Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2007


- 239% Increase in Annual EBITDA - 76% Increase in Adjusted EBITDA
- 1,031% Increase in Quarterly EBITDA - 101% Increase in Adjusted EBITDA
- Announces 35% Dividend Increase to $0.09 per share
- Announces Share Repurchase Program of $50.0 Million
- $167.5 million Gain from the Sale of Vessels


PIRAEUS, Greece, Feb. 21 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported its financial results for the fourth quarter and the year ended December 31, 2007.

Ms. Angeliki Frangou, Chairman and CEO of Navios Holdings, stated, "We are delighted with our operational performance for the year. Our fleet of 62 vessels, consisting of 6.0 million dwt with an average age of 4.3 years, is one of the largest and most modern of any US-listed dry bulk company. In addition, we have successfully launched several strategic initiatives that have positioned Navios Holdings to capitalize on the continued consolidation opportunity within our industry."

Throughout this press release, "Adjusted EBITDA" for the fourth quarter and year ended December 31, 2007 is defined as EBITDA, excluding a $167.5 million gain from sale of assets of Navios Holdings to Navios Partners and including amounts otherwise eliminated by finance lease accounting (treating a portion of vessels' earnings as a repayment of capital).

2007 HIGHLIGHTS AND RECENT DEVELOPMENTS

Navios Maritime Partners L.P.: In November of 2007, Navios Maritime Partners L.P. (''Navios Partners'') completed its initial public offering, and Navios Holdings sold its interests in eight vessels in exchange for (1) gross cash consideration of $353.3 million, (2) a 41.2% subordinated partnership interest and (3) a 2% general partner interest, which is entitled to certain incentive distribution rights. In total, Navios Holdings owns a 43.2% interest in Navios Partners. Navios Holdings recorded a gain of $167.5 million from the sale of these vessels.

Logistics Business: In January of 2008, Navios Holdings contributed $112.2 million in cash and the stock of Corporation Navios Sociedad Anonima for a 63.8% interest in Navios South American Logistics Inc. ("Navios Logistics"). Navios Logistics, in turn, acquired ownership of the Horamar Group, a family- owned group that specializes in the transportation and storage of liquid cargoes and the transportation of dry bulk cargoes in South America. Navios Logistics paid $112.2 million in cash and shares representing 36.2% of Navios Logistics. Of the amounts paid, $5 million in cash and $15 million in shares of Navios Logistics were placed in escrow, payable upon the attainment of certain EBITDA targets through December 2008.

Acquisition of Kleimar: In February of 2007, Navios Holdings acquired all of the outstanding share capital of Kleimar N.V. for a cash consideration of $165.6 million (excluding direct acquisition costs), subject to certain adjustments. Kleimar is a Belgian maritime transportation company established in 1993. Kleimar owns and operates Capesize and Panamax vessels and has an extensive Contract of Affreightment ("COA") business, a large percentage of which involves transporting cargo to China.

Warrants / Equity Increase: In January of 2007, Navios Holdings closed a tender offer to warrant holders, under which approximately 32.1 million warrants were exercised. Of this amount, approximately 14.2 million warrants were exercised by payment of the $5.00 exercise price and approximately 17.9 million warrants were exercised by exchange of warrants for shares. As a result, $71.2 million of gross cash proceeds were raised and approximately 19.9 million new shares of common stock were issued. In addition, during 2007, Navios Holdings received $48.1 million from the voluntary exercise of approximately 9.6 million warrants. Finally, in May of 2007, Navios Holdings issued 13,225,000 shares of common stock in a secondary offering of common stock, raising gross cash proceeds of $132.2 million.

Dividend: The Board of Directors of Navios Holdings has declared a quarterly cash dividend in respect of the fourth quarter of 2007 of $0.09 per common share, payable on March 18, 2008 to stockholders of record as of March 10, 2008. This dividend represents a 35% increase from Navios Holdings' prior quarterly dividend of $0.0666 per share.

Share Repurchase Authorization: The Board of Directors approved a share repurchase program for up to $50 million of the Navios Holdings' common stock. The Board will review the program periodically. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in Navios Holdings' discretion and without notice. Repurchases will be subject to restrictions under our credit facility and indenture.

2007 FINANCIAL HIGHLIGHTS

-- Adjusted EBITDA increased by 76% to $191.4 million in 2007 from $108.5 million in 2006

-- Adjusted Net Income increased by 222% to $103.5 million for 2007 from $32.1 million in 2006

-- Net debt to book capitalization was reduced to 7.4% as at December 31, 2007 from 53.7% as at December 31, 2006

-- Shareholders' Equity increased by 180.5% to $769.2 million from $274.2 million

Ms. Angeliki Frangou, Chairman and CEO of Navios Holdings, stated, "We are pleased with our financial performance for 2007. The strength of our financial performance and balance sheet provides Navios Holdings with ample liquidity and considerable flexibility as we continue to take advantage of market opportunities and return capital to our investors."

Source: Navios Maritime Holdings Inc.