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Navios Maritime Holdings Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2013

Navios Maritime Holdings Inc. Reports Financial Results for the Third Quarter 
and Nine Months Ended September 30, 2013 
MONACO -- (Marketwired) -- 11/25/13 --  Navios Maritime Holdings Inc.
(NYSE: NM) 


 
--  Revenue:
    --  $122.3 million for Q3,
    --  $381.7 million for nine months
        
        
--  EBITDA:
    --  $ 40.6 million for Q3,
    --  $117.8 million for nine months
        
--  Delivery of five Panamax vessels
    
    
--  Issued $650.0 million 7 3/8% First Priority Ship Mortgage Notes
    --  Lowered coupon by 150bps
    --  Extended maturity to 2022 from 2017
        
        
--  Navios Logistics signs 20-year agreement with Vale International S.A.
    --  $35.0 million estimated minimum annual EBITDA
    --  $ 1.0 billion estimated minimum 20-year aggregate EBITDA
        
        
--  Declared quarterly dividend of $0.06 per share for Q3 2013

  
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company")
(NYSE: NM), a global, vertically integrated seaborne shipping and
logistics company, today reported financial results for the third
quarter and nine months ended September 30, 2013. 
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We
are pleased to report our results for the third quarter of 2013. We
had a solid quarter and reported $40.6 million of EBITDA. We
continued our operating discipline. Through a number of initiatives,
we materially reduced our daily operating expense to $3,631 and daily
cash breakeven to $8,590 per vessel for 2014. As we focus on
execution, we are returning capital to our shareholders through
dividend payments and declared a $0.06 dividend for Q3 2013
representing a yield of 3.1%." 
Angeliki Frangou continued, "When the rate and charter period markets
were robust, we entered into long-term charters-out, generating
stable cash flow that allowed us the latitude to position ourselves
for a difficult market. This also developed continued access to the
capital markets. Today, the Navios Group's access to the capital
markets is a competitive advantage. So far in 2013, we have raised
over $2.3 billion and agreed to acquire 44 vessels at attractive
prices."  
HIGHLIGHTS -- RECENT DEVELOPMENTS 
Navios Holdings 
Issuance of $650.0 million of First Priority Ship Mortgage Notes due
2022 and Tender Offer for Any and All Outstanding Ship Mortgage Notes
due 2017 
On November 14, 2013, Navios Holdings and Navios Maritime Finance II
(US) Inc. (the "Co-Issuers") priced an offering of $650.0 million of
7 3/8% First Priority Ship Mortgage Notes due 2022 (the "2022
Notes"). The 2022 Notes will be secured by first priority ship
mortgages on 23 vessels, aggregating approximately 2.2 million
deadweight tons owned by certain subsidiary guarantors and certain
other associated property and contract rights. The 2022 Notes will be
guaranteed by all of the Company's subsidiaries that guarantee the
Co-Issuer's 8 1/8% Senior Notes due 2019. The 2022 Notes offering is
expected to close on November 29, 2013. 
On November 14, 2013, Navios Holdings and Navios Maritime Finance
(US) Inc. commenced a cash tender offer (the "Tender Offer") for any
and all of their outstanding 8 7/8% First Priority Ship Mortgage
Notes due 2017 (the "2017 Notes") and a consent solicitation to
eliminate or modify most of the restrictive covenants and certain
events of default. The Tender Offer and consent solicitation are
scheduled to expire on December 12, 2013. We currently intend to
discharge and redeem any 2017 Notes that are not purchased in the
Tender Offer. 
Vessel Deliveries 
During the third quarter of 2013, four Panamax vessels were delivered
to Navios Holdings' owned fleet, comprised of the Navios Galileo, the
Navios Amitie, the Navios Taurus and the Navios Northern Star. The
total vessel acquisition price was $67.8 million, of which $40.0
million was financed through a facility agreement with DVB Bank S.E.
and the balance with available cash. 
Dividend Policy  
On November 15, 2013, the Board of Directors declared a quarterly
cash dividend for the third quarter of 2013 of $0.06 per share of
common stock. The dividend is payable on December 20, 2013 to
stockholders of record as of December 12, 2013. The declaration and
payment of any further dividends remain subject to the discretion of
the Board and will depend on, among other things, Navios Holdings'
cash requirements after taking into account market opportunities,
restrictions under its credit agreements and other debt obligations
and such other factors as the Board may deem advisable. 
Navios South American Logistics Inc. ("Navios Logistics") 
Storage and Transshipment Agreement 
In November 2013, Navios Logistics announced that it has signed a
20-year agreement with Vale International S.A. ("Vale"), a subsidiary
of Vale S.A., to provide storage and transshipment services. The
agreement with Vale provides for storing and transshipping five
million tons annually of iron ore, plus an option to Vale for an
additional one million tons or a total of six million tons, with a
guarantee that Vale will use a minimum of four million tons. The
agreement provides for fixed tariffs per ton, paid in US dollars,
with annual adjustments for inflation and currency fluctuations. 


 
--  Navios Logistics would expect to generate approximately $35.0 million
    of annual EBITDA, and $1.0 billion of aggregate EBITDA over the
    20-year term, assuming operating costs similar to the operating costs
    of Navios Logistics' existing dry port terminal.
--  If Navios Logistics uses the facility for initial maximum capacity,
    Navios Logistics would expect to generate approximately $50.0 million
    of annual EBITDA and $1.5 billion of aggregate EBITDA over the 20-year
    term, assuming operating costs similar to the operating costs of
    Navios Logistics' existing dry port terminal.

  
Navios Logistics will provide storage and transshipment services by
expanding its existing terminal infrastructure and investing
approximately $150.0 million. Upon completion of the expansion of the
storage and transshipment facility, the facility will have six
million tons of throughput capacity with potential to increase to ten
million tons. The facility could generate additional EBITDA if the
facility were expanded to its ten million ton maximum design
capacity. Navios Logistics may cancel the agreement without any
liability for a number of reasons during the initial two-year period. 
Six-year Time Charter contracts for four convoys  
Navios Logistics entered into six year time charter contracts for
four convoys at $14,500 per day per convoy, with an investment grade
counterparty. These contracts will be serviced using newbuilt barges
currently under construction. Navios Logistics estimates that it will
generate approximately $13.2 million annual EBITDA from these
contracts. 
Dividends from affiliates  
On November 13, 2013, Navios Holdings received $7.4 million from
Navios Maritime Partners L.P. ("Navios Partners") representing the
cash distribution for the third quarter of 2013. 
On October 4, 2013, Navios Holdings received $3.7 million from Navios
Maritime Acquisition Corporation ("Navios Acquisition") representing
the cash dividend for the second quarter of 2013. 
Navios Asia LLC ("Navios Asia")  
In October 2013, the N Amalthia, a 2006-built 75,318 dwt vessel, was
delivered to the Navios Asia owned fleet for an acquisition price of
approximately $17.8 million. 
Time Charter Coverage  
As of November 14, 2013, Navios Holdings has chartered-out 98.0% and
29.2% of available days for 2013 and 2014, respectively, equivalent
to $168.1 million and $73.8 million in revenue, respectively. The
average daily charter-out rate for the core fleet is $11,343 and
$15,376 for 2013 and 2014, respectively. The average daily charter-in
rate for the active long-term charter-in vessels for 2013 is $13,357. 
The above figures do not include the fleet of Navios Logistics and
vessels servicing Contracts of Affreightment.  
Fleet Profile  
Navios Holdings controls a fleet of 60 vessels totaling 5.8 million
dwt, of which 40 are owned and 20 are chartered-in under long-term
charters (collectively, the "Core Fleet"). Navios Holdings currently
operates 53 vessels (16 Capesize, 16 Panamax, 19 Ultra Handymax and
two Handysize) totaling 5.2 million dwt. The current average age of
the operating fleet is 6.6 years. Additionally, Navios Holdings has
(i) two newbuilding charter-in vessels expected to be delivered at
various dates through April 2016; and (ii) in the Navios Asia fleet,
one vessel expected to be delivered in the first quarter of 2014 and
four vessels expected to be delivered in the first quarter of 2015. 
Exhibit II provides certain details of the "Core Fleet" of Navios
Holdings. It does not include the fleet of Navios Logistics. 
Financial Highlights  
As of September 30, 2013 


 
--  Net Debt to Total Capitalization of 47.6%.
--  Cash $219.8 million.

  
Third Quarter 2013 and 2012 Results (in thousands of U.S. dollars,
except per share data and unless otherwise stated): 
The third quarter 2013 and 2012 information presented below was
derived from the unaudited condensed consolidated financial
statements for the respective periods. EBITDA is a non-U.S. GAAP
financial measure and should not be used in isolation or as
substitution for Navios Holdings' results. 
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial
Measures," for a discussion of EBITDA of Navios Holdings, on a
consolidated basis, and Navios Logistics, and a reconciliation of
such measure to the most comparable measure under U.S. GAAP. 


 
                                                                            
                                                                            
                                                                            
                                      Three Month Period  Three Month Period
                                             Ended               Ended      
                                         September 30,       September 30,  
                                             2013                2012       
                                      ------------------  ------------------
                                          (unaudited)         (unaudited)   
Revenue                               $          122,284  $          163,944
EBITDA                                $           40,570  $           60,765
Net (Loss)/Income                     $          (13,048) $            4,630
Basic (Losses)/Earnings Per Share     $            (0.13) $             0.04

 
Revenue from drybulk vessel operations for the three months ended
September 30, 2013 was $72.5 million as compared to $98.9 million for
the same period during 2012. The decrease in drybulk revenue was
mainly attributable to a decrease in the time charter equivalent rate
("TCE") per day by 35.7% to $12,085 per day in the third quarter of
2013 following the receipt in advance of $175.4 million due to
restructuring of credit default insurance, as compared to $18,785 per
day in the same period of 2012; and (ii) a decrease in the long-term
charter-in fleet available days of 211 days. This decrease was
partially offset by an increase in short-term charter-in fleet
available days of 563 days and an increase in available days for
owned vessels of 92 days.  
Revenue from the logistics business was $49.8 million for the three
months ended September 30, 2013 as compared to $65.0 million for the
same period of 2012. This decrease was mainly attributable to a
decrease in the Paraguayan liquid port's volume of products sold. 
EBITDA of Navios Holdings for the three months ended September 30,
2013 decreased by $20.2 million to $40.6 million as compared to $60.8
million for the same period of 2012. The $20.2 million decrease in
EBITDA was primarily due to a $41.7 million decrease in revenue,
which was mitigated by: (i) a decrease in general and administrative
expenses of $1.4 million (excluding share-based compensation
expenses); (ii) a $13.1 million decrease in time charter, voyage and
logistics business expenses; (iii) a $2.0 million decrease in direct
vessel expenses (excluding the amortization of deferred drydock and
special survey costs); (iv) a $1.0 million decrease in other expense,
net; (v) a $0.1 million decrease in losses on derivatives; (vi) a
$0.7 million decrease in net income attributable to the
noncontrolling interest; and (vii) a $3.2 million increase in equity
in net earnings from affiliated companies.  
EBITDA of Navios Logistics was $10.8 million for the three month
period ended September 30, 2013 as compared to $13.2 million for the
same period in 2012. 
Net loss of Navios Holdings for the three months ended September 30,
2013 was $13.1 million as compared to $4.6 million of income for the
same period of 2012. The $17.7 million decrease of Net (Loss)/Income
was mainly due to: (i) a decrease in EBITDA of $20.2 million; (ii) an
increase in interest income/(expense) and finance cost, net of $0.5
million; and (iii) an increase of $0.8 million in amortization for
deferred drydock and special survey costs. The decrease was partially
offset by: (i) a decrease in depreciation and amortization of $2.2
million; (ii) an increase in income tax benefit of $1.1 million; and
(iii) a decrease of $0.5 million in share-based compensation expense. 
Nine Months Ended September 2013 and 2012 Results (in thousands of
U.S. dollars, except per share data and unless otherwise stated): 
The information for the nine month periods ended September 30, 2013
and 2012 presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods. EBITDA
is a non-U.S. GAAP financial measure, and should not be used in
isolation or as substitution for Navios Holdings' results. 
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial
Measures," for a discussion of EBITDA and Adjusted EBITDA of Navios
Holdings, on a consolidated basis, and Navios Logistics, and a
reconciliation of such measures to the most comparable measures under
U.S. GAAP. 


 
                                                                            
                                                                            
                                                                            
                                       Nine Month Period   Nine Month Period
                                             Ended               Ended      
                                         September 30,       September 30,  
                                              2013               2012       
                                       -----------------  ------------------
                                          (unaudited)         (unaudited)   
Revenue                                $         381,693  $          488,037
EBITDA                                 $         117,844  $          184,424
Net (Loss)/Income                      $         (39,084) $           19,374
Basic (Losses)/Earnings Per Share      $           (0.40) $             0.18
  Revenue from drybulk vessel operations for the nine months ended September  
  30, 2013 was $195.2 million as compared to $299.6 million for the same      
  period during 2012. The decrease in drybulk revenue was mainly attributable 
  to: (i) a decrease in the TCE per day by 42.2% to $11,543 per day in the    
  nine month period ended September 30, 2013 following the receipt in advance 
  of $175.4 million due to restructuring of credit default insurance in the   
  fourth quarter of 2012, as compared to $19,988 per day in the same period of
  2012; and (ii) a decrease in the long-term charter-in fleet available days  
  of 303 days. This decrease was partially offset by an increase in short-term
  charter-in fleet available days of 942 days and an increase in available    
  days for owned vessels of 216 days.                                         
                                                                              
  Revenue from the logistics business was $186.5 million for the nine months  
  ended September 30, 2013 as compared to $188.4 million for the same period  
  of 2012.  This decrease was mainly attributable to a decrease in the        
  Paraguayan liquid port's volume of products sold. This decrease was         
  partially offset by an increase in (i) rates in the dry port terminal; and  
  (ii) rates in the cabotage fleet.                                           
                                                                              
  EBITDA of Navios Holdings for the nine months ended September 30, 2013      
  decreased by $66.6 million to $117.8 million as compared to $184.4 million  
  for the same period of 2012. The $66.6 million decrease in EBITDA was       
  primarily due to: (i) a $106.3 million decrease in revenue; (ii) a $3.2     
  million increase in net income attributable to the noncontrolling interest; 
  and (iii) a $0.3 million decrease in gain from sale of assets. The overall  
  variance of $109.8 million was mitigated by: (i) a decrease in general and  
  administrative expenses of $6.6 million (excluding share-based compensation 
  expenses); (ii) a $7.4 million decrease in direct vessel expenses (excluding
  the amortization of deferred drydock and special survey costs); (iii) a     
  $12.0 million decrease in other expense, net; (iv) a $4.8 million increase  
  in equity in net earnings from affiliated companies; and (v) a $12.4 million
  decrease in time charter, voyage and logistics business expenses.           
                                                                              
  EBITDA of Navios Logistics was $42.5 million for the nine month period ended
  September 30, 2013 as compared to $37.2 million for the same period in 2012.
                                                                              
  Net loss of Navios Holdings for the nine month ended September 30, 2013 was 
  $39.1 million as compared to $19.4 million of income for the same period of 
  2012. The decrease of net income by $58.5 million was mainly due to: (i) a  
  decrease in EBITDA of $66.6 million; (ii) an increase in interest           
  income/(expense) and finance cost, net of $2.7 million; and (iii) an        
  increase of $1.4 million in amortization for deferred drydock and special   
  survey costs. The decrease was partially offset by: (i) a decrease in       
  depreciation and amortization of $5.3 million; (ii) an increase in income   
  tax benefit of $5.3 million; and (iii) a decrease of $1.6 million in share- 
  based compensation expense.                                                 

 
Fleet Summary Data: 
 The following table reflects certain key
indicators indicative of the performance of the Navios Holdings'
drybulk operations (excluding the Navios Logistics fleet) and its
fleet performance for the three and nine month periods ended
September 30, 2013 and 2012 and for the first and second quarter of
2013. 


 
                                                                            
                                                                            
                                                                            
                                  ------------------------------------------
                                  Three Month   Three Month   Three Month   
                                  Period Ended  Period Ended  Period Ended  
                                  March 31,     June 30,      September     
                                  2013          2013          30, 2013      
                                  ------------------------------------------
(Unaudited)                       (Unaudited)   (Unaudited)   (Unaudited)   
                                  ------------------------------------------
                                                                            
                                  ------------------------------------------
                                                                            
                                  ------------------------------------------
Available Days (1)                 4,330         4,586         5,077        
                                  ------------------------------------------
Operating Days (2)                 4,226         4,449         5,056        
                                  ------------------------------------------
Fleet Utilization (3)              97.60      %  97.00      %  99.60      % 
                                  ------------------------------------------
Equivalent Vessels (4)             48            50            55           
                                  ------------------------------------------
TCE (5)                           $11,820       $10,600       $12,085       
                                  ------------------------------------------
 
                                                                           
                                                                           
                                                                           
                                  -----------------------------------------
                                  Three Month   Nine Month    Nine Month   
                                  Period Ended  Period Ended  Period Ended 
                                  September     September     September    
                                  30, 2012      30, 2013      30, 2012     
                                  -----------------------------------------
(Unaudited)                       (Unaudited)   (Unaudited)                
                                  -----------------------------------------
                                                                           
                                  -----------------------------------------
                                                                           
                                  -----------------------------------------
Available Days (1)                 4,633         13,975        13,120      
                                  -----------------------------------------
Operating Days (2)                 4,495         13,702        12,894      
                                  -----------------------------------------
Fleet Utilization (3)              97.00      %  98.10      %  98.30      %
                                  -----------------------------------------
Equivalent Vessels (4)             50            51            48          
                                  -----------------------------------------
TCE (5)                           $18,785       $11,543       $19,988      
                                  -----------------------------------------
----------------------------------------------------------------------------
(1)  Available days for the fleet are total calendar days the vessels were  
     in Navios Holdings' possession for the relevant period after           
     subtracting off-hire days associated with major repairs, drydocking or 
     special surveys. The shipping industry uses available days to measure  
     the number of days in a relevant period during which vessels should be 
     capable of generating revenues.                                        
----------------------------------------------------------------------------
(2)  Operating days are the number of available days in the relevant 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       
     relevant period during which vessels actually generate revenues.       
----------------------------------------------------------------------------
(3)  Fleet utilization is the percentage of time that Navios Holdings'      
     vessels were available for generating revenue, and is determined by    
     dividing the number of operating days during a relevant period by the  
     number of available days during that period. The shipping industry uses
     fleet utilization to measure a company's efficiency in finding suitable
     employment for its vessels.                                            
----------------------------------------------------------------------------
(4)  Equivalent Vessels is defined as the total available days during a     
     relevant period divided by the number of days of this period.          
----------------------------------------------------------------------------
(5)  TCE is defined as voyage and time charter revenues less voyage expenses
     during a relevant period divided by the number of available days during
     the period.                                                            
----------------------------------------------------------------------------

 
Conference Call:  
As previously announced, Navios Holdings will host a conference call
today, November 25, 2013, at 8:30 am ET, at which time members of
senior management will provide highlights and commentary on the
financial results of the Company for the third quarter and nine
months ended September 30, 2013. 
A supplemental slide presentation will be available on the Navios
Holdings website at www.navios.com under the "Investors" section by
8:00 am ET on the day of the call. 
Conference Call details:
 Call Date/Time: Monday, November 25, 2013,
at 8:30 am ET
 Call Title: Navios Holdings Inc. Q3 2013 Financial
Results Conference Call
 US Dial In: +1.877.480.3873
 International
Dial In: +1.404.665.9927
 Conference ID: 6832 6328 
The conference call replay will be available shortly after the live
call and remain available for one week at the following numbers: 
US Replay Dial In: +1.800.585.8367
 International Replay Dial In:
+1.404.537.3406
 Conference ID: 6832 6328 
This call will be simultaneously Webcast. The Webcast will be
available on the Navios Holdings website, www.navios.com, under the
"Investors" section. The Webcast will be archived and available at
the same Web address for two weeks following the call. 
About Navios Maritime Holdings Inc.  
Navios Maritime Holdings Inc. (NYSE: NM) 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 about Navios Holdings
please visit our website: www.navios.com. 
About Navios South American Logistics Inc.  
Navios South American Logistics Inc. is one of the largest logistics
companies in the Hidrovia region of South America, focusing on the
Hidrovia region river system, the main navigable river system in the
region, and on cabotage trades along the eastern coast of South
America. Navios Logistics serves the storage and marine
transportation needs of its petroleum, agricultural and mining
customers through its port terminals, river barge and coastal
cabotage operations. For more information about Navios Logistics
please visit its website: www.navios-logistics.com. 
About Navios Maritime Partners L.P.  
Navios Partners (NYSE: NMM) is a publicly traded master limited
partnership which owns and operates dry cargo vessels. For more
information, please visit its website: www.navios-mlp.com. 
About Navios Maritime Acquisition Corporation  
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker
vessels focusing in the transportation of petroleum products (clean
and dirty) and bulk liquid chemicals. For more information about
Navios Acquisition, please visit its website:
www.navios-acquisition.com. 
Forward Looking Statements - Safe Harbor 
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and Navios Holdings' growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes," "estimates,"
and variations of such words and similar expressions are intended to
identify forward-looking statements. Such statements include comments
regarding expected revenues and time charters. Although Navios
Holdings believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are beyond
the control of Navios Holdings. Actual results may differ materially
from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include,
but are not limited to changes in the demand for drybulk vessels;
competitive factors in the market in which Navios Holdings operates;
risks associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with the
Securities and Exchange Commission. Navios Holdings expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Navios Holdings' expectations with
respect thereto or any change in events, conditions or circumstances
on which any statement is based. 


 
                                                                            
                                                                            
                                                                            
                                  EXHIBIT I                                 
                                                                            
                        NAVIOS MARITIME HOLDINGS INC.                       
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME                
 (Expressed in thousands of U.S. dollars -- except share and per share data)
                                                                            
                                                                            
                      Three Month   Three Month   Nine Month    Nine Month  
                     Period Ended  Period Ended  Period Ended  Period Ended 
                       September     September     September     September  
                       30, 2013      30, 2012      30, 2013      30, 2012   
                     ------------  ------------  ------------  ------------ 
                      (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenue              $    122,284  $    163,944  $    381,693  $    488,037 
Time charter, voyage                                                        
 and logistics                                                              
 business expenses        (55,455)      (68,573)     (191,095)     (203,505)
Direct vessel                                                               
 expenses                 (31,392)      (32,573)      (85,531)      (91,623)
General and                                                                 
 administrative                                                             
 expenses                  (9,137)      (11,066)      (27,972)      (36,092)
Depreciation and                                                            
 amortization             (24,410)      (26,568)      (72,966)      (78,274)
Interest                                                                    
 income/(expense)                                                           
 and finance cost,                                                          
 net                      (27,415)      (26,952)      (80,145)      (77,498)
Loss on derivatives            --           (73)         (260)         (275)
Gain on sale of                                                             
 assets                        --            --            18           323 
Other                                                                       
 (expense)/income,                                                          
 net                         (806)       (1,813)        5,928        (6,034)
                     ------------  ------------  ------------  ------------ 
Loss before equity                                                          
 in net earnings of                                                         
 affiliated                                                                 
 companies                (26,331)       (3,674)      (70,330)       (4,941)
Equity in net                                                               
 earnings of                                                                
 affiliated                                                                 
 companies                 11,530         8,326        29,780        24,959 
                     ------------  ------------  ------------  ------------ 
(Loss)/income before                                                        
 taxes               $    (14,801) $      4,652  $    (40,550) $     20,018 
Income tax                                                                  
 benefit/(expense)          1,407           314         4,979          (281)
                     ------------  ------------  ------------  ------------ 
Net (loss)/income         (13,394)        4,966       (35,571)       19,737 
Less: Net                                                                   
 loss/(income)                                                              
 attributable to the                                                        
 noncontrolling                                                             
 interest                     346          (336)       (3,513)         (363)
                     ------------  ------------  ------------  ------------ 
Net (loss)/income                                                           
 attributable to                                                            
 Navios Holdings                                                            
 common stockholders $    (13,048) $      4,630  $    (39,084) $     19,374 
                     ============  ============  ============  ============ 
(Loss)/income                                                               
 attributable to                                                            
 Navios Holdings                                                            
 common                                                                     
 stockholders, basic $    (13,475) $      4,202  $    (40,352) $     18,096 
                     ============  ============  ============  ============ 
(Loss)/income                                                               
 attributable to                                                            
 Navios Holdings                                                            
 common                                                                     
 stockholders,                                                              
 diluted             $    (13,475) $      4,630  $    (40,352) $     19,374 
                     ============  ============  ============  ============ 
Basic                                                                       
 (loss)/earnings per                                                        
 share attributable                                                         
 to Navios Holdings                                                         
 common stockholders $      (0.13) $       0.04  $      (0.40) $       0.18 
                     ============  ============  ============  ============ 
Weighted average                                                            
 number of shares,                                                          
 basic                101,861,079   101,205,545   101,801,655   101,201,101 
                     ============  ============  ============  ============ 
Diluted                                                                     
 (loss)/earnings per                                                        
 share attributable                                                         
 to Navios Holdings                                                         
 common stockholders $      (0.13) $       0.04  $      (0.40) $       0.17 
                     ============  ============  ============  ============ 
Weighted average                                                            
 number of shares,                                                          
 diluted              101,861,079   110,997,200   101,801,655   111,009,020 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
                                                                            
                        NAVIOS MARITIME HOLDINGS INC.                       
                            Other Financial Data                            
                                                                            
                                                September 30,  December 31, 
                                                     2013          2012     
                                                 (unaudited)    (unaudited) 
                                               -------------- --------------
ASSETS                                                                      
                                                                            
Cash and cash equivalents                      $      214,163        257,868
Restricted cash                                         5,685         24,704
Other current assets                                  172,450        187,995
Vessels, port terminal and other fixed assets,                              
 net                                                1,798,211      1,746,493
Other noncurrent assets                               434,437        355,008
Goodwill and other intangibles                        356,886        369,394
                                               -------------- --------------
Total assets                                   $    2,981,832 $    2,941,462
                                               ============== ==============
                                                                            
                                                                            
LIABILITIES AND EQUITY                                                      
                                                                            
Current liabilities, including current portion                              
 of long-term debt                                    192,844        189,376
Senior and ship mortgage notes, net of                                      
 discount and including premium                     1,127,835      1,034,141
Long-term debt, net of current portion                305,362        290,976
Other noncurrent liabilities                           92,377        103,930
Total stockholders' equity                          1,263,414      1,323,039
                                               -------------- --------------
Total liabilities and stockholders' equity     $    2,981,832 $    2,941,462
                                               ============== ==============
                                                                            
                                                                            
                                                                            
                                                                            
                                                 Nine Month     Nine Month  
                                                Period Ended   Period Ended 
                                               September 30,  September 30, 
                                                    2013           2012     
                                               -------------  ------------- 
                                                (unaudited)    (unaudited)  
                                               -------------  ------------- 
Net cash provided by operating activities             85,532         61,711 
                                               -------------  ------------- 
Net cash (used in)/provided by investing                                    
 activities                                         (223,580)        20,844 
                                               -------------  ------------- 
Net cash provided by/(used in) financing                                    
 activities                                           94,343        (90,390)
                                               =============  ============= 

 
Disclosure of Non-GAAP Financial Measures  
EBITDA represents net income plus interest and finance costs plus
depreciation and amortization and income taxes, if any, unless
otherwise stated. EBITDA is a "non-GAAP financial measure" and should
not be considered a substitute for net income, cash flow from
operating activities and other operations or cash flow statement data
prepared in accordance with generally accepted accounting principles
in the United States or as a measure of profitability or liquidity. 
EBITDA is presented to provide additional information with respect to
the ability of Navios Holdings to satisfy its respective obligations
including debt service, capital expenditures and working capital
requirements. While EBITDA is frequently used as a measure of
operating results and the ability to meet debt service requirements,
the definition of EBITDA is used here may not be comparable to that
used by other companies due to differences in methods of calculation. 
Navios Logistics EBITDA is used to measure company's operating
performance. 
The following tables provide a reconciliation of EBITDA of Navios
Holdings and Navios Logistics, which in the case of Navios Holdings
is on a consolidated basis: 


 
                                                                            
                                                                            
                                                                            
Navios Holdings Reconciliation of EBITDA to Cash from Operations            
                                                                            
                                              September 30,   September 30, 
Three Months Ended                                2013            2012      
                                             --------------  -------------- 
(in thousands of U.S. dollars)                 (unaudited)     (unaudited)  
                                                                            
  Net cash provided by operating activities  $       44,181  $       24,068 
  Net (decrease)/increase in operating                                      
   assets                                           (27,026)         12,948 
  Net (increase)/decrease in operating                                      
   liabilities                                       (3,154)             81 
  Net interest cost                                  27,415          26,952 
  Deferred finance charges                           (1,192)         (1,923)
  Provision for losses on accounts                                          
   receivable                                          (255)           (132)
  Unrealized loss on FFA derivatives                     --              79 
  Equity in affiliates, net of dividends                                    
   received                                          (1,763)         (2,894)
  Payments for drydock and special survey             2,018           1,922 
  Noncontrolling interest                               346            (336)
                                             --------------  -------------- 
  EBITDA                                     $       40,570  $       60,765 
                                             ==============  ============== 
                                                                            
                                                                            
                                                                            
Navios Logistics EBITDA Reconciliation to Net (Loss)/Income                 
                                                                            
                                              September 30,   September 30, 
Three Months Ended                                2013            2012      
                                             --------------  -------------- 
(in thousands of U.S. dollars)                 (unaudited)     (unaudited)  
                                                                            
Net (loss)/income attributable to Navios                                    
 Logistics shareholders                      $         (956) $          896 
Depreciation and amortization                         5,746           7,153 
Amortization of deferred drydock and special                                
 survey costs                                           977             365 
Interest income/(expense) and finance cost,                                 
 net                                                  6,540           5,122 
Income tax benefit                                   (1,483)           (380)
                                             --------------  -------------- 
EBITDA                                       $       10,824  $       13,156 
                                             ==============  ============== 
                                                                            
                                                                            
                                                                            
Navios Holdings Reconciliation of EBITDA to Cash from Operations            
                                                                            
                                              September 30,   September 30, 
Nine Months Ended                                 2013            2012      
                                             --------------  -------------- 
(in thousands of U.S. dollars)                 (unaudited)     (unaudited)  
                                                                            
Net cash provided by operating activities    $       85,532  $       61,711 
Net (decrease)/increase in operating assets         (49,109)         65,698 
Net decrease/(increase) in operating                                (13,805)
 liabilities                                          6,424                 
Net interest cost                                    80,145          77,498 
Deferred finance charges                             (4,124)         (4,755)
Provision for losses on accounts receivable            (300)           (442)
Unrealized loss on FFA derivatives                      (69)           (173)
Equity in affiliates, net of dividends                               (9,799)
 received                                            (7,447)                
Payments for drydock and special survey              10,287           8,531 
Noncontrolling interest                              (3,513)           (363)
Gain on sale of assets                                   18             323 
                                             --------------  -------------- 
EBITDA                                       $      117,844  $      184,424 
                                                                            
                                                                            
                                                                            
Navios Logistics EBITDA Reconciliation to Net Income                        
                                                                            
                                               September 30,   September 30,
Nine Months Ended                                   2013           2012     
                                               -------------  --------------
(in thousands of U.S. dollars)                  (unaudited)     (unaudited) 
                                                                            
Net income attributable to Navios Logistics                                 
 shareholders                                  $       9,401  $          904
Depreciation and amortization                         17,619          20,074
Amortization of deferred drydock and special                                
 survey costs                                          2,128           1,020
Interest income/(expense) and finance cost,                                 
 net                                                  18,578          15,175
Income tax (benefit)/expense                          (5,196)             74
                                               -------------  --------------
EBITDA                                         $      42,530  $       37,247
                                               =============  ==============
                                                                            
                                                                           
                                                                           
                                                                 EXHIBIT II
Owned Vessels                                                              
                                                                           
                                                             Deadweight    
Vessel Name            Vessel Type        Year Built      (in metric tons) 
------------------ ------------------ ------------------ ------------------
Navios Serenity         Handysize            2011              34,690      
Navios Ionian        Ultra Handymax          2000              52,067      
Navios Horizon       Ultra Handymax          2001              50,346      
Navios Herakles      Ultra Handymax          2001              52,061      
Navios Achilles      Ultra Handymax          2001              52,063      
Navios Vector        Ultra Handymax          2002              50,296      
Navios Meridian      Ultra Handymax          2002              50,316      
Navios Mercator      Ultra Handymax          2002              53,553      
Navios Arc           Ultra Handymax          2003              53,514      
Navios Hios          Ultra Handymax          2003              55,180      
Navios Kypros        Ultra Handymax          2003              55,222      
Navios Astra         Ultra Handymax          2006              53,468      
Navios Ulysses       Ultra Handymax          2007              55,728      
Navios Celestial     Ultra Handymax          2009              58,063      
Navios Vega          Ultra Handymax          2009              58,792      
Navios Magellan          Panamax             2000              74,333      
Navios Star              Panamax             2002              76,662      
Navios Northern                                                            
Star                     Panamax             2005              75,395      
Navios Amitie            Panamax             2005              75,395      
Navios Taurus            Panamax             2005              76,596      
Navios Asteriks          Panamax             2005              76,801      
Navios Galileo           Panamax             2006              76,596      
Navios Avior             Panamax             2012              81,355      
Navios Centaurus         Panamax             2012              81,472      
Navios Stellar          Capesize             2009              169,001     
Navios Bonavis          Capesize             2009              180,022     
Navios Happiness        Capesize             2009              180,022     
Navios Phoenix          Capesize             2009              180,242     
Navios Lumen            Capesize             2009              180,661     
Navios Antares          Capesize             2010              169,059     
Navios Etoile           Capesize             2010              179,234     
Navios Bonheur          Capesize             2010              179,259     
Navios Altamira         Capesize             2011              179,165     
Navios Azimuth          Capesize             2011              179,169     
                                                                           
                                                                           
                                                                           
Navios Asia Fleet(3)                                                       
                                             Year            Deadweight    
Vessel Name            Vessel Type           Built        (in metric tons) 
------------------ ------------------ ------------------ ------------------
N Amalthia               Panamax             2006              75,318      
                                                                            
                                                                            
                                                                            
Long term Chartered-in Fleet in Operation                                   
                                                                            
                                               Deadweight                   
                                       Year     (in metric       Purchase   
Vessel Name             Vessel Type    Built      tons)         Option(1)   
-------------------- ---------------- ------ --------------- ---------------
Navios Lyra              Handysize     2012       34,718         Yes (2)    
Navios Apollon        Ultra Handymax   2000       52,073            No      
Navios Primavera      Ultra Handymax   2007       53,464           Yes      
Navios Armonia        Ultra Handymax   2008       55,100            No      
Navios Oriana         Ultra Handymax   2012       61,442           Yes      
Navios Mercury        Ultra Handymax   2013       61,393           Yes      
Navios Libra II           Panamax      1995       70,136            No      
Navios Altair             Panamax      2006       83,001            No      
Navios Esperanza          Panamax      2007       75,356            No      
Navios Marco Polo         Panamax      2011       80,647           Yes      
Navios Southern Star      Panamax      2013       82,224           Yes      
Golden Heiwa              Panamax      2007       76,662            No      
Beaufiks                 Capesize      2004      180,310           Yes      
Rubena N                 Capesize      2006      203,233            No      
SC Lotta                 Capesize      2009      169,056            No      
King Ore                 Capesize      2010      176,800            No      
Navios Koyo              Capesize      2011      181,415           Yes      
Navios Obeliks           Capesize      2012      181,415           Yes      

 
                                                                           
                                                                           
                                                                           
Navios Asia Fleet to be Delivered (3)                                      
                                                                           
                                                               Estimated   
      Vessels          Vessel Type           Built          Delivery Date  
------------------ ------------------ ------------------ ------------------
N Bonanza               Panamax              2006               Q1 2014    
Navios TBN              Panamax              2007               Q1 2015    
Navios TBN              Panamax              2007               Q1 2015    
Navios TBN              Panamax              2007               Q1 2015    
Navios TBN              Panamax              2007               Q1 2015    

 
                                                                            
                                                                            
                                                                            
Long-term Chartered-in Fleet to be Delivered                                
                                                                            
                                 Delivery       Purchase       Deadweight   
    Vessels      Vessel Type       Date          Option     (in metric tons)
-------------- -------------- -------------- -------------- ----------------
 Navios Venus  Ultra Handymax     02/2015          Yes           61,000     
 Navios Felix     Capesize        04/2016          Yes           180,000    
                                                                                
  
(1)  Generally, Navios Holdings may exercise its purchase option after three to 
  
     five years of service.                                                     
  
(2)  Navios Holdings holds the initial 50% purchase option on the vessel.       
  
(3)  51% ownership of Navios Holdings.                                          

  
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com