Navios Maritime Holdings Inc. Reports Financial Results for the First Quarter Ended March 31, 2014

Navios Maritime Holdings Inc. Reports Financial Results for the First Quarter  Ended March 31, 2014  MONACO -- (Marketwired) -- 05/21/14 --  Navios Maritime Holdings Inc. (NYSE: NM)      --  $122.2 million Revenue for Q1 2014 --  $2.0 million Net Income for Q1 2014 --  $59.8 million EBITDA for Q1 2014 --  Acquired 100% ownership of Navios Asia --  Dividend of $0.06 per share for Q1 2014     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 quarter ended March 31, 2014.   Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the first quarter of 2014, for which we reported net income of $2.0 million and EBITDA of $59.8 million. We are also pleased to again announce a dividend of $0.06 for the first quarter of 2014, representing a yield of 2.9%."   Angeliki Frangou continued, "By establishing and developing in house technical and commercial management, we have been able to achieve a significant competitive advantage through economies of scale. We self-manage our vessels because we believe that by doing so, we operate more efficiently, to the material benefit of our stakeholders. Today, we believe we have world-class talent attending to our business in every department in our firm. This means better decisions are being made regarding the daily operation and maintenance of our vessels, more informed decisions are being made about dry-docking and chartering of our vessels and better procedures are being used in operating our company. Navios Holdings currently has almost 200 professionals attending to its business globally, excluding our crew of about 3,000. As we get larger, Navios Holdings also enjoys purchasing power with suppliers. We have been able to share these efficiencies and savings with the Navios Group."   HIGHLIGHTS -- RECENT DEVELOPMENTS  Navios Holdings   Navios Asia Update   In May 2014, Navios Holdings became the sole shareholder of Navios Asia LLC ("Navios Asia"), owner of the N Amalthia and the N Bonanza vessels, by acquiring the remaining 49% noncontrolling interest for a total cash consideration of $10.9 million ($10.0 million net).   In May 2014, Navios Asia entered into an agreement to purchase one Japanese new building 180,600 dwt Capesize vessel. The vessel's acquisition price is $54.0 million and is scheduled for delivery in June of 2014. The vessel will be financed with debt and cash from operations.   As a result of the above, Navios Holdings has a total of $20.0 million benefit as follows:                                                                                   ----------------------------------------------------------------------------                                                    Market Value                                                    Acquisition   of Vessels               ($ million)                              Price     (net of debt)   Benefit   ---------------------------------------------------------------------------- Initial equity investment (net)           6.5                                ---------------------------------------------------------------------------- Cost of remaining 49% interest (net)      10.0                               ---------------------------------------------------------------------------- Total                                     16.5         27.5          11.0    ---------------------------------------------------------------------------- NB Japanese Capesize Vessel               54.0         63.0          9.0     ---------------------------------------------------------------------------- Total                                     70.5         90.5          20.0    ----------------------------------------------------------------------------    Insurance Settlement   In March 2014, Navios Holdings entered into an agreement to terminate its credit default insurance with its third party insurer. As a result of the agreement, Navios Holdings received in the second quarter:      --  $11.3 million in cash as follows:               --  $4.1 million lump sum compensation from its third party insurer;         and     --  $7.2 million from the sale of a defaulted counterparty claim.     In addition, Navios Holdings expects:      --  $0.6 million net present value benefit from the upfront lump sum     payment; and --  $6.7 million maximum benefit by eliminating market mitigation     obligation.     Dividend Policy   On May 15, 2014, the Board of Directors declared a quarterly cash dividend for the first quarter of 2014 of $0.06 per share of common stock. The dividend is payable on June 26, 2014 to stockholders of record as of June 18, 2014. 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")   On April 22, 2014, Navios Logistics and Navios Logistics Finance (US) Inc. completed the sale of $375.0 million of 7.25% senior notes due 2022. The net proceeds of this offering were used (i) to fund its tender offer and consent solicitation for certain outstanding notes and pay related fees and expenses, (ii) to discharge and redeem any of such notes that are not purchased in the tender offer after all conditions to the tender offer are satisfied or waived, including the payment of any related fees and expenses and any redemption premium, and (iii) for general corporate purposes.   Navios Maritime Partners L.P. ("Navios Partners")   In May 2014, Navios Holdings received $7.5 million from Navios Partners representing the cash distribution for the first quarter of 2014.   Navios Maritime Acquisition Corporation ("Navios Acquisition")   In April 2014, Navios Holdings received $3.6 million from Navios Acquisition representing the cash dividend for the fourth quarter of 2014.   Time Charter Coverage   As of May 20, 2014, Navios Holdings has chartered-out 65.8% and 9.0% of available days for 2014 and 2015, respectively, equivalent to $150.2 million and $24.1 million in revenue, respectively. The average daily charter-out rate for the core fleet is $13,498 and $15,818 for 2014 and 2015, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2014 is $13,759.  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 63 vessels totaling 6.2 million dwt, of which 39 are owned and 24 are chartered-in under long-term charters (collectively, the "Core Fleet"). Navios Holdings currently operates 53 vessels (15 Capesize, 17 Panamax, 19 Ultra Handymax and two Handysize) totaling 5.1 million dwt. The current average age of the operating fleet is 7.2 years. Additionally, Navios Holdings has (i) seven newbuilding charter-in vessels expected to be delivered at various dates through 2016; and (ii) three newbuilding owned vessels, one of which is expected to be delivered in the second quarter of 2014 and two of which are expected to be delivered in the fourth 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 March 31, 2014:      --  Net Debt to Total Capitalization of 49%.           --  Cash of $220.9 million.     First Quarter 2014 and 2013 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):   The first quarter 2014 and 2013 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   Three Month                                                      Period         Period                                                         Ended         Ended                                                        March 31,     March 31,                                                        2014           2013                                                     -------------- -------------                                                   (unaudited)   (unaudited)   Revenue                                        $      122,191 $     133,837  EBITDA                                         $       59,780 $      38,474  Net income/(loss)                              $        2,053 $     (10,155) Basic Earnings/(Losses) Per Share              $         0.01 $       (0.10)    Revenue from drybulk vessel operations for the three months ended March 31, 2014 was $76.6 million as compared to $60.6 million for the same period during 2013. The increase in drybulk revenue was mainly attributable to (i) an increase in the time charter equivalent rate ("TCE") per day by 7.2% to $12,709 per day in the first quarter of 2014, as compared to $11,860 per day in the same period of 2013; (ii) an increase in available days for owned vessels of 534 days; and (iii) an increase in short-term charter-in and long-term charter-in fleet available days of 389 days.   Revenue from the logistics business was $45.6 million for the three months ended March 31, 2014 as compared to $73.2 million for the same period of 2013. This decrease was mainly attributable to the decrease in the Paraguayan liquid port's volume of products sold.   EBITDA of Navios Holdings for the three months ended March 31, 2014 increased by $21.3 million to $59.8 million as compared to $38.5 million for the same period of 2013. The $21.3 million increase in EBITDA was primarily due to (i) a $5.4 million increase in other income, net; (ii) a $18.8 million decrease in time charter, voyage and logistics business expenses; (iii) a $2.1 million increase in net income attributable to the noncontrolling interest; (iv) a $8.3 million increase in equity in net earnings from affiliated companies; and (v) a $0.1 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs). This overall increase of $34.7 million was mitigated by (i) a $11.7 million decrease in revenue; and (ii) a $1.7 million increase in general and administrative expenses (excluding share-based compensation expenses).   EBITDA of Navios Logistics was $14.0 million for the three month period ended March 31, 2014 as compared to $14.1 million for the same period in 2013.   Net income of Navios Holdings for the three months ended March 31, 2014 was $2.0 million as compared to a $10.2 million loss for the same period of 2013. The $12.2 million increase was mainly due to an increase in EBITDA of $21.3 million. This increase was partially mitigated by (i) an increase in interest income/(expense) and finance cost, net of $2.7 million; (ii) an increase in depreciation and amortization of $1.4 million; (iii) a decrease in income tax benefit of $4.0 million; (iv) an increase of $0.3 million in share-based compensation expense; and (v) an increase of $0.7 million in amortization for deferred drydock and special survey costs.   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 month periods ended March 31, 2014 and 2013.                                                                                                                                   Three Month    Three Month                                                   Period Ended   Period Ended                                                   March 31,      March 31,                                                        2014           2013                                                      (Unaudited)    (Unaudited)                                                                                Available Days (1)                                     5,253          4,330  Operating Days (2)                                     5,232          4,226  Fleet Utilization (3)                                   99.6%          97.6% Equivalent Vessels (4)                                    58             48  TCE (5)                                        $      12,709  $      11,860                                                                               (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, May 21, 2014, 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 first quarter ended March 31, 2014.  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: Wednesday, May 21, 2014, at 8:30 am ET  Call Title: Navios Holdings Inc. Q1 2014 Financial Results Conference Call  US Dial In: +1.877.480.3873  International Dial In: +1.404.665.9927  Conference ID: 3424 9265  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: 3424 9265  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 OPERATIONS                 (Expressed in thousands of U.S. dollars - except share and per share data)                                                                                                                               Three Month    Three Month                                                   Period Ended   Period Ended                                                   March 31,      March 31,                                                        2014           2013                                                     -------------  -------------                                                  (unaudited)    (unaudited)   Revenue                                        $     122,191  $     133,837  Time charter, voyage and logistics business                                   expenses                                            (51,178)       (70,008) Direct vessel expenses                               (28,328)       (27,695) General and administrative expenses                  (11,031)        (8,962) Depreciation and amortization                        (25,674)       (24,323) Interest income/(expense) and finance cost,                                   net                                                 (28,046)       (25,358) Loss on derivatives                                        -           (173) Other income/(expense), net                            2,066         (3,131)                                                -------------  -------------  Loss before equity in net earnings of                                         affiliated companies                                (20,000)       (25,813) Equity in net earnings of affiliated companies        22,418         14,123                                                 -------------  -------------  Income/(loss) before taxes                     $       2,418  $     (11,690) Income tax (expense)/benefit                            (288)         3,700                                                 -------------  -------------  Net income/(loss)                                      2,130         (7,990) Less: Net income attributable to the                                          noncontrolling interest                                 (77)        (2,165)                                                -------------  -------------  Net income/(loss) attributable to Navios                                      Holdings common stockholders                  $       2,053  $     (10,155)                                                =============  =============  Income/(loss) attributable to Navios Holdings                                 common stockholders, basic                    $         826  $     (10,632)                                                =============  =============  Income/(loss) attributable to Navios Holdings                                 common stockholders, diluted                  $         826  $     (10,632)                                                =============  =============  Basic earnings/(loss) per share attributable                                  to Navios Holdings common stockholders        $        0.01  $       (0.10)                                                =============  =============  Weighted average number of shares, basic         102,486,242    101,759,391                                                 =============  =============  Diluted earnings/(loss) per share attributable                                to Navios Holdings common stockholders        $        0.01  $       (0.10)                                                =============  =============  Weighted average number of shares, diluted       104,927,563    101,759,391                                                 =============  =============                                                                                                                                                                                    NAVIOS MARITIME HOLDINGS INC.                                                    Other Financial Data                                                                                                                                                             March 31,    December 31,                                                       2014          2013     (in thousands of U.S. dollars)                     (unaudited)                                                                ------------- ------------- ASSETS                                                                                                                                                    Cash and cash equivalents                        $     218,965 $     187,831 Restricted cash                                          1,885         2,041 Other current assets                                   148,986       150,114 Deposits for vessel acquisitions                        17,009            28 Vessels, port terminal and other fixed assets,                                net                                                 1,817,547     1,808,855 Other noncurrent assets                                431,303       418,744 Goodwill and other intangibles                         347,149       352,000                                                  ------------- ------------- Total assets                                     $   2,982,844 $   2,919,613                                                  ============= =============                                                                                                                                                           LIABILITIES AND EQUITY                                                                                                                                    Current liabilities, including current portion                                of long-term debt                                     164,567       149,767 Senior and ship mortgage notes, net of discount                               and including premium                               1,293,107     1,293,156 Long-term debt, net of current portion                 203,812       198,832 Other noncurrent liabilities                            85,499        88,523 Total stockholders' equity                           1,235,859     1,189,335                                                  ------------- ------------- Total liabilities and stockholders' equity       $   2,982,844 $   2,919,613                                                  ============= =============                                                                                                                                                                                                                                                                                        Three Month    Three Month                                                   Period Ended   Period Ended                                                   March 31,      March 31,                                                        2014           2013                                                     -------------  -------------                                                  (unaudited)    (unaudited)   Net cash provided by operating activities      $      29,552  $      15,401  Net cash used in investing activities          $     (48,333) $     (26,780) Net cash provided by financing activities                                                                                   $      49,915       $ 64,389     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                                                                                                                                    March 31,      March 31,    Three Months Ended                                  2014           2013                                                     -------------  -------------  (in thousands of U.S. dollars)                  (unaudited)    (unaudited)                                                                                  Net cash provided by operating activities    $      29,552  $      15,401    Net (decrease)/increase in operating assets           (348)         6,652    Net increase in operating liabilities              (10,803)       (10,533)   Net interest cost                                   28,046         25,358    Deferred finance charges                              (891)        (1,698)   Provision for losses on accounts receivable           (181)          (317)   Unrealized losses on FFA derivatives                     -           (157)   Equity in affiliates, net of dividends                                        received                                           11,758          3,202    Payments for drydock and special survey              2,724          2,731    Noncontrolling interest                                (77)        (2,165)                                                -------------  -------------    EBITDA                                       $      59,780  $      38,474                                                 =============  =============     Navios Logistics EBITDA Reconciliation to Net (Loss)/Income                                                                                                                                    March 31,      March 31,    Three Months Ended                                  2014           2013                                                     -------------  -------------  (in thousands of U.S. dollars)                  (unaudited)    (unaudited)                                                                                  Net (loss)/income attributable to Navios                                      Logistics shareholders                      $        (177) $       5,934    Depreciation and amortization                        6,067          6,093    Amortization of deferred drydock and special                                  survey costs                                        1,156            484    Interest income/(expense) and finance cost,                                   net                                                 6,716          5,381    Income tax expense/(benefit)                           200         (3,770)                                                -------------  -------------    EBITDA                                       $      13,962  $      14,122                                                 =============  =============                                                                                                                                                                                                                              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      N Amalthia                       Panamax           2006          75,318      N Bonanza                        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                                                                                                                                                               Long term Chartered-in Fleet in Operation                                                                                                                                                            Year     Deadweight     Purchase  Vessel Name                 Vessel Type    Built (in metric 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     Golden Heiwa                  Panamax      2007       76,662          No     Navios Marco Polo             Panamax      2011       80,647          Yes    Navios Southern Star          Panamax      2013       82,224          Yes    Beaufiks                     Capesize      2004       180,310         Yes    Rubena N                     Capesize      2006       203,233         No     King Ore                     Capesize      2010       176,800         No     Navios Koyo                  Capesize      2011       181,415         Yes    Navios Obeliks               Capesize      2012       181,415         Yes                                                                                                                                                              Owned Fleet to be Delivered                                                                                                                                                                                              Deadweight             Vessels             Vessel Type     Delivery Date  (in metric tons) ------------------------- ---------------- ---------------- ---------------- Navios TBN                     Panamax          Q4 2015          84,000      Navios TBN                    Capesize          Q4 2015          180,600     Navios Gem                    Capesize          Q2 2014          180,600                                                                                                                                                               Long-term Chartered-in Fleet to be Delivered                                                                                                                                        Vessel       Delivery     Deadweight     Purchase         Vessels             Type          Date    (in metric tons)   Option   -------------------- ---------------- ---------- ---------------- ---------- Navios Venus          Ultra Handymax    Q1 2015       61,000          Yes    Navios Felix             Capesize       Q2 2016       180,000         Yes    Navios TBN                Panamax       Q2 2015       80,000          Yes    Navios TBN                Panamax       Q3 2015       82,000          Yes    Navios TBN                Panamax       Q4 2016       81,000          Yes    Navios TBN                Panamax       Q4 2016       81,000          Yes    Navios TBN                Panamax       Q4 2016       84,000          Yes                                                                                 (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.        Contact: Navios Maritime Holdings Inc. +1.212.906.8643 investors@navios.com     
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