Navios Maritime Holdings Inc. Announces Delivery of Three Newbuild Capesize Vessels Generating $46.6 million of Annual EBITDA and Issuance of $20.0 million 6% Unsecured Bond Maturing 2012

PIRAEUS, Greece, Aug 03, 2009 /PRNewswire-FirstCall via COMTEX/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM) a global, vertically integrated seaborne shipping and logistics company, announced today that it took scheduled delivery in June and July, 2009 of three newbuild Capesize vessels, constructed by South Korean shipyards.

Navios Holdings also announced that it issued a $20.0 million unsecured Bond due 2012 having a coupon of 6% to fund a portion of the purchase price due. A more detailed description of the vessels and an overview of certain material terms of the Bond are set forth below.

Capesize Vessels' Deliveries

The three vessels will be employed under existing long-term charter-out contracts that will generate a total annual EBITDA of approximately $46.6 million*. These contracts have been insured by an AA+ EU governmental agency. The details of the three newbuild Capesize vessels and their related charters are set forth in the below table:



Financing

Two of the vessels are financed with 10-year term facility for $120.0 million with a margin at 190 bps. The third vessel is financed with a 10-year term facility for $60.0 million with margin at 225 bps.

Terms of $20.0 million 6% Unsecured Bond

Navios Holdings issued a $20.0 million unsecured bond due 2012 (the "Debt Security") in partial payment of the purchase price due. The Debt Security is not convertible into any securities of Navios Holdings and is structurally subordinated to the existing $300.0 million Senior Note outstanding and those other obligations which are guaranteed by Navios Holdings' subsidiaries. Interest will accrue on the principal amount of the Debt Security at the rate of 6% per annum. All accrued interest (which will not be compounded) will be first due and payable in July 2012, on the maturity date. The Debt Security may be prepaid by the Navios Holdings at any time without prepayment penalty.

Time Charter Coverage

Including the new Capesize vessels, Navios Holdings has extended the coverage of its core fleet (excluding vessels acquired through the Kleimar N.V. transaction) to 98.2% for 2009, 78.3% for 2010, 61.2% for 2011 and 55.5% for 2012.

Navios Holdings currently operates 38 vessels with an aggregate carrying capacity of 3.3 million deadweight tons. Including vessels to be delivered, Navios Holdings controls 57 vessels with an aggregate carrying capacity of 6.0 million deadweight tons.

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

Navios Maritime Holdings Inc.