Navios Maritime Holdings Inc. Announces Acquisition of Two Ultra Handymax Vessels

PIRAEUS, Greece, June 24 - Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a large, global, vertically integrated seaborne shipping and logistics company, announced today that Navios Holdings has entered into agreements to acquire two ultra handymax vessels for its wholly owned fleet. Total consideration for the vessels is approximately $152.5 million.

The first vessel is a 2007 built, 55,728 dwt, ultra handymax built in Japan. The vessel is expected to be delivered by October of 2008. The second vessel is a 58,500 dwt, ultra handymax under construction at Tsuneishi-Cebu. The vessel is expected to be delivered in the first quarter of 2009.

Ms. Angeliki Frangou, Chairman and CEO of Navios Holdings stated, "We believe that it is a good time to deploy cash from our balance sheet to secure quality, charter-free tonnage, particularly in light of the current strong short-term rate environment. As such, we anticipate employing these newly purchased vessels in the spot market to complement the continued stable cash flow generated by our existing long-term charters-out."

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

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

Navios Maritime Holdings Inc.