy    11,498,586  10,975,923  10,453,260   9,930,597   9,407,934
Navios Magellan  11,121,583  10,616,057  10,110,530   9,605,004   9,099,477
Alegria          13,115,928  12,519,750  11,923,571  11,327,393  10,731,214
Libra II          9,274,270   8,852,712   8,431,154   8,009,596   7,588,039
Navios Gemini S   8,633,365   8,240,939   7,848,513   7,456,088   7,063,662
Navios Felicity  10,974,552  10,475,709   9,976,866   9,478,022   8,979,179


          in each case in the manner contemplated by clause 8.3 (Application of
          Mandatory Prepayments).

8.1.5 In the event that a Second Security Collateral Ship is sold or is
     otherwise disposed of in accordance with the terms of clause 23.16
     (Disposals) then on the date on which such Second Security Collateral Ship
     is disposed of, the Borrower shall prepay the amount specified in the table
     below by reference to the actual date of the disposal (where for purposes
     of this clause 8.1.5 the relevant date of disposal shall be the date of
     transfer of title of the relevant Second Security Collateral Ship):

YEAR TOTAL LOSS OCCURS   PREPAYMENT AMOUNT (US$)
- ----------------------   -----------------------
         2005                   7,000,000
         2006                   7,000,000
         2007                   7,000,000
         2008                   4,000,000
         2009                   4,000,000
         2010                   4,000,000
         2011                   1,500,000
         2012                   1,500,000
         2013                      Nil
         2014                      Nil
         2015                      Nil


                                       55



          in each case in the manner contemplated by clause 8.3 (Application of
          Mandatory Prepayments).

8.1.6 If the Terminal (i) becomes a Total Loss or (ii) suffers damage or is
     involved in an incident which in the opinion of the Agent may result in the
     Terminal subsequently becoming a Total Loss (each such event being a
     "TERMINAL EVENT"), the Borrower shall, on the date falling 120 days after
     that on which the Terminal suffered such damage or became a Total Loss or
     was involved in such incident (as the case may be) or, if earlier, on the
     date upon which the Terminal Insurance Proceeds in respect of such damage
     or, as the case may be, Total Loss are received by CNSA (or the Security
     Agent pursuant to the relevant Transaction Security Documents) (as the case
     may be), prepay to the Agent for the account of the Lenders an amount equal
     to ten per cent. of the outstanding Facilities at the time of the Terminal
     Event (the "TERMINAL PREPAYMENT AMOUNT"). The Terminal Prepayment Amount
     shall be paid in the following instalments:

     (a)  an immediate payment of an instalment being the higher of (i) 60 per
          cent. of the Terminal Prepayment Amount and (ii) any Terminal
          Insurance Proceeds paid in respect of the relevant Terminal Event (the
          "IMMEDIATE PREPAYMENT AMOUNT"); and

     (b)  to the extent that the amount paid as the Immediate Prepayment Amount
          pursuant to (a) above is less than the Terminal Prepayment Amount, the
          difference will be paid to the Agent for the account of the Lenders in
          equal instalments over the remaining tenor of the Facility B2 Loan
          (the "INSTALMENT PREPAYMENT AMOUNTS"). Payments of any Instalment
          Prepayment Amounts will fall due on each Facility B Repayment Date,
          shall be made in addition to the Facility B repayment amount then
          falling due under clause 6.1.2 (Repayment of Loans) in respect of
          Facility B2 and shall be applied in inverse chronological order
          against each Repayment Instalment falling due after the making of such
          Instalment Prepayment Amount (as provided in clause 6.2.4).

8.1.7 For the purposes of clauses 8.1.2, 8.1.3 and 8.1.6 above, a Total Loss
     shall be deemed to have occurred:

     (a)  in the case of an actual total loss of a Collateral Ship on the actual
          date and at the time such Collateral Ship was lost or, if such date is
          not known, on the date on which a Collateral Ship was last reported;

     (b)  in the case of a constructive total loss of a Collateral Ship, upon
          the date and at the time notice of abandonment of such Collateral Ship
          is given to the insurers of such Collateral Ship for the time being;

     (c)  in the case of a compromised or arranged total loss of a Collateral
          Ship, on the date upon which a binding agreement as to such
          compromised or arranged total loss has been entered into by the
          insurers of such Collateral Ship;

     (d)  in the case of Compulsory Acquisition of a Collateral Ship or the
          Terminal and/or the other CNSA Assets, on the date upon which the
          relevant requisition of title or other compulsory acquisition occurs;

     (e)  in the case of hijacking, theft, condemnation, capture, seizure,
          arrest, detention or confiscation of such Collateral Ship (other than
          where the same amounts to Compulsory Acquisition of such Collateral
          Ship) by any Government Entity, or by persons purporting to act on
          behalf of any Government Entity, which deprives the relevant
          Collateral Owner of the use of such Collateral Ship for more than 60
          days, upon the expiry of the period of 60 days after the date upon
          which the relevant hijacking, theft, condemnation, capture, seizure,
          arrest, detention or confiscation occurred;

     (f)  in the case of an actual total loss of the Terminal on the actual date
          and at the time the Terminal was lost;

     (g)  in the case of a constructive total loss of the Terminal, upon the
          date and at the time notice of abandonment of the Terminal or notice
          that the Terminal is not economic to repair or reinstate is given to
          the insurers of the Terminal for the time being;


                                       56



     (h)  in the case of a compromised or arranged total loss of the Terminal,
          on the date upon which a binding agreement as to such compromised or
          arranged total loss has been entered into by the insurers of the
          Terminal;

     (i)  if the Lease of the Terminal is repudiated, suspended, cancelled or
          terminated on the date and at the time such repudiation, suspension,
          cancellation or termination is made or done, notwithstanding that
          there may be a grace or notice period prior to which any repudiation,
          suspension, cancellation or termination cannot take place; and

     (j)  in the case of confiscation of the Terminal and/or the other CNSA
          Assets or any of them (other than where the same amounts to Compulsory
          Acquisition) by any Government Entity, or by persons purporting to act
          on behalf of any Government Entity, which deprives CNSA of the use of
          the Terminal and/or the CNSA Assets or any of them for more than 30
          days, upon the expiry of the period of 30 days after the date upon
          which the relevant confiscation occurred.

8.1.8 No later than five Banking Days prior to each Excess Cash Calculation
     Date, the Borrower shall notify the Agent in writing of:

     (a)  the amount of dividend (which shall qualify as a Permitted
          Distribution), if any, which it intends to declare and distribute;

     (b)  the Relevant Amount (if applicable); and

     (c)  the amount of Excess Cash,

     in each case, for the Financial Quarter to which such Excess Cash
     Calculation Date relates.

     The Borrower shall not advise the Agent of a Relevant Amount (and such
     Relevant Amount shall not be taken into account in the calculation of
     Excess Cash pursuant to clause 1.2), unless (i) the Borrower has previously
     notified the Agent in writing that it intends to distribute in respect of
     the relevant Financial Quarter, a dividend equal to or in excess of such
     Relevant Amount and (ii) any such dividend would otherwise constitute a
     Permitted Distribution.

     Each notification of Excess Cash by the Borrower to the Agent (A) shall be
     signed by the Chief Financial Officer and a Director of the Borrower, (B)
     shall set out in detail the calculations and method of computation of the
     amount of Excess Cash advised to the Agent (each of which shall be made in
     accordance with the Accounting Principles) and (C) shall be accompanied by
     appropriate documents evidencing the accuracy of the information and
     computations contained therein and, if the Agent shall so request, the
     Borrower shall provide the Agent forthwith with such further information
     and documents relating thereto as the Agent may in its sole discretion
     require. The Agent shall be entitled to re-calculate the amount of the
     Excess Cash in respect of a Financial Quarter, by reference to the
     documents and information supplied to it by the Borrower or otherwise
     available to it and, if there is any difference between the amount of
     Excess Cash notified by the Borrower to the Agent and the amount of Excess
     Cash re-calculated by the Agent for the same period, the amount calculated
     by the Agent shall be deemed to be the amount of Excess Cash for such
     period for the purposes of this Agreement.

     Within ten Banking Days after each such notification (or, if applicable,
     recalculation) of Excess Cash in respect of a Financial Quarter (other than
     the fourth Financial Quarters of each Financial Year) and provided such
     Excess Cash is a positive figure, the Borrower shall prepay to the Agent
     for the account of the Lenders a part of the Loans equal to (i) the amount
     of dividend which the Borrower notified the Agent pursuant to clause
     8.1.8(Total Loss/Sale) that it intends to declare in respect of such
     Financial Quarter minus (if applicable) (ii) any Relevant Amount which the
     Borrower notified the Agent pursuant to the same clause (and to the extent
     it was entitled to do so thereunder) in respect of such Financial Quarter.

     Within ten Banking Days after each such notification (or, if applicable,
     recalculation) of Excess Cash in respect of the fourth Financial Quarter of
     a Financial Year and provided such Excess Cash is a positive figure, the
     Borrower shall prepay to the Agent for the account of the Lenders a part of
     the Loans equal to (i) the amount of that Excess Cash minus (ii) the amount
     of dividend which the Borrower notified the Agent pursuant to clause
     8.1.8(Total Loss/Sale) that it intends to declare in respect of such
     Financial Quarter.


                                       57



     Any prepayment made under this clause 8.1.8(Total Loss/Sale) shall be
     applied in reducing the Repayment Instalments in respect of Facility B1,
     Facility B2 and Facility B3 in inverse chronological order (and pro rata as
     between such Facilities) until such three Facilities have been repaid in
     full and, thereafter, shall be applied in reducing the Repayment
     Instalments in respect of Facility A, Facility C1, Facility C2, Facility
     C3, Facility C4, Facility C5, Facility C6, Facility D1, Facility D2,
     Facility D3 and Facility D4 in inverse chronological order (and pro rata as
     between such Facilities).

8.1.9 Subject to clause 8.1.11, in the event that a member of the Group seeks to
     exercise its rights under a Purchase Option but is for any reason unable to
     acquire the ship pursuant to such Purchase Option, the Borrower shall pay
     to the Agent on the earlier of the date when such Purchase Option would
     otherwise have been exercised or on the final date when such Purchase
     Option was stated as being capable of exercise an amount equal to 0.84 per
     cent. of the total Loans under Facility A, Facility B1, Facility B2 and
     Facility B3 outstanding at such time. Any such prepayment shall be applied
     in reducing the Repayment Instalments in respect of Facility B1 in inverse
     chronological order until Facility B1 has been prepaid in full and,
     thereafter, shall be applied in reducing the Repayment Instalments in
     respect of Facility B2 and Facility B3 in inverse chronological order (and
     pro rata as between Facility B2 and Facility B3) until such two Facilities
     have been repaid in full and, thereafter, shall be applied in reducing the
     Repayment Instalments in respect of Facility A, Facility C1, Facility C2,
     Facility C3, Facility C4, Facility C5, Facility C6, Facility D1, Facility
     D2, Facility D3 and Facility D4 in inverse chronological order (and pro
     rata as between such Facilities).

8.1.10 Subject to clause 8.1.11, in the event that a Chartered Ship is withdrawn
     from charter or any Charter is terminated prior to the expiration of its
     term (except in the case of a termination of a Carter of a Purchase Option
     Ship as a result of the acquisition of such Purchase Option Ship by a
     member of the Group pursuant to the relevant Purchase Option), the Borrower
     shall pay to the Agent within ten days of such withdrawal or termination an
     amount equal to:

     (a)  in respect of a Chartered Ship where the relevant Charter does not
          contain a Purchase Option, two per cent.; and

     (b)  in respect of a Chartered Ship where the relevant Charter does contain
          a Purchase Option, 2.84 per cent.,

     (in each case) of the total Loans under Facility A, Facility B1, Facility
     B2 and Facility B3 outstanding at such time. Any such prepayment shall be
     applied in reducing the Repayment Instalments in respect of Facility B1 in
     inverse chronological order until Facility B1 has been prepaid in full and,
     thereafter, shall be applied in reducing the Repayment Instalments in
     respect of Facility B2 and Facility B3 in inverse chronological order (and
     pro rata as between Facility B2 and Facility B3) until such two Facilities
     have been repaid in full and, thereafter, shall be applied in reducing the
     Repayment Instalments in respect of Facility A, Facility C1, Facility C2,
     Facility C3, Facility C4, Facility C5, Facility C6, Facility D1, Facility
     D2, Facility D3 and Facility D4 in inverse chronological order (and pro
     rata as between such Facilities).

8.1.11 If either of the circumstances in clauses 8.1.9 and/or 8.1.10 apply but
     the Borrower has procured the replacement of the relevant Purchase Option,
     Chartered Ship or Charter (as the case may be) with an adequate alternative
     (as determined by the Agent, acting reasonably, but taking into
     consideration the terms of the relevant Purchase Option or Charter and the
     proposed replacement(s)) within 60 days of (a) the date the Purchase Option
     would otherwise have been exercised or on the final date when the relevant
     Purchase Option was stated as being capable of exercise (in the case of a
     Purchase Option) or (b) the date of withdrawal or termination (in the case
     of a Chartered Ship or Charter) then no such prepayment pursuant to clause
     8.1.9 and/or 8.1.10 shall be required provided that in each case the
     Borrower has provided full details (to the satisfaction of the Agent,
     acting reasonably) relating to such replacement 5 Business Days prior to
     the date a prepayment would otherwise be required to have been made under
     clauses 8.1.9 and/or 8.1.10 in the absence of any adequate replacement.

8.2  DISPOSAL PROCEEDS, INSURANCE PROCEEDS AND ACQUISITION PROCEEDS

8.2.1 For the purposes of this clause 8.2, clause 8.3 (Application of mandatory
     prepayments) and clause 8.4 (Retention Account and Holding Account -
     mandatory prepayment):

     "ACQUISITION ADJUSTMENT PROCEEDS" means any amount that may fall due from
     the Vendors to the Borrower under section B(b) of schedule 2.2 of the
     Acquisition Agreement.


                                       58



     "ACQUISITION PROCEEDS" means (i) any Acquisition Adjustment Proceeds and
     (ii) the proceeds of a claim (a "RECOVERY CLAIM") against the Vendors or
     any of their Affiliates (or any employee, officer or adviser) in relation
     to the Acquisition Documents or against the provider of any Report (in its
     capacity as a provider of that Report), and after deducting:

     (a)  any reasonable expenses which are incurred by any member of the Group
          to persons who are not members of the Group; and

     (b)  any Tax incurred and required to be paid by a member of the Group (as
          reasonably determined by the relevant member of the Group on the basis
          of existing rates and taking into account any available credit,
          deduction or allowance),

     in each case in relation to that Recovery Claim (such proceeds net of such
     deductions being "NET PROCEEDS" of such Recovery Claim),

     except for Excluded Acquisition Proceeds.

     "DISPOSAL PROCEEDS" means the consideration receivable by any member of the
     Group (including any amount receivable in repayment of intercompany debt)
     for any disposal made by any member of the Group and after deducting:

     (a)  reasonable expenses incurred by any member of the Group to persons who
          are not members of the Group; and

     (b)  any Tax incurred and required to be paid by the seller (as reasonably
          determined by the seller, on the basis of existing rates and taking
          account of any available credit, deduction or allowance),

     in each case with respect to or in connection with that disposal (such
     consideration receivable net of such deductions being "NET PROCEEDS" of
     such disposal),

     except for Excluded Disposal Proceeds.

     For the purposes of this definition of Disposal Proceeds:

     "CONSIDERATION RECEIVABLE" shall, in addition to consideration directly
     attributable to such disposal, include any amount owing to and set-off by
     the relevant purchaser that does not relate to such disposal.

     "REASONABLE EXPENSES" shall include any provision in respect of the
     relevant disposal for indemnities or contingent liabilities in respect of
     warranty claims payable under the terms of the relevant disposal, arising
     directly in respect of such disposal provided that such provisions deducted
     shall be considered to be consideration received relating to the relevant
     disposal to the extent such provision is released without payment of the
     relevant liability.

     "EXCLUDED ACQUISITION PROCEEDS" means:

     (a)  any net proceeds of a Recovery Claim which are less than US$1,000,000
          (or its equivalent in other currencies) which are received at any time
          when no Default has occurred and is continuing (an "EXCLUDED RECOVERY
          CLAIM"); or

     (b)  in relation to a Recovery Claim not being an excluded Recovery Claim:

          (i)  if the Borrower gives written notice to the Agent of its
               intention to apply the net proceeds of the relevant Recovery
               Claim in a permitted application prior to the date falling 15
               Business Days after receipt of such net proceeds, those net
               proceeds of that Recovery Claim are then applied, or legally
               committed to be applied (under a binding contract subject only to
               conditions typical for contracts of such type), within three
               months after the date of such receipt (or, where so committed to
               be applied, are then actually so applied within six months after
               the date of such receipt) in a permitted application (and, in
               each case, such net proceeds not so applied will be deemed to be
               Acquisition Proceeds received for the purposes of clause 8.3.2
               (Application of mandatory prepayments) at the end of the
               applicable three or six month period, as the case may be); or


                                       59



          (ii) where no such notice is given, those net proceeds of the relevant
               Recovery Claim which are applied within five Business Days of
               receipt in a permitted application (and such net proceeds not so
               applied will be deemed to be Acquisition Proceeds received for
               the purposes of clause 8.3.2 (Application of mandatory
               prepayments) at the end of such five Business Days period),

          provided that if the Borrower has made a payment or payments in
          respect of a cost or loss the subject of an insurance claim and the
          proceeds received in connection with such claim are used to compensate
          for a permitted application which has already been made then the
          amount of such proceeds received shall be deemed to have been applied
          at the date of receipt to the extent of the compensated permitted
          application.

     For the purposes of this definition of Excluded Acquisition Proceeds a
     "PERMITTED APPLICATION" means at any time when no Default has occurred and
     is continuing any proceeds of a Recovery Claim which are applied:

     (a)  to satisfy (or reimburse a member of the Group which has discharged)
          any liability, charge or claim upon a member of the Group by a person
          which is not a member of the Group; or

     (b)  in the replacement, reinstatement and/or repair of assets of members
          of the Group which have been lost, destroyed or damaged; or

     (c)  in compensating any member of the Group for any liability or loss
          (including loss of tax relief) or to make good any shortfall in assets
          (including working capital),

     in each case as a result of the events or circumstances giving rise to that
     Recovery Claim.

     "EXCLUDED DISPOSAL PROCEEDS" means:

     (a)  the proceeds of a disposal as is referred to in paragraphs (a), (b),
          (c), (e), (h), (i) (to the extent such disposal relates to an Owned
          Ship), (j), (l) or (m) of the definition of Permitted Disposal or a
          disposal of an asset with a book value and market value of less than
          US$500,000 (or its equivalent in other currencies) which in the case
          of paragraphs (a) to (i) and (j) (to the extent it relates to an
          Existing Collateral Ship or an Additional Collateral Ship) of the
          definition of Permitted Disposal are received when no Default has
          occurred and is continuing (each an "EXCLUDED DISPOSAL"); or

     (b)  in relation to a disposal not being (a) an excluded disposal or (b)
          the disposal of a Collateral Ship:

          (i)  if the Borrower gives the Agent written notice of its intention
               to reinvest the net proceeds of that relevant disposal in a
               permitted application prior to the later of (xx) the date which
               is five Business Days after the date of that relevant disposal or
               (yy) the receipt of such proceeds, those net proceeds of that
               relevant disposal are then applied, or legally committed to be
               applied (under a binding contract subject only to conditions
               typical for contracts of such type), within three months after
               the date of that relevant disposal (or where so committed to be
               applied, are then actually so applied within six months after the
               date of that relevant disposal) in a permitted application (and,
               in each case, such net proceeds not so applied will be deemed to
               be Disposal Proceeds received for the purposes of clause 8.3.2
               (Application of mandatory prepayments) at the end of the
               applicable three or six month period as the case may be); or

          (ii) where no such notice is given, those net proceeds of that
               relevant disposal which are applied within five Business Days
               following the later of (xx) date of that relevant disposal or
               (yy) the receipt of such proceeds, in a permitted application
               (and such net proceeds not so applied will be deemed to be
               Disposal Proceeds received for the purposes of clause 8.3.2
               (Application of mandatory prepayments) at the end of such five
               Business Days period).

          For the purposes of this definition of Excluded Disposal Proceeds, a
          "PERMITTED APPLICATION" means at any time when no Default has occurred
          and is continuing in respect of a disposal of an asset or intellectual
          property right, the re-investment of the net proceeds of such disposal
          in the acquisition by a member of the Group (being a Security Provider
          if the seller was a Security Provider) of an asset or (as the case may
          be) intellectual property right similar in type and of comparable or
          superior value and quality to that asset or (as the case may be)
          intellectual property right the subject of any relevant disposal.


                                       60



     "EXCLUDED INSURANCE PROCEEDS" means:

     (a)  the Collateral Ship Insurance Proceeds;

     (b)  the Terminal Insurance Proceeds;

     (c)  the net proceeds of an insurance claim which are less than US$500,000
          (or its equivalent in other currencies);

     (d)  the proceeds of an insurance claim relating to business interruption
          or loss of profit only;

     (e)  the proceeds of an insurance claim relating to any Purchase Option
          Ship owned by any Purchase Option Subsidiary;

     (f)  the proceeds of an insurance claim relating to any New Share Issue
          Ship,

          in the case of paragraphs (c) to (e) (inclusive) above at any time
          when no Default has occurred and is continuing (each an "EXCLUDED
          CLAIM"); or

     (g)  in relation to an insurance claim not being an excluded claim:

          (i)  if the Borrower gives written notice to the Agent of its
               intention to apply the net proceeds of the relevant insurance
               claim in a permitted application prior to the date 15 Business
               Days after receipt of such net proceeds, those net proceeds of
               that insurance claim are then applied, or legally committed to be
               applied (under a binding contract subject only to conditions
               typical for contracts of such type), within three months after
               the date of such receipt (or, where so committed to be applied,
               are then actually so applied within six months after the date of
               such receipt) in a permitted application (and, in each case, such
               net proceeds not so applied will be deemed to be Insurance
               Proceeds received for the purposes of clause 8.3.2 (Application
               of mandatory prepayments) at the end of the applicable three or
               six month period, as the case may be); or

          (ii) where no such notice is given, those net proceeds of the relevant
               insurance claim which are applied within 15 Business Days of
               receipt in a permitted application (and such net proceeds not so
               applied will be deemed to be Insurance Proceeds received for the
               purposes of clause 8.3.2 (Application of mandatory prepayments)
               at the end of such 15 Business Days period).

     For the purposes of this definition of Excluded Insurance Proceeds, a
     "PERMITTED APPLICATION" means at any time when no Default has occurred and
     is continuing:

     (a)  to the replacement, reinstatement and/or repair of the assets in
          respect of which the relevant insurance claim was made; or

     (b)  in relation to an insurance claim relating to third party liability,
          to satisfy (or reimburse a member of the Group which has discharged)
          any liability, charge or claim upon a member of the Group by a person
          which is not a member of the Group; or

     (c)  where the Group member concerned is obliged as a landlord or tenant to
          apply the proceeds of the insurance claim in accordance with any lease
          of any Real Property (then only to the extent that it is so required
          and does so apply such proceeds).

     "INSURANCE PROCEEDS" means the proceeds of any insurance claim received by
     any member of the Group and after deducting any reasonable expenses in
     relation to that claim which are incurred by any member of the Group to
     persons who are not members of the Group (such proceeds net of such
     deductions being "NET PROCEEDS" of such insurance claim) except for
     Excluded Insurance Proceeds.

8.2.2 The Borrower shall prepay Loans in the following amounts at the times and
     in the order of application contemplated by clause 8.3 (Application of
     mandatory prepayments):

     (a)  the amount of Acquisition Proceeds;

     (b)  the amount of Disposal Proceeds; and


                                       61



     (c)  the amount of Insurance Proceeds.

8.3  APPLICATION OF MANDATORY PREPAYMENTS

8.3.1 A prepayment made under clauses 8.1 (Total Loss/Sale) or 8.2 (Disposal
     Proceeds, Insurance Proceeds and Acquisition Proceeds) shall be applied in
     prepayment of the Loans as contemplated in clauses 8.3.2 to 8.3.5.

8.3.2 Unless the Borrower makes an election under clause 8.3.4, it shall prepay
     Loans at the following times:

     (a)  in the case of any prepayment relating to an amount received under
          clauses 8.1.2 to 8.1.6, 8.1.8to 8.1.10(Total Loss/Sale) and
          23.53(a)(i)(Security value maintenance), at the time specified and in
          accordance with the procedure set out in such clause; and

     (b)  in the case of any prepayment relating to the amounts of Acquisition
          Proceeds, Disposal Proceeds or Insurance Proceeds, promptly upon
          receipt of those proceeds.

8.3.3 Save as provided in clauses 8.1.6(b), 8.1.8, 8.1.9, 8.1.10 (Total
     Loss/Sale), 23.53(a)(i) (Security Value Maintenance) and in this clause
     8.3.3, a prepayment under clauses 8.1 (Total Loss/Sale) and 8.2 (Disposal
     Proceeds, Insurance Proceeds and Acquisition Proceeds) (other than a
     prepayment of Acquisition Adjustment Proceeds) shall be applied in reducing
     the Repayment Instalments in respect of Facility A, Facility C1, Facility
     C2, Facility C3, Facility C4, Facility C5, Facility C6, Facility D1,
     Facility D2, Facility D3 and Facility D4, pro rata as between such
     Facilities, and when such Facilities have been prepaid in full, in reducing
     the Repayment Instalments of Facility B1 and, when Facility B1 has been
     prepaid in full, in reducing the Repayment Instalments of Facility B2 and,
     when Facility B2 has been prepaid in full, in reducing the Repayment
     Instalments of Facility B3. Such mandatory prepayments of the Facilities
     shall be applied against the relevant Repayment Instalments in accordance
     with clause 6.2.4 (Effect of cancellation and prepayment on scheduled
     repayments). Any prepayment made in respect of any Acquisition Adjustment
     Proceeds shall be applied in reduction of the Repayment Instalments in
     respect of Facility A, Facility B1, Facility B2 and Facility B3 in
     chronological order (and pro rata as between such Facilities), taking into
     account the provisions of clause 6.1.5 (Repayment of Loans).

8.3.4 Subject to clause 8.3.5, the Borrower may elect that any prepayment of a
     Loan required under clauses 8.1 (Total Loss/Sale) or 8.2 (Disposal
     Proceeds, Insurance Proceeds and Acquisition Proceeds) be applied in
     prepayment of that Loan on the last day of the Interest Period relating to
     that Loan provided that the remaining term of such Interest Period is less
     than three months and that pending prepayment the moneys falling to be
     applied under clause 8.1 (Total Loss/Sale) or 8.2 (Disposal Proceeds,
     Insurance Proceeds and Acquisition Proceeds) shall be deposited in the
     Retention Account. If the Borrower makes that election then a proportion of
     that Loan equal to the amount of the relevant prepayment will be due and
     payable (by way of prepayment) on the last day of its Interest Period.

8.3.5 If the Borrower has made an election under clause 8.3.4 but a Default has
     occurred and is continuing, that election shall no longer apply and a
     proportion of the Loan in respect of which the election was made equal to
     the amount of the relevant prepayment shall be immediately due and payable
     (unless the Agent otherwise agrees in writing).

8.4  RETENTION ACCOUNT AND HOLDING ACCOUNT - MANDATORY PREPAYMENT

8.4.1 The Borrower shall ensure that:

     (a)  Amounts received as prepayments under clauses 8.1 (Total Loss/Sale) or
          8.2 (Disposal Proceeds, Insurance Proceeds and Acquisition Proceeds),
          in respect of which the Borrower has made an election under clause
          8.3.4 (Application of mandatory prepayments) are paid into the
          Retention Account promptly upon receipt by a member of the Group; and

     (b)  Excluded Disposal Proceeds, Excluded Insurance Proceeds and/or
          Excluded Acquisition Proceeds, which are not the proceeds of an
          excluded disposal, excluded claim or excluded Recovery Claim, are paid
          into the Holding Account promptly upon receipt by a member of the
          Group. Pending the giving of any notice or expiry of any specified
          period (as set out in the


                                       62



          relevant definition of Excluded Acquisition Proceeds, Excluded
          Disposal Proceeds or Excluded Insurance Proceeds), relevant proceeds
          in respect of which the Borrower has not complied with clause 8.4.1(a)
          shall be paid into the Holding Account.

8.4.2 The Borrower irrevocably authorises the Agent to apply:

     (a)  amounts credited to the Retention Account; and

     (b)  amounts credited to the Holding Account which are intended to be used
          for a permitted application within a specified period (as set out in
          the relevant definition of Excluded Acquisition Proceeds, Excluded
          Disposal Proceeds or Excluded Insurance Proceeds) but which are not so
          used within the relevant specified period, (or such longer time period
          as the Agent may agree),

     to pay amounts due and payable under clauses 8.1 (Total Loss/Sale), 8.2
     (Disposal Proceeds, Insurance Proceeds and Acquisition Proceeds) and 8.3
     (Application of mandatory prepayments) and otherwise under the Finance
     Documents. The Borrower further irrevocably authorises the Agent to so
     apply amounts credited to the Holding Account whether or not the relevant
     specified period has elapsed if a Default has occurred and is continuing.
     The Borrower also irrevocably authorises the Agent to transfer any amounts
     credited to the Holding Account referred to in this clause 8.4.2 to the
     Retention Account pending payment of amounts due and payable under the
     Finance Documents (but if all such amounts have been paid any such amounts
     remaining credited to the Retention Account may (unless a Default has
     occurred) be transferred back to the Holding Account).

8.4.3 The Security Agent or Agent with which the Retention Account, the Working
     Capital Account and/or the Holding Account is held acknowledges and agrees
     that (i) interest shall accrue at normal commercial rates on amounts
     credited to those accounts and that the account holder shall be entitled to
     receive such interest (which shall be paid in accordance with the mandate
     relating to such account) unless a Default is continuing and (ii) each such
     account is subject to the Transaction Security. None of the Finance Parties
     shall have any responsibility to any member of the Group for any loss
     occasioned as a consequence of the application of the amounts credited to
     those accounts prior to the last day of any deposit period, where such
     application is permitted by the terms of the Finance Documents.

8.5  EXCLUDED PROCEEDS

     Where Excluded Acquisition Proceeds, Excluded Disposal Proceeds and
     Excluded Insurance Proceeds include amounts which are intended to be used
     for a permitted application within a specified period (as set out in the
     relevant definition of Excluded Acquisition Proceeds, Excluded Disposal
     Proceeds or Excluded Insurance Proceeds), the Borrower shall ensure that
     those amounts are used for that purpose and shall promptly deliver a
     certificate to the Agent at the time of such application and at the end of
     such period confirming the amount (if any) which has been so applied within
     the requisite time periods provided for in the relevant definition.

9    RESTRICTIONS

9.1  NOTICES OF CANCELLATION OR PREPAYMENT

     Any notice of cancellation or prepayment given by any Party under clause 7
     (Illegality, Voluntary Prepayment and Cancellation) or clause 8 (Mandatory
     Prepayment) shall be irrevocable and, unless a contrary indication appears
     in this Agreement, shall specify the date or dates upon which the relevant
     cancellation or prepayment is to be made and the amount of that
     cancellation or prepayment.

9.2  INTEREST AND OTHER AMOUNTS

     Any prepayment under this Agreement shall be made together with accrued
     interest on the amount prepaid and, subject to any Break Costs, without
     premium or penalty.

9.3  NO REBORROWING OF FACILITIES

     The Borrower may not re-borrow any part of a Facility which is prepaid.


                                       63



9.4  PREPAYMENT IN ACCORDANCE WITH AGREEMENT

     The Borrower shall not repay or prepay all or any part of the Loans or
     cancel all or any part of the Commitments except at the times and in the
     manner expressly provided for in this Agreement.

9.5  NO REINSTATEMENT OF COMMITMENTS

     No amount of the Total Commitments cancelled under this Agreement may be
     subsequently reinstated.

9.6  AGENT'S RECEIPT OF NOTICES

     If the Agent receives a notice under clause 7 (Illegality, Voluntary
     Prepayment and Cancellation) or clause 8 (Mandatory Prepayment) it shall
     promptly forward a copy of that notice to either the Borrower or the
     affected Lender(s), as appropriate.

9.7  NOTICE OF PREPAYMENT TO LENDERS

     The Agent shall notify the Lenders as soon as possible of any proposed
     prepayment of any Loan under clause 7.3 (Voluntary prepayment of Loans),
     8.1 (Total Loss/Sale) or 8.2 (Disposal Proceeds, Insurance Proceeds and
     Acquisition Proceeds).


                                       64



                         SECTION 5: COSTS OF UTILISATION

10   INTEREST

10.1 CALCULATION OF INTEREST

     Subject to clause 10.2 (Alternative calculation of interest), the rate of
     interest on each Loan for each Interest Period is the percentage rate per
     annum which is the aggregate of the applicable:

10.1.1 Margin;

10.1.2 LIBOR; and

10.1.3 Mandatory Cost, if any.

10.2 ALTERNATIVE CALCULATION OF INTEREST

     Should all the Lenders agree to an interest period in excess of 12 months
     pursuant to clause 11.1.4 (Selection of Interest Periods and Terms), the
     rate of interest on the relevant Loan for such Interest Period shall be the
     percentage rate per annum which is the aggregate of the applicable:

10.2.1 Margin; and

10.2.2 the rate notified by the Agent to the Borrower as the appropriate cost of
     funds agreed by all the Lenders and the Agent.

10.3 PAYMENT OF INTEREST

     The Borrower shall pay accrued interest on each Loan on the last day of
     each Interest Period (and, if an Interest Period is longer than six months,
     on the dates falling at six monthly intervals after the first day of such
     Interest Period).

10.4 DEFAULT INTEREST

10.4.1 If the Borrower fails to pay any amount payable by it under a Finance
     Document on its due date, interest shall accrue on the overdue amount from
     the due date up to the date of actual payment (both before and after
     judgment) at a rate which, subject to clause 10.4.3, is two per cent.
     higher than the rate which would have been payable if the overdue amount
     had, during the period of non-payment, constituted a Loan in the currency
     of the overdue amount for successive Interest Periods, each of a duration
     selected by the Agent (acting reasonably). Any interest accruing under this
     clause 10.4 shall be immediately payable by the Borrower on demand by the
     Agent.

10.4.2 For the avoidance of doubt, any overdue amount which is not a Loan shall
     accrue interest as if such amount was a Loan for successive Interest
     Periods, each of a duration selected by the Agent (acting reasonably) at
     the rate equal to two per cent. plus the applicable Margin.

10.4.3 If any overdue amount consists of all or part of a Loan which became due
     on a day which was not the last day of an Interest Period relating to that
     Loan:

     (a)  the first Interest Period for that overdue amount shall have a
          duration equal to the unexpired portion of the current Interest Period
          relating to that Loan; and

     (b)  the rate of interest applying to the overdue amount during that first
          Interest Period shall be two per cent. higher than the rate which
          would have applied if the overdue amount had not become due.

10.4.4 Default interest (if unpaid) arising on an overdue amount will be
     compounded with the overdue amount at the end of each Interest Period
     applicable to that overdue amount but will remain immediately due and
     payable.


                                       65



10.5 NOTIFICATION OF RATES OF INTEREST

     The Agent shall promptly notify the Lenders and the Borrower of the
     determination of a rate of interest under this Agreement.

11   INTEREST PERIODS

11.1 SELECTION OF INTEREST PERIODS AND TERMS

11.1.1 The Borrower may select an Interest Period for a Loan in the Utilisation
     Request for that Loan or (if the Loan has already been borrowed) in a
     Selection Notice.

11.1.2 Each Selection Notice for a Loan is irrevocable and must be delivered to
     the Agent by the Borrower not later than the Specified Time.

11.1.3 If the Borrower fails to deliver a Selection Notice to the Agent in
     accordance with clause 11.1.2, the relevant Interest Period will, subject
     to clause 11.2 (Changes to Interest Periods), be one month.

11.1.4 Subject to this clause 11, the Borrower may select an Interest Period of
     one, three, six or twelve months or any other period agreed between the
     Borrower and the Agent (acting on the instructions of the Lenders).

11.1.5 An Interest Period for a Loan shall not extend beyond the last Repayment
     Date applicable to its Facility.

11.1.6 Each Interest Period for a Loan shall start on the Utilisation Date of
     that Loan or (if already made) on the last day of its preceding Interest
     Period.

11.1.7 Prior to the earlier of 30 June 2006 and the Syndication Date, Interest
     Periods shall be one month or such other period as the Agent and the
     Borrower may agree and any Interest Period which would otherwise end during
     the calendar month preceding or extend beyond the Syndication Date shall
     end on the Syndication Date.

11.1.8 On or at any time after the making of a declaration under clause 24.29
     (Acceleration), notwithstanding the previous provisions in this clause 11,
     the Agent shall be entitled, to the exclusion of the Borrower, to select
     the duration of Interest Periods.

11.1.9 It is hereby acknowledged that the Existing HSH Debt (which shall be
     refinanced by Facility A Loan and Facility B Loans) is sub-divided into
     "Facility A", "Facility B1", "Facility B2" and "Facility B3" and that such
     facilities correspond to Facility A, Facility B1, Facility B2 and Facility
     B3, respectively, of this Agreement. At the request of the Borrower, the
     Parties have agreed that the interest periods and interest rates applicable
     on the date of the first Utilisation Date to the Facilities (as defined in
     the Existing Facilities Agreement) of the Existing HSH Debt shall apply to
     their "corresponding" Facility A Loan and Facility B Loans (as the case may
     be) as from the first Utilisation Date, and the Interest Periods in respect
     of each such Loan shall be determined accordingly. At the end of such
     Interest Periods, the normal interest rate fixing provisions of this
     Agreement shall apply to such Loans.

11.2 CHANGES TO INTEREST PERIODS

11.2.1 Prior to determining the interest rate for a Loan, the Agent may shorten
     an Interest Period for any Loan to ensure there are sufficient Loans (with
     an aggregate amount equal to or greater than the relevant Repayment
     Instalment) which have an Interest Period ending on a relevant Repayment
     Date for the Borrower to make the Repayment Instalment due on that date.

11.2.2 If the Agent makes any of the changes to an Interest Period referred to
     in this clause 11.2, it shall promptly notify the Borrower and the Lenders.


                                       66



11.3 NON-BUSINESS DAYS

     If an Interest Period would otherwise end on a day which is not a Business
     Day, that Interest Period will instead end on the next Business Day in that
     calendar month (if there is one) or the preceding Business Day (if there is
     not).

12   CHANGES TO THE CALCULATION OF INTEREST

12.1 ABSENCE OF QUOTATIONS

     Subject to clause 12.2 (Market disruption), if LIBOR is to be determined by
     reference to the Reference Banks but a Reference Bank does not supply a
     quotation by the Specified Time on the Quotation Day, the applicable LIBOR
     shall be determined on the basis of the quotations of the remaining
     Reference Banks.

12.2 MARKET DISRUPTION

12.2.1 If a Market Disruption Event occurs in relation to a Loan for any
     Interest Period, then the rate of interest on each Lender's share of that
     Loan for the Interest Period shall be the rate per annum which is the sum
     of:

     (a)  the Margin;

     (b)  the rate notified to the Agent by that Lender as soon as practicable
          and in any event before interest is due to be paid in respect of that
          Interest Period, to be that which expresses as a percentage rate per
          annum the cost to that Lender of funding its participation in that
          Loan from whatever source it may reasonably select; and

     (c)  the Mandatory Cost, if any, applicable to that Lender's participation
          in the Loan.

12.2.2 In this Agreement "MARKET DISRUPTION EVENT" means:

     (a)  at or about noon on the Quotation Day for the relevant Interest Period
          LIBOR is not available and none or only one of the Reference Banks
          supplies a rate to the Agent to determine LIBOR for the relevant
          currency and Interest Period; or

     (b)  before close of business in London on the Quotation Day for the
          relevant Interest Period, the Agent receives notifications from a
          Lender or Lenders (whose participations in a Loan exceed 33(1)/3 per
          cent. of that Loan) that the cost to it of obtaining matching deposits
          in the Relevant Interbank Market would be in excess of LIBOR.

12.3 ALTERNATIVE BASIS OF INTEREST OR FUNDING

12.3.1 If a Market Disruption Event occurs and the Agent or the Borrower so
     requires, the Agent and the Borrower shall enter into negotiations (for a
     period of not more than 15 days) with a view to agreeing a substitute basis
     for determining the rate of interest.

12.3.2 Any alternative basis agreed pursuant to clause 12.3.1 shall, with the
     prior consent of all the Lenders and the Borrower, be binding on all
     Parties.

12.4 BREAK COSTS

12.4.1 The Borrower shall, within three Business Days of demand by a Finance
     Party, pay to that Finance Party its Break Costs attributable to all or any
     part of a Loan or Unpaid Sum being paid by the Borrower on a day other than
     the last day of an Interest Period for that Loan or Unpaid Sum.

12.4.2 Each Lender shall, as soon as reasonably practicable after a demand by
     the Agent, provide a certificate confirming the amount of its Break Costs
     for any Interest Period in which they accrue.


                                       67



13   FEES

13.1 COMMITMENT FEE

13.1.1 The Borrower shall pay to the Agent (for the account of each Lender) a
     commitment fee in dollars computed at the rate of:

     (a)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility C1 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility C1 and (ii) the end of the
          Availability Period applicable to Facility C1;

     (b)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility C2 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility C2 and (ii) the end of the
          Availability Period applicable to Facility C2;

     (c)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility C3 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility C3 and (ii) the end of the
          Availability Period applicable to Facility C3;

     (d)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility C4 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility C4 and (ii) the end of the
          Availability Period applicable to Facility C4;

     (e)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility C5 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility C5 and (ii) the end of the
          Availability Period applicable to Facility C5;

     (f)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility C6 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility C6 and (ii) the end of the
          Availability Period applicable to Facility C6;

     (g)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility D1 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility D1 and (ii) the end of the
          Availability Period applicable to Facility D1;

     (h)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility D2 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility D2 and (ii) the end of the
          Availability Period applicable to Facility D2;

     (i)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility D3 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility D3 and (ii) the end of the
          Availability Period applicable to Facility D3; and

     (j)  0.45 per cent. per annum on that Lender's Available Commitment under
          Facility D4 for the period from 19 December 2005 to the earlier of (i)
          the Utilisation Date relating to Facility D4 and (ii) the end of the
          Availability Period applicable to Facility D4.

13.1.2 The accrued commitment fee referred to in clause 13.1.1 shall be payable
     in respect of each Facility (a) on the earlier of (i) the Utilisation Date
     for the relevant Facility and (ii) 31 March 2006, and (b) on the last day
     of the Availability Period for the relevant Facility and on the cancelled
     amount of the relevant Lender's Commitment at the time the cancellation is
     effective.

13.2 ARRANGEMENT AND RESTRUCTURING FEE

     The Borrower shall pay to the Arranger (for its own account) an arrangement
     and restructuring fee in the amount and at the times agreed in the Fee
     Letter.

13.3 UNDERWRITING FEE

     The Borrower shall pay the Arranger (for its own account) an underwriting
     fee in an amount and at the times agreed in the Fee Letter.


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                    SECTION 6: ADDITIONAL PAYMENT OBLIGATIONS

14   TAX GROSS UP AND INDEMNITIES

14.1 DEFINITIONS

14.1.1 In this Agreement:

     "PROTECTED PARTY" means a Finance Party which is or will be subject to any
     liability or required to make any payment for or on account of Tax in
     relation to a sum received or receivable (or any sum deemed for the
     purposes of Tax to be received or receivable) under a Finance Document.

     "TAX CREDIT" means a credit against, relief or remission for, or repayment
     of, any Tax.

     "TAX DEDUCTION" means a deduction or withholding for or on account of Tax
     from a payment under a Finance Document.

     "TAX PAYMENT" means either the increase in a payment made by an Obligor to
     a Finance Party under clause 14.2 (Tax gross-up) or a payment under clause
     14.3 (Tax indemnity).

     Unless a contrary indication appears, in this clause 14 a reference to
     "DETERMINES" or "DETERMINED" means a determination made in the absolute
     discretion of the person making the determination.

14.2 TAX GROSS-UP

14.2.1 The Borrower shall procure that each Obligor shall make all payments to
     be made by it without any Tax Deduction, unless a Tax Deduction is required
     by law.

14.2.2 The Borrower shall promptly upon becoming aware that an Obligor must make
     a Tax Deduction (or that there is any change in the rate or the basis of a
     Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall
     notify the Agent on becoming so aware in respect of a payment payable to
     that Lender. If the Agent receives such notification from a Lender it shall
     notify the Borrower and that Obligor.

14.2.3 If a Tax Deduction is required by law to be made by an Obligor, the
     Borrower shall procure that the amount of the payment due from that Obligor
     shall be increased to an amount which (after making any Tax Deduction)
     leaves an amount equal to the payment which would have been due if no Tax
     Deduction had been required.

14.2.4 The Borrower shall procure that if an Obligor is required to make a Tax
     Deduction, that Obligor shall make that Tax Deduction and any payment
     required in connection with that Tax Deduction within the time allowed and
     in the minimum amount required by law.

14.2.5 Within thirty days of making either a Tax Deduction or any payment
     required in connection with that Tax Deduction, the Borrower shall procure
     that the Obligor making that Tax Deduction shall deliver to the Agent for
     the Finance Party entitled to the payment evidence reasonably satisfactory
     to that Finance Party that the Tax Deduction has been made or (as
     applicable) any appropriate payment paid to the relevant taxing authority.

14.3 TAX INDEMNITY

14.3.1 The Borrower shall (within three Business Days of demand by the Agent)
     pay to a Protected Party an amount equal to the loss, liability or cost
     which that Protected Party determines will be or has been (directly or
     indirectly) suffered for or on account of Tax by that Protected Party in
     respect of a Finance Document.


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14.3.2 clause 14.3.1 shall not apply:

     (a)  with respect to any Tax assessed on a Finance Party:

          (i)  under the law of the jurisdiction in which that Finance Party is
               incorporated or, if different, the jurisdiction (or
               jurisdictions) in which that Finance Party is treated as resident
               for tax purposes; or

          (ii) under the law of the jurisdiction in which that Finance Party's
               Facility Office is located in respect of amounts received or
               receivable in that jurisdiction,

          if that Tax is imposed on or calculated by reference to the net income
          received or receivable (but not any sum deemed to be received or
          receivable) by that Finance Party; or

     (b)  to the extent a loss, liability or cost is compensated for by an
          increased payment under clause 14.2 (Tax gross-up).

14.3.3 A Protected Party making, or intending to make a claim under clause
     14.3.1 shall promptly notify the Agent of the event which will give, or has
     given, rise to the claim, following which the Agent shall notify the
     Borrower.

14.3.4 A Protected Party shall, on receiving a payment from an Obligor under
     this clause 14.3, notify the Agent.

14.4 TAX CREDIT

     If an Obligor makes a Tax Payment and the relevant Finance Party determines
     that:

14.4.1 a Tax Credit is attributable either to an increased payment of which that
     Tax Payment forms part or to that Tax Payment; and

14.4.2 that Finance Party has obtained, utilised and retained that Tax Credit,

     the Finance Party shall pay an amount to the Obligor which that Finance
     Party determines will leave it (after that payment) in the same after-Tax
     position as it would have been in had the Tax Payment not been required to
     be made by the Obligor.

14.5 STAMP TAXES

     The Borrower shall pay and, within three Business Days of demand, indemnify
     each Secured Party against any cost, loss or liability that Secured Party
     incurs in relation to all stamp duty, stamp duty land tax, registration and
     other similar Taxes payable in respect of any Finance Document.

14.6 VALUE ADDED TAX

14.6.1 All amounts set out, or expressed to be payable under a Finance Document
     by any party to a Finance Party which (in whole or in part) constitute the
     consideration for VAT purposes shall be deemed to be exclusive of any VAT
     which is chargeable on such supply, and accordingly, subject to clause
     14.6.3, if VAT is chargeable on any supply made by any Finance Party to any
     party under a Finance Document, the Borrower shall procure that that party
     shall pay to the Finance Party (in addition to and at the same time as
     paying the consideration) an amount equal to the amount of the VAT (and
     such Finance Party shall promptly provide an appropriate VAT invoice to
     such party).

14.6.2 If VAT is chargeable on any supply made by any Finance Party (the
     "SUPPLIER") to any other Finance Party (the "RECIPIENT") under a Finance
     Document, and any party (the "RELEVANT PARTY") is required by the terms of
     any Finance Document to pay an amount equal to the consideration for such
     supply to the Supplier (rather than being required to reimburse the
     Recipient in respect of that consideration), the Borrower shall procure
     that such party shall also pay to the Supplier (in addition to and at the
     same time as paying such amount) an amount equal to the amount of such VAT.
     The Recipient will promptly pay to the Relevant Party an amount equal to
     any credit or repayment from the relevant tax authority which it reasonably
     determines relates to the VAT chargeable on that supply.


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14.6.3 Where a Finance Document requires any party to reimburse a Finance Party
     for any costs or expenses, the Borrower shall procure that that party shall
     also at the same time pay and indemnify the relevant Finance Party against
     all VAT incurred by such Finance Party in respect of the costs or expenses
     to the extent that the relevant Finance Party reasonably determines that
     neither it nor any other member of any group of which it is a member for
     VAT purposes is entitled to credit or repayment from the relevant tax
     authority in respect of the VAT.

15   INCREASED COSTS

15.1 INCREASED COSTS

15.1.1 Subject to clause 15.3 (Exceptions) the Borrower shall, within three
     Business Days of a demand by the Agent, pay for the account of a Finance
     Party the amount of any Increased Costs incurred by that Finance Party or
     any of its Affiliates as a result of (i) the introduction of or any change
     in (or in the interpretation, administration or application of) any law or
     regulation or (ii) compliance with any law or regulation made after the
     date of this Agreement.

15.1.2 In this Agreement "INCREASED COSTS" means:

     (a)  a reduction in the rate of return from a Facility or on a Finance
          Party's (or its Affiliate's) overall capital;

     (b)  an additional or increased cost; or

     (c)  a reduction of any amount due and payable under any Finance Document,

     which is incurred or suffered by a Finance Party or any of its Affiliates
     to the extent that it is attributable to that Finance Party having entered
     into its Commitment or funding or performing its obligations under any
     Finance Document.

15.2 INCREASED COST CLAIMS

15.2.1 A Finance Party intending to make a claim pursuant to clause 15.1
     (Increased costs) shall notify the Agent of the event giving rise to the
     claim, following which the Agent shall promptly notify the Borrower.

15.2.2 Each Finance Party shall, as soon as practicable after a demand by the
     Agent, provide a certificate confirming the amount of its Increased Costs.

15.3 EXCEPTIONS

15.3.1 Clause 15.1 (Increased costs) does not apply to the extent any Increased
     Cost is:

     (a)  attributable to a Tax Deduction required by law to be made by an
          Obligor;

     (b)  compensated for by clause 14.3 (Tax indemnity) (or would have been
          compensated for under clause 14.3 (Tax indemnity) but was not so
          compensated solely because any of the exclusions in clause 14.3.2 (Tax
          indemnity) applied);

     (c)  compensated for by the payment of the Mandatory Cost; or

     (d)  attributable to the wilful breach by the relevant Finance Party or its
          Affiliates of any law or regulation.

15.3.2 In this clause 15.3 reference to a "TAX DEDUCTION" has the same meaning
     given to the term in clause 14.1 (Definitions).


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16   OTHER INDEMNITIES

16.1 CURRENCY INDEMNITY

16.1.1 If any sum due from an Obligor under the Finance Documents (a "SUM"), or
     any order, judgment or award given or made in relation to a Sum, has to be
     converted from the currency (the "FIRST CURRENCY") in which that Sum is
     payable into another currency (the "SECOND CURRENCY") for the purpose of:

     (a)  making or filing a claim or proof against that Obligor; or

     (b)  obtaining or enforcing an order, judgment or award in relation to any
          litigation or arbitration proceedings,

     the Borrower shall (and shall procure that the relevant Obligor shall) as
     an independent obligation, within three Business Days of demand, indemnify
     the Security Agent and each other Secured Party to whom that Sum is due
     against any cost, loss or liability arising out of or as a result of the
     conversion including any discrepancy between (A) the rate of exchange used
     to convert that Sum from the First Currency into the Second Currency and
     (B) the rate or rates of exchange available to that person at the time of
     its receipt of that Sum.

16.1.2 The Borrower waives (and shall procure that any relevant Obligor waives)
     any right it may have in any jurisdiction to pay any amount under the
     Finance Documents in a currency or currency unit other than that in which
     it is expressed to be payable.

16.1.3 The Borrower shall indemnify the Agent for any cost or loss suffered by
     the Agent in effecting the conversion into the Denominated Currency in
     accordance with clause 19.1.4 (Accounts).

16.2 OTHER INDEMNITIES

16.2.1 The Borrower shall (or shall procure that an Obligor shall), within three
     Business Days of demand, indemnify the Arranger and each other Secured
     Party against any cost, loss or liability incurred by it as a result of:

     (a)  the occurrence of any Event of Default;

     (b)  a failure by an Obligor to pay any amount due under a Finance Document
          on its due date, including any cost, loss or liability arising as a
          result of clause 29 (Sharing Among the Finance Parties);

     (c)  funding, or making arrangements to fund, its participation in a Loan
          requested by the Borrower in a Utilisation Request but not made by
          reason of the operation of any one or more of the provisions of this
          Agreement (other than by reason of default or negligence by that
          Finance Party alone);

     (d)  a Loan (or part of a Loan) not being prepaid in accordance with a
          notice of prepayment given by the Borrower;

     (e)  any provision of any Finance Document for any reason being ineffective
          to impose on any Obligor the obligations contemplated by such
          provision to be imposed on that Obligor; or

     (f)  any breach of Environmental Law or Environmental Claim relating to any
          member of the Group.

16.2.2 The Borrower shall (or shall procure that a relevant Obligor shall)
     promptly indemnify each Finance Party, each Affiliate of a Finance Party
     and each officer or employee of a Finance Party or its Affiliate, against
     any cost, loss or liability incurred by that Finance Party or its Affiliate
     (or officer or employee of that Finance Party or Affiliate) in connection
     with or arising out of the Acquisition or the funding of the Acquisition or
     any other transaction contemplated by this Agreement (including those
     incurred in connection with any litigation, arbitration, alternative
     dispute resolution or administrative proceedings or regulatory enquiry
     concerning the Acquisition or any other transaction contemplated by this
     Agreement), unless such loss or liability is caused by the gross negligence
     or wilful


                                       72



     misconduct of that Finance Party or its Affiliate (or employee or officer
     of that Finance Party or Affiliate). Any Affiliate or any officer or
     employee of a Finance Party or its Affiliate may rely on this clause 16.2
     subject to clause 1.3 (Third party rights) and the provisions of the Third
     Parties Act.

16.3 INDEMNITY TO THE AGENT

     The Borrower shall promptly indemnify the Agent against any cost, loss or
     liability incurred by the Agent (acting reasonably) as a result of:

16.3.1 investigating any event which it reasonably believes is a Default;

16.3.2 entering into or performing any foreign exchange contract for the
     purposes of clause 30.9.2 (Change of currency); or

16.3.3 acting or relying on any notice, request or instruction which it
     reasonably believes to be genuine, correct and appropriately authorised.

16.4 INDEMNITY TO THE SECURITY AGENT

16.4.1 The Borrower shall (and shall procure that each Obligor shall) promptly
     indemnify the Security Agent and every Receiver and Delegate against any
     cost, loss or liability incurred by any of them as a result of:

     (a)  the taking, holding, protection or enforcement of the Transaction
          Security,

     (b)  the exercise of any of the rights, powers, discretions and remedies
          vested in the Security Agent and each Receiver and Delegate by the
          Finance Documents or by law; and

     (c)  any default by any Obligor in the performance of any of the
          obligations expressed to be assumed by it in the Finance Documents.

16.4.2 The Security Agent may, in priority to any payment to the Secured
     Parties, indemnify itself out of the Trust Property in accordance with
     clause 27.27 (Indemnity from Trust Property) in respect of, and pay and
     retain, all sums necessary to give effect to the indemnity in this clause
     16.4 and shall have a lien on the Transaction Security and the proceeds of
     the enforcement of the Transaction Security for all monies payable to it.

16.5 FAX INDEMNITY

     The Borrower shall indemnify each Finance Party against any cost, claim,
     loss, expense (including legal fees) or liability together with any VAT
     thereon which any of the Finance Parties may sustain or incur as a
     consequence of any telefax communication purporting to originate from an
     Obligor to the Agent being made or delivered fraudulently (unless such
     cost, claim, loss, expense or liability is caused by the gross negligence
     or wilful misconduct of such Finance Party). For avoidance of doubt, the
     Borrower shall only be liable under this indemnity in respect of telefax
     communications originating or purportedly originating from it.

17   MITIGATION BY THE FINANCE PARTIES

17.1 MITIGATION

17.1.1 Each Finance Party shall, in consultation with the Borrower, take all
     reasonable steps to mitigate any circumstances which arise and which would
     result in any amount becoming payable under or pursuant to, or cancelled
     pursuant to, any of clause 7.1 (Illegality), clause 14 (Tax Gross Up and
     Indemnities), clause 15 (Increased Costs) or paragraph 3 of Schedule 5
     (Mandatory Cost Formula) including transferring its rights and obligations
     under the Finance Documents to another Affiliate or Facility Office.

17.1.2 Clause 17.1.1 does not in any way limit the obligations of any Obligor
     under the Finance Documents.


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17.2 LIMITATION OF LIABILITY

17.2.1 The Borrower shall indemnify each Finance Party for all costs and
     expenses reasonably incurred by that Finance Party as a result of steps
     taken by it under clause 17.1 (Mitigation).

17.2.2 A Finance Party is not obliged to take any steps under clause 17.1
     (Mitigation) if, in the opinion of that Finance Party (acting reasonably),
     to do so might be prejudicial to it.

18   COSTS AND EXPENSES

18.1 TRANSACTION EXPENSES

     The Borrower shall promptly on demand pay the Agent, the Arranger and the
     Secured Parties the amount of all costs and expenses (including legal fees)
     reasonably incurred by any of them (and, in the case of the Security Agent,
     by any Receiver or Delegate) in connection with the negotiation,
     preparation, printing, execution, syndication and perfection of:

18.1.1 this Agreement and any other documents referred to in this Agreement and
     the Transaction Security; and

18.1.2 any other Finance Documents executed after the date of this Agreement.

18.2 AMENDMENT COSTS

     If (a) the Borrower requests an amendment, waiver or consent or (b) an
     amendment is required pursuant to clause 30.9 (Change of currency), the
     Borrower shall, within three Business Days of demand, reimburse each of the
     Agent and the Secured Parties for the amount of all costs and expenses
     (including legal fees) reasonably incurred by the Agent and the Secured
     Parties (and, in the case of the Security Agent, by any Receiver or
     Delegate) in responding to, evaluating, negotiating or complying with that
     request or requirement.

18.3 SECURITY AGENT'S ONGOING COSTS

18.3.1 In the event of (i) a Default or (ii) the Security Agent considering it
     necessary or expedient or (iii) the Security Agent being requested by an
     Obligor or the Majority Lenders to undertake duties which the Security
     Agent and the Borrower agree to be of an exceptional nature and/or outside
     the scope of the normal duties of the Security Agent under the Finance
     Documents, the Borrower shall pay to the Security Agent any additional
     remuneration that may be agreed between them.

18.3.2 If the Security Agent and the Borrower fail to agree upon the nature of
     the duties or upon any additional remuneration, that dispute shall be
     determined by an investment bank (acting as an expert and not as an
     arbitrator) selected by the Security Agent and approved by the Borrower or,
     failing approval, nominated (on the application of the Security Agent) by
     the President for the time being of the Law Society of England and Wales
     (the costs of the nomination and of the investment bank being payable by
     the Borrower) and the determination of any investment bank shall be final
     and binding upon the parties to this Agreement.

18.4 ENFORCEMENT AND PRESERVATION COSTS

     The Borrower shall, within three Business Days of demand, pay to the
     Arranger and each other Secured Party the amount of all costs and expenses
     (including legal fees) incurred by it in connection with the enforcement of
     or the preservation of any rights under any Finance Document and the
     Transaction Security and any proceedings instituted by or against the
     Security Agent or any other Finance Party as a consequence of taking or
     holding the Transaction Security or enforcing these rights.


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                               SECTION 7: ACCOUNTS

19   ACCOUNTS

19.1 GENERAL

19.1.1 The Borrower undertakes with the Finance Parties that it shall procure
     that:

     (a)  on or prior to the date of this Agreement the relevant HSH Accounts
          are all opened by the relevant Obligors;

     (b)  all moneys payable to a Collateral Owner in respect of the Earnings of
          such Collateral Owner's Ship (other than a Purchase Option Ship)
          shall, unless and until the Agent directs to the contrary, be paid to
          the Navios ShipManagement Operating Account and/or the DnB Operating
          Accounts and/or any other Operating Account, as designated by the
          Borrower;

     (c)  subject to clause 19.1.3, all moneys payable to each Charter Company
          in respect of the Charter Earnings of each Charter Company or
          otherwise (including, for the avoidance of doubt, in respect of FFAs)
          shall, unless and until the Agent directs to the contrary, be paid to
          such Charter Company's Operating Account;

     (d)  all moneys payable to CNSA in respect of the Terminal Earnings shall,
          unless and until the Agent directs to the contrary, be paid to the
          CNSA Account held with the Agent in London; and

     (e)  all moneys payable to the Borrower for whatever reason (which, for the
          avoidance of doubt, includes dividends paid to the Borrower by its
          Subsidiaries) shall, unless and until the Agent directs to the
          contrary, be paid to the Working Capital Account.

19.1.2 Subject to clause 19.1.3, the Borrower undertakes with the Finance
     Parties that it shall (and shall procure that each relevant member of the
     Group shall):

     (a)  close all bank accounts other than the Accounts within one month of
          the date of this Agreement, unless the Agent otherwise agrees; and

     (b)  transfer immediately prior to the closing of all accounts required to
          be closed pursuant to clause 19.1.2(a), all credit balances of such
          accounts to the Working Capital Account.

19.1.3 The Borrower undertakes with the Finance Parties that, notwithstanding
     clauses 19.1.1 and 19.1.2, it shall procure that:

     (a)  for the period of a maximum of one month beginning from the first
          Utilisation Date until each Charter Company closes its DnB Operating
          Account in accordance with clause 19.1.3(b), all moneys payable to
          each Charter Company in respect of the Charter Earnings of each
          Charter Company or otherwise (including, for the avoidance of doubt,
          in respect of FFAs) shall, unless the Agent directs to the contrary,
          be paid to such Charter Company's DnB Operating Account;

     (b)  each Charter Company shall close and transfer all credit balances on
          its DnB Operating Account to its Operating Account within one month of
          the first Utilisation Date; and

     (c)  from the earlier of the date falling one month after the first
          Utilisation Date and the date on which each Charter Company closes its
          DnB Operating Account in accordance with clause 19.1.3(b) above, each
          Charter Company will manage all expenditure and financial transactions
          relating to its operations through such Charter Company's Operating
          Account and clause 19.1.1(c) shall apply.

19.1.4 If any of the moneys paid into any of the HSH Accounts pursuant to
     clauses 19.1.1(b) to (e) (inclusive), 19.1.2(b) and 19.1.3(b) (inclusive),
     is in a currency other than the currency in which such account is
     denominated (the "DENOMINATED CURRENCY"), the Agent shall convert such
     moneys into the Denominated Currency at the Agent's spot rate of exchange
     at the relevant time for the purchase of Denominated Currency with such
     currency.


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19.2 OPERATING ACCOUNTS: WITHDRAWALS

     Unless the Agent otherwise agrees in writing, the Borrower shall procure
     that no moneys are withdrawn from the Operating Accounts or the DnB
     Operating Accounts at any time from the date of this Agreement save that,
     unless and until a Default shall occur and be continuing, withdrawals may
     be made from the Operating Accounts and the DnB Operating Accounts for the
     following purposes:

19.2.1 to transfer to the Retention Account on each Retention Date all or part
     of the Retention Amount for such Retention Date;

19.2.2 to pay any amount to the Agent in or towards payments of any instalments
     of interest or principal or any other amounts then payable pursuant to the
     Transaction Security Documents;

19.2.3 to pay the day-to-day operating expenses and other costs of administering
     the affairs of the relevant members of the Group in the ordinary course of
     trade provided such expenses and costs relate to Core Activities; and

19.2.4 to pay a Permitted Distribution under paragraph (a) of such definition.

19.3 RETENTION ACCOUNT AND HOLDING ACCOUNT: CREDITS AND WITHDRAWALS

19.3.1 The Borrower hereby undertakes with the Finance Parties that it shall,
     from the date of this Agreement, on each Retention Date pay to the Security
     Agent for credit to the Retention Account, the Retention Amount for such
     Retention Date provided however that, to the extent that there are moneys
     standing to the credit of the Operating Accounts and/or the DnB Operating
     Accounts (or any of them) as at the relevant Retention Date, such moneys
     shall, up to an amount equal to the Retention Amount, be transferred
     between the Operating Accounts and/or the DnB Operating Accounts (or any of
     them) to the Retention Account on that Retention Date (and in respect of
     the Operating Accounts (other than the CNSA Account held with the Agent in
     London) the Borrower hereby irrevocably authorises the Security Agent to
     effect each such transfer) and to that extent the Borrower's obligations to
     make the payments referred to in this clause 19.3.1 shall have been
     fulfilled upon such transfer being effected.

19.3.2 Unless and until there shall occur an Event of Default (whereupon the
     provisions of clause 19.5 (Application of Accounts) shall apply), all
     Retention Amounts credited to the Retention Account together with interest
     from time to time accruing or at any time accrued thereon shall be applied
     as directed by the Agent (and the Borrower hereby irrevocably authorises
     the Security Agent so to apply the same) in the following manner:

     (a)  upon each Repayment Date, and on each day that interest is payable
          pursuant to clause 10.3 (Payment of interest), in or towards payment
          to the Lenders of the instalments then falling due for repayment or
          (as the case may be) the amount of interest then due. Each such
          application by the Agent shall constitute a payment in or towards
          satisfaction of the Borrower's corresponding payment obligations under
          this Agreement but shall be strictly without prejudice to the
          obligations of the Borrower to make any such payment to the extent
          that the application by the Security Agent pursuant to this clause
          19.3.2(a) is insufficient to meet the same; and

     (b)  following any application by the Agent pursuant to clause 19.3.2(a),
          in transfer to the Working Capital Account of any moneys standing to
          the credit of the Retention Account to the extent that such moneys do
          not constitute Retention Amounts previously transferred to the
          Retention Account pursuant to clause 19.3.1.

19.3.3 Unless the Lenders otherwise agree in writing and subject to clause
     19.3.2, the Borrower shall not be entitled to withdraw any moneys from the
     Retention Account at any time from the date of this Agreement.

19.3.4 Unless the Lenders otherwise agree in writing, the Borrower shall not be
     entitled to withdraw any moneys from the Holding Account at any time from
     the date of this Agreement other than for the purposes specified in, and in
     compliance with, clause 8.4.


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19.4 WORKING CAPITAL ACCOUNT: WITHDRAWALS

     Unless the Agent otherwise agrees in writing, the Borrower shall not be
     entitled to withdraw any moneys from the Working Capital Account at any
     time from the date of this Agreement save that, unless and until a Default
     shall occur and the Agent shall direct to the contrary, the Borrower may,
     subject to the delivery by the Borrower to the Agent of a Quarterly Budget,
     withdraw moneys from the Working Capital Account for the following
     purposes:

19.4.1 to pay any amount in or towards payment of any instalments of interest or
     principal in respect of the Loans or any other amounts then payable
     pursuant to the Finance Documents;

19.4.2 to make advances by way of Intra-Group Loans;

19.4.3 to finance Core Activities; and

19.4.4 to assist a Purchase Option Subsidiary in financing the purchase of a
     Purchase Option Ship in accordance with clause 23.43.1 (Purchase Option
     Subsidiaries).

19.5 APPLICATION OF ACCOUNTS

     At any time after the occurrence of an Event of Default which is
     continuing, the Agent may, with prior notice to the Borrower, instruct the
     Security Agent or the relevant Finance Party to apply all moneys then
     standing to the credit of the HSH Accounts (together with interest from
     time to time accruing or accrued thereon) in or towards satisfaction of any
     sums due to the Finance Parties under the Finance Documents in the manner
     specified in clause 27.22 (Order of application).

19.6 NEW ACCOUNTS

19.6.1 The Borrower shall procure that no member of the Group (other than a
     Purchase Option Subsidiary or a New Share Issue Subsidiary) shall open any
     new accounts without the prior written consent of the Agent, save for any
     account opened in connection with Permitted Financial Indebtedness and
     provided that the Borrower shall give (or shall procure that the relevant
     member of the Group gives) the Agent notice that it has opened an account
     in connection with Permitted Financial Indebtedness within five Business
     Days of opening such an account.

19.6.2 In the event that a Purchase Option Subsidiary or a New Share Issue
     Subsidiary opens any new account, the Borrower shall, or shall procure that
     such Purchase Option Subsidiary or New Share Issue Subsidiary shall, give
     the Agent notice that it has opened the account within five Business Days
     of opening such an account.

19.7 SECURITY OVER THE ACCOUNTS

19.7.1 The HSH Accounts, the Wachovia Accounts, the CNSA Accounts and the
     Permitted Existing Accounts (other than the Excluded Existing Accounts) and
     all amounts from time to time standing to the credit thereof shall be
     subject to the security constituted and the rights conferred by the Account
     Pledges and any other Transaction Security Document.

19.7.2 The Borrower shall procure that unless otherwise agreed in writing by the
     Agent any new accounts opened in accordance with the terms of clause 19.6.1
     (New accounts) shall be subject to a first priority account pledge in
     favour of the Security Agent or, as the case may be, the Secured Parties
     save (a) (but without prejudice to the provisions of clauses 23.43.3(b)
     (Purchase Option Subsidiaries)) in respect of an account which has been
     pledged, on a first priority basis, to a Third Party Financier and (b) for
     an account of a New Share Issue Subsidiary.


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         SECTION 8: REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

20   REPRESENTATIONS

20.1 GENERAL

20.1.1 The Borrower makes the representations and warranties set out in this
     clause 20 to each Finance Party.

20.1.2 In relation to the representations and warranties made on the date of
     this Agreement and any other date, it is assumed that the Borrower has (and
     had at all relevant times prior to the Closing Date) the knowledge of Key
     Personnel.

20.2 STATUS

20.2.1 It and each of its Subsidiaries is a corporation, duly incorporated,
     validly existing and in good standing under the law of its jurisdiction of
     incorporation.

20.2.2 It and each of its Subsidiaries has the corporate power to own its assets
     and carry on its business as it is being conducted.

20.3 BINDING OBLIGATIONS

     Subject to the Legal Reservations, and in the case of the Transaction
     Security Documents, to the Registration Requirements:

20.3.1 the obligations expressed to be assumed by it and each other Obligor in
     each Transaction Document are legal, valid, binding and enforceable
     obligations in accordance with their terms; and

20.3.2 (without limiting the generality of clause 20.3.1), each Transaction
     Security Document creates the security interests which that Transaction
     Security Document purports to create and those security interests are valid
     and effective.

20.4 NON-CONFLICT WITH OTHER OBLIGATIONS

     The entry into and performance by it and each other Obligor of, and the
     transactions contemplated by, the Transaction Documents and the granting of
     the Transaction Security do not and will not conflict with:

20.4.1 any law or regulation applicable to it or such other Obligors;

20.4.2 the Constitutional Documents of any member of the Group; or

20.4.3 any agreement or instrument binding upon it or any member of the Group or
     any of its or any member of the Group's assets or constitute a default or
     termination event (however described) under any such agreement or
     instrument.

20.5 POWER, AUTHORITY AND PURPOSE

20.5.1 It and each other Obligor has the power to enter into, perform and
     deliver, and has taken all necessary action to authorise its entry into,
     performance and delivery of, the Transaction Documents to which it is or
     will be a party and the transactions contemplated by those Transaction
     Documents.

20.5.2 No limit on its and any other Obligor's powers will be exceeded as a
     result of the borrowing, grant of security or giving of guarantees or
     indemnities contemplated by the Transaction Documents.

20.5.3 Any part of the Existing HSH Debt borrowed by the Borrower for the
     general corporate and working capital purposes of the Group and which has
     already been used by the Borrower and/or the Group (whether by withdrawals
     from the Working Capital Account (as defined in the Existing Loan
     Agreement) or otherwise), has been used for such purpose and in order to
     finance the Core Activities of the Group.


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20.6 VALIDITY AND ADMISSIBILITY IN EVIDENCE

20.6.1 All Authorisations required or desirable:

     (a)  to enable it and each other Obligor lawfully to enter into, exercise
          their respective rights and comply with their respective obligations
          in the Transaction Documents to which it is a party;

     (b)  to make the Transaction Documents admissible in evidence in their
          respective Relevant Jurisdictions; and

     (c)  to enable the Borrower to complete the Acquisition,

     have been obtained or effected and are in full force and effect except any
     Authorisation forming a Registration Requirement, which Authorisations will
     be promptly obtained or effected after the date of this Agreement.

20.6.2 All Authorisations necessary for the conduct of the business, trade and
     ordinary activities of members of the Group have been obtained or effected
     and are in full force and effect.

20.7 GOVERNING LAW AND ENFORCEMENT

20.7.1 The choice of English or, as the case may be, Uruguayan, Marshall
     Islands, Greek, German, Panamanian, New York and Connecticut law as the
     governing law of the Finance Documents (as applicable) will be recognised
     and enforced in its Relevant Jurisdictions.

20.7.2 Subject to any reservations or qualifications contained in any legal
     opinion delivered to the Agent pursuant to clause 4.1 (Initial conditions
     precedent), any judgment obtained in England or, as the case may be,
     Uruguay, the Marshall Islands, the Hellenic Republic, the Federal Republic
     of Germany, the Republic of Panama, New York or Connecticut in relation to
     a Finance Document will be recognised and enforced in its Relevant
     Jurisdictions.

20.8 INSOLVENCY

     No:

20.8.1 corporate action, legal proceeding or other procedure or step described
     in clause 24.7.1 (Insolvency proceedings); or

20.8.2 creditors' process described in clause 24.8 (Creditors' process),

     has been taken or, to the knowledge of the Borrower, threatened in relation
     to a member of the Group; and none of the circumstances described in clause
     24.6 (Insolvency) applies to a member of the Group.

20.9 NO FILING OR STAMP TAXES

     Under the laws of its Relevant Jurisdictions it is not necessary that any
     Finance Document be filed, recorded or enrolled with any court or other
     authority in that jurisdiction or that any stamp, registration, notarial or
     similar Taxes or fees be paid on or in relation to the Finance Documents or
     the transactions contemplated by the Finance Documents except the
     Registration Requirements in relation to any Finance Documents which
     registrations, filings, taxes and fees will be made and paid promptly after
     the date of the relevant Finance Document.

20.10 DEDUCTION OF TAX

     It and each other Obligor is not required to make any deduction for or on
     account of Tax from any payment it may make under any Finance Document.


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20.11 NO DEFAULT

20.11.1 No Event of Default and, on the date of this Agreement and each
     Utilisation Date, no Default is continuing or is reasonably likely to
     result from the making of any Loan or the entry into, the performance of,
     or any transaction contemplated by, any Transaction Document.

20.11.2 No other event or circumstance is outstanding which constitutes (or,
     with the expiry of a grace period, the giving of notice, the making of any
     determination or any combination of any of the foregoing, would constitute)
     a default or termination event (however described) under any other
     agreement or instrument which is binding on it or any of its Subsidiaries
     or to which its (or any of its Subsidiaries') assets are subject which has
     or is reasonably likely to have a Material Adverse Effect.

20.12 NO MISLEADING INFORMATION

20.12.1 Any factual information contained in the Information Memorandum or the
     Information Package was true and accurate in all material respects as at
     the date of the relevant report or document containing the information or
     (as the case may be) as at the date the information is expressed to be
     given.

20.12.2 The Base Case Model has been prepared in accordance with the Accounting
     Principles as applied to the Original Financial Statements, and the
     financial projections contained in the Base Case Model have been prepared
     on the basis of recent historical information, are fair and based on
     reasonable assumptions and have been approved by two members of the board
     of directors of the Borrower.

20.12.3 Any financial projection or forecast contained in the Information
     Memorandum or the Information Package has been prepared on the basis of
     recent historical information and on the basis of reasonable assumptions
     and was fair (as at the date of the relevant report or document containing
     the projection or forecast) and arrived at after careful consideration.

20.12.4 The expressions of opinion or intention provided by or on behalf of an
     Obligor for the purposes of the Information Memorandum or the Information
     Package were made after careful consideration and were fair and based on
     reasonable grounds.

20.12.5 No event or circumstance has occurred or arisen and no information has
     been omitted from the Information Memorandum or the Information Package and
     no information has been given or withheld that results in the information,
     opinions, intentions, forecasts or projections contained in the Information
     Memorandum or the Information Package being untrue or misleading in any
     material respect.

20.12.6 All material information provided to a Finance Party by or on behalf of
     the Borrower in connection with the Acquisition and/or the Target Group on
     or before the date of this Agreement and not superseded before that date
     (whether or not contained in the Information Package) is accurate and not
     misleading in any material respect and all projections provided to any
     Finance Party on or before the date of this Agreement have been prepared in
     good faith on the basis of assumptions which were reasonable at the time at
     which they were prepared and supplied.

20.12.7 All other written information provided by any member of the Group
     (including its advisers) to a Finance Party or the provider of any Report
     was true, complete and accurate in all material respects as at the date it
     was provided and is not misleading in any respect.

20.13 ORIGINAL FINANCIAL STATEMENTS

20.13.1 The Original Financial Statements were prepared in accordance with the
     Accounting Principles consistently applied.

20.13.2 The Original Financial Statements give a true and fair view of the
     Target's consolidated financial condition and results of operations during
     the relevant financial year.

20.13.3 There has been no material adverse change in its assets, business or
     financial condition (or the assets, business or consolidated financial
     condition of the Group, in the case of the Borrower)


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     since the date of the Accountant's Report and the Original Financial
     Statements nor since the Closing Date.

20.13.4 The Original Financial Statements do not consolidate the results, assets
     or liabilities of any person or business which does not form part of the
     Target Group.

20.13.5 Its most recent financial statements delivered pursuant to clause 21.1
     (Financial statements):

     (a)  have been prepared in accordance with the Accounting Principles as
          applied to the Original Financial Statements and the Base Case Model;
          and

     (b)  give a true and fair view of (if audited) or fairly present (if
          unaudited) its consolidated financial condition as at the end of, and
          consolidated results of operations for, the period to which they
          relate.

20.13.6 The budgets and forecasts supplied under this Agreement were arrived at
     after careful consideration and have been prepared in good faith on the
     basis of recent historical information and on the basis of assumptions
     which were reasonable as at the date they were prepared and supplied.

20.13.7 Since the date of the most recent financial statements delivered
     pursuant to clause 21.1 (Financial statements) there has been no material
     adverse change in the business, assets or financial condition of the Group
     taken as a whole.

20.14 NO PROCEEDINGS PENDING OR THREATENED

     Save as disclosed in schedule 3.12 of the Acquisition Agreement no
     litigation, arbitration or administrative proceedings or investigations of,
     or before, any court, arbitral body or Government Entity which, if
     adversely determined, are likely to have a Material Adverse Effect have (to
     the best of its knowledge and belief (having made due and careful enquiry))
     been started or threatened against it or any of its Subsidiaries.

20.15 NO BREACH OF LAWS

20.15.1 It has not (and none of its Subsidiaries has) breached any law or
     regulation which breach has or is likely to have a Material Adverse Effect.

20.15.2 No labour disputes are current or, to the best of its knowledge and
     belief (having made due and careful enquiry), threatened against any member
     of the Group which have or are likely to have a Material Adverse Effect.

20.16 ENVIRONMENTAL LAWS

     Save as expressly disclosed in the Acquisition Agreement:

20.16.1 Each member of the Group is in compliance with clause 23.3
     (Environmental compliance) and no circumstances have occurred which would
     prevent such compliance in a manner or to an extent which has or is likely
     to have a Material Adverse Effect.

20.16.2 No Environmental Claim has been commenced or (to the best of its
     knowledge and belief (having made due and careful enquiry)) is threatened
     against any member of the Group where that claim has or is reasonably
     likely, if determined against that member of the Group, to have a Material
     Adverse Effect.

20.16.3 There has been no Environmental Incident.

20.17 TAXATION

20.17.1 It is not (and none of its Subsidiaries is) materially overdue in the
     filing of any Tax returns and it is not (and none of its Subsidiaries is)
     overdue in the payment of any amount in respect of Tax of US$250,000 (or
     its equivalent in any other currency) or more.


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20.17.2 No material claims or investigations are being, or are reasonably likely
     to be, made or conducted against it (or any of its Subsidiaries) with
     respect to Taxes.

20.17.3 To the best of its knowledge and belief and based on the advice
     contained in the Tax Report, the Borrower is resident for Tax purposes only
     in the jurisdiction of its incorporation.

20.18 SECURITY AND FINANCIAL INDEBTEDNESS

20.18.1 No Security or Quasi-Security exists over all or any of the present or
     future assets of any member of the Group other than as permitted by this
     Agreement.

20.18.2 No member of the Group has any Financial Indebtedness outstanding other
     than as permitted by this Agreement.

20.19 RANKING

20.19.1 The Transaction Security has or will have the ranking in priority which
     it is expressed to have in the Transaction Security Documents and it is not
     subject to any prior ranking or pari passu ranking Security (save in
     respect of any Transaction Security granted by a Purchase Option Subsidiary
     or a New Share Issue Subsidiary, where the Transaction Security will rank
     in accordance with a Third Party Intercreditor Agreement).

20.19.2 It is in compliance with the undertaking in clause 23.13 (Pari passu
     ranking).

20.20 GOOD TITLE TO ASSETS

20.20.1 It and each of its Subsidiaries has a good, valid and marketable title
     to, or valid leases or licences of, and all appropriate Authorisations to
     use, the assets necessary to carry on its business as presently conducted.

20.20.2 Each Owned Ship is:

     (a)  in the absolute ownership of the relevant member of the Group who is
          the sole, legal and beneficial owner of such Owned Ship;

     (b)  permanently registered through the offices of the relevant Registry as
          a Ship under the laws and flag of the relevant Flag State;

     (c)  operationally seaworthy and in every way fit for service; and

     (d)  classed with the relevant Classification free of all requirements and
          recommendations of the relevant Classification Society.

20.20.3 Save for any Charters or Contracts of Affreightment disclosed in writing
     by the Borrower to the Agent, and acknowledged in writing by the Agent,
     prior to the date of this Agreement, no Ship is subject to any charter or
     contract or to any agreement to enter into any charter or contract which,
     if entered into after the date of this Agreement, would have required the
     consent of the Agent under clause 23.36.1 (Future Charters and Contracts of
     Affreightment) and there will not be any agreement or arrangement whereby
     the Earnings of such Owned Ship or, as the case may be, the Charter
     Earnings of such Chartered Ship may be shared with any other person.

20.20.4 Each Charter Company has established appropriate quality and risk
     management procedures along with a systematic ship vetting system for use,
     in each case, when fixing any Chartered Ship under any employment
     arrangement to ensure that such Charter Company effectively manages its
     liability risk exposure in connection with the chartering, operating and
     employment of any Chartered Ship.

20.20.5 CNSA has the benefit of such unconditional rights of access and egress
     as are required for the maintenance, promotion and operation and
     development of the Terminal and there are vested in CNSA (under the Lease
     or otherwise) all leasehold rights, licences, easements and other rights
     necessary for the maintenance, promotion and operation and development of
     the Terminal.


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20.20.6 The construction of the Silo has been completed.

20.21 LEGAL AND BENEFICIAL OWNERSHIP

20.21.1 It and each of its Subsidiaries is the sole legal and beneficial owner
     of the respective assets over which it purports to grant Security.

20.21.2 All the Target Shares were, once Completion occurred, legally and
     beneficially owned by ISE free from any claims, third party rights or
     competing interests other than, in the case of Target Shares only,
     Permitted Security permitted under clause 23.15 (Negative Pledge).

20.22 SHARES

20.22.1 Prior to submission of a Utilisation Request the shares of any member of
     the Group which are subject to the Transaction Security are fully paid,
     non-assessable and not subject to any option to purchase or similar rights.

20.22.2 The Constitutional Documents of companies whose shares are subject to
     the Transaction Security do not and could not restrict or inhibit any
     transfer of those shares on creation or enforcement of the Transaction
     Security.

20.22.3 Save in respect of the Borrower (as disclosed by the Borrower under the
     heading "Description of Securities" in the Form S-4), there are no
     agreements in force which provide for the issue or allotment of, or grant
     any person the right to call for the issue or allotment of, any share or
     loan capital of any member of the Group or member of the Target Group
     (including any option or right of pre-emption or conversion).

20.23 INTELLECTUAL PROPERTY

     It and each of its Subsidiaries:

20.23.1 is the sole legal and beneficial owner of or has licensed to it all the
     Intellectual Property which is material in the context of its business (the
     "MATERIAL INTELLECTUAL PROPERTY") and which is required by it in order to
     carry on its business as it is being conducted and as contemplated in the
     Base Case Model;

20.23.2 does not (nor does any of its Subsidiaries), in carrying on its
     businesses, infringe any Intellectual Property of any third party in any
     respect; and

20.23.3 has taken all formal or procedural actions (including payment of fees)
     required to maintain any Material Intellectual Property owned by it.

20.24 GROUP STRUCTURE CHART

20.24.1 The Group Structure Chart delivered to the Agent pursuant to Part I of
     Schedule 3 (Conditions Precedent) is true, complete and accurate and shows
     the following information:

     (a)  all members of the Group, including current name and company
          registration or corporation number (as the case may be), its
          jurisdiction of incorporation and/or establishment, a list of
          shareholders and indicating whether a company is a Dormant Subsidiary
          or is not a company with limited liability;

     (b)  all minority interests in any member of the Group (other than the
          Borrower) and any person in which any member of the Group holds shares
          in its issued share capital or equivalent ownership interest of such
          person.

20.24.2 All necessary intra-Group loans, transfers, share exchanges and other
     steps resulted in the final Group structure are set out in the Group
     Structure Chart and have been taken in compliance with all relevant laws
     and regulations and all requirements of relevant regulatory authorities.


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20.25 OBLIGORS

     Each Subsidiary of the Borrower (other than a Dormant Subsidiary) is or
     will be an Obligor on the first Utilisation Date.

20.26 ACCOUNTING REFERENCE DATE

     The Accounting Reference Date of each member of the Group is 31 December.

20.27 ACQUISITION DOCUMENTS, DISCLOSURES AND OTHER DOCUMENTS

20.27.1 The Acquisition Documents contain all the terms of the Acquisition.

20.27.2 There is no disclosure made to the Acquisition Documents which has or
     may have an adverse effect on any of the information, opinions, intentions,
     forecasts and projections contained or referred to in the Information
     Package.

20.27.3 To the best of its knowledge no representation or warranty given by any
     party to the Acquisition Documents is untrue or misleading in any material
     respect.

20.27.4 The Service Contracts and the Constitutional Documents of the Borrower
     (as amended to the extent permitted under this Agreement) contain all the
     material terms of all the agreements and arrangements between Key
     Personnel, the Borrower and any member of the Group.

20.28 NO ADVERSE CONSEQUENCES

20.28.1 It is not necessary under the laws of its Relevant Jurisdictions:

     (a)  in order to enable any Finance Party to enforce its rights under any
          Finance Document; or

     (b)  by reason of the execution of any Finance Document or the performance
          by it of its obligations under any Finance Document,

     that any Finance Party should be licensed, qualified or otherwise entitled
     to carry on business in any of its Relevant Jurisdictions.

20.28.2 No Finance Party is or will be deemed to be resident, domiciled or
     carrying on business in its Relevant Jurisdictions by reason only of the
     execution, performance and/or enforcement of any Finance Document.

20.29 HOLDING AND DORMANT SUBSIDIARIES

20.29.1 Except as may arise under the Transaction Documents and for Acquisition
     Costs, before the Closing Date the Borrower has not traded or incurred any
     liabilities or commitments (actual or contingent, present or future) other
     than in the case of ISE, pursuant to its listing of shares on the OTC
     Bulletin Board on 16 December 2004.

20.29.2 Aegean Shipping Corporation Inc. is a Dormant Subsidiary and there are
     no other Dormant Subsidiaries in the Group.

20.30 NO IMMUNITY

     Neither it nor any other Obligor nor any of their respective assets are
     immune to any legal action or proceeding.

20.31 PENSIONS

     Save as expressly disclosed in the Accountants Report, the Group is fully
     in compliance with the undertakings in clause 23.24 (Pensions).


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20.32 INSURANCE

     Save as expressly disclosed in the Insurance Report, the Group is fully in
     compliance with the undertakings in clause 23.23 (Insurance).

20.33 FEDERAL REGULATIONS

20.33.1 The Borrower is not engaged in the business of extending credit for the
     purpose of "purchasing" or "carrying" "margin stock" within the respective
     meanings of each of the quoted terms under Regulation U, and none of the
     transactions contemplated by this Agreement will violate or result in the
     violation of the Securities Act, the Exchange Act or Regulation T, U or X.
     At no time would the obligations of the Borrower be directly or "indirectly
     secured" by assets of the Borrower or its consolidated Subsidiaries that
     are "margin stock" (pursuant to, and as such quoted terms are defined in,
     Section 221.2(g) of Regulation U), which represents more than 25 per cent.
     of the value of the assets of the Borrower and its consolidated
     Subsidiaries. To the extent applicable and if requested by the Agent or any
     Lender, the Borrower will furnish to the Agent and each Lender a statement
     to the foregoing effect in conformity with the requirements of FR Form G-3
     or FR Form U-1 referred to in said Regulation U.

20.33.2 Neither the Borrower nor any of its Subsidiaries is subject to
     regulation under the Public Utility Holding Company Act of 1935 of the
     United States or the Federal Power Act of the United States or the
     Investment Company Act of 1940 of the United States, each as amended. In
     addition, neither the Borrower nor any of its Subsidiaries is (a) an
     "investment company" registered or required to be registered under the
     Investment Company Act of 1940 of the United States, as amended, (b)
     controlled by such a company, or (c) a "holding company", a "subsidiary
     company" of a "holding company", or an "affiliate" of a "holding company"
     or of a "subsidiary" of a "holding company", within the meaning of the
     Public Utility Holding Company Act of 1935 of the United States, as
     amended.

20.33.3 No director, executive officer or principal holder of capital stock of
     the Borrower or any of its Subsidiaries is a director, executive officer or
     principal shareholder of any Lender. For the purposes hereof, the terms
     "director", "executive officer" and "principal shareholder" (when used with
     reference to any Lender) have the respective meanings assigned thereto in
     Regulation O.

20.33.4 The Borrower and its Subsidiaries are current with all material reports
     and documents, if any, required to be filed with any U.S. federal or state
     securities commission or similar agency and are in compliance in all
     material respects with all applicable rules and regulations of such
     commissions.

20.34 ERISA

20.34.1 During the five-year period prior to the date on which this
     representation is made or deemed made: (i) no ERISA Event has occurred, and
     no event or condition has occurred or exists as a result of which any ERISA
     Event could reasonably be expected to occur, with respect to any Plan; (ii)
     no "accumulated funding deficiency," as such term is defined in Section 302
     of ERISA and Section 412 of the Code, whether or not waived, has occurred
     with respect to any Plan; (iii) each Plan has been maintained, operated,
     and funded in material compliance with its own terms and in material
     compliance with the provisions of ERISA, the Code, and any other applicable
     United States federal or state laws; and (iv) no lien in favour of the PBGC
     or a Plan has arisen or is reasonably likely to arise on account of any
     Plan.

20.34.2 The actuarial present value of all "benefit liabilities" (as defined in
     Section 4001(a)(16) of ERISA), whether or not vested, under each Single
     Employer Plan, as of the last annual valuation date prior to the date on
     which this representation is made or deemed made (determined, in each case,
     in accordance with Financial Accounting Standards Board Statements 87 or
     132, as applicable), did not exceed as of such valuation date the fair
     market value of the assets of such Plan.

20.34.3 Neither the Borrower nor any of its Subsidiaries nor any ERISA Affiliate
     has incurred, or could be reasonably expected to incur, any withdrawal
     liability under ERISA to any Multiemployer Plan or Multiple Employer Plan.
     The Borrower or any of its Subsidiaries or any ERISA Affiliate would not
     become subject to any withdrawal liability under ERISA if the Borrower or
     any of its Subsidiaries or any ERISA Affiliate were to withdraw completely
     from all Multiemployer Plans and Multiple Employer Plans as of the
     valuation date most closely preceding the date on which this representation
     is made or deemed made. Neither the Borrower nor any of its Subsidiaries
     nor any


                                       85



     ERISA Affiliate has received any notification that any Multiemployer Plan
     is in reorganization (within the meaning of Section 4241 of ERISA), is
     insolvent (within the meaning of Section 4245 of ERISA), or has been
     terminated (within the meaning of Title IV of ERISA), and no Multiemployer
     Plan is reasonably expected to be in reorganization, insolvent or
     terminated.

20.34.4 No prohibited transaction (within the meaning of Section 406 of ERISA or
     Section 4975 of the Code) or breach of fiduciary responsibility has
     occurred with respect to a Plan which has subjected or could be reasonably
     expected to subject the Borrower or any of its Subsidiaries to any material
     liability under Section 406, 409, 502(i) or 502(l) of ERISA or Section 4975
     of the Code, or under any agreement or other instrument pursuant to which
     the Borrower or any of its Subsidiaries or any ERISA Affiliate has agreed
     or is required to indemnify any person against any such liability.

20.34.5 Neither the Borrower nor any of its Subsidiaries has any material
     liability with respect to "expected post-retirement benefit obligations"
     within the meaning of the United States Financial Accounting Standard Board
     Statement 106. Each Plan which is a welfare plan (as defined in Section
     3(1) of ERISA) to which Sections 601 through 609 of ERISA and Section 4980B
     of the Code apply has been administered in compliance in all material
     respects of such sections.

20.34.6 Neither the execution and delivery of this Agreement nor the
     consummation of the financing transactions contemplated hereunder will
     involve any transaction which is subject to the prohibitions of Sections
     404, 406 or 407 of ERISA or in connection with which a tax could be imposed
     pursuant to Section 4975 of the Code.

20.34.7 With respect to any Foreign Plan, none of the following events or
     conditions exists and is continuing that, individually or in the aggregate,
     would reasonably be expected to have a Material Adverse Effect: (a)
     substantial non-compliance with its terms and with the requirements of any
     and all applicable Laws; (b) a failure to be in good standing with
     applicable regulatory authorities; (c) an obligation by the Borrower or any
     Subsidiary in connection with the termination of or withdrawal from any
     Foreign Plan; (d) for any Foreign Plan that is funded, a Foreign Plan
     Underfunding; or (e) for any Foreign Plan that is not funded, a failure to
     properly accrue or insure the obligations of such Foreign Plan.

20.35 COMPLIANCE

20.35.1 Neither the Borrower nor any of its Subsidiaries has made any unlawful
     domestic or foreign political contributions or engaged in any conduct
     (including payments and/or provisions of services) in each case, that would
     constitute a violation of (a) Foreign Corrupt Practices Act of 1977 of the
     United States, as currently in effect, or (b) any similar applicable U.S.
     or foreign law. The Borrower and its Subsidiaries have adopted management
     procedures that are reasonably appropriate in its determination in
     accordance with the Foreign Corrupt Practices Act of 1977 of the United
     States). The Borrower and its Subsidiaries are familiar with, have
     implemented and not violated such procedures. None of the employees or
     customers or vendors of the Borrower or its Subsidiaries are listed on any
     list of Specially Designated Nationals and Blocked Persons maintained by
     the Office of Foreign Assets Control of the United States Department of the
     Treasury (OFAC List).

20.36 ANTI-TERRORISM LAWS

20.36.1 None of the Obligors or, to the knowledge of any of the Obligors, any of
     their Affiliates, is in violation of any laws relating to terrorism or
     money laundering ("ANTI-TERRORISM LAWS"), including the United States
     Executive Order No. 13224 on Terrorist Financing, effective September 24,
     2001 (the "EXECUTIVE ORDER"), and the Uniting and Strengthening America by
     Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
     Act of 2001, Public Law 107-56 (the "PATRIOT ACT").

20.36.2 No Obligor or, to the knowledge of any of the Obligors, any of their
     Affiliates, or their respective brokers or other agents, is any of the
     following:

     (a)  a person or entity that is listed in the annex to, or is otherwise
          subject to the provisions of, the Executive Order;

     (b)  a person or entity owned or controlled by, or acting for or on behalf
          of, any person or entity that is listed in the annex to, or is
          otherwise subject to the provisions of, the Executive Order;


                                       86



     (c)  a person or entity that commits, threatens or conspires to commit or
          supports "terrorism" as defined in the Executive Order; or

     (d)  a person or entity that is named as a "specially designated national
          and blocked person" on the most current list published by the Office
          of Foreign Asset Control of the United States Department of Treasury
          at its official website or any replacement website or other
          replacement official publication of such list.

20.36.3 No Obligor or, to the knowledge of any Obligor, any of its brokers or
     other agents acting in any capacity in connection with the Facilities (i)
     conducts any business or engages in making or receiving any contribution of
     funds, goods or services to or for the benefit of any person described in
     paragraph (b) above, (ii) deals in, or otherwise engages in any transaction
     relating to, any property or interests in property blocked pursuant to the
     Executive Order, or (iii) engages in or conspires to engage in any
     transaction that evades or avoids, or has the purpose of evading or
     avoiding, or attempts to violate, any of the prohibitions set forth in any
     Anti-Terrorism Law.

20.37 TIMES WHEN REPRESENTATIONS MADE

20.37.1 All the representations and warranties in this clause 20 are made by the
     Borrower on the date of this Agreement except for the representations and
     warranties set out in clause 20.12 (No misleading information) which are
     deemed to be made by the Borrower (i) with respect to the Information
     Memorandum, on the date the Information Memorandum is approved by the
     Borrower, (ii) with respect to the Information Package, on the date of this
     Agreement and on the Closing Date and (iii) with respect to the Information
     Package (other than the Base Case Model), on the date of this Agreement and
     on any later date on which the Information Package (or part of it) is
     released for distribution in connection with syndication and on the
     Syndication Date.

20.37.2 All the representations and warranties in this clause 20 are also deemed
     to be made on the date of each Utilisation Request.

20.37.3 The Repeating Representations are deemed to be made by the Borrower on
     the date of each Utilisation Request, on each Utilisation Date and on the
     first day of each Interest Period (except that those contained in clauses
     20.13.1 to 20.13.4 (Original Financial Statements) will cease to be so made
     once subsequent financial statements have been delivered under this
     Agreement).

20.37.4 All the representations and warranties in this clause 20 except clause
     20.12 (No misleading information), clause 20.24 (Group Structure Chart),
     clause 20.27 (Acquisition Documents, disclosures and other documents) and
     clause 20.29 (Holding and Dormant Companies) are deemed to be made by each
     Additional Security Provider on the day on which it becomes (or it is
     proposed that it becomes) an Additional Security Provider.

20.37.5 Each representation or warranty deemed to be made after the date of this
     Agreement shall be deemed to be made by reference to the facts and
     circumstances existing at the date the representation or warranty is deemed
     to be made.

21   INFORMATION UNDERTAKINGS

     The undertakings in this clause 21 remain in force from the date of this
     Agreement for so long as any amount is outstanding under the Finance
     Documents or any Commitment is in force.

     In this clause 21 and clause 22 (Financial Covenants):

     "ANNUAL FINANCIAL STATEMENTS" means the financial statements for a
     Financial Year delivered pursuant to clause 21.1.1 (Financial statements).

     "QUARTERLY FINANCIAL STATEMENTS" means the financial statements delivered
     pursuant to clause 21.1.2 (Financial statements).

21.1 FINANCIAL STATEMENTS

     The Borrower shall supply to the Agent in sufficient copies for all the
     Lenders:


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21.1.1 as soon as they are available, but in any event within 120 days after the
     end of each of its Financial Years its audited consolidated financial
     statements for that Financial Year.

21.1.2 as soon as they are available, but in any event within 60 days after the
     end of each Financial Quarter of each of its Financial Years its
     consolidated unaudited financial statements for that Financial Quarter; and

21.1.3 within ten days following the earlier of (i) the acquisition by the
     Additional Collateral Owners of all Additional Collateral Ships and (ii)
     the last day of the last Availability Period to elapse, a pro-forma balance
     sheet for the Group.

21.2 PROVISION AND CONTENTS OF COMPLIANCE CERTIFICATE

21.2.1 The Borrower shall supply a Compliance Certificate to the Agent with each
     set of its consolidated Annual Financial Statements and each set of its
     Quarterly Financial Statements.

21.2.2 The Compliance Certificate shall, amongst other things, set out (in
     reasonable detail) computations as to compliance with clause 22 (Financial
     Covenants).

21.2.3 Each Compliance Certificate shall be signed by the Chief Financial
     Officer and one member of the board of directors of the Borrower.

21.2.4 The Agent may consult with the Auditors about any certificate delivered
     under this clause 21.2 and, if reasonable grounds exist for believing that
     it was not correct when delivered, require them to give a written opinion
     to the Agent on such certificate (and, if any such certificate is
     established to be incorrect by the Auditors, the cost of such opinion will
     be borne by the Borrower and, in any event, the cost of one such requested
     opinion in any Financial Year shall be borne by the Borrower).

21.3 REQUIREMENTS AS TO FINANCIAL STATEMENTS

21.3.1 The Borrower shall procure that each set of Annual Financial Statements
     and Quarterly Financial Statements includes a balance sheet, profit and
     loss account and cashflow statement. In addition the Borrower shall procure
     that:

     (a)  each set of Annual Financial Statements shall be audited by the
          Auditors;

     (b)  each set of Quarterly Financial Statements is accompanied by a
          statement by the directors of the Borrower commenting on the
          performance of the Group for the Financial Quarter to which the
          financial statements relate and the Financial Year to date and any
          material developments or proposals affecting the Group or its
          business;

     (c)  each set of Quarterly Financial Statements includes a schedule showing
          all Ships together with such additional information in respect of such
          Ships as the Agent may reasonably request; and

     (d)  each set of Quarterly Financial Statements is accompanied by a CNSA
          Quarterly Report.

21.3.2 Each set of financial statements delivered pursuant to clauses 21.1.1 and
     21.1.2 (Financial statements):

     (a)  shall be certified by the chief financial officer as giving a fair
          presentation of its financial condition and operations as at the date
          as at which those financial statements were drawn up and, in the case
          of the Annual Financial Statements, shall be accompanied by any letter
          addressed to the management of the Borrower by the Auditors and
          accompanying those Annual Financial Statements;

     (b)  in the case of consolidated financial statements of the Group, shall
          be accompanied by a statement by the chief financial officer comparing
          actual performance for the period to which the financial statements
          relate to:

          (i)  the projected performance for that period set out in the Budget;
               and


                                       88



          (ii) the actual performance for the corresponding period in the
               preceding Financial Year of the Group; and

     (c)  shall be prepared using the Accounting Principles, accounting
          practices and financial reference periods consistent with those
          applied in the case of the Borrower, in the preparation of the Base
          Case Model unless, in relation to any set of financial statements, the
          Borrower notifies the Agent that there has been a change in the
          Accounting Principles or the accounting practices and its Auditors
          deliver to the Agent:

          (i)  a description of any change necessary for those financial
               statements to reflect the Accounting Principles or accounting
               practices upon which the Base Case Model was prepared; and

          (ii) sufficient information, in form and substance as may be
               reasonably required by the Agent, to enable the Lenders to
               determine whether clause 22 (Financial Covenants) has been
               complied with and to make an accurate comparison between the
               financial position indicated in those financial statements and
               the Base Case Model.

          Any reference in this Agreement to any financial statements shall be
          construed as a reference to those financial statements as adjusted to
          reflect the basis upon which the Base Case Model was prepared.

     (d)

          (i)  If the Borrower notifies the Agent of a change in accordance with
               clause 21.3.2(c) above then the Borrower and the Agent shall
               enter into negotiations in good faith (each acting reasonably)
               with a view to agreeing:

               (A)  whether or not the change might result in any material
                    alteration in the commercial effect of any of the terms of
                    this Agreement; and

               (B)  if so, any amendments to this Agreement and the Base Case
                    Model which may be necessary to ensure that the change does
                    not result in any material alteration in the commercial
                    effect of those terms,

               and if any amendments are agreed they shall take effect and be
               binding on each of the Parties in accordance with their terms.

          (ii) If no such agreement is reached within 30 days of that
               notification of change, the Agent shall (if so requested by the
               Majority Lenders and at the cost of the Borrower (such costs to
               be reasonable)) instruct the Auditors to determine any amendment
               to clause 22 (Financial Covenants) which the Auditors (acting as
               experts and not arbitrators) consider appropriate to ensure the
               change does not result in any material alteration in the
               commercial effect of the terms of this Agreement. Those
               amendments shall take effect when so determined by the Auditors.

21.3.3 If there is an Event of Default or if the Agent (acting reasonably)
     believes that an Event of Default is likely to occur, and in such
     circumstances, the Agent wishes to discuss the financial position of any
     member of the Group with the Auditors, the Agent may notify the Borrower,
     stating the questions or issues which the Agent wishes to discuss with the
     Auditors. In this event, the Borrower must ensure that the Auditors are
     authorised (at the expense of the Borrower):

     (a)  to discuss the financial position of each member of the Group with the
          Agent on request from the Agent; and

     (b)  to disclose to the Agent for the Finance Parties any information which
          the Agent may reasonably request.

21.4 BUDGET

     The Borrower shall supply to the Agent in sufficient copies for all the
     Lenders:


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21.4.1 as soon as the same become available but in any event within 30 days
     before the start of each of its Financial Years, an annual Budget for that
     Financial Year; and

21.4.2 as soon as the same shall become available but in any event within 15
     days before the start of each Financial Quarter of its Financial Year, a
     Budget for that Financial Quarter, provided that the first such Budget
     shall be delivered within 15 days of the date of this Agreement.

21.4.3 The Borrower shall ensure that each Budget:

     (a)  is in a form reasonably acceptable to the Agent and includes detailed
          projections in relation to expenses expected to be incurred in
          carrying out Core Activities and other activities of the Group
          including, but not limited to, a projected consolidated profit and
          loss, balance sheet and cashflow forecast statement for the Group,
          projected calculations in respect of the covenants in clause 22
          (Financial Covenants), a schedule of proposed Capital Expenditure, an
          FFA Trading Statement, an update of the employment of the Ships
          (including charter-in and charter-out rates), a forecast of the Excess
          Cash and a commentary;

     (b)  is prepared in accordance with the Accounting Principles and the
          accounting practices and financial reference periods applied to
          financial statements under clause 21.1 (Financial statements); and

     (c)  in the case of the annual Budget, has been approved by the board of
          directors of the Borrower and signed by two directors and, in the case
          of a quarterly Budget, has been approved and signed by the Borrower's
          chief financial officer.

21.4.4 If the Borrower updates or changes the Budget, it shall promptly deliver
     to the Agent, in sufficient copies for each of the Lenders, such updated or
     changed Budget together with a written explanation of the main changes in
     that Budget.

21.5 PRESENTATIONS

     Once in every financial year, or more frequently if requested to do so by
     the Agent if the Agent reasonably suspects a Default has occurred and is
     continuing or may have occurred or may occur, at least two directors of the
     Borrower (one of whom shall be the chief financial officer) must give a
     presentation to the Finance Parties about:

21.5.1 the on-going business and financial performance of the Group; and

21.5.2 any other matter which a Finance Party may reasonably request.

21.6 YEAR-END

21.6.1 The Borrower shall procure that each Financial Year-end of each member of
     the Group falls on 31 December.

21.6.2 The Borrower shall procure that each quarterly accounting period and each
     Financial Quarter of each member of the Group ends on a Financial Quarter
     Day.

21.7 INFORMATION: MISCELLANEOUS

     The Borrower shall (and shall procure that each other Obligor shall) supply
     to the Agent (in sufficient copies for all the Lenders, if the Agent so
     requests):

21.7.1 at the same time as they are dispatched, copies of all documents
     dispatched by the Borrower or any Obligor to its shareholders generally (or
     any class of them) or dispatched by the Borrower or any Obligor to its
     creditors generally (or any class of them);

21.7.2 promptly upon becoming aware of them, the details of any litigation,
     arbitration, other alternative dispute resolution or administrative
     proceedings which are current, threatened or pending against any member of
     the Group, and which, if adversely determined, are reasonably likely to
     have a Material Adverse Effect or which would involve a liability, or a
     potential or alleged liability, exceeding US$1,500,000 (or its equivalent
     in other currencies);


                                       90



21.7.3 promptly upon becoming aware of a Total Loss of a Ship or the Terminal or
     the incurrence of damage to a Ship or the Terminal in excess of US$500,000,
     the details of such Total Loss or damage and details of any insurance
     proceeds or Requisition Compensation due to a member of the Group in
     connection with the same;

21.7.4 ten Business Days before the date of any proposed Permitted Share Issue,
     details of such Permitted Share Issue;

21.7.5 promptly upon becoming aware of the relevant claim, the details of any
     claim which is current, threatened or pending against the Vendors or any
     other person in respect of the Acquisition Documents and details of any
     disposal or insurance claim which will require a prepayment under clause
     8.2 (Disposal Proceeds, Insurance Proceeds and Acquisition Proceeds);

21.7.6 promptly, such information as the Security Agent or, as the case may be,
     the Agent may reasonably require about the Charged Property and compliance
     of the Obligors with the terms of any Transaction Security Documents;

21.7.7 promptly on request, such further information regarding the financial
     condition, assets and operations of the Group and/or any member of the
     Group (including any computations necessary in order to establish
     compliance with the financial covenants in clause 22 (Financial Covenants),
     any requested amplification or explanation of any item in the financial
     statements, budgets or other material provided by any Obligor under this
     Agreement or any other Finance Document, any changes to the management of
     the Group, an up to date copy of its shareholders' register (or equivalent
     in its jurisdiction of incorporation), any information regarding the Ships,
     their employment, position and engagements, particulars of all towages and
     salvages and copies of all charters and other contracts for their
     employment or otherwise howsoever concerning such Ships) as any Finance
     Party through the Agent may request;

21.7.8 promptly on request, such additional information as required by any
     Finance Party under any applicable banking supervisory law; and

21.7.9 promptly after exercising a Purchase Option, the details of such Purchase
     Option including the proposed date of acquisition of the relevant Purchase
     Option Ship.

21.8 NOTIFICATION OF DEFAULT AND CERTAIN EVENTS RELATING TO CHARTERED SHIPS

21.8.1 The Borrower shall (and shall procure that each other Obligor shall)
     notify the Agent of any Default (and the steps, if any, being taken to
     remedy it) promptly upon becoming aware of its occurrence (unless that
     Obligor is aware that a notification has already been provided by another
     Obligor).

21.8.2 Promptly upon a request by the Agent, the Borrower shall supply to the
     Agent a certificate signed by two of its directors or senior officers on
     its behalf certifying that no Default is continuing (or if a Default is
     continuing, specifying the Default and the steps, if any, being taken to
     remedy it).

21.8.3 The Borrower shall (or shall procure that the relevant Charter Company
     shall) notify the Agent forthwith by fax (thereafter confirmed by letter)
     of any:

     (a)  damage to a Chartered Ship requiring repairs the cost of which will or
          might result in such Chartered Ship being placed off-hire for a period
          longer than 14 days;

     (b)  requisition of a Chartered Ship for hire; or

     (c)  arrest or detention of a Chartered Ship for a period longer than 5
          days or any exercise or purported exercise of a lien or other claim on
          a Chartered Ship or any earnings of the Chartered Ships or any part
          thereof.

21.9 "KNOW YOUR CUSTOMER" CHECKS

21.9.1 If:

     (a)  the introduction of or any change in (or in the interpretation,
          administration or application of) any law or regulation made after the
          date of this Agreement;


                                       91



     (b)  any change in the status of an Obligor or the composition of the
          shareholders of an Obligor after the date of this Agreement; or

     (c)  a proposed assignment or transfer by a Lender of any of its rights
          and/or obligations under this Agreement to a party that is not a
          Lender prior to such assignment or transfer,

     obliges the Agent or any Lender (or, in the case of paragraph (c) above,
     any prospective new Lender) to comply with "know your customer" or similar
     identification procedures in circumstances where the necessary information
     is not already available to it, the Borrower shall (and shall procure that
     each other Obligor shall) promptly upon the request of the Agent or any
     Lender supply, or procure the supply of, such documentation and other
     evidence as is reasonably requested by the Agent (for itself or on behalf
     of any Lender) or any Lender (for itself or, in the case of the event
     described in paragraph (c) above, on behalf of any prospective new Lender)
     in order for the Agent, such Lender or, in the case of the event described
     in paragraph (c) above, any prospective new Lender to carry out and be
     satisfied with the results of all necessary "know your customer" or other
     similar checks under all applicable laws and regulations pursuant to the
     transactions contemplated in the Finance Documents.

21.9.2 Each Lender shall promptly upon the request of the Agent supply, or
     procure the supply of, such documentation and other evidence as is required
     by the Agent (for itself) in order for the Agent to carry out and be
     satisfied with the results of all necessary "know your customer" or other
     similar checks under all applicable laws and regulations pursuant to the
     transactions contemplated in the Finance Documents.

21.9.3 If the Borrower is obliged to procure that a member of the Group becomes
     an Additional Security Provider pursuant to clause 23.32 (Security
     Providers), if the accession of such Additional Security Provider obliges
     the Agent or any Lender to comply with "know your customer" or similar
     identification procedures in circumstances where the necessary information
     is not already available to it, the Borrower shall promptly upon the
     request of the Agent or any Lender supply, or procure the supply of, such
     documentation and other evidence as is reasonably requested by the Agent
     (for itself or on behalf of any Lender) or any Lender (for itself or on
     behalf of any prospective new Lender) in order for the Agent or such Lender
     or any prospective new Lender to carry out and be satisfied with the
     results of all necessary "know your customer" or other similar checks under
     all applicable laws and regulations pursuant to the accession of such
     Subsidiary to this Agreement as an Additional Security Provider.

21.9.4 The Borrower confirms that it is the beneficiary (within the meaning of
     section 8 of the German Money Laundering Act (Gesetz uber das Aufspuren von
     Gewinnen aus schweren Straftaten (Geldwaschegesetz)) for each Loan made or
     to be made available to it. It shall promptly inform the Lenders (by
     written notice to the Agent) if it ceases to be, the beneficiary (within
     the meaning of section 8 of the German Money Laundering Act (Gesetz uber
     das Aufspuren von Gewinnen aus schweren Straftaten (Geldwaschegesetz)) for
     each Loan made or to be made available to it and shall provide in writing
     to the Agent the name and the address of the beneficiary (within the
     meaning of section 8 of the German Money Laundering Act (Gesetz uber das
     Aufspuren von Gewinnen aus schweren Straftaten (Geldwaschegesetz)) in
     respect of such Loan.

21.10 POST-COMPLETION ADJUSTMENT

     Within 10 days after the date of this Agreement, the Borrower shall deliver
     to the Agent, with sufficient copies for the Lenders if the Agent so
     requests, the statement produced by Investments & Finance setting out the
     Final EBITDA Adjustment (as defined in the Acquisition Agreement) together
     with details of the proposed purchase price adjustment and upon receipt or
     generation of the same, any documentation, notices or correspondence in
     respect of the acquisition price adjustment pursuant to section 2.2 of the
     Acquisition Agreement.


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22   FINANCIAL COVENANTS

22.1 FINANCIAL DEFINITIONS

     For the purposes of this clause 22.1 the following expressions shall have
     the following meanings:

     "BORROWINGS" means Financial Indebtedness save for any indebtedness for or
     in respect of the items set out in paragraphs (f) or (k) (to the extent it
     relates to a guarantee of any of the items referred to in paragraph (f) of
     the definition) of the definition of Financial Indebtedness.

     "CAPITAL EXPENDITURE" means any expenditure which, in accordance with the
     Accounting Principles, should be treated as capital expenditure in the
     audited consolidated financial statements of the Group.

     "CURRENT ASSETS" means, at any relevant time of computation and in respect
     of any relevant period, the aggregate (calculated on a consolidated basis)
     of the stock in trade and work in progress, marketable securities, cash and
     bank balances of the Group and moneys owing to the Group (other than moneys
     due or to become due from the Borrower or another member of the Group)
     payable on demand or within one year from the relevant date of computation.

     "CURRENT LIABILITIES" means, at any relevant time of computation and in
     respect of any relevant period, the aggregate (calculated on a consolidated
     basis) of the obligations including contingent obligations of the Group to
     pay money (other than money due or to become due to the Borrower or another
     member of the Group) on demand or within one year from the relevant date of
     computation (including one fourth of the current portion of long-term
     debt).

     "CURRENT RATIO" means the ratio of Current Assets to Current Liabilities.

     "DEBT COVER" means the ratio of Total Debt to EBITDA.

     "DEBT SERVICE" means, in respect of any period and the Group, the
     aggregated:

     (a)  Interest Payable for such period;

     (b)  the total amount of all scheduled (but not voluntary or mandatory)
          repayments of the Facilities made by the Borrower or which fell due
          during such period;

     (c)  the total amount of all scheduled (but not voluntary or mandatory)
          repayments of principal under the terms of any other Financial
          Indebtedness (save for any revolving, overdraft or ancillary facility
          that is available for simultaneous re-drawing according to its terms)
          made by the members of the Group or which fell due during such period,
          including the principal element of scheduled rental payments which
          under the Accounting Principles should be treated as a finance lease
          or otherwise capitalised on the books of such person, in accordance
          with such principles; and

     (d)  dividends accrued, declared or paid during that period.

     "EBITDA" means, in respect of any period, the consolidated profit on
     ordinary activities of the Group for such period:

     (a)  excluding any exceptional items and extraordinary items;

     (b)  after deducting (to the extent otherwise included) any gain over book
          value arising in favour of a member of the Group, and after adding
          back (to the extent otherwise deducted) any loss against book value
          incurred by a member of the Group, on:

          (i)  a disposal of an asset (not being an asset disposed of in the
               ordinary course of trading); and/or

          (ii) a revaluation of an asset.

     (c)  after adding back (to the extent otherwise deducted) Acquisition Costs
          and the amortisation of such Acquisition Costs;


                                       93



     (d)  after adding back (to the extent otherwise deducted) amortisation of
          goodwill and other intangible assets;

     (e)  after adding back (to the extent otherwise deducted) depreciation and
          impairment charges;

     (f)  after adding back any deduction for Interest Payable and any other
          Interest (to the extent payable in cash) for which any member of the
          Group is liable;

     (g)  after deducting (to the extent included) Interest Receivable;

     (h)  after adding back any deduction of Tax;

     (i)  after deducting the applicable share of any profit (except to the
          extent received by a member of the Group in cash) or after adding back
          the applicable loss of any joint venture or any other person which is
          not a member of the Group; and

     (j)  after deducting (to the extent otherwise included) profits (or adding
          back losses) attributable to minority interests in members of the
          Group (other than the Borrower),

     in each case for such period.

     "FINANCE LEASE" means any lease under which a member of the Group is the
     lessee which is or should be treated as a finance lease under the
     Accounting Principles (and includes any hire purchase contract or other
     arrangement which is similarly treated).

     "FINANCIAL QUARTER" means each period of approximately three months
     commencing on the day after a Financial Quarter Day and ending on the next
     following Financial Quarter Day.

     "FINANCIAL QUARTER DAY" means 31 March, 30 June, 30 September and 31
     December in any year.

     "FINANCIAL YEAR" means the annual accounting period of the Group ending on
     31 December in each year.

     "FLEET BOOK VALUE" means, at the end of a Relevant Period, the aggregate
     book value of the Owned Ships less depreciation as stated in the most
     recent financial statements delivered pursuant to clause 21.1 (Financial
     Statements).

     "FLEET MARKET VALUE" means, at the date of calculation, the aggregate of
     the values of each of the Owned Ships as last determined in accordance with
     clause 23.37 (Valuation of Owned Ships).

     "FREE LIQUID ASSETS" means, at any given time, all cash and Cash Equivalent
     Investments held by the Group (including amounts standing to the credit of
     the Accounts) less an amount equal to the amount standing to the credit of
     the Retention Account.

     "INTEREST" means, in respect of any specified Borrowings, all continuing
     regular or periodic costs, charges and expenses incurred in effecting,
     servicing or maintaining such Borrowings including:

     (a)  gross interest, commitment fees, discount and acceptance fees and
          guarantee, fronting and ancillary facility fees payable or incurred on
          any form of such Borrowings;

     (b)  repayment and prepayment premiums payable or incurred in repaying or
          prepaying such Borrowings; and

     (c)  the interest element of Finance Leases,

     but excluding, in respect of such Borrowings, agency and arrangement fees
     or other up-front fees.

     "INTEREST PAYABLE" means, in respect of any period, the aggregate
     (calculated on a consolidated basis) of:

     (a)  the amounts charged and posted as a current accrual accrued during
          such period in respect of members of the Group by way of Interest on
          all Borrowings, but excluding any amount accruing


                                       94



          as interest in-kind (and not as cash pay) to the extent capitalised as
          principal during such period; and

     (b)  net payments in relation to any hedging arrangements in respect of
          Borrowings (after deducting net income in relation to such hedging
          arrangements).

     "INTEREST RECEIVABLE" means, in respect of any period, the amount of
     Interest accrued on cash balances of members of the Group with any Lender
     (including the amount of interest accrued on the HSH Accounts, to the
     extent that the account holder is entitled to receive such interest) during
     such period.

     "RELEVANT PERIOD" means each rolling period of 12 months ending on a
     Financial Quarter Day.

     "TANGIBLE NET WORTH" means, at any relevant time and in relation to any
     Relevant Period, the aggregate of the amount paid-up or credited as paid-up
     on the Borrower's issued share capital and the amount of the consolidated
     capital and revenue reserves of the Group (including any share premium
     account, capital redemption reserve fund and any credit balance on the
     consolidated profit and loss account of the Group) all as shown by the then
     latest consolidated balance sheet and profit and loss account of the Group
     delivered under this Agreement but after:

     (a)  deducting any debit balance on such consolidated profit and loss
          account unless it has already been deducted from the consolidated
          capital and revenue reserves of the Group;

     (b)  deducting an amount equal to the positive amount (if any) determined
          by deducting (i) the accumulated depreciation amounts taken from the
          latest audited financial statements of the Borrower from (ii) the
          corresponding accumulated minimum depreciation amounts specified in
          the table below, in respect of the relevant Financial Year and the
          relevant assets of the Borrower:



                   2005       2006       2007       2008       2009       2010
Financial Year  (MILLION)  (MILLION)  (MILLION)  (MILLION)  (MILLION)  (MILLION)
- --------------  ---------  ---------  ---------  ---------  ---------  ---------

Intangible         3.433     13.486     13.486     13.486     13.486     13.486
Vessels            4.724     15.140     16.228     16.228     16.228     16.228
Deferred costs     1.351      1.351      1.351      1.351      1.351      1.351
Port (incl.
Intangibles)       1.418      2.354      2.354      2.354      2.354      2.354
                  ------     ------     ------     ------     ------     ------
Total             10.925     32.330     33.419     33.419     33.419     33.419
                  ------     ------     ------     ------     ------     ------


                   2011       2012       2013       2014      2015
Financial Year  (MILLION)  (MILLION)  (MILLION)  (MILLION)  (MILLION)
- --------------  ---------  ---------  ---------  ---------  ---------

Intangible        13.486     13.486      5.441      5.441      5.441
Vessels           16.883     17.423     18.574     18.574     19.474
Deferred costs     1.351          0          0          0          0
Port (incl.
Intangibles)       2.354      2.354      2.354      2.354      2.354
                  ------     ------     ------     ------     ------
Total             34.073     33.263     26.370     26.370     26.370
                  ------     ------     ------     ------     ------


     (c)  deducting (i) (so far as not otherwise excluded as attributable to
          minority interests) a sum equal to the aggregate of the amount by
          which the book value of any tangible or intangible assets of any
          member of the Group has been written up after the date of the
          ISE-Navios Merger (as reflected in the opening balance sheet to be
          provided pursuant to clause 21.1.3 (Financial statements)) (or, in the
          case of a company becoming a Subsidiary after that date, the date on
          which that company became a Subsidiary) by way of revaluation, (where,
          for the purposes of this paragraph (c) any increase in the book value
          of any tangible or intangible asset resulting from its transfer by one
          member of the Group to another member of the Group shall be deemed to
          result from a writing up of its book value by way of revaluation) and
          (ii) the difference between the book values at the date of the
          ISE-Navios Merger (as reflected in the opening balance sheet to be
          provided pursuant to clause 21.1.3 (Financial statements)) and the
          values shown in the Form S-4 dated 27 May 2005 unless the difference
          is less than two per cent. and (iii) the positive amount (if any)
          determined by deducting US$70,000,000 from the amount of goodwill
          shown in the then latest audited financial statements of the Borrower;

     (d)  deducting the amount by which the Fleet Book Value as at the end of
          the Relevant Period exceeds the Fleet Market Value and after adding
          the amount by which the Fleet Market Value exceeds the Fleet Book
          Value as at the end of the Relevant Period;


                                       95



     (e)  excluding any amounts set aside for taxation as at the date of such
          balance sheet and making such adjustments as may be appropriate in
          respect of any significant additional taxation expected to result from
          transactions carried out by any member of the Group after such date
          and not reflected in that balance sheet;

     (f)  deducting all amounts attributable to minority interests in
          Subsidiaries of which 100% of the assets and liabilities are included
          in the then latest consolidated balance sheet of the Group;

     (g)  making such adjustments as may be appropriate in respect of any
          variation in the amount of such paid-up share capital or any such
          reserves after the date of the relevant balance sheet (but so that no
          such adjustment shall be made in respect of any variation in profit
          and loss account except to the extent of any profit or loss,
          calculated on a cumulative basis, recorded in the then latest
          consolidated profit and loss account of the Group delivered to the
          Agent before the date of this Agreement, or under clause 21.1
          (Financial statements), in respect of any subsequent period);

     (h)  making such adjustments as may be appropriate in respect of any
          distribution declared, recommended or made by any member of the Group
          (otherwise than attributable directly or indirectly to the Borrower)
          out of profits earned up to and including the date of the latest
          audited balance sheet of that member of the Group to the extent that
          such distribution is not provided for in that balance sheet;

     (i)  making such adjustments as may be appropriate in respect of any
          variation in the interests of the Borrower in its Subsidiaries and the
          other members of the Group since the date of the latest published
          audited consolidated balance sheet of the Group;

     (j)  if the calculation is required for the purpose of or in connection
          with a transaction under or in connection with which any company is to
          become or cease to be a Subsidiary of the Borrower or a member of the
          Group, making all such adjustments as would be appropriate if that
          transaction had been carried into effect;

     (k)  making such adjustments as may be appropriate in the opinion of the
          Agent in order that the above amounts are calculated in accordance
          with the Accounting Principles;

     (l)  making such adjustments as may be appropriate in respect of variations
          in shareholder's equity (including such variations arising from the
          issuance of shares and/or the exercise of warrants); and

     (m)  deducting such amounts as may be appropriate in respect of any of the
          issued share capital of the Borrower which has been acquired by the
          Borrower (including pursuant to the conversion and appraisal rights in
          connection with the ISE-Navios Merger),

     in each case, during such period.

     "TOTAL DEBT" means, at any time, the aggregate outstanding principal,
     capital or nominal amount of all Borrowings of the Group calculated on a
     consolidated basis, less the amount standing to the credit of the Retention
     Account, at that time.

22.2 FINANCIAL CONDITION

     The Borrower shall ensure that:

22.2.1 MINIMUM NET WORTH: Tangible Net Worth shall, at all times for each of the
     periods specified in column 1 below, be or exceed the amount set out in
     column 2 below opposite the applicable period.


                                       96



                            COLUMN 1                                  COLUMN 2
                             PERIOD                                 AMOUNT (US$)
- ----------------------------------------------------------------   -------------
Closing Date to 31 December 2005                                     200,000,000
1 January 2006 to 31 March 2006                                      207,500,000
1 April 2006 to 30 June 2006                                         215,000,000
1 July 2006 to 30 September 2006                                     222,500,000
1 October 2006 to 31 December 2006                                   230,000,000
1 January 2007 to 31 March 2007                                      235,000,000
1 April 2007 to 30 June 2007                                         240,000,000
1 July 2007 to 30 September 2007                                     245,000,000
1 October 2007 to 31 December 2007                                   250,000,000
1 January 2008 to 31 March 2008                                      256,250,000
1 April 2008 to 30 June 2008                                         262,250,000
1 July 2008 to 30 September 2008                                     268,750,000
1 October 2008 to 31 December 2008                                   275,000,000
1 January 2009 to 31 March 2009                                      281,250,000
1 April 2009 to 30 June 2009                                         287,500,000
1 July 2009 to 30 September 2009                                     293,750,000
1 October 2009 to 31 December 2009                                   300,000,000
1 January 2010 to 31 December 2010                                   325,000,000
1 January 2011 to the last Repayment Date under clause 6.1
   (Repayment of the Loans)                                          340,000,000

22.2.2 SOLVENCY: the percentage that Tangible Net Worth is of the aggregate of
     Tangible Net Worth and Total Debt shall not at any time for each of the
     periods specified in column 1 below be less than the percentage figure set
     out in column 2 below opposite the applicable period.

                            COLUMN 1                                 COLUMN 2
                             PERIOD                               PERCENTAGE (%)
- ---------------------------------------------------------------   --------------
Closing Date to 31 December 2005                                        25
1 January 2006 to 31 December 2006                                      27
1 January 2007 to 31 December 2007                                      30
1 January 2008 to 31 December 2008                                      33
1 January 2009 to 31 December 2009                                      35
1 January 2010 to the last Repayment Date under clause 6.1
   (Repayment of Loans)                                                 40

22.2.3 DEBT COVER: Debt Cover in respect of any Relevant Period ending during
     the periods specified in column 1 below shall not exceed the ratio set out
     in column 2 below opposite the applicable period.


                                       97



                            COLUMN 1                                 COLUMN 2
                             PERIOD                                    RATIO
- ---------------------------------------------------------------   --------------
Closing Date to 31 December 2007                                      6.50:1
1 January 2008 to 31 December 2008                                    6.00:1
1 January 2009 to 31 December 2009                                    5.50:1
1 January 2010 to 31 December 2010                                    5.00:1
1 January 2011 to 31 December 2011                                    4.50:1
1 January 2012 to 31 December 2012                                    4.00:1
1 January 2013 to 31 December 2013                                    3.50:1
1 January 2014 to 31 December 2014                                    3.00:1
1 January 2015 to the last Repayment Date under clause 6.1
   (Repayment of Loans)                                               2.50:1

22.2.4 MINIMUM LIQUIDITY: the Group shall, at all times from the date of this
     Agreement and in respect of any relevant period during the term of this
     Agreement, maintain Free Liquid Assets in an amount of not less than
     $40,000,000.

22.2.5 CAPITAL EXPENDITURE: the Group shall not overspend or underspend the
     planned Capital Expenditure specified in the Budget delivered pursuant to
     clause 21.4.1 (Budget) by an amount greater than 10 per cent. without the
     prior written consent of the Agent.

22.2.6 CURRENT RATIO: the Current Ratio shall, at all times from the date of
     this Agreement and in respect of any relevant period during the term of
     this Agreement, be higher than 1.00:1.

22.3 FINANCIAL TESTING

22.3.1 The covenants in clauses 22.2.1 (Minimum Net Worth) to 22.2.4 (Minimum
     Liquidity) (inclusive) and clause (Current Ratio) shall be tested on the
     last day of each Financial Quarter (save that the covenants in clauses
     22.2.1 (Minimum Net Worth) to 22.2.3 (Debt Cover) and clause 22.2.6
     (Current Ratio) shall first be tested on 31 December 2005) and the covenant
     in clause 22.2.5 (Capital Expenditure) shall be tested at the end of each
     Financial Year. Details of compliance (or non-compliance) shall be provided
     to the Agent in accordance with clause 21.2 (Provision and contents of
     Compliance Certificate).

22.3.2 In the event that a Default (a) has occurred and is outstanding or (b)
     the Agent, acting reasonably, believes a Default has occurred, the Agent
     shall be entitled to test the covenants in clauses 22.2.1 (Minimum Net
     Worth) to 22.2.6 (Current Ratio) inclusive as at that date. The Agent shall
     notify the Borrower if it proposes to exercise its rights under this clause
     22.3.2.

22.3.3 Following the giving of notice pursuant to clause 22.3.2 above, the
     Borrower shall deliver to the Agent such further financial information as
     the Agent may require to test the covenants referred to in clause 22.3.2
     within five days of such request.

23   GENERAL UNDERTAKINGS

     The undertakings in this clause 23 remain in force from the date of this
     Agreement for so long as any amount is outstanding under the Finance
     Documents or any Commitment is in force.

     AUTHORISATIONS AND COMPLIANCE WITH LAWS


                                       98



23.1 AUTHORISATIONS

     The Borrower shall (and shall ensure that each member of the Group shall)
     promptly:

23.1.1 obtain, comply with and do all that is necessary to maintain in full
     force and effect; and

23.1.2 supply certified copies to the Agent of,

     any Authorisation required under any law or regulation of a Relevant
     Jurisdiction to:

     (a)  enable it to perform its obligations under the Finance Documents and
          the Acquisition Documents;

     (b)  ensure the legality, validity, enforceability or admissibility in
          evidence of any Finance Document or Acquisition Document; and

     (c)  carry on its business where failure to do so has or is reasonably
          likely to have a Material Adverse Effect.

23.2 COMPLIANCE WITH LAWS

     The Borrower shall (and shall ensure that each member of the Group shall)
     comply in all respects with all laws to which it may be subject, if failure
     so to comply has or is reasonably likely to have a Material Adverse Effect.

23.3 ENVIRONMENTAL COMPLIANCE

     The Borrower shall (and shall ensure that each member of the Group shall):

23.3.1 comply with all Environmental Laws;

23.3.2 obtain, maintain and ensure compliance with all requisite Environmental
     Permits; and

23.3.3 implement procedures to monitor compliance with and to prevent liability
     under any Environmental Law.

23.4 ENVIRONMENTAL CLAIMS

     The Borrower shall (and shall ensure that each member of the Group shall),
     promptly upon becoming aware of the same, inform the Agent in writing of:

23.4.1 any Environmental Claim against any member of the Group which is current,
     pending or threatened; and

23.4.2 any facts or circumstances which are reasonably likely to result in any
     Environmental Claim being commenced or threatened against any member of the
     Group,

     where the claim, if determined against that member of the Group, has or is
     reasonably likely to result in any member of the Group incurring a
     liability in excess of US$500,000 or its equivalent.

23.5 TAXATION

23.5.1 The Borrower shall (and shall ensure that each member of the Group shall)
     pay and discharge all Taxes imposed upon it or its assets within the time
     period allowed without incurring penalties unless and only to the extent
     that:

     (a)  such payment is being contested in good faith;

     (b)  adequate reserves are being maintained for those Taxes and the costs
          required to contest them which have been disclosed in the latest
          financial statements delivered to the Agent under clause 21.1
          (Financial statements); and


                                       99



     (c)  such payment can be lawfully withheld.

23.5.2 No member of the Group may change its residence for Tax purposes.

     RESTRICTIONS ON BUSINESS FOCUS

23.6 MERGER

     The Borrower shall not (and shall ensure that no other member of the Group
     shall) enter into any amalgamation, demerger, merger, consolidation,
     corporate reconstruction or redomiciliation (for the avoidance of doubt
     only, other than the ISE-Navios Merger which has been completed).

23.7 CHANGE OF BUSINESS

     The Borrower shall procure that no substantial change is made to the
     general nature of the business of the Borrower, the Obligors or the Group
     taken as a whole from that carried on by the Target Group, immediately
     prior to the Completion.

23.8 ACQUISITIONS

23.8.1 Except as permitted under clause 23.8.2, the Borrower shall not (and
     shall ensure that no other member of the Group shall):

     (a)  acquire a company or any shares or securities or a business or
          undertaking (or, in each case, any interest in any of them); or

     (b)  incorporate a company.

23.8.2 Clause 23.8.1 does not apply to an acquisition of a company, of shares,
     securities or a business or undertaking (or, in each case, any interest in
     any of them) or the incorporation of a company which is:

     (a)  a Permitted Acquisition; or

     (b)  a Permitted Transaction.

23.9 JOINT VENTURES

     The Borrower shall not (and shall ensure that no member of the Group
     shall):

     (a)  enter into, invest in or acquire (or agree to acquire) any shares,
          stocks, securities or other interest in any Joint Venture (other than
          Acropolis Chartering and Shipping Inc.); or

     (b)  transfer any assets or lend to or guarantee or give an indemnity for
          or give Security for the obligations of a Joint Venture or maintain
          the solvency of or provide working capital to any Joint Venture (or
          agree to do any of the foregoing).

23.10 HOLDING COMPANIES

     The Borrower shall not trade, carry on any business, own any assets or
     incur any liabilities except for:

23.10.1 the provision of administrative services (excluding treasury services)
     to other members of the Group of a type customarily provided by a holding
     company to its Subsidiaries;

23.10.2 ownership of shares in its Subsidiaries, intra-Group debit balances and
     credit balances in bank accounts, cash, Cash Equivalent Investments and
     Group insurance policies but only if those shares, credit balances, cash,
     Cash Equivalent Investments and insurance policies are subject to the
     Transaction Security; and

23.10.3 any liabilities under the Transaction Documents to which it is a party
     and professional fees and administration costs in the ordinary course of
     business as a holding company,


                                       100



     and the restrictions in this clause 23.10 shall override any other part of
     this clause 23 which would otherwise permit the Borrower to do anything
     prohibited by this clause 23.10.

23.11 DORMANT SUBSIDIARIES

     The Borrower shall not (and shall ensure no member of the Group shall)
     cause or permit any member of the Group which is a Dormant Subsidiary to
     commence trading or cease to satisfy the criteria for a Dormant Subsidiary
     unless such Dormant Subsidiary becomes an Additional Security Provider in
     accordance with clause 26.2 (Additional Security Providers).

     RESTRICTIONS ON DEALING WITH ASSETS AND SECURITY

23.12 PRESERVATION OF ASSETS

     The Borrower shall (and shall ensure that each member of the Group shall)
     maintain in a good state of repair and in good working order and condition
     (ordinary wear and tear excepted) all of its assets necessary or desirable
     in the conduct of its business.

23.13 PARI PASSU RANKING

     The Borrower shall (and shall ensure that each other Obligor shall) ensure
     that at all times any unsecured and unsubordinated claims of a Finance
     Party or Hedge Counterparty against it under the Finance Documents rank at
     least pari passu with the claims of all its other unsecured and
     unsubordinated creditors except those creditors whose claims are
     mandatorily preferred by laws of general application to companies.

23.14 ACQUISITION DOCUMENTS

23.14.1 The Borrower shall promptly pay all amounts payable to the Vendors under
     the Acquisition Documents as and when they become due (except to the extent
     that any such amounts are being contested in good faith by a member of the
     Group and where adequate reserves are set aside for any such payment).

23.14.2 The Borrower shall (and shall procure that each relevant member of the
     Group shall) take all reasonable and practical steps to preserve and
     enforce its rights (or the rights of any other member of the Group) and
     pursue any claims and remedies arising under any Acquisition Documents.

23.14.3 The Borrower shall not finally agree or settle the amount of any
     purchase price adjustment (to the extent it has discretion to do so)
     without the consent of the Agent.

23.15 NEGATIVE PLEDGE

     In this clause 23.15 "QUASI-SECURITY" means a transaction described in
     clause 23.15.2.

     Except as permitted under clause 23.15.3:

23.15.1 The Borrower shall not (and shall ensure that no other member of the
     Group shall) create or permit to subsist any Security over any of its
     assets.

23.15.2 The Borrower shall not (and shall ensure that no other member of the
     Group shall):

     (a)  sell, transfer or otherwise dispose of any of its assets on terms
          whereby they are or may be leased to or re-acquired by an Obligor or
          any other member of the Group;

     (b)  sell, transfer or otherwise dispose of any of its receivables on
          recourse terms;

     (c)  enter into any arrangement under which money or the benefit of a bank
          or other account may be applied, set-off or made subject to a
          combination of accounts; or

     (d)  enter into any other preferential arrangement having a similar effect,


                                       101



     in circumstances where the arrangement or transaction is entered into
     primarily as a method of raising Financial Indebtedness or of financing the
     acquisition of an asset.

23.15.3 Clauses 23.15.1 and 23.15.2 do not apply to any Security or (as the case
     may be) Quasi-Security, which is:

     (a)  Permitted Security; or

     (b)  a Permitted Transaction.

23.16 DISPOSALS

23.16.1 Except as permitted under clause 23.16.2, the Borrower shall not (and
     shall ensure that no member of the Group shall) enter into a single
     transaction or a series of transactions (whether related or not) and
     whether voluntary or involuntary to sell, lease, transfer or otherwise
     dispose of any asset.

23.16.2 Clause 23.16.1 does not apply to any sale, lease, transfer or other
     disposal which is:

     (a)  a Permitted Disposal; or

     (b)  a Permitted Transaction.

23.17 ARM'S LENGTH BASIS

23.17.1 Except as permitted by clause 23.17.2, the Borrower shall not (and shall
     ensure no member of the Group shall) enter into any transaction with any
     person except on arm's length terms and for full market value.

23.17.2 Subject to clause 23.42 (Ring fencing), the following transactions shall
     not be a breach of this clause 23.17:

     (a)  Intra-Group Loans;

     (b)  fees, costs and expenses payable under the Transaction Documents in
          the amounts set out in the Transaction Documents delivered to the
          Agent under clause 4.1 (Initial conditions precedent) or agreed by the
          Agent; and

     (c)  any Permitted Transactions.

     RESTRICTIONS ON MOVEMENT OF CASH - CASH OUT

23.18 LOANS OR CREDIT

23.18.1 Except as permitted under clause 23.18.2, the Borrower shall not (and
     shall ensure that no member of the Group shall) be a creditor in respect of
     any Financial Indebtedness.

23.18.2 Subject to clause 23.42 (Ring fencing), clause 23.18.1 does not apply
     to:

     (a)  a Permitted Loan; or

     (b)  a Permitted Transaction.

23.19 NO GUARANTEES OR INDEMNITIES

23.19.1 Except as permitted under clause 23.19.2, the Borrower shall not (and
     shall ensure that no member of the Group shall) incur or allow to remain
     outstanding any guarantee in respect of any obligation of any person.

23.19.2 Subject to clause 23.42 (Ring fencing), clause 23.19.1 does not apply to
     a guarantee which is:

     (a)  a Permitted Guarantee; or


                                       102



     (b)  a Permitted Transaction.

23.20 DIVIDENDS AND SHARE REDEMPTION

23.20.1 Except as permitted under clause 23.20.2, the Borrower shall ensure that
     no member of the Group shall:

     (a)  declare, make or pay any dividend, charge, fee or other distribution
          (or interest on any unpaid dividend, charge, fee or other
          distribution) (whether in cash or in kind) on or in respect of its
          share capital (or any class of its share capital) or any warrants for
          the time being in issue;

     (b)  repay or distribute any dividend or share premium reserve or capital
          redemption or any undistributable reserve;

     (c)  pay or allow any member of the Group to pay any management, advisory
          or other fee to or to the order of any of the shareholders or other
          Affiliates (other than a member of the Group) of the Borrower; or

     (d)  redeem, repurchase, defease, retire or repay any of its share capital
          or any warrants for the time being in issue or resolve to do so.

23.20.2 Subject to clause 23.42 (Ring fencing), clause 23.20.1 does not apply
     to:

     (a)  a Permitted Distribution;

     (b)  a Permitted Transaction (other than one referred to in paragraph (c)
          of the definition of that term); or

     (c)  fees payable by the Borrower to its managers or advisers which are on
          an arm's length basis and are of the kind and the amount payable in
          the market by prudent companies engaged in business similar to that of
          the Borrower.

     RESTRICTIONS ON MOVEMENT OF CASH - CASH IN

23.21 FINANCIAL INDEBTEDNESS

23.21.1 Except as permitted under clause 23.21.2, the Borrower shall not (and
     shall ensure that no member of the Group shall) incur or allow to remain
     outstanding any Financial Indebtedness.

23.21.2 Clause 23.21.1 does not apply to Financial Indebtedness which is:

     (a)  Permitted Financial Indebtedness; or

     (b)  a Permitted Transaction.

23.22 SHARE CAPITAL

     The Borrower shall not (and shall ensure no member of the Group shall)
     issue any shares or other equity interests except pursuant to:

23.22.1 a Permitted Share Issue; or

23.22.2 a Permitted Transaction.

     MISCELLANEOUS

23.23 INSURANCE

23.23.1 The Borrower shall (and shall ensure that each member of the Group
     shall) maintain insurances on and in relation to its business and assets
     against those risks and to the extent as is usual for companies carrying on
     the same or substantially similar business and, without prejudice to the


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     generality of the foregoing, each Collateral Owner shall maintain the Ship
     Insurances in relation to its Collateral Ship in accordance with the
     Mortgage for such Collateral Ship.

23.23.2 All insurances must be with reputable independent insurance companies or
     underwriters.

23.23.3 Where insurances and risks have been identified in the Insurance Report,
     the Borrower shall ensure the insurances maintained provide cover at least
     in respect of the business and assets and against the risks and to the
     extent recommended in the Insurance Report.

23.23.4 If requested by the Agent, the Borrower shall, within ten Business Days
     of receipt of such request, supply to it proof of cover in respect of each
     insurance policy required to be taken out and maintained pursuant to this
     clause 23.23 and shall use its best endeavours to procure that any
     insurance broker then appointed by the Group undertakes to the Agent to
     notify the Agent should any renewal fee or other sum payable by any member
     of the Group in relation to any insurance policies arranged by that broker
     not be paid when due.

23.24 PENSIONS

23.24.1 The Borrower shall ensure that the pension schemes for the time being
     operated by the Group (if any) are funded in accordance with their rules
     and to the extent required by law or otherwise comply with the requirements
     of any law applicable in the jurisdiction in which the relevant pension
     scheme is maintained.

23.24.2 The Borrower shall deliver to the Agent on demand at such times as those
     reports are prepared in order to comply with the then current statutory or
     auditing requirements (as applicable either to the trustees of any relevant
     schemes or to the Borrower), actuarial reports in relation to all pension
     schemes mentioned in clause 23.24.1 above.

23.24.3 The Borrower shall promptly notify the Agent of any material change in
     the rate of contributions to any pension schemes mentioned in clause
     23.24.1 above paid or recommended to be paid (whether by the scheme actuary
     or otherwise) or required (by law or otherwise).

23.25 ACCESS

     The Borrower shall (and shall ensure that each member of the Group shall)
     (not more than once in every Financial Year unless the Agent reasonably
     suspects a Default has occurred and is continuing or may occur) permit the
     Agent and/or the Security Agent and/or accountants or other professional
     advisers and contractors of the Agent or Security Agent free access at all
     reasonable times and on reasonable notice at the risk and cost of the
     Obligor to (a) the premises, assets, books, accounts and records of each
     member of the Group and (b) meet and discuss matters with Key Personnel.

23.26 SERVICE CONTRACTS

23.26.1 The Borrower must ensure that there is in place in respect of each
     Obligor qualified management with appropriate skills.

23.26.2 Without prejudice to clause 24.13 (Change of management) if any of the
     Key Personnel ceases (whether by reason of death, retirement at normal
     retiring age or through ill health or otherwise) to perform his or her
     duties (as required under his or her Service Contract), the Borrower must
     promptly:

     (a)  notify the Agent;

     (b)  find and appoint an adequately qualified replacement for him or her as
          promptly as practicable; and

     (c)  ensure that such replacement enters into a Service Contract.

23.26.3 The Borrower shall ensure that no member of the Group amends, varies,
     waives, novates, supplements or replaces any term of a Service Contract in
     a way which is or is reasonably likely to be materially prejudicial to the
     interests of the Finance Parties.


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23.27 DIRECTOR'S FEES

     The Borrower shall not (and shall procure that no other member of the Group
     shall) remunerate its directors and/or officers in excess of the amounts
     disclosed to the Agent or, if such directors or officers are Key Personnel
     the amounts provided for in the Service Contracts (each in their respective
     forms as at the date of this Agreement) provided always, in each case, that
     such amounts shall not be in excess of amounts payable in the market by
     prudent companies engaged in business similar to that of the Borrower.

23.28 INTELLECTUAL PROPERTY

23.28.1 The Borrower shall procure that each Group member shall:

     (a)  preserve and maintain the subsistence and validity of the Intellectual
          Property necessary for the business of the relevant Group member (the
          "MATERIAL INTELLECTUAL PROPERTY");

     (b)  use reasonable endeavours to prevent any infringement in any material
          respect of the Material Intellectual Property;

     (c)  make registrations and pay all registration fees and taxes necessary
          to maintain the Material Intellectual Property in full force and
          effect and record its interest in that Material Intellectual Property;

     (d)  not use or permit the Material Intellectual Property to be used in a
          way or take any step or omit to take any step in respect of that
          Material Intellectual Property which may materially and adversely
          affect the existence or value of the Material Intellectual Property or
          imperil the right of any member of the Group to use such property; and

     (e)  not discontinue the use of the Material Intellectual Property.

23.29 AMENDMENTS

     The Borrower shall ensure that no member of the Group shall amend, vary,
     novate, supplement, supersede, waive or terminate any term of a Transaction
     Document or any other document delivered to the Agent pursuant to clauses
     4.1 (Initial conditions precedent) or clause 26 (Matters concerning the
     Obligors) or enter into any agreement with any shareholders of the Borrower
     or any of their Affiliates which is not a member of the Group except in
     writing:

23.29.1 in accordance with the provisions of clause 36 (Amendments and Waivers);
     or

23.29.2 in a way which could not be reasonably expected materially and adversely
     to affect the interests of the Lenders.

23.29.3 The Borrower shall promptly supply to the Agent a copy of any document
     relating to any of the matters referred to in clauses 23.29.1 and 23.29.2
     above.

23.29.4 The reference to waiving any term of a Transaction Document in this
     clause 23.29 includes (i) any waiver (in whole or in part) of any condition
     precedent (however described) under the Transaction Documents or (ii) any
     waiver (in whole or in part) of any breach (including any
     misrepresentation) of, or non-compliance with, any term of the Transaction
     Documents which would entitle such Obligor to terminate its obligations (in
     whole or in part) under such Transaction Document or (iii) any
     determination or acceptance that any such condition precedent is satisfied
     when it is not actually satisfied or (iv) declaring or accepting that any
     such Transaction Document is unconditional if any such condition precedent
     is not fulfilled or any such breach or non-compliance has occurred.

23.30 FINANCIAL ASSISTANCE

     The Borrower shall (and shall procure that each member of the Group shall)
     comply in all respects with Sections 151 to 158 of the Act and any
     equivalent legislation in other jurisdictions including in relation to the
     execution of the Transaction Security Documents and payment of amounts due
     under this Agreement.


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23.31 TREASURY TRANSACTIONS

23.31.1 The Borrower shall procure that no Obligor shall enter into any Treasury
     Transaction, other than:

     (a)  the hedging transactions contemplated by the Hedge Strategy Letter and
          documented by the Hedge Agreements;

     (b)  spot and forward delivery foreign exchange contracts entered into in
          the ordinary course of business and not for speculative purposes;

     (c)  Permitted FFAs; and

     (d)  any other Treasury Transaction entered into for the hedging of actual
          or projected real exposures arising in the ordinary course of trading
          activities of a member of the Group for a period of not more than six
          months and not for speculative purposes.

23.31.2 The Borrower shall ensure that all hedging arrangements contemplated by
     the Hedge Strategy Letter are implemented in accordance with the terms of
     the Hedge Strategy Letter and clause 5.6 (Hedge transactions) and that such
     arrangements are not terminated, varied or cancelled, save (in the case of
     arrangements documented by the Hedge Agreements) as permitted by this
     clause 23.31.

23.31.3 Each Hedge Counterparty agrees with the Lenders (but not with any member
     of the Group) that it will not terminate any Hedge Agreement except:

     (a)  as a result of the non-payment by the relevant member of the Group of
          any indebtedness under that Hedge Agreement which has fallen due for
          payment in the currency and manner stipulated in the relevant Hedge
          Agreement before the expiry of any applicable cure period (or, if no
          cure period is prescribed in the relevant Hedge Agreement, three
          Business Days);

     (b)  as a result of the repudiation of that Hedge Agreement by the relevant
          member of the Group;

     (c)  upon the issue by the Agent of a notice under clause 24.29
          (Acceleration);

     (d)  upon:

          (i)  it becoming unlawful for the relevant member of the Group or such
               Hedge Counterparty to perform its payment obligations in respect
               of that Hedge Agreement or such obligations become invalid or
               unenforceable against that member of the Group; or

          (ii) any termination provision of any Hedge Agreement to which that
               Hedge Counterparty is a party (including the calculation of or
               obligation to pay amounts upon such termination) becoming invalid
               or unenforceable against the relevant member of the Group;

     (e)  upon any exchange control, foreign currency or other Authorisation
          required by the relevant member of the Group in connection with the
          entry into, validity, enforceability or admissibility in evidence of
          any Hedge Agreement or the performance of its payment obligations
          under the same being modified in a manner unacceptable to such Hedge
          Counterparty or not being granted, being revoked or otherwise ceasing
          to be in full force and effect;

     (f)  upon the making of an order for the winding-up of, or the
          administration of, or the appointment of a receiver in respect of any
          part of the assets and/or undertaking of, or the dissolution of, the
          relevant member of the Group (or any analogous provision in any other
          jurisdiction); or

     (g)  with the prior written consent of the Agent.

23.31.4 Each Hedge Agreement (other than the HSH ISDA Agreement which is in a
     form approved by the Parties) shall be on the terms of the International
     Swaps & Derivatives Association, Inc. 2002 or 1992 Master Agreement
     (Multicurrency-Cross Border) under which:

     (a)  in the case of the 1992 Master, "Second Method" shall be specified as
          the applicable payment method and "Market Quotation" as the applicable
          payment measure;


                                       106



     (b)  no additional rights of set-off beyond those contained in this
          Agreement shall be specified; and

     (c)  the governing law is English law.

23.31.5 Each Hedge Counterparty and the Borrower agrees that any termination or
     other payment payable by a Hedge Counterparty to the Borrower or any
     Obligor in respect of any Hedge Agreement shall be payable in full without
     any set-off or counterclaim (irrespective of any amounts that may at such
     time be due from the relevant member of the Group to that Hedge
     Counterparty under this Agreement or any other Finance Document) to the
     Working Capital Account with the Security Agent.

23.31.6 Any termination or other payment received by the Borrower or any other
     member of the Group in respect of a Treasury Transaction (other than a
     Hedge Agreement with a Hedge Counterparty) shall be paid immediately on
     receipt to the relevant Obligor's Operating Account or, if the relevant
     Obligor does not have an Operating Account, the Working Capital Account.

23.32 SECURITY PROVIDERS

23.32.1 Subject to clause 23.32.3, the Borrower shall procure that:

     (a)  upon the acquisition or formation of a new Subsidiary of the Borrower
          (other than (i) a New Share Issue Subsidiary or (ii) a Purchase Option
          Subsidiary which has financed the acquisition of a Purchase Option
          Ship from funds provided by a Third Party Financier in accordance with
          clause 23.21 (Financial Indebtedness) (in which case clause 23.43
          (Purchase Option Subsidiaries) shall apply) or (iii) each Additional
          Collateral Owner (in which case the general provisions of this
          Agreement shall apply with respect to Security to be provided pursuant
          to this Agreement (including, without limitation, the provisions of
          clause 4.1 (Initial Conditions Precedent)) and the Transaction
          Security Documents); or

     (b)  upon the re-activation of a Dormant Subsidiary which is not providing
          security pursuant to the Transaction Security Documents; or

     (c)  upon any such Subsidiary which is not providing security pursuant to
          the Transaction Security Documents commencing, carrying on or
          materially extending its trading activity, or acquiring, or holding
          (legally or beneficially) a material asset; or

     (d)  upon any Purchase Option Subsidiary ceasing to be a Purchase Option
          Subsidiary provided that it is not already a Security Provider,

     such former Purchase Option Subsidiary, Subsidiary or Dormant Subsidiary,
     as the case may be, shall become an Additional Security Provider and (i)
     grant Security, in form and substance satisfactory to the Agent,
     incorporating provisions substantially the same as the Transaction Security
     Documents and (ii) provide the documents and evidence listed in Part III of
     Schedule 3 (Conditions Precedent) to the Agent, in form and substance
     satisfactory to the Agent.

23.32.2 The Borrower shall procure that any additional Security requested by the
     Agent shall be granted by the Borrower or any other member of the Group.

23.32.3 The Borrower need not perform its obligations under clauses 23.32.1 and
     23.32.2 in relation to a member of the Group, to the extent that execution
     and delivery of the required security by such member of the Group would in
     the opinion of the Agent (acting reasonably and having consulted with the
     Borrower):

     (a)  be unavoidably unlawful;

     (b)  result in a material restructuring of the Group;

     (c)  be prohibited by statute or be beyond the corporate power of the
          company or corporation concerned (and then only if such corporate
          power cannot be modified or extended to allow such execution and
          delivery); or


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     (d)  result in a benefit to the Finance Parties which is disproportionately
          minor in comparison with the cost thereby caused to the Group.

23.32.4 The Agent shall notify the Borrower and the Lenders promptly upon being
     satisfied that it has received (in form and substance satisfactory to it)
     all the documents and evidence listed in clause 23.32.1 in relation to an
     Additional Security Provider.

23.33 FURTHER ASSURANCE

23.33.1 The Borrower shall (and provided that the same are not prohibited by any
     obligations typically granted to a Third Party Financier, shall procure
     that each member of the Group shall) promptly do all such acts or execute
     all such documents (including assignments, transfers, mortgages, charges,
     notices and instructions) as the Security Agent or, as the case may be, the
     Secured Parties or, as the case may be the Agent may reasonably specify
     (and in such form as the Security Agent or, as the case may be, the Agent
     may reasonably require in favour of the Security Agent or, as the case may
     be, the Secured Parties or its/their nominee(s)):

     (a)  to perfect the Security created or intended to be created under or
          evidenced by the Transaction Security Documents (which may include the
          execution of a mortgage, pledge, charge, assignment or other Security
          over all or any of the assets which are, or are intended to be, the
          subject of the Transaction Security) or for the exercise of any
          rights, powers and remedies of the Security Agent or the Secured
          Parties provided by or pursuant to the Finance Documents or by law;

     (b)  to confer on the Security Agent or confer on the Finance Parties
          Security over any property and assets of that Obligor located in any
          jurisdiction equivalent or similar to the Security intended to be
          conferred by or pursuant to the Transaction Security Documents; and/or

     (c)  to facilitate the realisation of the assets which are, or are intended
          to be, the subject of the Transaction Security.

23.33.2 The Borrower shall and shall procure that each member of the Group shall
     take all such action as is available to it (including making all filings
     and registrations) as may be necessary for the purpose of the creation,
     perfection, protection or maintenance of any Security conferred or intended
     to be conferred on the Security Agent or any of the other Finance Parties
     by or pursuant to the Finance Documents.

23.33.3 The Borrower authorises the Security Agent to file any Uniform
     Commercial Code financing statements it believes are either necessary or
     desirable in connection with the Transaction Security Documents.

23.34 SYNDICATION

     The Borrower shall provide reasonable assistance to the Arranger in the
     preparation of the Information Memorandum and the primary syndication of
     the Facilities (including, without limitation, by making Key Personnel
     available for the purpose of making presentations to, or meeting, potential
     lending institutions) and shall comply with all reasonable requests for
     information from potential syndicate members prior to completion of
     syndication.

23.35 CHIEF EXECUTIVE OFFICER

     Without prejudice to clause 24.13 (Change of Management), the Borrower
     shall ensure that Mrs Angeliki Frangou remains at all times its Chief
     Executive Officer.

23.36 FUTURE CHARTERS AND CONTRACTS OF AFFREIGHTMENT

23.36.1 The Borrower shall not (and shall procure that no other member of the
     Group (other than a Purchase Option Subsidiary or New Share Issue
     Subsidiary) shall) without the prior written consent of the Agent (which
     the Agent shall have full liberty to withhold) and, if such consent is
     given, subject to such conditions as the Agent may impose (including, for
     the avoidance of doubt, those included in clause 23.36.3), take on charter
     or sub-charter or, as the case may be, charter to a third party, in each
     case a Ship:


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     (a)  on demise charter for any period;

     (b)  by any time or consecutive voyage charter for a term which exceeds or
          which by virtue of any optional extensions therein contained might
          exceed 11 months duration;

     (c)  on terms whereby more than two months' hire (or the equivalent) is
          payable in advance;

     (d)  below the market rate prevailing at the time when such Ship is fixed
          or other than on arm's length terms;

     (e)  on terms that provide for a purchase option in relation to such Ship;
          or

     (f)  in the case of a Chartered Ship, when the relevant contract is not
          entered into by a Charter Company.

23.36.2 The Borrower shall not (and shall procure that no Obligor shall) enter
     into a contract of affreightment which exceeds or which by virtue of any
     optional extensions therein contained might exceed 11 months duration,
     without the prior written consent of the Agent.

23.36.3 If the Agent consents to the entry into of a time charter or contract of
     affreightment in accordance with clauses 23.36.1(b) and 23.36.2
     respectively, the Borrower shall:

     (a)  procure that the relevant Obligor executes an assignment (in such form
          as the Agent may require, the Agent hereby acknowledging that where
          the Ship is subject to Security in favour of a third party which is
          permitted pursuant to this Agreement, such assignment shall be on a
          second ranking basis) of such charter or contract of affreightment and
          following receipt of a request from the Security Agent (which may be
          delivered at any time in the sole discretion of the Security Agent
          whether acting on the instructions of the Lenders or otherwise)
          promptly procure that a related notice of assignment is served on the
          relevant counterparty and the acknowledgement thereof is given by the
          relevant counterparty; and

     (b)  pay all legal and other costs incurred by the Agent, the Security
          Agent and any other Finance Party in connection with such charter
          assignment.

23.37 VALUATION OF OWNED SHIPS

23.37.1 Without prejudice to the rights of the Agent under clause 23.53(b)
     (Security Value Maintenance) to obtain valuations of the Collateral Ships
     at any time, the Borrower shall deliver to the Agent twice in each
     Financial Year, at the same time as delivering to the Agent:

     (a)  its audited annual consolidated financial statements for the
          immediately preceding Financial Year, pursuant to clause 21.1.1
          (Financial statements); and

     (b)  its unaudited consolidated financial statements for the second
          Financial Quarter of that Financial Year, pursuant to clause 21.1.1
          (Financial statements),

     a valuation (in dollars) dated no earlier than 30 days prior to the
     delivery of such financial statements of each of the Owned Ships. Such
     valuation shall be made by two Approved Brokers approved by the Agent (each
     such valuation to be made with or without physical inspection (as the
     Lenders may reasonably require), and on the basis of a sale for prompt
     delivery for cash at arm's length on normal commercial terms as between a
     willing buyer and a willing seller without taking into account the benefit
     of any charterparty or other engagement concerning the relevant Owned
     Ship). The mean of the two valuations shall constitute the value of the
     relevant Owned Ship. In the event that the valuations obtained in respect
     of any Owned Ship differ by more than 15 per cent. a third valuation shall
     be obtained from one of the remaining Approved Brokers approved by the
     Lenders and the mean of all three valuations shall constitute the value of
     the relevant Owned Ship in such a case.

23.37.2 The value of the Owned Ships determined in accordance with the
     provisions of this clause 23.37 shall be binding upon the Parties until
     such time as any further such valuations shall be obtained.


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23.37.3 The Borrower undertakes to the Finance Parties to supply to the Finance
     Parties and to any Approved Brokers such information concerning each Owned
     Ship and its condition as such Approved Brokers may reasonably require for
     the purpose of making any valuation.

23.37.4 All costs in connection with the Agent obtaining any valuation of each
     Owned Ship referred to in clause 23.37 shall be borne by the Borrower.

23.38 COMPLIANCE WITH ISM CODE

     The Borrower shall procure that any relevant member of the Group shall
     comply with and ensure that each Owned Ship complies with the requirements
     of the ISM Code, including (but not limited to) the maintenance and renewal
     of valid certificates pursuant thereto.

23.39 WITHDRAWAL OF DOC AND SMC

     The Borrower shall procure that any relevant member of the Group shall
     immediately inform the Agent if there is any threatened or actual
     withdrawal of such member's DOC or the SMC in respect of any of the Owned
     Ships.

23.40 ISSUANCE OF DOC AND SMC

     The Borrower shall procure that any relevant member of the Group shall
     promptly inform the Agent upon the issue to any such member of a DOC and to
     any of the Owned Ships of an SMC or the receipt by any such member of
     notification that its application for the same has been refused.

23.41 COMPLIANCE WITH ISPS CODE

     The Borrower shall procure that any relevant member of the Group shall
     comply with and ensure that each Owned Ship complies with the requirements
     of the ISPS Code including (but not limited to) the maintenance and renewal
     of the ISSC for each such Ship pursuant to the ISPS Code and shall
     immediately inform the Agent if there is any actual or threatened
     withdrawal of the ISSC for any such Ship.

23.42 RING FENCING

     The Borrower shall procure that:

23.42.1 no Security Provider shall enter into, or permit to subsist, any
     transaction or relationship with a non-Security Provider which is not at
     least as favourable in all respects to the relevant Security Provider as an
     arm's length transaction, nor shall such Security Provider pay any
     management charge or similar inter-company item to a non-Security Provider.

23.42.2 This clause 23.42 shall not prohibit the execution and performance by
     the Borrower or any other Obligor of any Finance Document or Transaction
     Document to which it is party.

23.43 PURCHASE OPTION SUBSIDIARIES

23.43.1 Subject to clause 23.43.5, the Borrower shall procure that no Purchase
     Option shall be exercised which is funded (directly or indirectly, wholly
     or partly) from a drawing from the Working Capital Account without the
     prior consent of the Agent.

23.43.2 The Borrower shall procure that no Financial Indebtedness shall be
     incurred by a Purchase Option Subsidiary (other than by the relevant
     Purchase Option Subsidiary incurring Financial Indebtedness under the
     Facilities in accordance with clause 23.43.1), unless:

     (a)  the Borrower and the relevant Purchase Option Subsidiary have (i)
          first given the Arranger the opportunity to make an offer to finance
          the purchase by such Purchase Option Subsidiary of the relevant
          Purchase Option Ship, (ii) the Arranger has made such an offer and
          (iii) the Borrower (acting reasonably) has declined the offer of the
          Arranger; and


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     (b)  the Financial Indebtedness incurred to acquire the relevant Purchase
          Option Ship is not more than an amount equal to 80 per cent. of the
          value of such Ship as determined in accordance with the procedure set
          out in clause 23.37.1 (Valuation of Owned Ships)).

23.43.3 The Borrower shall procure that a Purchase Option Subsidiary shall:

     (a)  deliver the valuations referred to in clause 23.43.2(b) to the Agent
          not less than 30 days prior to the exercise of the relevant Purchase
          Option;

     (b)  at the date of acquisition of the relevant Purchase Option Ship, grant
          a second-ranking guarantee and mortgage, in form and substance
          satisfactory to the Agent, over such Purchase Option Ship and such
          other assets of the Purchase Option Subsidiary as the Agent shall
          require, in each case, in favour of the Security Agent or, as the case
          may be, the Secured Parties;

     (c)  ensure that all its cashflow that is not (i) mandatorily required to
          be used in meeting payments of fees, interest and principal and other
          expenses in respect of the Permitted Financial Indebtedness incurred
          to acquire the relevant Purchase Option Ship or (ii) for the general
          maintenance of such Purchase Option Subsidiary as a going concern, are
          loaned or distributed to the Borrower by payment to the Working
          Capital Account (subject to subordination undertakings from such
          Purchase Option Subsidiary satisfactory to the Security Agent being
          given prior to such loan or distribution being made) as soon and as
          frequently as practicable;

     (d)  ensure that following the exercise of a Purchase Option by a Purchase
          Option Subsidiary, such Purchase Option Subsidiary shall not own more
          than one ship; and

     (e)  use reasonable endeavours to ensure that any Third Party Financier
          enters into a Third Party Intercreditor Agreement provided that a
          Third Party Intercreditor Agreement is agreed.

23.43.4 The Borrower shall procure that only a Purchase Option Subsidiary shall
     own a Purchase Option Ship.

23.43.5 Nothing in this clause 23.43 shall be construed in such a way as to
     prohibit (a) the Borrower from providing financing to the relevant Purchase
     Option Subsidiary under the relevant Purchase Option from funds credited to
     the Working Capital Account or (b) the relevant Purchase Option Subsidiary
     from incurring Permitted Financial Indebtedness in connection with the
     purchase of the relevant Purchase Option Ship from any Third Party
     Financier.

23.43.6 The Security Agent or, as the case my be the Secured Parties, undertakes
     each time clause 23.43.2 or clause 23.43.7 (Purchase Option Subsidiaries)
     applies and Permitted Financial Indebtedness is incurred in relation
     thereto to enter into a Third Party Intercreditor Agreement on behalf of
     the Lenders provided that a Third Party Intercreditor Agreement is agreed.

23.43.7 A Purchase Option Subsidiary which has incurred Permitted Financial
     Indebtedness in relation to the purchase of a Purchase Option Ship may,
     with the consent of the Agent, refinance such Permitted Financial
     Indebtedness provided that:

     (a)  the Borrower and the relevant Purchase Option Subsidiary have (i)
          first given the Arranger the opportunity to make an offer of
          refinancing of such Permitted Financial Indebtedness, (ii) the
          Arranger has made such an offer or declined to do so, and (iii) the
          Borrower (acting reasonably) has declined the offer of the Arranger;

     (b)  the second-ranking security granted pursuant to clause 23.43.3(b) is
          not affected by such refinance or is replaced by equivalent Security
          to the satisfaction of the Agent; and

     (c)  to the extent that any refinancing of third party Permitted Financial
          Indebtedness by a Purchase Option Subsidiary results in such Purchase
          Option Subsidiary being in possession of additional earnings or funds,
          the Borrower shall procure that such Purchase Option Subsidiary shall
          ensure that such additional earnings or funds are applied in
          accordance with clause 23.43.3(c).


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23.44 NEW SHARE ISSUE SUBSIDIARIES

23.44.1 The Borrower shall procure that no New Share Issue Subsidiary shall
     incur Financial Indebtedness, unless:

     (a)  such Financial Indebtedness is required to be incurred for a New Share
          Issue Subsidiary to acquire a Permitted NSIS Asset; and

     (b)  the Financial Indebtedness required to be incurred for a New Share
          Issue Subsidiary to acquire the relevant Permitted NSIS Asset is not
          more than an amount equal to 80 per cent. of the value (as determined
          by the Agent) of such Permitted NSIS Asset.

23.44.2 A New Share Issue Subsidiary which has incurred Permitted Financial
     Indebtedness in relation to the purchase of a Permitted NSIS Asset may
     freely refinance such Permitted Financial Indebtedness provided that the
     Financial Indebtedness which results from such refinancing complies with
     clause 23.44.1(b).

23.44.3 The Borrower undertakes to notify the Agent within 30 Business Days of
     incorporating a New Share Issue Subsidiary of the fact that it has
     incorporated such New Share Issue Subsidiary and details of any proposed
     acquisitions such New Share Issue Subsidiary intends to make. The Borrower
     also undertakes to notify the Agent of any proposed acquisition of any
     Permitted NSIS Asset.

23.44.4 The Borrower shall procure that no New Share Issue Subsidiary shall
     conduct any business or activity which has or is likely to have a
     detrimental effect on the financial performance of any Obligor, including
     any business or activity which replicates or replaces all or part of any
     business or activity which is or had previously been undertaken or
     conducted by an Obligor.

23.45 USE OF PROCEEDS

     The Borrower shall use the proceeds of Loans under the Facilities
     exclusively for the respective purposes specified in clause 3 (Purpose);

23.46 LANDLORD AND OTHER CONSENTS

     The Borrower shall (and shall procure that each Security Provider shall) at
     all times obtain and maintain all consents and other authorisations
     (whether of a landlord or otherwise) necessary for the creation and
     perfection of the Security contemplated by the Transaction Security
     Documents.

23.47 EMPLOYMENT OF CHARTERED SHIPS

     The Borrower shall not (and shall procure that no member of the Group
     shall) employ any Chartered Ships or permit any Chartered Ship's employment
     in any manner, trade or business which is forbidden by law or which is
     otherwise unlawful or illicit under the law of any relevant jurisdiction,
     or in carrying illicit or prohibited goods and not to employ any Chartered
     Ship or permit its employment in carrying any contraband goods.

23.48 SHARING OF EARNINGS OF CHARTERED SHIPS

     The Borrower shall not (and shall procure that no other member of the Group
     shall) without the prior written consent of the Agent (and then only
     subject to such conditions as the Agent may impose) enter into any
     agreement or arrangement whereby the earnings with respect to a Chartered
     Ship may be shared with any other person.

23.49 CHARTERS

     The Borrower shall not (and shall procure that no other member of the Group
     shall) commit a breach of any Charter or conduct itself in such a way as to
     cause or potentially cause, whether through action or inaction, a breach of
     a Charter which would entitle the other party to the Charter to terminate
     or otherwise determine the Charter.


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23.50 REPORTS

     The Borrower undertakes that:

23.50.1 in the event that the Agent notifies the Borrower that the Agent is
     unable to make a claim and take legal proceedings against the provider of a
     Report but the Borrower is able to make a claim and take legal proceedings
     against the relevant Report provider, the Borrower shall take such action
     and make any such claim against the provider of the Report as the Agent may
     direct; and

23.50.2 subject to clause 23.50.1, it shall pursue any available claim and take
     legal proceedings against a provider of a Report unless the costs
     associated with making such claim and taking such legal proceedings
     outweigh the benefit of such claim (if successful), in each case as
     determined by the Agent.

23.51 ACQUISITION AGREEMENT

     The Borrower shall pursue any available claim and take legal proceedings
     against any party to the Acquisition Agreement unless the costs associated
     with making such claim and taking such legal proceedings outweigh the
     benefit of such claim (if successful), in each case as determined by the
     Agent.

23.52 CONDITIONS SUBSEQUENT

23.52.1 The Borrower shall procure that:

     (a)  the deletion of each Existing Collateral Ship listed in Schedule 2
          (The Ships) from the flag of the Hellenic Republic and the relevant
          Registry and registration of each such Existing Collateral Ship under
          another Flag State through the relevant Registry shall take place
          within 60 days of the first Utilisation Date; and

     (b)  on the date of such registration of an Existing Collateral Ship listed
          in Schedule 2 (The Ships) under another Flag State through the
          relevant Registry, the Borrower shall provide the Agent with the
          documents and evidence specified in Part I of Schedule 3 (Conditions
          Precedent) in respect of that Existing Collateral Ship in form and
          substance satisfactory to the Agent.

23.52.2 The Borrower shall:

     (a)  not later than 31 March 2006, provide to the Agent its professional
          risk management procedures as required under section 404 of the
          Sarbanes-Oxley Act; and

     (b)  provide confirmation to the Agent that all members of the Group are in
          compliance with such procedures on the due date for compliance under
          section 404 of the Sarbanes-Oxley Act.

23.52.3 The Borrower shall, within one month of the first Utilisation Date,
     supply to the Agent evidence (in form and substance satisfactory to the
     Agent) that any unsatisfactory (as determined by the Agent) insurance
     policies effected in relation to the Terminal have been terminated and that
     appropriate insurance policies to replace such terminated policies have
     been placed in such terms, amounts and with such underwriters as the Agent
     may require and so that the Borrower is in compliance with its obligation
     to procure that the Group has adequate insurance cover under the relevant
     Transaction Documents. Upon the putting into place of such insurances, the
     relevant Group member shall forthwith grant Security to the Security Agent
     in respect of such policy or policies.

23.52.4 The Borrower shall, as soon as possible, but in any event within 120
     days of the ISE-Navios Merger, advise the Agent of (a) the number of
     shareholders in ISE who have filed a petition in the Delaware Court of
     Chancery demanding that the Chancery Court determine the fair value of
     their shares and (b) the number of shares in ISE held by such shareholders.

23.52.5 In the event that, following the filing of any petition in the Delaware
     Court of Chancery referred to in clause 23.52.4, the finding of the
     Chancery Court requires the Borrower to make a payment to its shareholders
     of a sum in excess of US$5,000,000, the Borrower shall, as soon as
     possible, but in any event within 30 days of the date such payment is
     required to be made raise funds in an amount not less than the amount
     specified by the Chancery Court by way of:


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     (a)  a Permitted Share Issue of the Borrower; and/or

     (b)  the borrowing of a subordinated loan from a person who is not a member
          of the Group provided such subordinated loan has a maturity date of
          not less than six years from the date it is made and is subordinated
          on terms satisfactory to the Agent.

23.52.6 The Borrower shall, within 60 days of the first Utilisation Date and in
     consultation with the Agent, remedy (to the extent specified by the Agent)
     those Charters identified in the Charters and COAs Report which the Agent
     notifies the Borrower as being unsatisfactory.

23.52.7 The Borrower shall, within 10 days of the Utilisation Date of the
     Facility relating to an Additional Collateral Ship, deliver to the Agent a
     copy of a certificate of financial responsibility for the relevant
     Additional Collateral Ship complying with the requirements of the United
     States Oil Pollution Act 1990 together with evidence of approval thereof by
     the relevant regulatory authority.

23.52.8 The Borrower shall, within 30 days of the first Utilisation Date, ensure
     that (a) the Operating Accounts are closed and (b) new accounts (the "NEW
     ACCOUNTS") have been opened in the name of the relevant members of the
     Group with the Agent in Hamburg in substitution of the Operating Accounts,
     (c) any balances then standing to the credit of an Operating Account shall
     be transferred forthwith to the corresponding New Account of the relevant
     member of the Group, (d) the New Accounts have become subject to Security
     in favour of the Security Agent or the other Secured Parties in the same
     manner as the Operating Accounts are subject to Security pursuant to the
     relevant Account Pledges, (e) the Finance Documents are amended in such
     manner as the Agent may require in its absolute discretion in connection
     with the matters referred to in this clause 23.52.8 and (f) forthwith
     following a demand made by the Agent, it shall reimburse the Agent or any
     other Finance Party in connection with any costs and expenses (including
     legal fees and expenses) incurred by it, in connection with the matters
     referred to in this clause 23.52.8.

23.53 SECURITY VALUE MAINTENANCE

     (a)  If at any time the Security Value shall be less than the Security
          Requirement, the Agent may give notice to the Borrower requiring that
          such deficiency be remedied and then the Borrower shall either:

          (i)  prepay within a period of fourteen (14) days of the date of
               receipt by the Borrower of the Agent's said notice, such part of
               the total amount of the Facility A Loan, the Facility C Loans and
               the Facility D Loans outstanding at such time, as will result in
               the Security Requirement after such prepayment (taking into
               account any other repayment of the Loans made between the date of
               the notice and the date of such prepayment) being equal to or
               higher than the Security Value; or

          (ii) within fourteen (14) days of the date of receipt by the Borrower
               of the Agent's said notice, constitute to the satisfaction of the
               Agent (acting on the instructions of the Majority Lenders) such
               further security (in the form of Security) for the Loans (and any
               amounts outstanding under any Hedge Agreements) as shall be
               acceptable to Agent (acting on the instructions of the Majority
               Lenders) having a value for security purposes (as determined by
               the Majority Lenders in their absolute discretion) at the date
               upon which such further security shall be constituted which, when
               added to the Security Value, shall not be less than the Security
               Requirement as at such date.

     (b)  Each of the Collateral Ships shall, for the purposes of this clause
          23.53, be valued as and when the Agent shall require and, as to the
          manner of valuation, in accordance with the provisions of clause
          23.37(Valuation of Owned Ships). The value of any of the Collateral
          Ships determined in accordance with the provisions of clause
          23.37(Valuation of Owned Ships) shall be binding upon the Parties
          until such time as any further such valuation shall be obtained for
          such Collateral Ship pursuant to this clause 23.53(b) or clause
          23.37(Valuation of Owned Ships).

     (c)  All costs in connection with the Agent obtaining any valuation of any
          of the Collateral Ships referred to in this clause 23.53 and in
          Schedule 3, and any valuation either of any additional security for
          the purposes of ascertaining the Security Value at any time or
          necessitated by the Borrower electing to constitute additional
          security pursuant to clause 23.53(a)(ii), shall be borne by the
          Borrower.


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     (d)  For the purposes of this clause 23.53, the value of any additional
          security provided or to be provided to the Agent shall be determined
          by the Majority Lenders in their discretion.

     (e)  In connection with any additional security provided in accordance with
          this clause 23.53, the Agent shall be entitled to receive such
          evidence and documents as may in the Agent's reasonable opinion be
          appropriate (which shall include evidence and documents of the kind
          referred to in Schedule 3) and such legal opinions (being in form and
          substance satisfactory to the Agent) as the Agent shall in its
          absolute discretion require.

     (f)  Any prepayment made under clause 23.53(a)(i) shall be applied in
          reducing the Repayment Instalments in respect of Facility A, Facility
          C1, Facility C2, Facility C3, Facility C4, Facility C5, Facility C6,
          Facility D1, Facility D2, Facility D3 and Facility D4 in inverse
          chronological order (and pro rata as between such Facilities).

24   EVENTS OF DEFAULT

     Each of the events or circumstances set out in clause 24.1 up to but not
     including clause 24.29 (Acceleration) is an Event of Default (whether or
     not caused by any reason whatsoever outside the control of the Borrower or
     any other member of the Group (or any other person)).

24.1 NON-PAYMENT

     An Obligor does not pay on the due date any amount payable pursuant to a
     Finance Document at the place at and in the currency in which it is
     expressed to be payable unless:

24.1.1 its failure to pay is caused by administrative or technical error in the
     transmission of funds; and

24.1.2 payment is made within two Business Days of its due date.

24.2 FINANCIAL COVENANTS AND OTHER OBLIGATIONS

     Any requirement of clause 22 (Financial Covenants) is not satisfied or the
     Borrower does not comply with the provisions of clause 21.1 (Financial
     statements), 21.2 (Provision and contents of Compliance Certificate), 21.3
     (Requirements as to financial statements), 21.4 (Budget), 21.8
     (Notification of default and certain events relating to Chartered Ships),
     23.6 (Merger), 23.7 (Change of business), 23.8 (Acquisitions), 23.9 (Joint
     ventures), 23.10 (Holding Companies), 23.15 (Negative pledge), 23.16
     (Disposals), 23.17 (Arm's length basis), 23.18 (Loans or credit), 23.19 (No
     guarantees or indemnities), 23.20 (Dividends and share redemption), 23.21
     (Financial Indebtedness), 23.22 (Share capital), 23.50 (Conditions
     subsequent), 23.42 (Ring fencing), 23.43 (Purchase Option Subsidiaries) or
     23.44 (New Share Issue Subsidiaries).

24.3 OTHER OBLIGATIONS

24.3.1 An Obligor does not comply with any provision of the Finance Documents
     (other than those referred to in clause 24.1 (Non-payment) and clause 24.2
     (Financial covenants and other obligations)).

24.3.2 No Event of Default under clause 24.3.1 will occur if the failure to
     comply is capable of remedy and is remedied within ten Business Days of the
     Agent giving notice to the Borrower or relevant Obligor or the Borrower or
     an Obligor becoming aware of the failure to comply.

24.4 MISREPRESENTATION

     Any representation or statement made or deemed to be made by an Obligor in
     the Finance Documents or any other document delivered by or on behalf of
     any Obligor under or in connection with any Finance Document is or proves
     to have been incorrect or misleading in any material respect when made or
     deemed to be made.


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24.5 CROSS DEFAULT

24.5.1 Any Financial Indebtedness of any member of the Group is not paid when
     due nor within any originally applicable grace period.

24.5.2 Any Financial Indebtedness of any member of the Group is declared to be
     or otherwise becomes due and payable prior to its specified maturity as a
     result of an event of default (however described).

24.5.3 Any commitment for any Financial Indebtedness of any member of the Group
     is cancelled or suspended by a creditor of any member of the Group as a
     result of an event of default (however described).

24.5.4 The counterparty to a Treasury Transaction entered into by a member of
     the Group becomes entitled to terminate that Treasury Transaction early as
     a result of an event of default (however described).

24.5.5 Any creditor of any member of the Group becomes entitled to declare any
     Financial Indebtedness of any member of the Group due and payable prior to
     its specified maturity as a result of an event of default (however
     described).

24.5.6 No Event of Default will occur under this clause 24.5 if (i) the
     aggregate amount of Financial Indebtedness or commitment for Financial
     Indebtedness falling within clauses 24.5.1 to 24.5.5 is less than
     US$2,000,000 (or its equivalent in any other currency or currencies) or
     (ii) the Agent is, in its sole discretion, satisfied that the relevant
     event referred to in this clause 24.5 will not affect or prejudice in any
     way the Borrower's or any other Obligor's ability to duly perform its
     obligations under the Transaction Documents.

24.6 INSOLVENCY

24.6.1 A member of the Group is unable or admits inability to pay its debts as
     they fall due or is deemed to or declared to be unable to pay its debts
     under applicable law, suspends or threatens to suspend making payments on
     any of its debts or, by reason of actual or anticipated financial
     difficulties, commences negotiations with one or more of its creditors with
     a view to rescheduling any of its indebtedness.

24.6.2 The value of the consolidated assets of the Group is less than its
     consolidated liabilities (taking into account contingent and prospective
     liabilities but not including liabilities under the Intra-Group Loan
     Agreement).

24.6.3 A moratorium is declared in respect of any indebtedness of any member of
     the Group. If a moratorium occurs, the ending of the moratorium will not
     remedy any Event of Default caused by that moratorium.

24.7 INSOLVENCY PROCEEDINGS

24.7.1 Any corporate action, legal proceedings or other procedure or step is
     taken in relation to:

     (a)  the suspension of payments, a moratorium of any indebtedness,
          winding-up, dissolution, administration or reorganisation (by way of
          voluntary arrangement, scheme of arrangement or otherwise) of any
          member of the Group other than a solvent liquidation or reorganisation
          of any member of the Group which is not an Obligor;

     (b)  a composition, compromise, assignment or arrangement with any creditor
          of any member of the Group;

     (c)  the appointment of a liquidator (other than in respect of a solvent
          liquidation of a member of the Group which is not an Obligor),
          receiver, administrative receiver, administrator, compulsory manager
          or other similar officer in respect of any member of the Group or any
          of its assets (including the directors of any Group member requesting
          a person to appoint any such officer in relation to it or any of its
          assets); or


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     (d)  enforcement of any Security over any assets of any member of the
          Group,

     or any analogous procedure or step is taken in any jurisdiction.

24.7.2 Clause 24.7.1 shall not apply to:

     (a)  any winding-up petition which the Borrower can demonstrate, by
          providing opinion of leading Counsel to that effect, to the reasonable
          satisfaction of the Agent, is frivolous or vexatious and such
          winding-up petition is discharged, stayed or dismissed within ten days
          of commencement or, if earlier, the date on which it is advertised; or

     (b)  any step or procedure contemplated by paragraph (b) of the definition
          of Permitted Transaction.

24.8 CREDITORS' PROCESS

24.8.1 Any expropriation, attachment, sequestration, forfeiture, distress or
     execution or any analogous process in any jurisdiction affects any asset or
     assets of a member of the Group having an aggregate value of US$2,000,000
     and is not discharged within ten days.

24.8.2 Any judgment or order for an amount in excess of US$2,000,000 is made
     against any member of the Group and is not stayed or complied with within
     ten days.

24.9 UNLAWFULNESS AND INVALIDITY

24.9.1 It is or becomes unlawful for an Obligor to perform any of its
     obligations under the Finance Documents or any Transaction Security created
     or expressed to be created or evidenced by the Transaction Security
     Documents ceases to be effective or any subordination created under any
     Finance Document is or becomes unlawful.

24.9.2 Any obligation or obligations of any Obligor under any Finance Documents
     are not (subject to the Legal Reservations) or cease to be legal, valid,
     binding or enforceable and the cessation individually or cumulatively
     materially and adversely affects the interests of the Lenders under the
     Finance Documents.

24.9.3 Any Finance Document ceases to be in full force and effect or any
     Transaction Security or any subordination created under the Finance
     Documents ceases to be legal, valid, binding, enforceable or effective or
     is alleged by a party to it (other than a Finance Party) to be ineffective.

24.10 CESSATION OF BUSINESS

     Any member of the Group suspends or ceases to carry on (or threatens to
     suspend or cease to carry on) all or a material part of its business except
     as a result of a disposal which is a Permitted Disposal or a Permitted
     Transaction.

24.11 CHANGE OF OWNERSHIP

     An Obligor (other than the Borrower) ceases to be a wholly-owned Subsidiary
     of the Borrower except as a result of a disposal which is a Permitted
     Disposal or a Permitted Transaction.

24.12 AMENDING CONSTITUTIONAL DOCUMENTS

24.12.1 The Borrower or a Security Provider amends, varies, supplements,
     supersedes, waives or terminates its Constitutional Documents without the
     prior written consent of the Agent (which consent shall not be unreasonably
     withheld).

24.12.2 Any other member of the Group amends, varies, supplements, supersedes,
     waives or terminates its Constitutional Documents without the prior written
     consent of the Agent where the Agent reasonably believes such action has or
     is reasonably likely to have a Material Adverse Effect.


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24.13 CHANGE OF MANAGEMENT

24.13.1 Mrs Angeliki Frangou ceases (for whatever reason) to be actively
     involved in the business, trade and offices of the Group or ceases (for
     whatever reason) to be the Chief Executive Officer of the Borrower.

24.13.2 Any two members of the Key Personnel cease (for whatever reason) to be
     both an officer and an employee of the Group or to devote substantially all
     of their time to the management of the Group and no adequate replacement is
     found and announced within a period of 60 days.

24.14 AUDIT QUALIFICATION - DIVIDENDS

24.14.1 The Auditors of the Group qualify the audited annual consolidated
     financial statements of the Borrower.

24.14.2 The Borrower advises the Agent pursuant to clause 8.1.8(a)(Total
     Loss/Sale) of the amount of dividend it intends to declare in respect of a
     Financial Quarter and the aggregate amount of dividend actually declared or
     distributed pursuant to such Financial Quarter is less than such amount.

24.14.3 The Borrower advises the Agent pursuant to clause 8.1.8(b)(Total
     Loss/Sale) of a Relevant Amount in respect of a Financial Quarter and the
     aggregate amount of dividend actually declared or distributed by the
     Borrower in respect of such Financial Quarter is less than such Relevant
     Amount.

24.15 EXPROPRIATION

     The authority or ability of any member of the Group to conduct its business
     is limited or wholly or substantially curtailed by any seizure,
     expropriation, nationalisation, intervention, restriction or other action
     by or on behalf of any governmental, regulatory or other authority or other
     person in relation to any member of the Group or any of its assets.

24.16 REPUDIATION AND RESCISSION OF AGREEMENTS

24.16.1 An Obligor (or any other relevant party) rescinds or purports to rescind
     or repudiates or purports to repudiate a Finance Document or any of the
     Transaction Security or evidences an intention to rescind or repudiate a
     Finance Document or any Transaction Security.

24.16.2 Any party to the Acquisition Documents rescinds or purports to rescind
     or repudiates or purports to repudiate any of those agreements or
     instruments in whole or in part where to do so has or is, in the reasonable
     opinion of the Agent, likely to have a material adverse effect on the
     interests of the Lenders under the Finance Documents.

24.17 LITIGATION

     Any litigation, alternative dispute resolution, arbitration,
     administrative, governmental, regulatory or other investigations,
     proceedings or disputes are commenced or threatened in relation to the
     Transaction Documents or the transactions contemplated in the Transaction
     Documents or against any member of the Group or its assets which has or is
     reasonably likely to have a Material Adverse Effect.

24.18 ENVIRONMENTAL MATTERS

24.18.1 Any member of the Group fails to comply with any Environmental Law or
     any Environmental Permit or an Environmental Claim is made against any
     member of the Group and as a result a Material Adverse Effect occurs or is
     reasonably likely to occur in the opinion of the Lenders.

24.18.2 As a result of any Environmental Law any of the claims and rights of any
     Finance Party in respect of any Finance Document becomes subordinated to an
     extent considered material by the Agent to an Environmental Claim.

24.18.3 Any Finance Party becomes subject to any actual or potential liability
     or obligation in relation to any property owned, occupied or used by any
     member of the Group.


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24.19 CHANGE OF CONTROL

     Mrs Angeliki Frangou ceases to hold a minimum of 20 per cent. of the issued
     share capital of the Borrower.

24.20 MATERIAL ADVERSE CHANGE

     Any event or circumstance occurs which the Agent reasonably believes has or
     is reasonably likely to have a Material Adverse Effect.

24.21 ARREST

     Any Ship is arrested, confiscated, seized, taken in execution, impounded,
     forfeited, detained in exercise or purported exercise of any possessory
     lien or other claim or otherwise taken from the possession of the owner of
     such Ship and the owner of such Ship shall fail to procure the release of
     such Ship within a period of ten Business Days thereafter.

24.22 ADDITIONAL COLLATERAL SHIPS AND REGISTRATION

24.22.1 (a) An Additional Collateral Ship is not delivered to the relevant
     Additional Collateral Owner pursuant to the relevant Purchase Option MOA
     and/or MOA or otherwise and/or (b) the Facility relevant to such Additional
     Collateral Ship has not been utilised and/or (c) the conditions precedent
     regarding such Facility and such Additional Collateral Ship required under
     clause 4.1.2 (Initial Conditions Precedent) have not been satisfied by the
     Borrower, in any such case (a), (b) or (c), by the Long-Stop Date.

24.22.2 The registration of any Collateral Ship under the laws and flag of the
     relevant Flag State is cancelled or terminated without the prior written
     consent of the Lenders or if such registration of such Collateral Ship is
     not renewed at least 45 days prior to the expiry of such registration.

24.23 UNREST

     The Flag State of any Collateral Ship becomes involved in hostilities or
     civil war or there is a seizure of power in such Flag State by
     unconstitutional means and such event could, in the opinion of the Agent
     reasonably be expected to have a Material Adverse Effect on the Security
     constituted by any of the Transaction Security Documents and the Borrower
     fails to (a) procure the registration of the relevant Collateral Ship by
     the relevant Collateral Owner under the flag of another state which is
     acceptable to the Agent in its sole discretion, (b) procure the execution
     in favour of the Security Agent or, as the case may be, the Finance Parties
     and, where necessary, the registration, of a new mortgage over the relevant
     Collateral Ship, a new general assignment in respect of the Earnings, the
     Ship Insurances and the Requisition Compensation of such Collateral Ship
     and a manager's undertaking from the Manager of the relevant Collateral
     Ship, in each case in such form as the Agent shall in its absolute
     discretion require and always of the same priority as the previous such
     Security and (c) provide the Agent or its duly authorised representative
     with such documents and evidence as the Agent may in its sole discretion
     require, in each case within ten Business Days following the written
     request of the Agent to the Borrower to do so.

24.24 P&I AND THIRD PARTY LIABILITY INSURANCES

     Either a Collateral Owner or the Manager or any other person fails or omits
     to comply with any requirements of the protection and indemnity association
     or other insurer with which such Collateral Owner is entered for insurance
     or insured against protection and indemnity risks (including oil pollution
     risks) to the effect that any cover (including, without limitation, any
     cover in respect of liability for Environmental Claims arising in
     jurisdictions where such Collateral Ship operates or trades) is or may be
     liable to cancellation, qualification or exclusion at any time.

24.25 MANAGER

     Any Collateral Ship ceases to be technically managed and commercially
     managed by the Manager in accordance with the relevant Management
     Agreement.


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24.26 LEASE

     Any cause for cancellation (as described in the Lease) occurs under the
     Lease and/or the Lease is repudiated, suspended, cancelled or terminated
     for any reason other than by effluxion of time.

24.27 RIGHT OF WAY

     Any person interferes with or prevents the exercise of any material right
     of way in relation to the Terminal and the same is not cured within 30 days
     and, in the opinion of the Agent, such event is reasonably likely to have a
     Material Adverse Effect.

24.28 BREACH OF MINISTERIAL DECISION

     If the Flag State in relation to a Collateral Ship is the Hellenic
     Republic, the relevant Collateral Owner commits any breach of or cancels
     the Ministerial Decision for such Ship (as defined in the Mortgage relevant
     to such Ship) or varies the Ministerial Decision for such Ship without the
     previous written consent of the Agent (which consent the Agent shall not
     unreasonably withhold).

24.29 ACCELERATION

     On and at any time after the occurrence of an Event of Default which is
     continuing the Agent may, and shall if so directed by the Majority Lenders,
     by notice to the Borrower:

24.29.1 cancel the Total Commitments at which time they shall immediately be
     cancelled;

24.29.2 declare that all or part of the Loans, together with accrued interest,
     and all other amounts accrued or outstanding under the Finance Documents be
     immediately due and payable, at which time they shall become immediately
     due and payable;

24.29.3 declare that all or part of the Loans be payable on demand, at which
     time they shall immediately become payable on demand by the Agent;

24.29.4 exercise or direct the Security Agent or, as the case may be, the
     Secured Parties, to exercise any or all of its rights, remedies, powers or
     discretions under the Finance Documents; and/or

24.29.5 declare that any Hedge Agreement between any member of the Group and a
     Hedge Counterparty shall forthwith be terminated and such member of the
     Group and such Hedge Counterparty shall from such time treat such relevant
     Hedge Agreement as terminated by reason of cross-default.


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                        SECTION 9: CHANGES TO THE PARTIES

25   CHANGES TO THE LENDERS

25.1 ASSIGNMENTS AND TRANSFERS BY THE LENDERS

     Subject to this clause 25, a Lender (the "EXISTING LENDER") may:

25.1.1 assign any of its rights; or

25.1.2 subject to clause 25.2.5, transfer by novation any of its rights and
     obligations,

     under any Finance Document to another bank or financial institution or to a
     trust, fund or other entity which is regularly engaged in or established
     for the purpose of making, purchasing or investing in loans, securities or
     other financial assets (the "NEW LENDER").

25.2 CONDITIONS OF ASSIGNMENT OR TRANSFER

25.2.1 An Existing Lender must consult with the Borrower for no more than ten
     days before it may make an assignment or transfer in accordance with clause
     25.1 (Assignments and transfers by the Lenders) unless the assignment or
     transfer is:

     (a)  part of primary syndication;

     (b)  to another Lender or an Affiliate of a Lender;

     (c)  to a fund or other investment vehicle within the same investor group
          as the fund or other investment vehicle which is the Existing Lender;
          or

     (d)  made at a time when an Event of Default has occurred and is
          continuing.

25.2.2 An assignment will only be effective on:

     (a)  receipt by the Agent of written confirmation from the New Lender (in
          form and substance satisfactory to the Agent) that the New Lender will
          assume the same obligations to the other Finance Parties and the other
          Secured Parties as it would have been under if it was an Original
          Lender; and

     (b)  the performance by the Agent of all "know your customer" or other
          checks relating to any person that it is required to carry out in
          relation to such assignment to a New Lender, the completion of which
          the Agent shall promptly notify to the Existing Lender and the New
          Lender.

25.2.3 A transfer will only be effective if the Agent has confirmed that a
     transfer is appropriate pursuant to clause 25.2.5 and the procedure set out
     in clause 25.5 (Procedure for transfer) is complied with and:

     (a)  transfers of each of the Facilities may be made separately;

     (b)  where an Existing Lender transfers part of its rights and obligations
          in respect of a Facility pursuant to clause 25.5 (Procedure for
          transfer), that Existing Lender must transfer equal fractions of its
          Commitment and participation in the Loans (if any) under the relevant
          Facility;

     (c)  if at the time when a transfer takes effect more than one Loan is
          outstanding under a Facility, the transfer of an Existing Lender's
          participation in the Loans (if any) under the relevant Facility shall
          take effect in respect of the same fraction of each such Loan; and

     (d)  no transfer shall be effected if as a result of such transfer
          (together with any other transfers to take place at or about the same)
          as at the date such transfer(s) take effect:


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          (i)  the Total Commitments of an Existing Lender would be less than
               US$20,000,000, or such other amount as the Agent may determine,
               unless resulting from a transfer of all of an Existing Lender's
               Commitments;

          (ii) a New Lender would have Total Commitments of less than
               US$10,000,000, or such other amount as the Agent may determine,
               unless resulting from a transfer of all of an Existing Lender's
               Commitments; or

          (iii) the aggregate amount of Commitments transferred by an Existing
               Lender would be less than US$15,000,000, or such other amount as
               the Agent may determine, unless the transfer is of all an
               Existing Lender's Commitments.

25.2.4 If:

     (a)  a Lender assigns or transfers any of its rights or obligations under
          the Finance Documents or changes its Facility Office; and

     (b)  as a result of circumstances existing at the date the assignment,
          transfer or change occurs, an Obligor would be obliged to make a
          payment to the New Lender or Lender acting through its new Facility
          Office under clause 14 (Tax Gross Up and Indemnities) or clause 15
          (Increased Costs),

     then the New Lender or Lender acting through its new Facility Office is
     only entitled to receive payment under those clauses to the same extent as
     the Existing Lender or Lender acting through its previous Facility Office
     would have been if the assignment, transfer or change had not occurred
     unless the assignment, transfer or change is made by the Lender with the
     Borrower's agreement to mitigate any circumstances giving rise to the Tax
     Payment or increased cost, or a right to be prepaid and/or cancelled by
     reason of illegality.

25.2.5 An Existing Lender shall not transfer any of its rights and obligations
     under this Agreement pursuant to this clause 25.2 (Conditions of assignment
     or transfer) unless the Agent has confirmed that such proposed transfer is
     appropriate. The Agent shall (a) act reasonably in making such
     determination, but shall have, among other things, regard to the
     preservation of rights of the Finance Parties under the Finance Documents
     and (b) respond as soon as is reasonably practicable (although the Agent
     shall not be required to respond while it is seeking legal advice as to
     whether a transfer is appropriate). In the event the Agent specifies that a
     transfer is not appropriate the relevant Existing Lender shall be entitled
     to assign its rights in accordance with clause 25.2.2.

25.2.6 If any Lender assigns any of its rights under this Agreement in
     accordance with this clause 25.2 (Conditions of assignment or transfer),
     the Borrower undertakes to procure that immediately on being requested to
     do so by the Agent, that each relevant member of the Group shall enter into
     such documents or instruments as shall be necessary or desirable to
     transfer to a New Lender all or the relevant part of the Existing Lender's
     interest in the Transaction Security Documents.

25.3 ASSIGNMENT OR TRANSFER FEE

     Unless the Agent otherwise agrees and excluding an assignment or transfer
     to an Affiliate of a Lender or made in connection with primary syndication
     of the Facilities, the New Lender shall, on the date upon which an
     assignment or transfer takes effect, pay to the Agent (for its own account)
     a fee of US$5,000.

25.4 LIMITATION OF RESPONSIBILITY OF EXISTING LENDERS

25.4.1 Unless expressly agreed to the contrary, an Existing Lender makes no
     representation or warranty and assumes no responsibility to a New Lender
     for:

     (a)  the legality, validity, effectiveness, adequacy or enforceability of
          the Transaction Documents, the Transaction Security or any other
          documents;

     (b)  the financial condition of any Obligor;


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     (c)  the performance and observance by any Obligor or any other member of
          the Group of its obligations under the Transaction Documents or any
          other documents; or

     (d)  the accuracy of any statements (whether written or oral) made in or in
          connection with any Transaction Document or any other document,

     and any representations or warranties implied by law are excluded.

25.4.2 Each New Lender confirms to the Existing Lender, the other Finance
     Parties and the Secured Parties that it:

     (a)  has made (and shall continue to make) its own independent
          investigation and assessment of the financial condition and affairs of
          each Obligor and its related entities in connection with its
          participation in this Agreement and has not relied exclusively on any
          information provided to it by the Existing Lender or any other Finance
          Party in connection with any Transaction Document or the Transaction
          Security; and

     (b)  will continue to make its own independent appraisal of the
          creditworthiness of each Obligor and its related entities whilst any
          amount is or may be outstanding under the Finance Documents or any
          Commitment is in force.

25.4.3 Nothing in any Finance Document obliges an Existing Lender to:

     (a)  accept a re-transfer from a New Lender of any of the rights and
          obligations assigned or transferred under this clause 25; or

     (b)  support any losses directly or indirectly incurred by the New Lender
          by reason of the non-performance by any Obligor of its obligations
          under the Transaction Documents or otherwise.

25.5 PROCEDURE FOR TRANSFER

25.5.1 Subject to the conditions set out in clause 25.2 (Conditions of
     assignment or transfer) a transfer is effected in accordance with clause
     25.5.4 when (a) the Agent executes an otherwise duly completed Transfer
     Certificate delivered to it by the Existing Lender and the New Lender and
     (b) an addendum to each of the Mortgages and any other relevant Transaction
     Security Document which has been granted in favour of the Secured Parties
     has been executed and registered in accordance with clause 25.5.3. The
     Agent shall, subject to clause 25.2.2, as soon as reasonably practicable
     after receipt by it of a duly completed Transfer Certificate appearing on
     its face to comply with the terms of this Agreement and delivered in
     accordance with the terms of this Agreement, execute that Transfer
     Certificate.

25.5.2 The Agent shall only be obliged to execute a Transfer Certificate
     delivered to it by the Existing Lender and the New Lender once it is
     satisfied it has complied with all necessary "know your customer" or other
     similar checks under all applicable laws and regulations in relation to the
     transfer to such New Lender.

25.5.3 Simultaneously with the execution of a Transfer Certificate as provided
     in clause 25.5.1, the Borrower shall procure that each Obligor which has
     executed a Mortgage in favour of the Secured Parties shall immediately upon
     being requested to do so by the Agent and at its own expense, execute and
     deliver to the New Lender an addendum to each Mortgage and any other
     relevant Transaction Security Document to which it is a party in such form
     as the New Lender shall require to the effect and purpose that the New
     Lender shall have the same rights as the Existing Lender had under the
     Mortgage and other relevant Transaction Security Documents and so that the
     rights of the other Secured Parties remain unaffected. References in the
     Transaction Security Documents to a Mortgage (or relevant Transaction
     Security Document) shall thereupon be deemed to include any such addendum
     and/or new Mortgage (or relevant Transaction Security Document).

25.5.4 On the Transfer Date:

     (a)  to the extent that in the Transfer Certificate the Existing Lender
          seeks to transfer by novation its rights and obligations under this
          Agreement, each of the Obligors and the Existing Lender shall be
          released from further obligations towards one another under this
          Agreement and their


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          respective rights against one another under this Agreement shall be
          cancelled (being the "DISCHARGED RIGHTS AND OBLIGATIONS");

     (b)  each of the Obligors and the New Lender shall assume obligations
          towards one another and/or acquire rights against one another which
          differ from the Discharged Rights and Obligations only insofar as that
          Obligor or other member of the Group and the New Lender have assumed
          and/or acquired the same in place of that Obligor and the Existing
          Lender;

     (c)  the Agent, the Arranger, the Security Agent, the New Lender and the
          other Lenders shall acquire the same rights and assume the same
          obligations between themselves and by reason of the security trust
          established in relation to the Transaction Security Documents in
          respect of the Trust Property as they would have acquired and assumed
          had the New Lender been an Original Lender with the rights, and/or
          obligations acquired or assumed by it as a result of the transfer and
          to that extent the Agent, the Arranger, the Security Agent and the
          Existing Lender shall each be released from further obligations to
          each other under the Finance Documents; and

     (d)  the New Lender shall become a Party as a "Lender" for the purposes of
          all the Finance Documents.

25.6 COPY OF TRANSFER CERTIFICATE TO BORROWER

     The Agent shall, as soon as reasonably practicable after it has executed a
     Transfer Certificate, send to the Borrower a copy of that Transfer
     Certificate.

25.7 DISCLOSURE OF INFORMATION

25.7.1 Any Lender may disclose to any of its Affiliates and any other person:

     (a)  to (or through) whom that Lender assigns or transfers (or may
          potentially assign or transfer) all or any of its rights and
          obligations under the Finance Documents;

     (b)  with (or through) whom that Lender enters into (or may potentially
          enter into) any sub-participation in relation to, or any other
          transaction under which payments are to be made by reference to, the
          Finance Documents or any Obligor; or

     (c)  to whom, and to the extent that, information is required to be
          disclosed by any applicable law or regulation; or

     (d)  for whose benefit that Lender charges, assigns or otherwise creates a
          Security (or may do so) pursuant to clause 25.9 (Security over
          Lenders' rights); and

25.7.2 any Finance Party may disclose to a rating agency or its professional
     advisers, or (with the consent of the Borrower) any other person,

     any information about any Obligor, the Group and the Finance Documents as
     that Lender or other Finance Party shall consider appropriate if in
     relation to paragraphs (a) and (b) of clause 25.7.1, the person to whom the
     information is to be given has entered into a Confidentiality Undertaking.

     Any Confidentiality Undertaking signed by a person pursuant to this clause
     25.7 shall supersede any prior confidentiality undertaking signed by such
     person for the benefit of any member of the Group.

25.8 HEDGE COUNTERPARTIES

25.8.1 Any Lender or Affiliate of a Lender which becomes a Hedge Counterparty
     shall accede to this Agreement as a Hedge Counterparty by delivery to the
     Security Agent of a duly completed Hedge Counterparty Accession Letter.

25.8.2 Where this Agreement or any other Finance Document imposes an obligation
     on a Hedge Counterparty and the relevant Hedge Counterparty is an Affiliate
     of a Lender and is not a party to that document, the relevant Lender shall
     ensure that the obligation is performed by its Affiliate.


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25.8.3 If a Lender which transfers all of its rights and obligations as provided
     in this clause 25 is a Hedge Counterparty at the time of such transfer, it
     shall, notwithstanding such transfer, remain a Hedge Counterparty in
     respect of those Hedge Agreements which it entered into while it was Lender
     and shall remain a Party to this Agreement in such capacity until such time
     as there are no such Hedge Agreements remaining in effect.

25.9 SECURITY OVER LENDERS' RIGHTS

     In addition to the other rights provided to Lenders under this clause 25,
     each Lender may without consulting with or obtaining consent from any
     Obligor, at any time charge, assign or otherwise create Security in or over
     (whether by way of collateral or otherwise) all or any of its rights under
     any Finance Document to secure obligations of that Lender including,
     without limitation:

25.9.1 any charge, assignment or other Security to secure obligations to a
     federal reserve or central bank; and

25.9.2 in the case of any Lender which is a fund, any charge, assignment or
     other Security granted to any holders (or trustee or representatives of
     holders) of obligations owed, or securities issued, by that Lender as
     security for those obligations or securities,

     except that no such charge, assignment or Security shall:

     (a)  release a Lender from any of its obligations under the Finance
          Documents or substitute the beneficiary of the relevant charge,
          assignment or Security for the Lender as a party to any of the Finance
          Documents; or

     (b)  require any payments to be made by an Obligor or grant to any person
          any more extensive rights than those required to be made or granted to
          the relevant Lender under the Finance Documents.

25.10 SUB-PARTICIPATION

     A Lender may sub-participate all or any part of its rights and/or
     obligations under the Finance Documents without the consent of, or notice
     to, the Borrower.

26   MATTERS CONCERNING THE OBLIGORS

26.1 ASSIGNMENT AND TRANSFERS BY OBLIGORS

     The Borrower shall not and shall procure that no Obligor or any other
     member of the Group may assign any of its rights or transfer any of its
     rights or obligations under the Finance Documents.

26.2 ADDITIONAL SECURITY PROVIDERS

26.2.1 Subject to compliance with the provisions of clauses 21.9.2 and 21.9.3
     ("Know your customer" checks), the Borrower may request that any of its
     Subsidiaries which is not a Security Provider or which was a Dormant
     Subsidiary becomes a Security Provider.

26.2.2 Upon acceptance by the Security Agent of the Borrower's request referred
     to in clause 26.2.1, the Borrower shall procure that any other member of
     the Group which is not a Security Provider or which was a Dormant
     Subsidiary shall, as soon as possible after becoming a member of the Group
     (or ceasing to be a Dormant Subsidiary), become an Additional Security
     Provider and grant such guarantees and Security as the Agent may require.

26.2.3 A member of the Group shall become an Additional Security Provider
     pursuant to this clause 26 if the Agent has received all of the documents
     and other evidence listed in Part III of Schedule 3 (Conditions Precedent)
     in relation to that Additional Security Provider, each in form and
     substance satisfactory to the Agent.

26.2.4 The Agent shall notify the Borrower and the Lenders promptly upon being
     satisfied that it has received (in form and substance satisfactory to it)
     all the documents and other evidence listed in Part III of Schedule 3
     (Conditions precedent).


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26.3 RESIGNATION OF A SECURITY PROVIDER

26.3.1 The Borrower may request that a Security Provider (other than the
     Borrower) ceases to be a Security Provider by delivering to the Agent a
     Resignation Letter if:

     (a)  that Security Provider is being disposed of to a person which is not a
          member of the Group where that disposal is permitted under clause
          23.16 (Disposals) or made with the approval of the Agent (a "THIRD
          PARTY DISPOSAL) and the Borrower has confirmed this is the case; or

     (b)  all the Lenders have consented to the resignation of that Security
          Provider.

26.3.2 The Agent shall accept a Resignation Letter and notify the Borrower and
     the Lenders of its acceptance if:

     (a)  the Borrower has confirmed that no Default is continuing or would
          result from the acceptance of the Resignation Letter;

     (b)  no payment is due from the Security Provider under any Transaction
          Security Document;

     (c)  the Borrower has confirmed that it shall ensure that the Disposal
          Proceeds will be applied in accordance with clause 8.3 (Application of
          mandatory prepayments).

26.3.3 The resignation of that Security Provider shall not be effective until
     the date of the relevant Third Party Disposal at which time that company
     shall cease to be a Security Provider and shall have no further rights or
     obligations under the Finance Documents as a Security Provider.

26.4 RESIGNATION AND RELEASE OF SECURITY ON DISPOSAL

     If a Security Provider is or is proposed to be the subject of a Third Party
     Disposal then:

26.4.1 where the Security Provider created Transaction Security over any of its
     assets or business in favour of the Security Agent or, as the case may be,
     the Finance Parties, or Transaction Security in favour of the Security
     Agent or, as the case may be, the Finance Parties was created over the
     shares (or equivalent) of the Security Provider, the Security Agent or, as
     the case may be, the Finance Parties may, at the cost and request of the
     Borrower, release those assets, business or shares (or equivalent) and
     issue certificates of non-crystallisation;

26.4.2 the resignation of the Security Provider and related release of
     Transaction Security referred to in clause 26.4.1 shall not become
     effective until the date of that disposal; and

26.4.3 if the disposal of the Security Provider is not made, the Resignation
     Letter of the Security Provider and the related release of Transaction
     Security referred to in clause 26.4.1 shall have no effect and the
     obligations of the Security Provider and the Transaction Security created
     or intended to be created by or over the Security Provider shall continue
     in full force and effect.

26.5 OBLIGATIONS UNCONDITIONAL

26.5.1 The obligations of each Obligor under this Agreement and the other
     Finance Documents to which it is a party are unconditional and irrevocable
     (subject to the express provisions of this Agreement or any other Finance
     Document) and shall not be in any way affected or discharged by reason of
     any matter affecting or occurring in connection with the Transaction
     Documents.

26.5.2 The Borrower acknowledges that any authorisation given under this
     Agreement or any other Finance Document by a Finance Party in relation to
     the Transaction Documents shall not constitute any representation or
     warranty by such (or any) Finance Party as to the adequacy or effectiveness
     of such documents, the purchase consideration payable in relation to the
     Acquisition, the commercial advisability of any Obligor entering into the
     arrangements contemplated by the Transaction Documents or otherwise.


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26.6 OBLIGATIONS SEVERAL

     Without prejudice to the express provisions of any Transaction Security
     Document providing that the obligations of certain Obligors are joint and
     several, the obligations of each Obligor under this Agreement and the other
     Finance Documents to which it is party are several. The failure of any
     Obligor to perform such obligations shall not release any other Obligor
     from its obligations under this Agreement or any other Finance Document.


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                         SECTION 10: THE FINANCE PARTIES

27   ROLE OF THE AGENT, THE ARRANGER AND OTHERS

27.1 APPOINTMENT OF THE AGENT

27.1.1 Each of the Arranger and the Lenders appoints the Agent to act as its
     agent under and in connection with the Finance Documents.

27.1.2 Each of the Arranger and the Lenders authorises the Agent to exercise the
     rights, powers, authorities and discretions specifically given to the Agent
     under or in connection with the Finance Documents together with any other
     incidental rights, powers, authorities and discretions.

27.2 DUTIES OF THE AGENT

27.2.1 The Agent shall promptly forward to a Party the original or a copy of any
     document which is delivered to the Agent for that Party by any other Party.

27.2.2 Except where a Finance Document specifically provides otherwise, the
     Agent is not obliged to review or check the adequacy, accuracy or
     completeness of any document it forwards to another Party.

27.2.3 If the Agent receives notice from a Party referring to this Agreement,
     describing a Default and stating that the circumstance described is a
     Default, it shall promptly notify the other Finance Parties.

27.2.4 If the Agent is aware of the non-payment of any principal, interest,
     commitment fee or other fee payable to a Finance Party (other than the
     Agent, the Arranger or the Security Agent) under this Agreement it shall
     promptly notify the other Finance Parties.

27.2.5 The Agent's duties under the Finance Documents are solely mechanical and
     administrative in nature.

27.3 ROLE OF THE ARRANGER

     Except as specifically provided in the Finance Documents, the Arranger has
     no obligations of any kind to any other Party under or in connection with
     any Finance Document or the Acquisition.

27.4 NO FIDUCIARY DUTIES

27.4.1 Nothing in this Agreement constitutes the Agent or the Arranger as a
     trustee or fiduciary of any other person.

27.4.2 None of the Agent, the Security Agent or the Arranger shall be bound to
     account to any Lender for any sum or the profit element of any sum received
     by it for its own account.

27.5 BUSINESS WITH THE GROUP

     The Agent, the Security Agent and the Arranger may accept deposits from,
     lend money to and generally engage in any kind of banking or other business
     with any member of the Group.

27.6 RIGHTS AND DISCRETIONS

27.6.1 The Agent may rely on:

     (a)  any representation, notice or document believed by it to be genuine,
          correct and appropriately authorised; and


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     (b)  any statement made by a director, authorised signatory or employee of
          any person regarding any matters which may reasonably be assumed to be
          within his knowledge or within his power to verify.

27.6.2 The Agent may assume (unless it has received notice to the contrary in
     its capacity as agent for the Lenders) that:

     (a)  no Default has occurred (unless it has actual knowledge of a Default
          arising under clause 24.1 (Non-payment));

     (b)  any right, power, authority or discretion vested in any Party or the
          Majority Lenders has not been exercised; and

     (c)  any notice or request made by the Borrower (other than a Utilisation
          Request or Selection Notice) is made on behalf of and with the consent
          and knowledge of all the Obligors.

27.6.3 The Agent may engage, pay for and rely on the advice or services of any
     lawyers, accountants, surveyors or other experts.

27.6.4 The Agent may act in relation to the Finance Documents through its
     personnel and agents.

27.6.5 The Agent may disclose to any other Party any information it reasonably
     believes it has received as agent under this Agreement.

27.6.6 Notwithstanding any other provision of any Finance Document to the
     contrary, neither of the Agent nor the Arranger is obliged to do or omit to
     do anything if it would or might in its reasonable opinion constitute a
     breach of any law or regulation or a breach of a fiduciary duty or duty of
     confidentiality.

27.7 MAJORITY LENDERS' INSTRUCTIONS

27.7.1 Unless a contrary indication appears in a Finance Document, the Agent
     shall (i) exercise any right, power, authority or discretion vested in it
     as Agent (including giving instructions to the Security Agent) in
     accordance with any instructions given to it by the Majority Lenders (or,
     if so instructed by the Majority Lenders, refrain from exercising any
     right, power, authority or discretion vested in it as Agent) and (ii) not
     be liable for any act (or omission) if it acts (or refrains from taking any
     action) in accordance with an instruction of the Majority Lenders.

27.7.2 Unless a contrary indication appears in a Finance Document, any
     instructions given by the Majority Lenders to the Agent (in relation to any
     right, power, authority or discretion vested in it as Agent) will be
     binding on all the Finance Parties other than the Security Agent.

27.7.3 The Agent may refrain from acting in accordance with the instructions of
     the Majority Lenders (or, if appropriate, the Lenders) until it has
     received such security as it may require for any cost, loss or liability
     (together with any associated VAT) which it may incur in complying with the
     instructions.

27.7.4 In the absence of, or while awaiting, instructions from the Majority
     Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain
     from taking action) as it considers to be in the best interest of the
     Finance Parties.

27.7.5 The Agent is not authorised to act on behalf of a Lender (without first
     obtaining that Lender's consent) in any legal or arbitration proceedings
     relating to any Finance Document. This clause 27.7.5 shall not apply to any
     legal or arbitration proceeding relating to the perfection, preservation or
     protection of rights under the Transaction Security Documents or
     enforcement of the Transaction Security or Transaction Security Documents.

27.8 RESPONSIBILITY FOR DOCUMENTATION

     Neither the Agent nor the Arranger:

27.8.1 is responsible for the adequacy, accuracy and/or completeness of any
     information (whether oral or written) supplied by the Agent, the Arranger,
     an Obligor or any other person given in or in


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     connection with any Finance Document or the Information Memorandum or the
     Reports or the transactions contemplated in the Finance Documents;

27.8.2 is responsible for the legality, validity, effectiveness, adequacy or
     enforceability of any Finance Document or the Transaction Security or
     Transaction Document or any other agreement, arrangement or document
     entered into, made or executed in anticipation of or in connection with any
     Finance Document or the Transaction Security or Transaction Document;

27.8.3 is responsible to ascertain whether all deeds and documents which should
     have been deposited with it (or the Security Agent) under or pursuant to
     any of the Transaction Security Documents have been so deposited;

27.8.4 is responsible to investigate or make any enquiry into the title of any
     Security Provider to any of the Security;

27.8.5 is responsible for the failure to register any of the Transaction
     Security Documents with the Registry or any other public office;

27.8.6 is responsible for the failure to register any of the Transaction
     Security Documents in accordance with the provisions of the documents of
     title of any Security Provider to any of the Security;

27.8.7 is responsible for the failure to effect or procure the registration of
     any floating charge created by any of the Transaction Security Documents by
     registering under the Land Registration Act 2002 any notice or restriction
     pursuant to the provisions of the Land Registration Act 2002 against any
     land for the time being forming part of the security;

27.8.8 is responsible for the failure to take or require the Borrower or any
     other Security Provider to take any steps to render any of the Transaction
     Security Documents effective or to secure the creation of any ancillary
     charge under the laws of the jurisdiction concerned;

27.8.9 is responsible (save as otherwise provided in this clause 27) for taking
     or omitting to take any other action under or in relation to the
     Transaction Security Documents; or

27.8.10 is responsible on account of the failure of the Security Agent to
     perform or discharge any of its duties or obligations under the Transaction
     Security Documents.

27.9 EXCLUSION OF LIABILITY

27.9.1 Without limiting clause 27.9.2, the Agent will not be liable for any
     action taken by it under or in connection with any Finance Document or the
     Transaction Security, unless directly caused by its gross negligence or
     wilful misconduct.

27.9.2 No Party (other than the Agent) may take any proceedings against any
     officer, employee or agent of the Agent, in respect of any claim it might
     have against the Agent or in respect of any act or omission of any kind by
     that officer, employee or agent in relation to any Finance Document or any
     Transaction Document and any officer, employee or agent of the Agent may
     rely on this clause subject to clause 1.3 (Third party rights) and the
     provisions of the Third Parties Act.

27.9.3 The Agent will not be liable for any delay (or any related consequences)
     in crediting an account with an amount required under the Finance Documents
     to be paid by the Agent if the Agent has taken all necessary steps as soon
     as reasonably practicable to comply with the regulations or operating
     procedures of any recognised clearing or settlement system used by the
     Agent for that purpose.

27.9.4 Nothing in this Agreement shall oblige the Agent or the Arranger to carry
     out any "know your customer" or other checks in relation to any person on
     behalf of any Lender and each Lender confirms to the Agent and the Arranger
     that it is solely responsible for any such checks it is required to carry
     out and that it may not rely on any statement in relation to such checks
     made by the Agent or the Arranger.


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27.10 LENDERS' INDEMNITY TO THE AGENT

27.10.1 Each Lender shall (in proportion to its share of the Total Commitments
     or, if the Total Commitments are then zero, to its share of the Total
     Commitments immediately prior to their reduction to zero) indemnify the
     Agent, within three Business Days of demand, against any cost, loss or
     liability incurred by the Agent (otherwise than by reason of the Agent's
     gross negligence or wilful misconduct) in acting as Agent under the Finance
     Documents (unless the Agent has been reimbursed by an Obligor pursuant to a
     Finance Document).

27.10.2 The Borrower shall counter-indemnify the Lenders against all payments
     made by them under this clause 27.10.

27.11 RESIGNATION OF THE AGENT

27.11.1 The Agent may resign and appoint one of its Affiliates acting through an
     office in the Federal Republic of Germany as successor by giving notice to
     the Lenders and the Borrower.

27.11.2 Alternatively the Agent may resign by giving notice to the Lenders and
     the Borrower, in which case the Majority Lenders (after consultation with
     the Borrower) may appoint a successor Agent.

27.11.3 If the Majority Lenders have not appointed a successor Agent in
     accordance with clause 27.11.2 within 30 days after notice of resignation
     was given, the Agent (after consultation with the Borrower) may appoint a
     successor Agent.

27.11.4 The retiring Agent shall, at its own cost, make available to the
     successor Agent such documents and records and provide such assistance as
     the successor Agent may reasonably request for the purposes of performing
     its functions as Agent under the Finance Documents.

27.11.5 The Agent's resignation notice shall only take effect upon the
     appointment of a successor.

27.11.6 Upon the appointment of a successor, the retiring Agent shall be
     discharged from any further obligation in respect of the Finance Documents
     but shall remain entitled to the benefit of this clause 27. Its successor
     and each of the other Parties shall have the same rights and obligations
     amongst themselves as they would have had if such successor had been an
     original Party.

27.11.7 After consultation with the Borrower, the Majority Lenders may, by
     notice to the Agent, require it to resign in accordance with clause
     27.11.2. In this event, the Agent shall resign in accordance with clause
     27.11.2.

27.12 CONFIDENTIALITY

27.12.1 In acting as agent for the Finance Parties, the Agent shall be regarded
     as acting through its agency division which shall be treated as a separate
     entity from any other of its divisions or departments.

27.12.2 If information is received by another division or department of the
     Agent, it may be treated as confidential to that division or department and
     the Agent shall not be deemed to have notice of it.

27.12.3 Notwithstanding any other provision of any Finance Document to the
     contrary, neither the Agent nor the Arranger are obliged to disclose to any
     other person (i) any confidential information or (ii) any other information
     if the disclosure would or might in its reasonable opinion constitute a
     breach of any law or a breach of a fiduciary duty.

27.13 RELATIONSHIP WITH THE LENDERS

27.13.1 The Agent may treat each Lender as a Lender, entitled to payments under
     this Agreement and acting through its Facility Office unless it has
     received not less than five Business Days prior notice from that Lender to
     the contrary in accordance with the terms of this Agreement.

27.13.2 Each Lender shall supply the Agent with any information required by the
     Agent in order to calculate the Mandatory Cost in accordance with Schedule
     5 (Mandatory Cost Formula).


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27.13.3 Each Lender shall supply the Agent with any information that the
     Security Agent may reasonably specify (through the Agent) as being
     necessary or desirable to enable the Security Agent to perform its
     functions as Security Agent. Each Lender shall deal with the Security Agent
     exclusively through the Agent and shall not deal directly with the Security
     Agent.

27.14 CREDIT APPRAISAL BY THE LENDERS

     Without affecting the responsibility of any Obligor for information
     supplied by it or on its behalf in connection with any Finance Document,
     each Lender confirms to the Agent and the Arranger that it has been, and
     will continue to be, solely responsible for making its own independent
     appraisal and investigation of all risks arising under or in connection
     with any Finance Document including but not limited to:

27.14.1 the financial condition, status and nature of each member of the Group;

27.14.2 the legality, validity, effectiveness, adequacy or enforceability of any
     Finance Document and the Transaction Security and any other agreement,
     arrangement or document entered into, made or executed in anticipation of,
     under or in connection with any Finance Document or the Transaction
     Security;

27.14.3 whether that Secured Party has recourse, and the nature and extent of
     that recourse, against any Party or any of its respective assets under or
     in connection with any Finance Document, the Transaction Security, the
     transactions contemplated by the Finance Documents or any other agreement,
     arrangement or document entered into, made or executed in anticipation of,
     under or in connection with any Finance Document;

27.14.4 the adequacy, accuracy and/or completeness of the Information
     Memorandum, the Reports and any other information provided by the Agent,
     any Party or by any other person under or in connection with any Finance
     Document, the transactions contemplated by the Finance Documents or any
     other agreement, arrangement or document entered into, made or executed in
     anticipation of, under or in connection with any Finance Document; and

27.14.5 the right or title of any person in or to, or the value or sufficiency
     of any part of the Charged Property, the priority of any of the Transaction
     Security or the existence of any Security affecting the Charged Property.

27.15 AGENT'S MANAGEMENT TIME

     Any amount payable to the Agent under clause 16.3 (Indemnity to the Agent),
     clause 18 (Costs and Expenses) and clause 27.10 (Lenders' indemnity to the
     Agent) shall include the cost of utilising the Agent's management time or
     other resources and will be calculated on the basis of such reasonable
     daily or hourly rates as the Agent may notify to the Borrower and the
     Lenders, and is in addition to any fee paid or payable to the Agent under
     clause 13 (Fees).

27.16 DEDUCTION FROM AMOUNTS PAYABLE BY THE AGENT

     If any Party owes an amount to the Agent under the Finance Documents the
     Agent may, after giving notice to that Party, deduct an amount not
     exceeding that amount from any payment to that Party which the Agent would
     otherwise be obliged to make under the Finance Documents and apply the
     amount deducted in or towards satisfaction of the amount owed. For the
     purposes of the Finance Documents that Party shall be regarded as having
     received any amount so deducted.

27.17 RELIANCE AND ENGAGEMENT LETTERS

     Each Finance Party and Secured Party confirms that each of the Arranger and
     the Agent has authority to accept on its behalf (and ratifies the
     acceptance on its behalf of any letters or reports already accepted by the
     Arranger or Agent) the terms of any reliance letter or engagement letters
     relating to the Reports or any reports or letters provided by accountants
     in connection with the Finance Documents or the transactions contemplated
     in the Finance Documents and to bind it in respect of those Reports,
     reports or letters and to sign such letters on its behalf and further
     confirms that it accepts the terms and qualifications set out in such
     letters.


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27.18 COMMON PARTIES

     Notwithstanding that the Agent and the Security Agent may from time to time
     be the same entity, the Agent and the Security Agent have entered into the
     Finance Documents (to which they are party) in their separate capacities as
     agent for the Finance Parties or (as appropriate) security agent and
     trustee for the Finance Parties provided that, where any Finance Document
     provides for the Agent or Security Agent to communicate with or provide
     instructions to the other, while the two parties in question are the same
     entity, it will not be necessary for there to be any such formal
     communication or instructions notwithstanding that the Finance Documents
     provide in certain cases for the same to be in writing.

27.19 SECURITY AGENT

27.19.1 Each other Finance Party appoints the Security Agent to act as its
     trustee under and in connection with the Transaction Security Documents.

27.19.2 Each other Finance Party authorises the Security Agent:

     (a)  to exercise the rights, powers, authorities and discretions
          specifically given to the Security Agent under or in connection with
          the Finance Documents together with any other incidental rights,
          powers, authorities and discretions;

     (b)  to execute each of the Transaction Security Documents and all other
          documents that may be approved by the Agent and/or the Majority
          Lenders for execution by it.

27.19.3 The Security Agent accepts its appointment under clause 27.19 (Security
     Agent) as trustee of the Trust Property with effect from the date of this
     Agreement to hold the Trust Property on trust for itself and the other
     Finance Parties (for so long as they are Finance Parties) on and subject to
     the terms set out in clauses 27.19 - 27.28 and the Transaction Security
     Documents to which it is a party.

27.20 APPLICATION OF CERTAIN CLAUSES TO SECURITY AGENT

27.20.1 Clauses 27.6 (Rights and discretions), 27.8 (Responsibility for
     documentation) other than clause 27.8.10, 27.9 (Exclusion of liability),
     27.10 (Lenders' indemnity to the Agent), 27.11 (Resignation of the Agent),
     27.12 (Confidentiality), 27.13 (Relationship with the Lenders), 27.14
     (Credit appraisal by the Lenders) and 27.16 (Deduction from amounts payable
     by the Agent) shall each extend so as to apply to the Security Agent in its
     capacity as such and for that purpose each reference to the "Agent" in
     these clauses shall extend to include in addition a reference to the
     "Security Agent" in its capacity as such.

27.20.2 In addition clause 27.11 (Resignation of the Agent) shall have the
     following additional sub-clause:

     27.11.8 At any time after the appointment of a successor, the retiring
          Security Agent shall do and execute all acts, deeds and documents
          reasonably required by its successor to transfer to it (or its
          nominee, as it may direct) any property, assets and rights previously
          vested in the retiring Security Agent pursuant to the Transaction
          Security Documents and which shall not have vested in its successor by
          operation of law. All such acts, deeds and documents shall be done or,
          as the case may be, executed at the cost of the retiring Security
          Agent.

27.21 INSTRUCTIONS TO SECURITY AGENT

27.21.1 Unless a contrary indication appears in a Finance Document, the Security
     Agent shall (a) exercise any right, power, authority or discretion vested
     in it as Security Agent in accordance with any instructions given to it by
     the Agent (or, if so instructed by the Agent, refrain from exercising any
     right, power, authority or discretion vested in it as Security Agent) and
     (b) not be liable for any act (or omission) if it acts (or refrains from
     taking any action) in accordance with such an instruction of the Agent (the
     Agent in each case acting on the instructions of the Majority Lenders or,
     if appropriate pursuant to clause 36.2.1 (Exceptions) the Lenders).

27.21.2 Unless a contrary indication appears in a Finance Document, any
     instructions given by the Agent to the Security Agent in accordance with
     clause 27.21.1 will be binding on the Finance Parties.


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27.21.3 The Security Agent may refrain from acting in accordance with the
     instructions of the Agent until it has received such security as it may
     require for any cost, loss or liability (together with any associated VAT)
     which it may incur in complying with the instructions.

27.21.4 In the absence of, or while awaiting, instructions from the Agent,
     (including in exceptional circumstances where time does not permit the
     Agent obtaining instructions from the Lenders and urgent action is
     required) the Security Agent may act (or refrain from taking action) as it
     considers to be in the best interest of the Finance Parties.

27.21.5 The Security Agent is not authorised to act on behalf of a Finance Party
     (without first obtaining that Finance Party's consent) in any legal or
     arbitration proceedings relating to any Finance Document but this is
     without prejudice to clauses 27.21.1 and 27.21.4, including without
     prejudice to the right to enforce the Transaction Security Documents in
     accordance with these clauses.

27.22 ORDER OF APPLICATION

27.22.1 The Security Agent agrees to apply the Trust Property in accordance with
     the following respective claims:

     (a)  FIRST, as to a sum equivalent to the amounts payable to the Security
          Agent under the Finance Documents (other than any Hedge Agreement)
          (excluding any amounts received by the Security Agent pursuant to
          clause 27.10 (Lenders' indemnity to the Agent) as extended to the
          Security Agent pursuant to clause 27.20 (Application of certain
          clauses to Security Agent)) for the Security Agent absolutely;

     (b)  SECONDLY, as to a sum equivalent to the aggregate amount owing to the
          Finance Parties actually or contingently (other than the Security
          Agent) under the Finance Documents (other than any Hedge Agreement);

     (c)  THIRDLY, as to a sum equivalent to amounts payable to a Hedge
          Counterparty under any Hedge Agreement;

     (d)  FOURTHLY, to such other persons (if any) as are legally entitled
          thereto in priority to the Obligors; and

     (e)  FIFTHLY, as to the balance (if any) for the Obligors absolutely
          pro-rata to the respective amounts paid, received or recovered from
          each of them always.

27.22.2 The Security Agent shall make each application as soon as is practicable
     after the relevant moneys are received by, or otherwise become available
     to, it save that (without prejudice to any other provision contained in any
     of the Transaction Security Documents) the Security Agent (acting on the
     instructions of the Agent) or any receiver or administrator may credit any
     moneys received by it to a suspense account for so long and in such manner
     as the Security Agent or such receiver or administrator may from time to
     time determine with a view to preserving the rights of the Finance Parties
     or any of them to prove for the whole of their respective claims against
     the Borrower or any other person liable.

27.22.3 The Security Agent shall obtain a good discharge in respect of the
     amounts expressed to be due to the Finance Parties (other than itself) as
     referred to in clause 27.22 by paying such amounts to the Agent for
     distribution in accordance with clause 30 (Payment Mechanics).

27.23 PERPETUITIES

27.23.1 The trusts constituted or evidenced in or by the Transaction Security
     Documents and the Trust Deed shall remain in full force and effect until
     whichever is the earlier of:

     (a)  the expiration of a period of 80 years from the date of this
          Agreement; and

     (b)  the first date after both of (i) receipt by the Security Agent, at any
          time when it is satisfied that all of the Security Providers are
          solvent, of confirmation in writing from the Agent that there is no
          longer outstanding any indebtedness (actual or contingent (other than
          any contingent indebtedness which is fully cash collateralised to the
          satisfaction of the relevant Finance


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          Party), and no obligation on any Finance Party to make available any
          indebtedness, which is secured or guaranteed by or under any of the
          Transaction Security Documents and (ii) all of the Transaction
          Security Documents have been released in accordance with their terms,

     and the parties to this Agreement declare that the perpetuity period
     applicable to the Transaction Security Documents and the trusts declared by
     the Trust Deed shall for the purposes of the Perpetuities and Accumulations
     Act 1964 be the period of 80 years from the date of this Agreement.

27.24 POWERS AND DUTIES OF THE SECURITY AGENT AS TRUSTEE OF THE SECURITY

27.24.1 In its capacity as trustee in relation to the Transaction Security
     Documents, the Security Agent:

     (a)  Powers generally: shall, without prejudice to any of the powers,
          discretions and immunities conferred upon trustees by law (and to the
          extent not inconsistent with the provisions of this Agreement or any
          of the Transaction Security Documents), have all the same powers and
          discretions as a natural person acting as the beneficial owner of such
          property and/or as are conferred upon the Security Agent by this
          Agreement and/or any Transaction Security Document but so that the
          Security Agent may only exercise such powers and discretions to the
          extent that it is authorised to do so by the provisions of this
          Agreement;

     (b)  Power to invest: shall (subject to clause 27.22 (Order of
          application)) be entitled (in its own name or in the names of
          nominees) to invest moneys from time to time forming part of the Trust
          Property or otherwise held by it as a consequence of any enforcement
          of the security constituted by the Transaction Security Documents
          which, in the reasonable opinion of the Security Agent, it would not
          be practicable to distribute immediately by placing the same on
          deposit in the name or under the control of the Security Agent as the
          Security Agent may think fit without being under any duty to diversify
          the same and the Security Agent shall not be responsible for any loss
          due to interest rate or exchange rate fluctuations except for any loss
          arising from the Security Agent's gross negligence or wilful
          misconduct;

     (c)  Power to engage agents: may, in the conduct of its obligations under
          and in respect of the Transaction Security Documents, (otherwise than
          in relation to its right to make any declaration, determination or
          decision), instead of acting personally, employ and pay any agent
          (whether being a lawyer, chartered accountant or any other person) to
          transact or concur in transacting any business and to do or concur in
          doing any acts required to be done by the Security Agent (including
          the receipt and payment of money) and on the basis that (i) any such
          agent engaged in any profession or business shall be entitled to be
          paid all usual professional and other charges for business transacted
          and acts done by him or any partner or employee of his in connection
          with such employment and (ii) the Security Agent shall not be bound to
          supervise, or be responsible for any loss incurred by reason of any
          act or omission of, any such agent if the Security Agent shall have
          exercised reasonable care in the selection of such agent; and

     (d)  Deposit of documents: may place all deeds, certificates and other
          documents relating to the property and assets subject to the
          Transaction Security Documents which are from time to time deposited
          with it pursuant to the Transaction Security Documents in any safe
          deposit, safe or receptacle selected by the Security Agent exercising
          reasonable care or with any firm of solicitors selected by the
          Security Agent exercising reasonable care and may make any such
          arrangements as it thinks fit for allowing the Borrower access to, or
          its solicitors or auditors possession of, such documents when
          necessary or convenient and the Security Agent shall not be
          responsible for any loss incurred in connection with any such deposit,
          access or possession if it has exercised reasonable care in the
          selection of a safe deposit, safe, receptacle or firm of solicitors.

27.25 ALL ENFORCEMENT ACTION THROUGH THE SECURITY AGENT

27.25.1 Save as provided in clause 27.25.2, none of the other Finance Parties
     shall have any independent power to enforce any of the Transaction Security
     Documents or to exercise any rights, discretions or powers or to grant any
     consents or releases under or pursuant to any of the Transaction Security
     Documents or otherwise have direct recourse to the security and/or
     guarantees constituted by any of the Transaction Security Documents except
     through the Security Agent.


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27.25.2 The Secured Parties agree that, in respect of any Transaction Security
     which is granted directly in favour of the Secured Parties (and not the
     Security Agent only) they shall co-operate in respect of such Transaction
     Security by:

     (a)  taking such enforcement action;

     (b)  exercising any rights, discretions or powers; or

     (c)  granting consents or releases,

     in each case as the Security Agent directs. In such circumstances the
     Security Agent shall instruct the Secured Parties on the basis of the
     instructions that the Security Agent receives in accordance with clause
     27.21 (Instructions to Security Agent). No Secured Party shall be obliged
     to take enforcement or other action where it is not permitted to do so
     under the terms of the relevant Transaction Security Document or any
     applicable law.

27.25.3 Each Secured Party agrees that it shall, for the purposes of this clause
     27.25, be a "Recovering Finance Party" (as defined in clause 29.1 (Payments
     to Finance Parties)) and that all proceeds recovered by it following
     enforcement of Transaction Security referred to in clause 27.25.2 shall be
     retained by it and/or paid to the Agent in accordance with clause 29
     (Sharing Among the Finance Parties).

27.25.4 In respect of all liabilities, costs, claims, charges or expenses for
     which the Obligors are liable under this Agreement, each Secured Party and
     every employee, officer, agent or other person appointed by it in
     connection with the Transaction Security Documents shall be entitled to be
     indemnified out of the proceeds recovered pursuant to clause 27.25.2 in
     respect of all liabilities, damages, costs, claims, charges or expenses
     whatsoever properly incurred or suffered by such party:

     (a)  as a result of any breach by a member of the Group of any of its
          obligations under any relevant Transaction Security Document; and

     (b)  in respect of any Environmental Claim made or asserted against an
          Indemnified Party (as defined in clause 27.27.1 (Indemnity from Trust
          Property)) which would not have arisen if the relevant Transaction
          Security Documents had not been executed.

27.25.5 The rights conferred by this clause 27.25 are without prejudice to any
     provision of the relevant Transaction Security Documents entitling the
     Secured Party to an indemnity in respect of, and/or reimbursement of, any
     liabilities, damages, costs, claims, charges or expenses incurred or
     suffered by it in connection with any of the Transaction Security Documents
     or the performance of any duties under any of the Transaction Security
     Documents. Nothing contained in this clause 27.25 shall entitle a Secured
     Party to be indemnified in respect of any liabilities, damages, costs,
     claims, charges or expenses to the extent that the same arise from such
     Secured Party's own gross negligence or wilful misconduct.

27.26 CO-OPERATION TO ACHIEVE AGREED PRIORITIES OF APPLICATION

     The other Finance Parties shall co-operate with each other and with the
     Security Agent and any receiver or administrator under the Transaction
     Security Documents in realising the property and assets subject to the
     Transaction Security Documents and in ensuring that the net proceeds
     realised under the Transaction Security Documents after deduction of the
     expenses of realisation are applied in accordance with clause 27.22 (Order
     of application).

27.27 INDEMNITY FROM TRUST PROPERTY

27.27.1 In respect of all liabilities, costs, claims, charges or expenses for
     which the Obligors are liable under this Agreement, the Security Agent and
     every employee, officer, agent or other person appointed by it in
     connection with its appointment under the Transaction Security Documents
     (each an "INDEMNIFIED PARTY") shall be entitled to be indemnified out of
     the Trust Property in respect of all liabilities, damages, costs, claims,
     charges or expenses whatsoever properly incurred or suffered by an
     Indemnified Party:


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     (a)  in the execution or exercise or bona fide purported execution or
          exercise of the trusts, rights, powers, authorities, discretions and
          duties created or conferred by or pursuant to the relevant Transaction
          Security Documents;

     (b)  as a result of any breach by a member of the Group of any of its
          obligations under any relevant Transaction Security Document;

     (c)  in respect of any Environmental Claim made or asserted against an
          Indemnified Party which would not have arisen if the relevant
          Transaction Security Documents had not been executed; and

     (d)  in respect of any matter or thing done or omitted in any way in
          accordance with the terms of the Finance Documents relating to the
          Trust Property or the provisions of any of the relevant Transaction
          Security Documents.

27.27.2 The rights conferred by this clause 27.27 are without prejudice to any
     right to indemnity by law given to trustees generally and to any provision
     of the relevant Transaction Security Documents entitling the Security Agent
     or any other person to an indemnity in respect of, and/or reimbursement of,
     any liabilities, damages, costs, claims, charges or expenses incurred or
     suffered by it in connection with any of the Transaction Security Documents
     or the performance of any duties under any of the Transaction Security
     Documents. Nothing contained in this clause 27.27 shall entitle the
     Security Agent or any other person to be indemnified in respect of any
     liabilities, damages, costs, claims, charges or expenses to the extent that
     the same arise from such person's own gross negligence or wilful
     misconduct.

27.28 FINANCE PARTIES TO PROVIDE INFORMATION

     The Finance Parties shall provide the Security Agent with such written
     information as it may reasonably require for the purposes of carrying out
     its duties and obligations under the Transaction Security Documents and, in
     particular, with such necessary directions in writing so as to enable the
     Security Agent to make the calculations and applications contemplated by
     clause 27.22 (Order of application) and to apply amounts received under,
     and the proceeds of realisation of, the relevant Transaction Security
     Documents as contemplated by such Transaction Security Documents, clause
     30.5 (Partial payments) and clause 27.22 (Order of application).

27.29 RELEASE TO FACILITATE ENFORCEMENT AND REALISATION

     Each Finance Party acknowledges that pursuant to any enforcement action by
     the Security Agent (or a Receiver) carried out on the instructions of the
     Agent it may be desirable for the purpose of such enforcement and/or
     maximising the realisation of the Charged Property being enforced against,
     that any rights or claims of or by the Security Agent (for the benefit of
     the Finance Parties) and/or any Finance Parties against any Obligor and/or
     any Security over any assets of any Obligor (in each case) as contained in
     or created by any Transaction Security Document, other than such rights or
     claims or security being enforced, be released in order to facilitate such
     enforcement action and/or realisation and, notwithstanding any other
     provision of the Finance Documents, each Finance Party hereby irrevocably
     authorises the Security Agent (acting on the instructions of the Agent) to
     grant any such releases to the extent necessary to fully effect such
     enforcement action and realisation including, without limitation, to the
     extent necessary for such purposes to execute release documents in the name
     of and on behalf of the Finance Parties. Where the relevant enforcement is
     by way of disposal of shares in a member of the Group, the requisite
     release shall include releases of all claims (including under guarantees)
     of the Finance Parties and/or the Security Agent against such member of the
     Group or any of its Subsidiaries and of all Security over the assets of
     such member of the Group or any of its Subsidiaries.

28   CONDUCT OF BUSINESS BY THE FINANCE PARTIES

28.1 FINANCE PARTIES TAX AFFAIRS

     No provision of this Agreement will:

28.1.1 interfere with the right of any Finance Party to arrange its affairs (tax
     or otherwise) in whatever manner it thinks fit;


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28.1.2 oblige any Finance Party to investigate or claim any credit, relief,
     remission or repayment available to it or the extent, order and manner of
     any claim; or

28.1.3 oblige any Finance Party to disclose any information relating to its
affairs (tax or otherwise) or any computations in respect of Tax.

28.2 MAJORITY LENDERS

28.2.1 Where any Finance Document provides for any matter to be determined by
     reference to the opinion of the Majority Lenders or to be subject to the
     consent or request of the Majority Lenders or for any action to be taken on
     the instructions of the Majority Lenders, such opinion, consent, request or
     instructions shall (as between the Lenders) only be regarded as having been
     validly given or issued by the Majority Lenders if all the Lenders shall
     have received prior notice of the matter on which such opinion, consent,
     request or instructions are required to be obtained and the relevant
     majority of Lenders shall have given or issued such opinion, consent,
     request or instructions. However (as between the Obligors and the Finance
     Parties) the Obligors shall each be entitled (and bound) to assume that
     such notice shall have been duly received by each Lender and that the
     relevant majority shall have been obtained to constitute Majority Lenders
     when notified to this effect by the Agent whether or not this is the case.

28.2.2 If, within ten Business Days of the Agent despatching to each Lender a
     notice requesting instructions (or confirmation of instructions) from the
     Lenders or the agreement of the Lenders to any amendment, modification,
     waiver, variation or excuse of performance for the purposes of, or in
     relation to, any of the Finance Documents, the Agent has not received a
     reply specifically giving or confirming or refusing to give or confirm the
     relevant instructions or, as the case may be, approving or refusing to
     approve the proposed amendment, modification, waiver, variation or excuse
     of performance, then (irrespective of whether such Lender responds at a
     later date) the Agent shall treat any Lender which has not so responded as
     having indicated a desire to be bound by the wishes of 662/3 per cent. of
     those Lenders (measured in terms of the total Commitments of those Lenders)
     which have so responded.

28.2.3 For the purposes of clause 28.2.2, any Lender which notifies the Agent of
     a wish or intention to abstain on any particular issue shall be treated as
     if it had not responded.

28.2.4 Clauses 28.2.2 and 28.2.3 shall not apply in relation to those matters
     referred to in, or the subject of, clause 36.2 (Exceptions).

28.3 CONFLICTS

28.3.1 The Borrower acknowledges that the Arranger and its respective parent
     undertakings, subsidiary undertakings and fellow subsidiary undertakings
     (together the "ARRANGER GROUP") may be providing debt finance, equity
     capital or other services (including financial advisory services) to other
     persons with which the Borrower may have conflicting interests in respect
     of the Facilities or otherwise.

28.3.2 No member of the Arranger Group shall use confidential information from
     the Borrower by virtue of the Facilities or its relationships with the
     Borrower in connection with their performance of services for other
     persons. This shall not, however, affect any obligations that any member of
     the Arranger Group has as Agent in respect of the Finance Documents. The
     Borrower also acknowledges that no member of the Arranger Group has any
     obligation to use or furnish to the Borrower information obtained from
     other persons for their benefit.

28.3.3 The terms "PARENT UNDERTAKING", "SUBSIDIARY UNDERTAKING" and "FELLOW
     SUBSIDIARY UNDERTAKING" when used in this clause have the meaning given to
     them in sections 258 and 259 of the Act.

29   SHARING AMONG THE FINANCE PARTIES

29.1 PAYMENTS TO FINANCE PARTIES

     If a Finance Party (a "RECOVERING FINANCE PARTY") receives or recovers any
     amount from an Obligor other than in accordance with clause 30 (Payment
     Mechanics) and applies that amount to a payment due under the Finance
     Documents then:


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29.1.1 the Recovering Finance Party shall, within two Business Days, notify
     details of the receipt or recovery, to the Agent;

29.1.2 the Agent shall exclusively determine whether the receipt or recovery is
     in excess of the amount the Recovering Finance Party would have been paid
     had the receipt or recovery been received or made by the Agent and
     distributed in accordance with clause 30 (Payment Mechanics), without
     taking account of any Tax which would be imposed on the Agent in relation
     to the receipt, recovery or distribution; and

29.1.3 the Recovering Finance Party shall, within two Business Days of demand by
     the Agent, pay to the Agent an amount (the "SHARING PAYMENT") equal to such
     receipt or recovery less any amount which the Agent exclusively determines
     may be retained by the Recovering Finance Party as its share of any payment
     to be made, in accordance with clause 30.5 (Partial payments).

29.2 REDISTRIBUTION OF PAYMENTS

     The Agent shall treat the Sharing Payment as if it had been paid by the
     relevant Obligor and distribute it between the Finance Parties (other than
     the Recovering Finance Party) in accordance with clause 30.5 (Partial
     payments).

29.3 RECOVERING FINANCE PARTY'S RIGHTS

29.3.1 On a distribution by the Agent under clause 29.2 (Redistribution of
     payments), the Recovering Finance Party will be subrogated to the rights of
     the Finance Parties which have shared in the redistribution.

29.3.2 If and to the extent that the Recovering Finance Party is not able to
     rely on its rights under clause 29.3.1, the Borrower shall procure that the
     relevant Obligor shall be liable to the Recovering Finance Party for a debt
     equal to the Sharing Payment which is immediately due and payable.

29.4 REVERSAL OF REDISTRIBUTION

     If any part of the Sharing Payment received or recovered by a Recovering
     Finance Party becomes repayable and is repaid by that Recovering Finance
     Party, then:

29.4.1 each Finance Party which has received a share of the relevant Sharing
     Payment pursuant to clause 29.2 (Redistribution of payments) shall, upon
     request of the Agent, pay to the Agent for account of that Recovering
     Finance Party an amount equal to the appropriate part of its share of the
     Sharing Payment (together with an amount as is necessary to reimburse that
     Recovering Finance Party for its proportion of any interest on the Sharing
     Payment which that Recovering Finance Party is required to pay); and

29.4.2 that Recovering Finance Party's rights of subrogation in respect of any
     reimbursement shall be cancelled and the Borrower shall procure that the
     relevant Obligor will be liable to the reimbursing Finance Party for the
     amount so reimbursed.

29.5 EXCEPTIONS

29.5.1 This clause 29 shall not apply to the extent that the Recovering Finance
     Party would not, after making any payment pursuant to this clause, have a
     valid and enforceable claim against the relevant Obligor in respect of such
     payment.

29.5.2 A Recovering Finance Party is not obliged to share with any other Finance
     Party any amount which the Recovering Finance Party has received or
     recovered as a result of taking legal or arbitration proceedings, if:

     (a)  it notified the other Finance Party of the legal or arbitration
          proceedings; and

     (b)  the other Finance Party had an opportunity to participate in those
          legal or arbitration proceedings but did not do so as soon as
          reasonably practicable having received notice and did not take
          separate legal or arbitration proceedings.


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                           SECTION 11: ADMINISTRATION

30   PAYMENT MECHANICS

30.1 PAYMENTS TO THE AGENT

30.1.1 On each date on which an Obligor or a Lender is required to make a
     payment under a Finance Document that Obligor or Lender shall make the same
     available to the Agent (unless a contrary indication appears in a Finance
     Document) for value on the due date at the time and in such funds specified
     by the Agent as being customary at the time for settlement of transactions
     in the relevant currency in the place of payment.

30.1.2 Payment shall be made to such account in the principal financial centre
     of the country of that currency (or, in relation to euro, in a principal
     financial centre in a Participating Member State or London) with such bank
     as the Agent specifies.

30.2 DISTRIBUTIONS BY THE AGENT

     Each payment received by the Agent under the Finance Documents for another
     party shall, subject to clause 30.3 (Distributions to an Obligor) and
     clause 30.4 (Clawback) be made available by the Agent as soon as
     practicable after receipt to the party entitled to receive payment in
     accordance with this Agreement (in the case of a Lender, for the account of
     its Facility Office), to such account as that party may notify to the Agent
     by not less than five Business Days' notice with a bank in the principal
     financial centre of the country of that currency (or, in relation to euro,
     in the principal financial centre of a Participating Member State or
     London).

30.3 DISTRIBUTIONS TO AN OBLIGOR

     The Agent may (with the consent of the Obligor or in accordance with clause
     31 (Set-off)) apply any amount received by it for that Obligor in or
     towards payment (on the date and in the currency and funds of receipt) of
     any amount due from that Obligor under the Finance Documents or in or
     towards purchase of any amount of any currency to be so applied.

30.4 CLAWBACK

30.4.1 Where a sum is to be paid to the Agent under the Finance Documents for
     another party, the Agent is not obliged to pay that sum to that other party
     (or to enter into or perform any related exchange contract) until it has
     been able to establish to its satisfaction that it has actually received
     that sum.

30.4.2 If the Agent pays an amount to another party and it proves to be the case
     that the Agent had not actually received that amount, then the party to
     whom that amount (or the proceeds of any related exchange contract) was
     paid by the Agent shall on demand refund the same within two Business Days
     to the Agent together with interest on that amount from the date of payment
     to the date of receipt calculated by the Agent to reflect its cost of
     funds.

30.5 PARTIAL PAYMENTS

30.5.1 If the Agent receives a payment for application against amounts due in
     respect of any Finance Documents that is insufficient to discharge all the
     amounts then due and payable by an Obligor under those Finance Documents,
     the Agent shall apply that payment towards the obligations of that Obligor
     under those Finance Documents in the following order:

     (a)  FIRST, in or towards payment pro rata of any unpaid fees, costs and
          expenses of the Agent and the Security Agent under those Finance
          Documents (other than any Hedge Agreement);

     (b)  SECONDLY, in or towards payment to the Lenders pro rata of any amount
          owing to the Lenders under clause 27.10 (Lenders' indemnity to the
          Agent) or any amount resulting from the indemnity to the Security
          Agent under clause 27.20 (Application of certain clauses to Security
          Agent);


                                       140



     (c)  THIRDLY, in or towards payment pro rata of any accrued interest, fee
          or commission due but unpaid under those Finance Documents (other than
          any Hedge Agreement);

     (d)  FOURTHLY, in or towards payment pro rata of any principal due but
          unpaid under those Finance Documents (other than any Hedge Agreement);

     (e)  FIFTHLY, in or towards payment pro rata of any other sum due but
          unpaid under the Finance Documents (other than any Hedge Agreement);
          and

     (f)  SIXTHLY, in or towards payment pro rata to the Original Hedge
          Counterparty or any other Hedge Counterparty of any sums owing to it
          under any Hedge Agreement.

30.5.2 The Agent shall, if so directed by the Majority Lenders, vary the order
     set out in paragraphs (b) to (f) of clause 30.5.1.

30.5.3 Clauses 30.5.1 and 30.5.2 will override any appropriation made by an
     Obligor.

30.6 NO SET-OFF BY OBLIGORS

     All payments to be made by an Obligor under the Finance Documents shall be
     calculated and be made without (and free and clear of any deduction for)
     set-off or counterclaim.

30.7 BUSINESS DAYS

30.7.1 Any payment which is due to be made on a day that is not a Business Day
     shall be made on the next Business Day in the same calendar month (if there
     is one) or the preceding Business Day (if there is not).

30.7.2 During any extension of the due date for payment of any principal or
     Unpaid Sum under this Agreement interest is payable on the principal or
     Unpaid Sum at the rate payable on the original due date.

30.8 CURRENCY OF ACCOUNT

30.8.1 Subject to clauses 30.8.2 to 30.8.5, the dollar is the currency of
     account and payment for any sum due from an Obligor under any Finance
     Document.

30.8.2 A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum
     shall be made in the currency in which that Loan or Unpaid Sum is
     denominated on its due date.

30.8.3 Each payment of interest shall be made in the currency in which the sum
     in respect of which the interest is payable was denominated when that
     interest accrued.

30.8.4 Each payment in respect of costs, expenses or Taxes shall be made in the
     currency in which the costs, expenses or Taxes are incurred.

30.8.5 Any amount expressed to be payable in a currency other than the dollar
     shall be paid in that other currency.

30.9 CHANGE OF CURRENCY

30.9.1 Unless otherwise prohibited by law, if more than one currency or currency
     unit are at the same time recognised by the central bank of any country as
     the lawful currency of that country, then:

     (a)  any reference in the Finance Documents to, and any obligations arising
          under the Finance Documents in, the currency of that country shall be
          translated into, or paid in, the currency or currency unit of that
          country designated by the Agent (after consultation with the
          Borrower); and

     (b)  any translation from one currency or currency unit to another shall be
          at the official rate of exchange recognised by the central bank for
          the conversion of that currency or currency unit into the other,
          rounded up or down by the Agent (acting reasonably).


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30.9.2 If a change in any currency of a country occurs, this Agreement will, to
     the extent the Agent (acting reasonably and after consultation with the
     Borrower) specifies to be necessary, be amended to comply with any
     generally accepted conventions and market practice in the Relevant
     Interbank Market and otherwise to reflect the change in currency.

31   SET-OFF

     A Finance Party may set off any matured obligation due from an Obligor
     under the Finance Documents (to the extent beneficially owned by that
     Finance Party) against any matured obligation owed by that Finance Party to
     that Obligor, regardless of the place of payment, booking branch or
     currency of either obligation. If the obligations are in different
     currencies, the Finance Party may convert either obligation at a market
     rate of exchange in its usual course of business for the purpose of the
     set-off.

32   NOTICES

32.1 COMMUNICATIONS IN WRITING

     Any communication to be made under or in connection with the Finance
     Documents shall be made in writing and, unless otherwise stated, may be
     made by fax or registered letter.

32.2 ADDRESSES

     The address and fax number (and the department or officer, if any, for
     whose attention the communication is to be made) of each party for any
     communication or document to be made or delivered under or in connection
     with the Finance Documents is:

32.2.1 in the case of the Borrower, that identified with its name below;

32.2.2 in the case of each Lender or any other Obligor, that notified in writing
     to the Agent on or prior to the date on which it becomes a party; and

32.2.3 in the case of the Agent or the Security Agent, that identified with its
     name below,

     or any substitute address, fax number or department or officer as the party
     may notify to the Agent (or the Agent may notify to the other parties, if a
     change is made by the Agent) by not less than five Business Days' notice.

32.3 DELIVERY

32.3.1 Any communication or document made or delivered by one person to another
     under or in connection with the Finance Documents will only be effective:

     (a)  if by way of fax, when received in legible form; or

     (b)  if by way of registered letter, when it has been left at the relevant
          address or five Business Days after being deposited in the post
          postage prepaid in an envelope addressed to it at that address,

     and, if a particular department or officer is specified as part of its
     address details provided under clause 32.2 (Addresses), if addressed to
     that department or officer.

32.3.2 Any communication or document to be made or delivered to the Agent or the
     Security Agent will be effective only when actually received by the Agent
     or Security Agent and then only if it is expressly marked for the attention
     of the department or officer identified with the Agent's or Security
     Agent's signature below (or any substitute department or officer as the
     Agent or Security Agent shall specify for this purpose).

32.3.3 All notices from or to an Obligor shall be sent through the Agent.

32.3.4 Any communication or document made or delivered to the Borrower in
     accordance with this clause 32.3 will be deemed to have been made or
     delivered to each of the Obligors.


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32.4 NOTIFICATION OF ADDRESS AND FAX NUMBER

     Promptly upon receipt of notification of an address or fax number or change
     of address or fax number pursuant to clause 32.2 (Addresses) or changing
     its own address or fax number, the Agent shall notify the other Parties.

32.5 ELECTRONIC COMMUNICATION

32.5.1 Any communication to be made between the Agent or the Security Agent and
     a Lender under or in connection with the Finance Documents may be made by
     electronic mail or other electronic means, if the Agent, the Security Agent
     and the relevant Lender:

     (a)  agree that, unless and until notified to the contrary, this is to be
          an accepted form of communication;

     (b)  notify each other in writing of their electronic mail address and/or
          any other information required to enable the sending and receipt of
          information by that means; and

     (c)  notify each other of any change to their address or any other such
          information supplied by them.

32.5.2 Any electronic communication made between the Agent and a Lender or the
     Security Agent will be effective only when actually received in readable
     form and in the case of any electronic communication made by a Lender to
     the Agent or the Security Agent only if it is addressed in such a manner as
     the Agent or Security Agent shall specify for this purpose.

32.6 USE OF WEBSITES

32.6.1 The Borrower may satisfy its obligation under this Agreement to deliver
     any information in relation to those Lenders (the "WEBSITE LENDERS") who
     accept this method of communication by posting this information onto an
     electronic website designated by the Borrower and the Agent (the
     "DESIGNATED WEBSITE") if:

     (a)  the Agent expressly agrees (after consultation with each of the
          Lenders) that it will accept communication of the information by this
          method;

     (b)  both the Borrower and the Agent are aware of the address of and any
          relevant password specifications for the Designated Website; and

     (c)  the information is in a format previously agreed between the Borrower
          and the Agent.

     If any Lender (a "PAPER FORM LENDER") does not agree to the delivery of
     information electronically then the Agent shall notify the Borrower
     accordingly and the Borrower shall at its own cost supply the information
     to the Agent (in sufficient copies for each Paper Form Lender) in paper
     form. In any event the Borrower shall at its own cost supply the Agent with
     at least one copy in paper form of any information required to be provided
     by it.

32.6.2 The Agent shall supply each Website Lender with the address of and any
     relevant password specifications for the Designated Website following
     designation of that website by the Borrower and the Agent.

32.6.3 The Borrower shall promptly upon becoming aware of its occurrence notify
     the Agent if:

     (a)  the Designated Website cannot be accessed due to technical failure;

     (b)  the password specifications for the Designated Website change;

     (c)  any new information which is required to be provided under this
          Agreement is posted onto the Designated Website;

     (d)  any existing information which has been provided under this Agreement
          and posted onto the Designated Website is amended; or


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     (e)  the Borrower becomes aware that the Designated Website or any
          information posted onto the Designated Website is or has been infected
          by any electronic virus or similar software.

     If the Borrower notifies the Agent under paragraphs (a) or (e) above, all
     information to be provided by the Borrower under this Agreement after the
     date of that notice shall be supplied in paper form unless and until the
     Agent and each Website Lender is satisfied that the circumstances giving
     rise to the notification are no longer continuing.

32.6.4 Any Website Lender may request, through the Agent, one paper copy of any
     information required to be provided under this Agreement which is posted
     onto the Designated Website. The Borrower shall at its own cost comply with
     any such request within ten Business Days.

32.7 ENGLISH LANGUAGE

32.7.1 Any notice given under or in connection with any Finance Document must be
     in English.

32.7.2 All other documents provided under or in connection with any Finance
     Document must be:

     (a)  in English; or

     (b)  if not in English, and if so required by the Agent, accompanied by a
          certified English translation and, in this case, the English
          translation will prevail unless the document is a constitutional,
          statutory or other official document.

32.8 NO PERSONAL LIABILITY

     If an individual signs a certificate on behalf of any member of the Group
     and the certificate proves to be incorrect, the individual will incur no
     personal liability as a result, unless the individual acted fraudulently in
     giving the certificate. In this case any liability of the individual will
     be determined in accordance with applicable law.

33   CALCULATIONS AND CERTIFICATES

33.1 FINANCE PARTY ACCOUNTS

     In any litigation or arbitration proceedings arising out of or in
     connection with a Finance Document, the entries made in the accounts
     maintained by a Finance Party are prima facie evidence of the matters to
     which they relate.

33.2 CERTIFICATES AND DETERMINATIONS

     Any certification or determination by a Finance Party of a rate or amount
     under any Finance Document is, in the absence of manifest error, conclusive
     evidence of the matters to which it relates.

33.3 DAY COUNT CONVENTION

     Any interest, commission or fee accruing under a Finance Document will
     accrue from day to day and is calculated on the basis of the actual number
     of days elapsed and a year of 360 days or, in any case where the practice
     in the Relevant Interbank Market differs, in accordance with that market
     practice.

34   PARTIAL INVALIDITY

     If, at any time, any provision of the Finance Documents is or becomes
     illegal, invalid or unenforceable in any respect under any law of any
     jurisdiction, neither the legality, validity or enforceability of the
     remaining provisions nor the legality, validity or enforceability of such
     provision under the law of any other jurisdiction will in any way be
     affected or impaired.

35   REMEDIES AND WAIVERS

     No failure to exercise, nor any delay in exercising, on the part of any
     Finance Party or Secured Party, any right or remedy under the Finance
     Documents shall operate as a waiver, nor shall any single or


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     partial exercise of any right or remedy prevent any further or other
     exercise or the exercise of any other right or remedy. The rights and
     remedies provided in this Agreement are cumulative and not exclusive of any
     rights or remedies provided by law.

36   AMENDMENTS AND WAIVERS

36.1 REQUIRED CONSENTS

36.1.1 Subject to clause 36.2 (Exceptions) any term of this Agreement may be
     amended or waived only with the consent of the Majority Lenders and the
     Borrower and any such amendment or waiver will be binding on all Parties.

36.1.2 The Agent may (or in the case of Transaction Security Documents, instruct
     the Security Agent to) effect, on behalf of any Finance Party, any
     amendment or waiver permitted by this clause 36.

36.2 EXCEPTIONS

36.2.1 An amendment or waiver that has the effect of changing or which relates
     to:

     (a)  the definition of "Majority Lenders" in clause 1.1 (Definitions);

     (b)  an extension to the date of payment of any amount under the Finance
          Documents;

     (c)  a reduction in the Margin or a reduction in the amount of any payment
          of principal, interest, fees or commission payable;

     (d)  a change in currency of payment of any amount under the Finance
          Documents;

     (e)  an increase in or an extension of any Commitment or the Total
          Commitments;

     (f)  release of any Security Provider other than in accordance with clause
          26 (Matters concerning the Obligors);

     (g)  any provision which expressly requires the consent of all the Lenders;

     (h)  clause 2.2 (Finance Parties' rights and obligations), clause 8
          (Mandatory Prepayment), clause 25 (Changes to the Lenders) or this
          clause 36;

     (i)  the nature or scope of the Charged Property (other than resulting from
          a Permitted Disposal or Permitted Transaction or Third Party Disposal
          (as defined in clause 26.3 (Resignation of a Security Provider)) or
          resulting from the enforcement of the Transaction Security Documents)
          or the manner in which the proceeds of enforcement of the Transaction
          Security are distributed;

     (j)  the release of any Transaction Security unless (i) permitted or
          required under this Agreement or any other Finance Document, (ii)
          pursuant to or in connection with any enforcement of the Transaction
          Security Documents including, pursuant to clause 27.29 (Release to
          facilitate enforcement and realisation) or (iii) relating to a sale or
          disposal of an asset which is the subject of the Transaction Security
          where such sale or disposal is a Permitted Disposal or Permitted
          Transaction or Third Party Disposal (as defined in clause 26.3
          (Resignation of a Security Provider)) or is otherwise expressly
          permitted under this Agreement or any other Finance Document,

     shall not be made without the prior written consent of all the Lenders.

36.2.2 An amendment or waiver which relates to the rights or obligations of the
     Agent, the Arranger or the Security Agent in each case in its capacity as
     such may not be effected without the consent of the Agent, the Arranger or
     the Security Agent.

36.2.3 Without prejudice to clause 26.4 (Resignation and release of security on
     disposal) where any asset that is permitted to be disposed of by this
     Agreement is subject to a specific Security created by any Transaction
     Security Document, the consent of the Agent and/or the Security Agent (but


                                       145



     without prejudice to any other requisite consent requirement) shall not be
     refused provided that no Default shall have occurred and be continuing (and
     the Agent is irrevocably authorised by the Finance Parties to grant such
     consent or, as appropriate, to instruct the Security Agent to grant such
     consent or to direct such consent and the Security Agent and any other
     relevant Secured Party may, at the cost and request of the Borrower, do
     everything it considers necessary to release those assets from the
     Transaction Security without, in any case, reference to them) and to the
     extent required, hereby released from the restriction of section 181 of the
     German Civil Code (BGB).

36.2.4 Notwithstanding clauses 36.2.1 to 36.2.3, the Agent may make technical
     amendments to the Finance Documents arising out of manifest errors on the
     face of the Finance Documents, where such amendments would not prejudice or
     otherwise be adverse to the interests of any Finance Party without any
     reference or consent of the Finance Parties.

37   COUNTERPARTS

     Each Finance Document may be executed in any number of counterparts, and
     this has the same effect as if the signatures on the counterparts were on a
     single copy of the Finance Document.

38   PUBLICITY

     The Borrower and all other Parties agree to any reasonable request by the
     Arranger to publicise, and for the Arranger to be included in all publicity
     relating to, the Acquisition.

39   PATRIOT ACT NOTICE

     Each Lender and the Agent (for itself and not on behalf of any Lender)
     hereby notifies the Borrower that, pursuant to the requirements of the
     Patriot Act, it is required to obtain, verify and record information that
     identifies the Borrower and its Subsidiaries, which information includes
     the name and address of the Borrower and its Subsidiaries and other
     information that will allow the Agent and each Lender to identify the
     Borrower and its Subsidiaries in accordance with the Patriot Act, and the
     Borrower agrees to provide such information from time to time to the Agent
     or any Lender upon reasonable request to the extent such information is not
     accessible by the relevant Lender or the Agent.


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                    SECTION 12: GOVERNING LAW AND ENFORCEMENT

40   GOVERNING LAW

     This Agreement is governed by English law.

41   JURISDICTION

41.1 The courts of England have exclusive jurisdiction to settle any dispute
     arising out of or in connection with this Agreement (including a dispute
     regarding the existence, validity or termination of this Agreement) (a
     "DISPUTE").

41.2 The Parties agree that the courts of England are the most appropriate and
     convenient courts to settle Disputes and accordingly no Party will argue to
     the contrary.

41.3 This clause 41 is for the benefit of the Finance Parties and Secured
     Parties only. As a result, no Finance Party or Secured Party shall be
     prevented from taking proceedings relating to a Dispute in any other courts
     with jurisdiction. To the extent allowed by law, the Finance Parties and
     Secured Parties may take concurrent proceedings in any number of
     jurisdictions.

42   SERVICE OF PROCESS

42.1 Without prejudice to any other mode of service allowed under any relevant
     law, the Borrower:

42.1.1 irrevocably appoints and undertakes to procure that each Obligor appoints
     Holman, Fenwick & Willan (Marlow House, Lloyd's Avenue, London EC3N 3AL) as
     its agent for service of process in relation to any proceedings before the
     English courts in connection with any Finance Document; and

42.1.2 agrees that failure by a process agent to notify it or any relevant
     Obligor of the process will not invalidate the proceedings concerned.

42.2 If any person appointed as process agent is unable for any reason to act as
     agent for service of process, the Borrower (on behalf of all the Obligors)
     must immediately (and in any event within ten days of such event taking
     place) appoint another agent on terms acceptable to the Agent. Failing
     this, the Agent may appoint another agent for this purpose.

     This Agreement has been entered into on the date stated at the beginning of
     this Agreement.


                                       147



                                   SCHEDULE 1

                              THE ORIGINAL PARTIES

                                     PART I
                              THE ORIGINAL OBLIGORS



                                             JURISDICTION
NAME OF BORROWER                           OF INCORPORATION    CORPORATION NUMBER                ADDRESS
- ----------------------------------------   ----------------   -------------------   ----------------------------------

Navios Maritime Holdings Inc.              Marshall Islands          8116            Trust Company Complex, Ajeltake
                                                                                     Road, Ajeltake Island, Majuro,
                                                                                        MH96960, Marshall Islands

                                                                                    Attention: chief executive officer




                                                                REGISTRATION OR
                                                              CORPORATION NUMBER
                                             JURISDICTION          (OR OTHER
NAME OF ORIGINAL SECURITY PROVIDER         OF INCORPORATION   EQUIVALENT, IF ANY)                 ADDRESS
- ----------------------------------------   ----------------   -------------------   ----------------------------------

Achilles Shipping Corporation              Marshall Islands           9882           Trust Company Complex, Ajeltake
                                                                                     Road, Ajeltake Island, Majuro,
                                                                                        MH96960, Marshall Islands

Alegria Shipping Corporation               Marshall Islands           17033          Trust Company Complex, Ajeltake
                                                                                     Road, Ajeltake Island, Majuro,
                                                                                        MH96960, Marshall Islands

Anemos Maritime Holdings Inc.              Marshall Islands           9902           Trust Company Complex, Ajeltake
                                                                                     Road, Ajeltake Island, Majuro,
                                                                                        MH96960, Marshall Islands

Apollon Shipping Corporation               Marshall Islands           9339           Trust Company Complex, Ajeltake
                                                                                     Road, Ajeltake Island, Majuro,
                                                                                        MH96960, Marshall Islands

Arc Shipping Corporation                   Marshall Islands           16401          Trust Company Complex, Ajeltake
                                                                                     Road, Ajeltake Island, Majuro,
                                                                                        MH96960, Marshall Islands



                                       148



SIGNATURES

THE BORROWER

NAVIOS MARITIME HOLDINGS INC.

By:          /s/ Vasiliki Papaefthymiou, Attorney-in-fact

Address:     c/o Navios ShipManagement Inc.
             143-145 Notara Street
             185 36 Piraeus
             Greece

Fax:         +30 210 45 31 984

THE ARRANGER

HSH NORDBANK AG

By:          /s/ Yianni Cheilas, Attorney-in-fact

Address:     Gerhart-Hauptmann-Platz 50
             20095 Hamburg

Fax:         +49 40 3333 34118

Attention:   Shipping; Greek Clients

THE AGENT

HSH NORDBANK AG

By:          /s/ Yianni Cheilas, Attorney-in-fact

Address:     Gerhart-Hauptmann-Platz 50
             20095 Hamburg

Fax:         +49 40 3333 34118

Attention:   Shipping; Greek Clients

THE SECURITY AGENT

HSH NORDBANK AG

By:          /s/ Yianni Cheilas, Attorney-in-fact

Address:     Gerhart-Hauptmann-Platz 50
             20095 Hamburg

Fax:         +49 40 3333 34118

Attention:   Shipping; Greek Clients


                                      187



ORIGINAL HEDGE COUNTERPARTY

HSH NORDBANK AG

By:          /s/ Yianni Cheilas, Attorney-in-fact

Address:     Gerhart-Hauptmann-Platz 50
             20095 Hamburg

Fax:         +49 40 3333 34118

Attention:   Shipping; Greek Clients

THE LENDERS

HSH NORDBANK AG

By:          /s/ Yianni Cheilas, Attorney-in-fact

Address:     Gerhart-Hauptmann-Platz 50
             20095 Hamburg

Fax:         +49 40 3333 34118

Attention:   Shipping; Greek Clients





                                      188





                                                                   EXHIBIT 10.10


                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into
as of the          day of           , 2004, by and among: International Shipping
Enterprises, Inc., a Delaware corporation (the "Company"); and the undersigned
parties listed under Investors on the signature page hereto (each, an "Investor"
and collectively, the "Investors").

         WHEREAS, the Investors currently hold all of the issued and outstanding
securities of the Company;

         WHEREAS, the Investors and the Company desire to enter into this
Agreement to provide the Investors with certain rights relating to the
registration of shares of Common Stock held by them;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     1.  DEFINITIONS. The following capitalized terms used herein have the
         following meanings:

         "Agreement" means this Agreement, as amended, restated, supplemented,
or otherwise modified from time to time.

         "Commission" means the Securities and Exchange Commission, or any other
federal agency then administering the Securities Act or the Exchange Act.

         "Common Stock" means the common stock, par value $0.0001 per share, of
the Company.

         "Company" is defined in the preamble to this Agreement.

         "Demand Registration" is defined in Section 2.1.1.

         "Demanding Holder" is defined in Section 2.1.1.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time.

         "Form S-3" is defined in Section 2.3.

         "Indemnified Party" is defined in Section 4.3.

         "Indemnifying Party" is defined in Section 4.3.

         "Investor" is defined in the preamble to this Agreement.

         "Investor Indemnified Party" is defined in Section 4.1.






         "Maximum Number of Shares" is defined in Section 2.1.4.

         "Notices" is defined in Section 6.3.

         "Piggy-Back Registration" is defined in Section 2.2.1.

         "Register," "registered" and "registration" mean a registration
effected by preparing and filing a registration statement or similar document in
compliance with the requirements of the Securities Act, and the applicable rules
and regulations promulgated thereunder, and such registration statement becoming
effective.

         "Registrable Securities" mean all of the shares of Common Stock owned
or held by Investors. Registrable Securities include any warrants, shares of
capital stock or other securities of the Company issued as a dividend or other
distribution with respect to or in exchange for or in replacement of such shares
of Common Stock. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when: (a) a Registration Statement with
respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been sold, transferred, disposed
of or exchanged in accordance with such Registration Statement; (b) such
securities shall have been otherwise transferred, new certificates for them not
bearing a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of them shall not require
registration under the Securities Act; (c) such securities shall have ceased to
be outstanding, or (d) the Securities and Exchange Commission makes a definitive
determination to the Company that the Registrable Securities are salable under
Rule 144(k).

         "Registration Statement" means a registration statement filed by the
Company with the Commission in compliance with the Securities Act and the rules
and regulations promulgated thereunder for a public offering and sale of Common
Stock (other than a registration statement on Form S-4 or Form S-8, or their
successors, or any registration statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

         "Release Date" means the date on which shares of Common Stock are
disbursed from escrow pursuant to Section 3 of that certain Stock Escrow
Agreement dated as of             , 2004 by and among the parties hereto and
Continental Stock Transfer & Trust Company.

         "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect at the time.

         "Underwriter" means a securities dealer who purchases any Registrable
Securities as principal in an underwritten offering and not as part of such
dealer's market-making activities.

     2.  REGISTRATION RIGHTS.

         2.1   Demand Registration.










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                  2.1.1. Request for Registration. At any time and from time to
time on or after the Release Date, the holders of a majority-in-interest of the
Registrable Securities held by the Investors or the transferees of the
Investors, may make a written demand for registration under the Securities Act
of all or part of their Registrable Securities (a "Demand Registration"). Any
demand for a Demand Registration shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will notify all holders of Registrable
Securities of the demand, and each holder of Registrable Securities who wishes
to include all or a portion of such holder's Registrable Securities in the
Demand Registration (each such holder including shares of Registrable Securities
in such registration, a "Demanding Holder") shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the
Company. Upon any such request, the Demanding Holders shall be entitled to have
their Registrable Securities included in the Demand Registration, subject to
Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not
be obligated to effect more than an aggregate of two (2) Demand Registrations
under this Section 2.1.1 in respect of Registrable Securities.

                  2.1.2. Effective Registration. A registration will not count
as a Demand Registration until the Registration Statement filed with the
Commission with respect to such Demand Registration has been declared effective
and the Company has complied with all of its obligations under this Agreement
with respect thereto; provided, however, that if, after such Registration
Statement has been declared effective, the offering of Registrable Securities
pursuant to a Demand Registration is interfered with by any stop order or
injunction of the Commission or any other governmental agency or court, the
Registration Statement with respect to such Demand Registration will be deemed
not to have been declared effective, unless and until, (i) such stop order or
injunction is removed, rescinded or otherwise terminated, and (ii) a
majority-in-interest of the Demanding Holders thereafter elect to continue the
offering; provided, further, that the Company shall not be obligated to file a
second Registration Statement until a Registration Statement that has been filed
is counted as a Demand Registration or is terminated.

                  2.1.3. Underwritten Offering. If a majority-in-interest of the
Demanding Holders so elect and such holders so advise the Company as part of
their written demand for a Demand Registration, the offering of such Registrable
Securities pursuant to such Demand Registration shall be in the form of an
underwritten offering. In such event, the right of any holder to include its
Registrable Securities in such registration shall be conditioned upon such
holder's participation in such underwriting and the inclusion of such holder's
Registrable Securities in the underwriting to the extent provided herein. All
Demanding Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected for such underwriting by a
majority-in-interest of the holders initiating the Demand Registration.

                  2.1.4. Reduction of Offering. If the managing Underwriter or
Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to sell, taken together with all other shares of Common Stock or other
securities which the Company desires to sell and the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other shareholders of the Company who
desire







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to sell, exceeds the maximum dollar amount or maximum number of shares that can
be sold in such offering without adversely affecting the proposed offering
price, the timing, the distribution method, or the probability of success of
such offering (such maximum dollar amount or maximum number of shares, as
applicable, the "Maximum Number of Shares"), then the Company shall include in
such registration: (i) first, the Registrable Securities as to which Demand
Registration has been requested by the Demanding Holders (pro rata in accordance
with the number of shares of Registrable Securities which such Demanding Holder
has requested be included in such registration, regardless of the number of
shares of Registrable Securities held by each Demanding Holder) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause
(i), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (iii)
third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i) and (ii), the shares of Common Stock for the
account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons and that can be sold without
exceeding the Maximum Number of Shares; and (v) fourth, to the extent that the
Maximum Number of Shares have not been reached under the foregoing clauses (i),
(ii), and (iii), the shares of Common Stock that other shareholders desire to
sell that can be sold without exceeding the Maximum Number of Shares.

                  2.1.5. Withdrawal. If a majority-in-interest of the Demanding
Holders disapprove of the terms of any underwriting or are not entitled to
include all of their Registrable Securities in any offering, such
majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or
Underwriters of their request to withdraw prior to the effectiveness of the
Registration Statement filed with the Commission with respect to such Demand
Registration. If the majority-in-interest of the Demanding Holders withdraws
from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in Section
2.1.1.

         2.2   Piggy-Back Registration.

                  2.2.1. Piggy-Back Rights. If at any time on or after the
Release Date the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into,
equity securities, by the Company for its own account or for shareholders of the
Company for their account (or by the Company and by shareholders of the Company
including, without limitation, pursuant to Section 2.1), other than a
Registration Statement (i) filed in connection with any employee stock option or
other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company's existing shareholders, (iii) for an offering of debt that is
convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such
proposed filing to the holders of Registrable Securities as soon as practicable
but in no event less than ten (10) days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, of the offering, and (y)
offer to the holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares




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of Registrable Securities as such holders may request in writing within fifteen
(15) days following receipt of such notice (a "Piggy-Back Registration"). The
Company shall cause such Registrable Securities to be included in such
registration and shall use its best efforts to cause the managing Underwriter or
Underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration to be included
on the same terms and conditions as any similar securities of the Company and to
permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All holders of
Registrable Securities proposing to distribute their securities through a
Piggy-Back Registration that involves an Underwriter or Underwriters shall enter
into an underwriting agreement in customary form with the Underwriter or
Underwriters selected for such Piggy-Back Registration.

                  2.2.2. Reduction of Offering. If the managing Underwriter or
Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in
writing that the dollar amount or number of shares of Common Stock which the
Company desires to sell, taken together with shares of Common Stock, if any, as
to which registration has been demanded pursuant to written contractual
arrangements with persons other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which registration has been
requested under this Section 2.2, and the shares of Common Stock, if any, as to
which registration has been requested pursuant to the written contractual
piggy-back registration rights of other shareholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such
registration:

                         (i) If the registration is undertaken for the Company's
account: (A) first, the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the shares of Common Stock, if any,
including the Registrable Securities, as to which registration has been
requested pursuant to written contractual piggy-back registration rights of
security holders (pro rata in accordance with the number of shares of Common
Stock which each such person has actually requested to be included in such
registration, regardless of the number of shares of Common Stock with respect to
which such persons have the right to request such inclusion) that can be sold
without exceeding the Maximum Number of Shares; and

                         (ii) If the registration is a "demand" registration
undertaken at the demand of persons other than the holders of Registrable
Securities pursuant to written contractual arrangements with such persons, (A)
first, the shares of Common Stock for the account of the demanding persons that
can be sold without exceeding the Maximum Number of Shares; (B) second, to the
extent that the Maximum Number of Shares has not been reached under the
foregoing clause (A), the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares; and (C) third, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clauses (A) and (B), the Registrable Securities
as to which registration has been requested under this Section 2.2 (pro rata in
accordance with the number of shares of Registrable Securities held by each such
holder); and (D) fourth, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clauses (A), (B) and (C), the shares of Common
Stock, if any, as to which registration has been requested pursuant to written
contractual piggy-


                                       5






back registration rights which other shareholders desire to sell that can be
sold without exceeding the Maximum Number of Shares.

                  2.2.3. Withdrawal. Any holder of Registrable Securities may
elect to withdraw such holder's request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such
request to withdraw prior to the effectiveness of the Registration Statement.
The Company may also elect to withdraw a registration statement at any time
prior to the effectiveness of the Registration Statement. Notwithstanding any
such withdrawal, the Company shall pay all expenses incurred by the holders of
Registrable Securities in connection with such Piggy-Back Registration as
provided in Section 3.3.

         2.3 Registrations on Form S-3. The holders of Registrable Securities
may at any time and from time to time, request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or
any similar short-form registration which may be available at such time ("Form
S-3"); provided, however, that the Company shall not be obligated to effect such
request through an underwritten offering. Upon receipt of such written request,
the Company will promptly give written notice of the proposed registration to
all other holders of Registrable Securities, and, as soon as practicable
thereafter, effect the registration of all or such portion of such holder's or
holders' Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any other holder or holders
joining in such request as are specified in a written request given within
fifteen (15) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such
registration pursuant to this Section 2.3: (i) if Form S-3 is not available for
such offering; or (ii) if the holders of the Registrable Securities, together
with the holders of any other securities of the Company entitled to inclusion in
such registration, propose to sell Registrable Securities and such other
securities (if any) at any aggregate price to the public of less than $500,000.
Registrations effected pursuant to this Section 2.3 shall not be counted as
Demand Registrations effected pursuant to Section 2.1.

     3.   REGISTRATION PROCEDURES.

         3.1 Filings; Information. Whenever the Company is required to effect
the registration of any Registrable Securities pursuant to Section 2, the
Company shall use its best efforts to effect the registration and sale of such
Registrable Securities in accordance with the intended method(s) of distribution
thereof as expeditiously as practicable, and in connection with any such
request:

                  3.1.1. Filing Registration Statement. The Company shall, as
expeditiously as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a Registration Statement on any form for which the Company
then qualifies or which counsel for the Company shall deem appropriate and which
form shall be available for the sale of all Registrable Securities to be
registered thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration Statement to
become and remain effective for the period required by Section 3.1.3; provided,
however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and


                                       6





any Piggy-Back Registration for such period as may be applicable to deferment of
any demand registration to which such Piggy-Back Registration relates, in each
case if the Company shall furnish to the holders a certificate signed by the
Chief Executive Officer of the Company stating that, in the good faith judgment
of the Board of Directors of the Company, it would be materially detrimental to
the Company and its shareholders for such Registration Statement to be effected
at such time; provided further, however, that the Company shall not have the
right to exercise the right set forth in the immediately preceding proviso more
than once in any 365-day period in respect of a Demand Registration hereunder.

                  3.1.2. Copies. The Company shall, prior to filing a
Registration Statement or prospectus, or any amendment or supplement thereto,
furnish without charge to the holders of Registrable Securities included in such
registration, and such holders' legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such
Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such
Registration Statement (including each preliminary prospectus), and such other
documents as the holders of Registrable Securities included in such registration
or legal counsel for any such holders may request in order to facilitate the
disposition of the Registrable Securities owned by such holders.

                  3.1.3. Amendments and Supplements. The Company shall prepare
and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus
used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act
until all Registrable Securities and other securities covered by such
Registration Statement have been disposed of in accordance with the intended
method(s) of distribution set forth in such Registration Statement (which period
shall not exceed the sum of one hundred eighty (180) days plus any period during
which any such disposition is interfered with by any stop order or injunction of
the Commission or any governmental agency or court) or such securities have been
withdrawn.

                  3.1.4. Notification. After the filing of a Registration
Statement, the Company shall promptly, and in no event more than two (2)
business days after such filing, notify the holders of Registrable Securities
included in such Registration Statement of such filing, and shall further notify
such holders promptly and confirm such advice in writing in all events within
two (2) business days of the occurrence of any of the following: (i) when such
Registration Statement becomes effective; (ii) when any post-effective amendment
to such Registration Statement becomes effective; (iii) the issuance or
threatened issuance by the Commission of any stop order (and the Company shall
take all actions required to prevent the entry of such stop order or to remove
it if entered); and (iv) any request by the Commission for any amendment or
supplement to such Registration Statement or any prospectus relating thereto or
for additional information or of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of the securities covered by such
Registration Statement, such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and promptly make
available to the holders of Registrable Securities included in such Registration
Statement any such supplement or amendment; except that before filing with the
Commission a Registration Statement or


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prospectus or any amendment or supplement thereto, including documents
incorporated by reference, the Company shall furnish to the holders of
Registrable Securities included in such Registration Statement and to the legal
counsel for any such holders, copies of all such documents proposed to be filed
sufficiently in advance of filing to provide such holders and legal counsel with
a reasonable opportunity to review such documents and comment thereon, and the
Company shall not file any Registration Statement or prospectus or amendment or
supplement thereto, including documents incorporated by reference, to which such
holders or their legal counsel shall object.

                  3.1.5. State Securities Laws Compliance. The Company shall use
its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or "blue sky" laws of such
jurisdictions in the United States as the holders of Registrable Securities
included in such Registration Statement (in light of their intended plan of
distribution) may request and (ii) take such action necessary to cause such
Registrable Securities covered by the Registration Statement to be registered
with or approved by such other Governmental Authorities as may be necessary by
virtue of the business and operations of the Company and do any and all other
acts and things that may be necessary or advisable to enable the holders of
Registrable Securities included in such Registration Statement to consummate the
disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Company shall not be required to qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this paragraph (e) or subject itself to taxation in any such
jurisdiction.

                  3.1.6. Agreements for Disposition. The Company shall enter
into customary agreements (including, if applicable, an underwriting agreement
in customary form) and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting
agreement which are made to or for the benefit of any Underwriters, to the
extent applicable, shall also be made to and for the benefit of the holders of
Registrable Securities included in such registration statement. No holder of
Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting agreement except,
if applicable, with respect to such holder's organization, good standing,
authority, title to Registrable Securities, lack of conflict of such sale with
such holder's material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in
writing expressly for inclusion in such Registration Statement.

                  3.1.7. Cooperation. The principal executive officer of the
Company, the principal financial officer of the Company, the principal
accounting officer of the Company and all other officers and members of the
management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the
preparation of the Registration Statement with respect to such offering and all
other offering materials and related documents, and participation in meetings
with Underwriters, attorneys, accountants and potential investors.

                  3.1.8. Records. The Company shall make available for
inspection by the holders of Registrable Securities included in such
Registration Statement, any Underwriter



                                        8






participating in any disposition pursuant to such registration statement and any
attorney, accountant or other professional retained by any holder of Registrable
Securities included in such Registration Statement or any Underwriter, all
financial and other records, pertinent corporate documents and properties of the
Company, as shall be necessary to enable them to exercise their due diligence
responsibility, and cause the Company's officers, directors and employees to
supply all information requested by any of them in connection with such
Registration Statement.

                  3.1.9. Opinions and Comfort Letters. The Company shall furnish
to each holder of Registrable Securities included in any Registration Statement
a signed counterpart, addressed to such holder, of (i) any opinion of counsel to
the Company delivered to any Underwriter and (ii) any comfort letter from the
Company's independent public accountants delivered to any Underwriter. In the
event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each holder of Registrable Securities included in such Registration
Statement, at any time that such holder elects to use a prospectus, an opinion
of counsel to the Company to the effect that the Registration Statement
containing such prospectus has been declared effective and that no stop order is
in effect.

                  3.1.10. Earnings Statement. The Company shall comply with all
applicable rules and regulations of the Commission and the Securities Act, and
make available to its shareholders, as soon as practicable, an earnings
statement covering a period of twelve (12) months, beginning within three (3)
months after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.

                  3.1.11. Listing. The Company shall use its best efforts to
cause all Registrable Securities included in any registration to be listed on
such exchanges or otherwise designated for trading in the same manner as similar
securities issued by the Company are then listed or designated or, if no such
similar securities are then listed or designated, in a manner satisfactory to
the holders of a majority of the Registrable Securities included in such
registration.

         3.2 Obligation to Suspend Distribution. Upon receipt of any notice from
the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to
Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading compliance program adopted by the Company's Board of Directors,
of the ability of all "insiders" covered by such program to transact in the
Company's securities because of the existence of material non-public
information, each holder of Registrable Securities included in any registration
shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated
by Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact
in the Company's securities is removed, as applicable, and, if so directed by
the Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder's possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such
notice.


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         3.3 Registration Expenses. The Company shall bear all costs and
expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration
on Form S-3 effected pursuant to Section 2.3, and all expenses incurred in
performing or complying with its other obligations under this Agreement, whether
or not the Registration Statement becomes effective, including, without
limitation: (i) all registration and filing fees; (ii) fees and expenses of
compliance with securities or "blue sky" laws (including fees and disbursements
of counsel in connection with blue sky qualifications of the Registrable
Securities); (iii) printing expenses; (iv) the Company's internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees); (v) the fees and expenses incurred in connection with the listing of
the Registrable Securities as required by Section 3.1.11; (vi) National
Association of Securities Dealers, Inc. fees; (vii) fees and disbursements of
counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated
with the delivery of any opinions or comfort letters requested pursuant to
Section 3.1.9); (viii) the fees and expenses of any special experts retained by
the Company in connection with such registration and (ix) the fees and expenses
of one legal counsel selected by the holders of a majority-in-interest of the
Registrable Securities included in such registration. The Company shall have no
obligation to pay any underwriting discounts or selling commissions attributable
to the Registrable Securities being sold by the holders thereof, which
underwriting discounts or selling commissions shall be borne by such holders.
Additionally, in an underwritten offering, all selling shareholders and the
Company shall bear the expenses of the underwriter pro rata in proportion to the
respective amount of shares each is selling in such offering.

         3.4 Information. The holders of Registrable Securities shall provide
such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration
Statement, including amendments and supplements thereto, in order to effect the
registration of any Registrable Securities under the Securities Act pursuant to
Section 2 and in connection with the Company's obligation to comply with federal
and applicable state securities laws.

     4.   INDEMNIFICATION AND CONTRIBUTION.

         4.1 Indemnification by the Company. The Company agrees to indemnify and
hold harmless each Investor and each other holder of Registrable Securities, and
each of their respective officers, employees, affiliates, directors, partners,
members, attorneys and agents, and each person, if any, who controls an Investor
and each other holder of Registrable Securities (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) (each, an "Investor
Indemnified Party"), from and against any expenses, losses, judgments, claims,
damages or liabilities, whether joint or several, arising out of or based upon
any untrue statement (or allegedly untrue statement) of a material fact
contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to such Registration Statement, or arising out of
or based upon any omission (or alleged omission) to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or any violation by the Company of the Securities Act or any rule or
regulation promulgated thereunder


                                       10





applicable to the Company and relating to action or inaction required of the
Company in connection with any such registration; and the Company shall promptly
reimburse the Investor Indemnified Party for any legal and any other expenses
reasonably incurred by such Investor Indemnified Party in connection with
investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in
any such case to the extent that any such expense, loss, claim, damage or
liability arises out of or is based upon any untrue statement or allegedly
untrue statement or omission or alleged omission made in such Registration
Statement, preliminary prospectus, final prospectus, or summary prospectus, or
any such amendment or supplement, in reliance upon and in conformity with
information furnished to the Company, in writing, by such selling holder
expressly for use therein. The Company also shall indemnify any Underwriter of
the Registrable Securities, their officers, affiliates, directors, partners,
members and agents and each person who controls such Underwriter on
substantially the same basis as that of the indemnification provided above in
this Section 4.1.

         4.2 Indemnification by Holders of Registrable Securities. Each selling
holder of Registrable Securities will, in the event that any registration is
being effected under the Securities Act pursuant to this Agreement of any
Registrable Securities held by such selling holder, indemnify and hold harmless
the Company, each of its directors and officers and each underwriter (if any),
and each other person, if any, who controls such selling holder or such
underwriter within the meaning of the Securities Act, against any losses,
claims, judgments, damages or liabilities, whether joint or several, insofar as
such losses, claims, judgments, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act,
any preliminary prospectus, final prospectus or summary prospectus contained in
the Registration Statement, or any amendment or supplement to the Registration
Statement, or arise out of or are based upon any omission or the alleged
omission to state a material fact required to be stated therein or necessary to
make the statement therein not misleading, if the statement or omission was made
in reliance upon and in conformity with information furnished in writing to the
Company by such selling holder expressly for use therein, and shall reimburse
the Company, its directors and officers, and each such controlling person for
any legal or other expenses reasonably incurred by any of them in connection
with investigation or defending any such loss, claim, damage, liability or
action. Each selling holder's indemnification obligations hereunder shall be
several and not joint and shall be limited to the amount of any net proceeds
actually received by such selling holder.

         4.3 Conduct of Indemnification Proceedings. Promptly after receipt by
any person of any notice of any loss, claim, damage or liability or any action
in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such
person (the "Indemnified Party") shall, if a claim in respect thereof is to be
made against any other person for indemnification hereunder, notify such other
person (the "Indemnifying Party") in writing of the loss, claim, judgment,
damage, liability or action; provided, however, that the failure by the
Indemnified Party to notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which the Indemnifying Party may have to
such Indemnified Party hereunder, except and solely to the extent the
Indemnifying Party is actually prejudiced by such failure. If the Indemnified
Party is seeking indemnification with respect to any claim or action brought
against the


                                       11




Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all
other Indemnifying Parties, to assume control of the defense thereof with
counsel satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable
to the Indemnified Party for any legal or other expenses subsequently incurred
by the Indemnified Party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that in any action in
which both the Indemnified Party and the Indemnifying Party are named as
defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of
such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, consent to entry of judgment or effect any
settlement of any claim or pending or threatened proceeding in respect of which
the Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding.

         4.4 Contribution.

                         4.4.1. If the indemnification provided for in the
foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in
respect of any loss, claim, damage, liability or action referred to herein, then
each such Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a
result of such loss, claim, damage, liability or action in such proportion as is
appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted
in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any
Indemnifying Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by such Indemnified Party or such Indemnifying Party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

                         4.4.2. The parties hereto agree that it would not be
just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding
Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of
any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses incurred by such Indemnified Party in
connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.4, no holder of Registrable
Securities shall be required to contribute any amount in excess of the dollar
amount


                                       12





of the net proceeds (after payment of any underwriting fees, discounts,
commissions or taxes) actually received by such holder from the sale of
Registrable Securities which gave rise to such contribution obligation. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

     5.    UNDERWRITING AND DISTRIBUTION.

         5.1 Rule 144. The Company covenants that it shall file any reports
required to be filed by it under the Securities Act and the Exchange Act and
shall take such further action as the holders of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such
holders to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 under the
Securities Act, as such Rules may be amended from time to time, or any similar
Rule or regulation hereafter adopted by the Commission.

     6.    MISCELLANEOUS.

         6.1 Other Registration Rights. The Company represents and warrants that
no person, other than a holder of the Registrable Securities, has any right to
require the Company to register any shares of the Company's capital stock for
sale or to include shares of the Company's capital stock in any registration
filed by the Company for the sale of shares of capital stock for its own account
or for the account of any other person.

         6.2 Assignment; No Third Party Beneficiaries. This Agreement and the
rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights,
duties and obligations of the holders of Registrable Securities hereunder may be
freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities by
any such holder. This Agreement and the provisions hereof shall be binding upon
and shall inure to the benefit of each of the parties and their respective
successors and the permitted assigns of the Investor or holder of Registrable
Securities or of any assignee of the Investor or holder of Registrable
Securities. This Agreement is not intended to confer any rights or benefits on
any persons that are not party hereto other than as expressly set forth in
Article 4 and this Section 6.2.

         6.3 Notices. All notices, demands, requests, consents, approvals or
other communications (collectively, "Notices") required or permitted to be given
hereunder or which are given with respect to this Agreement shall be in writing
and shall be personally served, delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice. Notice shall be deemed given on the
date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a
business day or is after normal business hours, then such notice shall be deemed
given on the next business day. Notice otherwise sent as provided herein shall
be deemed given on the next business day following timely delivery of such
notice to a reputable air courier service with an order for next-day delivery.


                                       13






                           To the Company:

                           International Shipping Enterprises, Inc.
                           1225 Franklin Avenue, Suite 325
                           Garden City, New York 11530
                           Attention:  Chairman

                           with a copy to:

                           Gusrae, Kaplan & Bruno, PLLC
                           120 Wall Street
                           11th Floor
                           New York, NY 10005
                           Attn:   Scott M. Miller, Esq.; and

                           Graubard Miller
                           600 Third Avenue
                           New York, NY 10016-2097
                           Attention: David Miller

                           To an Investor, to:

                           Angeliki Frangou                       ; or

                           Vasiliki Papaefthymiou                 ; or

                           Spyridon Magoulas                      ; or

                           Julian David Brynteson                 ; or

                           John Stratakis

                           with a copy to:

                           Graubard Miller
                           600 Third Avenue
                           New York, NY 10016-2097
                           Attention: David Miller




                                       14






         6.4 Severability. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

         6.5 Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

         6.6 Entire Agreement. This Agreement (including all agreements entered
into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written.

         6.7 Modifications and Amendments. No amendment, modification or
termination of this Agreement shall be binding upon any party unless executed in
writing by such party.

         6.8 Titles and Headings. Titles and headings of sections of this
Agreement are for convenience only and shall not affect the construction of any
provision of this Agreement.

         6.9 Waivers and Extensions. Any party to this Agreement may waive any
right, breach or default which such party has the right to waive, provided that
such waiver will not be effective against the waiving party unless it is in
writing, is signed by such party, and specifically refers to this Agreement.
Waivers may be made in advance or after the right waived has arisen or the
breach or default waived has occurred. Any waiver may be conditional. No waiver
of any breach of any agreement or provision herein contained shall be deemed a
waiver of any preceding or succeeding breach thereof nor of any other agreement
or provision herein contained. No waiver or extension of time for performance of
any obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

         6.10 Remedies Cumulative. In the event that the Company fails to
observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Investor or any other holder of Registrable Securities may
proceed to protect and enforce its rights by suit in equity or action at law,
whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of
any power granted in this Agreement or to enforce any other legal or equitable
right, or to take any one or more of such actions, without being required to
post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter available at law, in equity, by
statute or otherwise.



                                       15





         6.11 Governing Law. This Agreement shall be governed by, interpreted
under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New
York, without giving effect to any choice-of-law provisions thereof that would
compel the application of the substantive laws of any other jurisdiction.

         6.12 Waiver of Trial by Jury. Each party hereby irrevocably and
unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise)
arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the Investor in the negotiation,
administration, performance or enforcement hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]







                                       16





         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.


                               INTERNATIONAL SHIPPING
                               ENTERPRISES, INC.
                               A Delaware corporation


                         By:
                               -------------------------------
                               Angeliki Frangou, Chairman

                               INVESTORS:



                               ----------------------------
                               Angeliki Frangou



                               ----------------------------
                               Vasiliki Papaefthymiou



                               ----------------------------
                               Spyridon Magoulas



                               ----------------------------
                               Julian David Brynteson



                               ----------------------------
                               John Stratakis







                                       17
Table of Contents

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement of Pre-Effective Amendment No. 2 on Form F-1/A of our reports dated March 22, 2006 relating to the financial statements of Navios Maritime Holdings Inc, which appear in such Registration Statement. We also consent to the reference to us under the heading ‘‘Experts’’ and "Selected Financial Data" in such Registration Statement.

/s/   PricewaterhouseCoopers S.A.

PricewaterhouseCoopers S.A.
Piraeus, Greece

April 5, 2006



Exhibit 23.3

Drewry Shipping Consultants Ltd., Drewry House, Meridian Gate, 213 Marsh Wall, London E14 9FJ, England
Telephone: +44 (0) 20 7538 0191 Facsimile:+44 (0) 20 7987 9396 Email: enquiries@drewry.co.uk Website: www.drewry.co.uk

Navios Maritime Holdings Inc.
85 Akti Miaouli Street
Piraeus
Greece 185 38

31 March, 2006

Dear Sir/Madam

Reference is made to the Form F-1/A registration statement (the "Registration Statement") relating to the prospectus of Navios Maritime Holdings Inc. (the "Company") being filed in connection with the potential issuance of shares of common stock underlying the Company's publicly traded warrants. We hereby consent to all references to our name in the Registration Statement and to the use of the statistical information supplied by us set forth in sections of the Registration Statement entitled "The International Dry Bulk Shipping Industry". We further advise the Company that our role has been limited to the provision of such statistical data supplied by us. With respect to such statistical data, we advise you that:

•  We have accurately described the international dry bulk shipping industry, subject to the availability and reliability of the data supporting the statistical and graphical information presented, and:
•  Our methodologies for collecting information and data may differ from those of other sources and do not reflect all or even necessarily a comprehensive set of actual transactions occurring in the dry bulk shipping industry.

We hereby consent to the filing of this letter as an exhibit to the Registration Statement of the Company on Form F-1/A to be filed with the U.S. Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, and to the reference to our firm in the section of the Registration Statement titled "Experts".

Yours faithfully

/s/ Nigel Gardiner

Nigel Gardiner
Managing Director
Drewry Shipping Consultants Ltd.



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Table of Contents

Exhibit 23.4

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors

Navios Maritime Holdings Inc.

We hereby consent to the use in this pre-effective Amendment No. 2 to the Registration Statement on Form F-1 of our report dated January 17, 2005, on the financial statements of International Shipping Enterprises, Inc. as of December 31, 2004 and for the period from September 17, 2004 (date of inception) to December 31, 2004, which appears in such Registration Statement.

/s/ GOLDSTEIN GOLUB KESSLER LLP    

GOLDSTEIN GOLUB KESSLER LLP

New York, New York

April 3, 2006





MINTZ LEVIN                                                      Chrysler Center
                                                                666 Third Avenue
                                                             New York, NY  10017
                                                                    212-935-3000
TODD E. MASON | 212 692 6731 |  tmason@mintz.com                212-983-3115 fax
                                                                   www.mintz.com



                                                                   April 5, 2006



VIA EDGAR AND FEDEX
- -------------------

Linda Cvrkel, Branch Chief
Division of Corporation Finance
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549

         RE: NAVIOS MARITIME HOLDINGS INC.
             REGISTRATION STATEMENT ON FORM F-1, AMENDMENT NO. 2
             FILED NOVEMBER 2, 2005
             FILE NO. 333-129382

Dear Ms. Cvrkel:

     On behalf of Navios Maritime Holdings Inc. (the "Company"), we respond as
follows to the Staff's legal comments dated December 22, 2005 relating to the
above-captioned Registration Statement. Captions and page references herein
correspond to those set forth in Amendment No. 2 to the Registration Statement,
the enclosed copy of which has been marked with the changes from the Amendment
No. 1 filing, however, please note, as discussed with the Staff, as a result of
the passage of time and updated financial and related information, most of the
pages contain changed language. Please note that for the Staff's convenience, we
have recited each of the Staff's comments and provided our response to each
comment immediately thereafter.

Description of Securities, Page 89
- ----------------------------------

1.   Your response to our prior comment 29 indicates that exhibit 10.8 was filed
     as an exhibit. Please file this exhibit in Edgar with your next amendment.

     WE HAVE FILED EXHIBIT 10.8 IN ACCORDANCE WITH THE STAFF'S REQUEST.

Summary Consolidated Financial Data, Page 4
- -------------------------------------------
Selected Consolidated Financial Data, Page 20
- ---------------------------------------------

2.   Revise to label the financial information presented for all periods prior
     to the August 25, 2005 merger transaction as that of the "predecessor"
     entity.



MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Linda Cvrkel, Branch Chief
Securities and Exchange Commission
April 5, 2006
Page 2

     WE HAVE REVISED THE TEXT IN ACCORDANCE WITH THE STAFF'S REQUEST.

3.   The basic and diluted earnings per share information presented for the
     predecessor entity appears to be in error as it is based on the accounting
     acquirer's outstanding common shares. Please revise the predecessor
     entity's earnings per share computations so that they are based on
     the\predecessor entity's outstanding shares rather than the accounting
     acquirers. Also, pro forma earnings per share information, giving effect to
     the acquisition transaction, should be presented only for the latest fiscal
     year and subsequent interim period presented. The "Income" (loss) per
     common share for successor, pro forma for predecessor, and the "Book Value
     per common share" information included in the "Other Financial Data" for
     all historical periods should also be similarly revised or deleted.

     RAVI RAO FROM PRICEWATERHOUSECOOPERS DISCUSSED THE CALCULATION OF EARNINGS
     PER SHARE VIA TELEPHONE WITH HEATHER TRESS, STAFF ACCOUNTANT ON JANUARY 4,
     2006. THE COMPANY HAS SINCE RECONSIDERED THE CALCULATION OF BASIC AND
     DILUTED EARNINGS PER SHARE FOR THE PREDECESSOR ENTITY AND, IN RESPONSE TO
     THE STAFF'S COMMENT, WE HAVE REVISED THE CALCULATION FOR THE PREDECESSOR
     PERIODS BASED ON THE PREDECESSOR'S OUTSTANDING SHARES RATHER THAN THE
     OUTSTANDING SHARES OF THE SUCCESSOR. THE PRO FORMA EARNINGS PER SHARE AND
     BOOK VALUE PER SHARE AMOUNTS HAVE BEEN REVISED AS PER THE STAFF'S REQUEST.

For the combined nine month period ended September 30, 2005
compared to the nine months ended September 30, 2004, Page 36
- -------------------------------------------------------------
Depreciation and Amortization, Page 38
- --------------------------------------
Net Interest Expense, Page 38
- -----------------------------

4.   Revise to quantify the expected annual impact that the increased
     depreciation and amortization expense and increased interest expense
     resulting from the merger transaction will have on the Company's future
     results of operations.

     THE PROSPECTUS HAS BEEN UPDATED AND NOW INCLUDES AN OPERATING AND FINANCIAL
     REVIEW AND PROSPECTS FOR CALENDAR 2005. WE HAVE ADDED DISCLOSURE OF THE
     INCREASED DEPRECIATION AND AMORTIZATION EXPENSE ASSOCIATED WITH THE MERGER
     TRANSACTION IN ACCORDANCE WITH THE STAFF'S REQUEST. WE HAVE ALSO ADDED
     DISCLOSURE ASSOCIATED WITH THE ESTIMATED INCREASE IN ANNUAL INTEREST
     EXPENSE ASSOCIATED WITH THE ACQUISITION OF NAVIOS BY ISE.

Dividend Policy, Page 49
- ------------------------



MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Linda Cvrkel, Branch Chief
Securities and Exchange Commission
April 5, 2006
Page 3

5.   Revise to disclose the aggregate dollar amount of the dividend that the
     Company expects to declare in respect to the fourth quarter of 2005.

     WE HAVE REVISED THE TEXT IN ACCORDANCE WITH THE STAFF'S REQUEST.

Unaudited Pro Forma Consolidated Statement of Operations
- --------------------------------------------------------
Nine months ended September 30, 2005, page 78
- ---------------------------------------------
Year ended December 31, 2004, page 79
- -------------------------------------

6.   Please revise to reflect the pre and post-merger results of operations of
     Navios in separate columns in the pro forma statement of operations. The
     amounts reflected in each column should be labeled as those of the
     predecessor and successor entities and should agree to the amounts
     reflected in Navios' interim financial statements included on page F-4.

     THE PRO FORMA STATEMENT OF OPERATIONS HAS BEEN UPDATED TO INCLUDE RESULTS
     FOR ALL OF 2005. IN ACCORDANCE WITH THE STAFF'S REQUEST, THE PRE AND POST
     MERGER RESULTS HAVE BEEN SPLIT AND LABELED. THE 2004 PRO FORMA STATEMENT OF
     OPERATIONS HAS BEEN REMOVED AS IT IS NO LONGER REQUIRED.

7.   Refer to footnote (e) - Based upon the disclosures provided in footnote (e)
     we are unable to determine how the pro forma adjustments to depreciation
     and amortization expense for both the year ended December 31, 2004 and the
     nine months ended September 30, 2004 were calculated or determined. Please
     provide further explanation in footnote (e) explaining how these
     adjustments were calculated or determined. A chart showing the amount of
     the adjustment for each period for each category of assets acquired should
     be included as part of your revised disclosure.

     FOOTNOTE (D) TO THE PRO FORMA 2005 STATEMENT OF OPERATIONS HAS BEEN
     EXPANDED TO PROVIDE THE DISCLOSURES REQUESTED BY THE STAFF.

8.   Refer to footnote (f) - We are unable to determine how your pro forma
     adjustments to interest expense for the year ended December 31, 2004 and
     the nine months ended September 30, 2005 were calculated or determined.
     Please revise to disclose both the amount of the adjustment associated with
     the new debt obtained to fund the merger and the debt of Navios that was
     repaid. Also, disclose the significant assumptions (i.e., interest rate and
     balance of debt) used to calculate the adjustments associated with both the
     debt obtained to fund the merger and the debt repaid.

     FOOTNOTE (E) TO THE PRO FORMA 2005 STATEMENT OF OPERATIONS HAS BEEN
     EXPANDED TO PROVIDE THE DISCLOSURES REQUESTED BY THE STAFF.



MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Linda Cvrkel, Branch Chief
Securities and Exchange Commission
April 5, 2006
Page 4

9.   Your pro forma basic and diluted earnings per share for the nine months
     September 30, 2005 appear to be in error based on the basic and diluted
     weighted average number of shares disclosed on page 78. It appears these
     amounts should be $.69 and $.56, respectively. Please advise or revise as
     appropriate.

     THE EPS CALCULATIONS FOR THE PRO FORMA 2005 STATEMENT OF OPERATIONS HAVE
     BEEN REVISED IN ACCORDANCE WITH THE STAFF'S REQUEST.

Other
- -----

10.  Explain in notes to the pro forma financial information why adjustments for
     the tax affects of the pro forma adjustments have not been provided.

     FOOTNOTE (F) HAS BEEN ADDED TO THE PRO FORMA 2005 STATEMENT OF OPERATIONS
     TO PROVIDE THE TAX DISCLOSURES REQUESTED BY THE STAFF.

Navios Maritime Holdings Inc. Interim Financial Statements
Consolidated Statements of Operations, page F-4
- -----------------------------------------------
Note 10: Earnings per share, Page F-19
- --------------------------------------

11.  The basic and diluted earnings per share presented for the predecessor
     entity are incorrect as they are based on the outstanding shares of the
     accounting acquirer, ISE, rather than on the predecessor entity's
     outstanding common shares. Please revise the earnings per share amounts
     presented for all periods prior to the merger so that they are based on the
     outstanding common shares of the predecessor entity. The disclosures of
     earnings per share and book value per share information for the predecessor
     entity included in your Summary and Selected Financial Data on pages 6 and
     20 should be similarly revised.

     THE CALCULATION OF BASIC AND DILUTED EARNINGS PER SHARE FOR THE PREDECESSOR
     PERIOD HAS BEEN REVISED BASED ON THE PREDECESSOR'S OUTSTANDING SHARES
     RATHER THAN THE SUCCESSOR'S IN ACCORDANCE WITH THE STAFF'S REQUEST.

Consolidated Statements of Cash Flow, Page F-5
- ----------------------------------------------

12.  Please explain why the cash purchase price for Navios and the related
     borrowings obtained to fund the merger are not reflected as cash flows from
     investing and financing activities respectively in the consolidated
     statement of cash flows for the successor entity. Also, please explain the
     nature of the line item described as "cash received in downstream merger"
     that is reflected as a financing activity in the consolidated statement of
     cash flows for the successor entity.



MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Linda Cvrkel, Branch Chief
Securities and Exchange Commission
April 5, 2006
Page 5

     ON AUGUST 25, 2005, INTERNATIONAL SHIPPING ENTERPRISES INC. (ISE) ACQUIRED
     ALL OF THE OUTSTANDING SHARES OF NAVIOS MARITIME HOLDINGS, INC. (NAVIOS).
     IMMEDIATELY FOLLOWING THE ACQUISITION, ISE MERGED INTO ITS NEW SUBSIDIARY,
     NAVIOS, VIA A DOWNSTREAM MERGER. HOWEVER, SINCE ISE, NOT NAVIOS, OBTAINED
     THE FINANCING AND PAID CASH FOR THE ACQUISITION, THESE ARE NOT REFLECTED IN
     THE NAVIOS STATEMENT OF CASH FLOWS AS FINANCING AND INVESTING ACTIVITIES.

     THE LINE ITEM "CASH RECEIVED IN DOWNSTREAM MERGER" REPRESENTS THE CASH
     RECEIVED FROM ISE AT THE DATE OF THE DOWNSTREAM MERGER. THE PUSHDOWN OF THE
     PURCHASE ACCOUNTING ADJUSTMENTS AND THE ASSUMPTION OF THE REMAINING NET
     ASSETS OF ISE ARE DISCLOSED AS NON-CASH INVESTING AND FINANCING ACTIVITIES
     BY REFERENCE TO NOTE 3 AT THE BOTTOM OF THE NAVIOS STATEMENT OF CASH FLOWS
     ON PAGE F-7

Consolidated Statements of Stockholders' Equity, Page F-6
- ---------------------------------------------------------
Note 10: Earnings per Share, Page F-19
- --------------------------------------

13.  We note the following disclosure in the paragraph following the
     consolidated statements of stockholders' equity of Navios for the nine
     months ended September 30, 2005 and in Note 10:

         The downstream merger of ISE with and into Navios as described in Note
         2 resulted in Navies shares to reflect those issued by ISE.
         Accordingly, the common stock issued and outstanding is 39,900,000 and
         is treated as a stock split for purposes of the disclosure and EPS
         calculations.

     Please explain your basis under generally accepted accounting principles
     for reflecting ISE's outstanding shares as a stock split. Please note that
     we do not understand why you believe it is appropriate to reflect ISE's
     outstanding shares as those of Navios for periods prior to the merger
     transaction on August 25, 2005, since Navios was not owned or acquired by
     ISE until this time. Please advise or revise as appropriate. We may have
     further comment upon receipt of your response.


     THE PROSPECTUS HAS BEEN UPDATED AND NOW INCLUDES FINANCIAL STATEMENTS FOR
     CALENDAR YEAR 2005. THE DOWNSTREAM MERGER OF ISE WITH AND INTO NAVIOS IS
     DESCRIBED IN FOOTNOTE 3.


     IN THE PRIOR SUBMISSION, THE PRE-DOWNSTREAM MERGER OUTSTANDING SHARES WERE
     RESTATED IN A MANNER SIMILAR TO A STOCK SPLIT BECAUSE THE NET ACCOUNTING
     RESULT OF THE DOWNSTREAM MERGER WAS THAT OF A SPLIT-UP IN THE FORM OF A
     DOWNSTREAM MERGER. THE ACCOUNTING INVOLVED (I) THE ASSUMPTION OF DEBT AND
     CASH OF $102.3 MILLION (WHICH IS REFLECTED IN THE CASH FLOW STATEMENT AS A
     FINANCING ACTIVITY), (II) THE ACQUISITION OF



MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Linda Cvrkel, Branch Chief
Securities and Exchange Commission
April 5, 2006
Page 6

     100% OF OLD COMPANY SHARES, AND (III) THE ISSUANCE OF 39,900,000 NEW
     COMPANY SHARES TO THE FORMER INDIRECT SHAREHOLDERS OF THE OLD COMPANY
     SHARES ON A PRO-RATA BASIS (NOTE THAT $412.0 MILLION) OF THE ISE DEBT
     ASSUMED IN THE DOWNSTREAM MERGER WAS ALREADY REFLECTED ON THE COMPANY'S
     BALANCE SHEET PURSUANT TO THE PUSHDOWN ACCOUNTING RULES). FROM THE
     PERSPECTIVE OF THE COMPANY, ITEMS (II) AND (III) YIELD THE SAME NET RESULT
     AS A STOCK SPLIT. THE RESULT IS THE SAME AS IF THE COMPANY HAD FIRST
     ASSUMED THE CASH AND DEBT FROM ISE, FOLLOWED BY A STOCK SPLIT, FOLLOWED BY
     ISE'S REPURCHASE OF ALL OF ITS OUTSTANDING SHARES BY EXCHANGING THE NAVIOS
     SHARES. BY RESTATING THE HISTORICAL NUMBER OF OUTSTANDING SHARES, THE
     PER-SHARE AMOUNTS FOR THOSE PERIODS WERE CALCULATED ON THE BASIS OF THE
     POST-MERGER NUMBER OF SHARES (I.E., THE NUMBER OF SHARES WHICH WILL BE
     OUTSTANDING AT THE TIME OF THE OFFERING). THE COMPANY BELIEVED THAT THIS
     PRESENTATION WAS CONSISTENT WITH THE SPIRIT AND INTENT OF ARB 43. AS IN
     PARAGRAPH 11 OF ARB 43, THE NUMBER OF SHARES ISSUED WAS SO GREAT THAT IT
     HAD THE EFFECT OF MATERIALLY REDUCING THE SHARE MARKET VALUE, AND THUS HAD
     THE NATURE OF A STOCK SPLIT. WE RESPECTFULLY ACKNOWLEDGE HOWEVER THAT THE
     FORM OF THE TRANSACTION WAS NOT A STOCK SPLIT OR DIVIDEND AS LITERALLY
     PROVIDED FOR IN ARB 43. THEREFORE, IN RESPONSE TO THE STAFF'S COMMENT, THE
     COMPANY HAS RECONSIDERED ITS ACCOUNTING FOR THE SHARES ISSUED IN
     CONJUNCTION WITH THE MERGER. IN LINE WITH OUR RESPONSE TO THE STAFF'S
     COMMENT NO. 3 ABOVE, THE PREDECESSOR HISTORICAL SHARES WILL BE SHOWN FOR
     ALL PERIODS PRIOR TO THE MERGER AND THE SUCCESSOR'S SHARES WILL BE SHOWN
     FOR PERIODS SUBSEQUENT TO THE MERGER. THE FINANCIAL STATEMENTS HAVE BEEN
     REVISED ACCORDINGLY.

Note 2: Acquisition/Reincorporation, Page F-7
- ---------------------------------------------

14.  We note that you have presented pro forma information in Note 2 on page
     F-10 giving effect to the acquisition of Navios and the related financing
     transactions as if they had occurred at the beginning of 2005. Please
     revise to also disclose pro forma results of operations for the comparable
     periods of the prior year giving effect to these transactions as if they
     had occurred at the beginning of that period. See Rule 10-01(b)(4) of
     Regulation S-X and paragraph 58b of SFAS No. 141.

     THE PROSPECTUS HAS BEEN UPDATED AND NOW INCLUDES FINANCIAL STATEMENTS FOR
     CALENDAR YEAR 2005. THE PRO FORMA INFORMATION, WHICH IS NOW INCLUDED IN
     FOOTNOTE 3, INCLUDES COMPARATIVE 2004 INFORMATION.

Navios Maritime Holdings Inc. December 31, 2004 Financial Statements
Consolidated Statements of Operations, Page F-24
- ------------------------------------------------

15.  Please revise to disclose the Company's historical earnings per share for
     all periods presented.



MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Linda Cvrkel, Branch Chief
Securities and Exchange Commission
April 5, 2006
Page 7


     THE PROSPECTUS HAS BEEN UPDATED AND NOW INCLUDES FINANCIAL STATEMENTS FOR
     CALENDAR YEAR 2005. EPS CALCULATIONS ARE PRESENTED FOR ALL PERIODS.

Notes to the Consolidated Financial Statements, Page F-27
- ---------------------------------------------------------
Note 2: Summary of Significant Accounting Policies, Page F-27
- -------------------------------------------------------------
Revenue and Expense Recognition, Page F-32
- ------------------------------------------
Revenue Recognition, Page F-32
- ------------------------------

16.  We note your response to our prior comment number 35. Please revise Note 2
     to include a statement indicating that the impact of not recognizing voyage
     expenses as incurred was not material to the Company's financial statements
     for any of the periods presented. This disclosure should also be provided
     in the notes to the Company's interim financial statements.

     THE PROSPECTUS HAS BEEN UPDATED AND NOW INCLUDES FINANCIAL STATEMENTS FOR
     CALENDAR YEAR 2005. NOTE 2 (T) INCLUDES THE DISCLOSURES REQUESTED.

Note 16: Commitments and Contingencies, Page F-51
- -------------------------------------------------

17.  Please revise Note 16 to your financial statements to disclose the amount
     of your potential exposure to loss resulting from pending litigation and
     the amount of the related accruals that have been established. If no
     estimate of the exposure to loss can be made, please include a statement to
     that effect in the notes to your financial statements. Refer to the
     requirements of paragraphs 9 and 10 of SFAS No. 5.

     THE PROSPECTUS HAS BEEN UPDATED AND NOW INCLUDES FINANCIAL STATEMENTS FOR
     CALENDAR YEAR 2005. THERE WAS NO PENDING LITIGATION AT THE END OF EITHER
     2005 OR 2004. THERE WERE NO ARBITRATION CLAIMS AT THE END OF 2005 AND THREE
     MINOR CLAIMS OUTSTANDING (LESS THAN 1% OF ASSETS) AT THE END OF 2004 WERE
     SETTLED DURING 2005. SPECIFIC DISCLOSURE OF AMOUNTS HAS BEEN OMITTED ON THE
     BASIS OF MATERIALITY. PLEASE SEE FOOTNOTE 15.

International Shipping Enterprises Inc.
- ---------------------------------------
Balance Sheet, Page F-56
- ------------------------

18.  Please revise to eliminate the paragraph preceding the balance sheet
     presented on page F-56.

     WE HAVE REVISED THE TEXT IN ACCORDANCE WITH THE STAFF'S REQUEST.



MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Linda Cvrkel, Branch Chief
Securities and Exchange Commission
April 5, 2006
Page 8

                                Closing Comments
                                ----------------

     WE ACKNOWLEDGE THE STAFF'S COMMENTS AND WILL PROVIDE THE PREVIOUSLY
     REQUESTED ACKNOWLEDGEMENTS AT SUCH TIME AS WE REQUEST ACCELERATION OF THE
     EFFECTIVE DATE OF THE PENDING REGISTRATION STATEMENT.



                                               Sincerely,

                                               /s/ Todd E. Mason

                                               Todd E. Mason

cc:  Angeliki Frangou, Chief Executive Officer
     Navios Maritime Holdings, Inc.

     Heather Tress, Staff Accountant
     Securities and Exchange Commission

     H. Christopher Owings, Assistant Director
     Securities and Exchange Commission

     Lisa Beth Lentini, Attorney-Advisor
     Securities and Exchange Commission

     Kenneth R. Koch