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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