Navios Maritime Holdings Inc. Announces Sale of an Ultra-Handymax Vessel to Navios Maritime Partners L.P.

PIRAEUS, GREECE, Oct. 28 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM) announced today that it has agreed to sell Navios Apollon, a 2000 built Ultra-Handymax vessel with a capacity of 52,073 dwt to Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM) for $32.0 million in cash.

Navios Apollon has been chartered out at a net rate of $23,700 per day for the remaining period of three years expiring in November 2012. The vessel is expected to be delivered to Navios Partners before November 2009.

Navios Holdings intends to use the proceeds from the sale of this vessel for operating purposes, such as repayment of indebtedness or reinvestment in vessels.

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. For more information please visit our website: www.navios.com.

Navios Maritime Holdings Inc.