for hedge accounting in the periods presented. Accordingly, changes in fair value of FFAs were recognized in the statement of operations. The FFAs market has experienced significant volatility in the past few years and, accordingly, recognition of the changes in the fair value of FFAs has, and can, cause significant volatility in earnings. The extent of the impact on earnings is dependent on two factors: market conditions and Navios’ net position in the market. Market conditions were volatile in both periods.

EBITDA:    EBITDA increased by $10.0 million to $34.6 million for the three month period ended March 31, 2007 as compared to $24.6 million for the same period of 2006. The increase is mainly attributable to (a) a gain in FFAs trading of $2.9 million in the first quarter of 2007 versus a gain of $1.7 million in the same period in 2006, resulting in a favorable FFA variance of $1.2 million, (b) the increase in revenues by $52.6 million from $49.2 million in the first quarter of 2006 to $101.8 million in the same period of 2007. The above increase was mitigated mainly by (a) the increase in time charter and voyage expenses by $39.6 million from $20.8 million in the first quarter of 2006 to $60.4 million in the same period of 2007, (b) the increase in the direct vessels expenses by $2. 5 million due to the expansion of the owned fleet from 15 vessels in the first quarter of 2006 to 18 vessels in the same period of 2007, (c) the increase in general and administrative expenses by $0.7 million and (d) the net decrease in all other categories (other income/expenses, income from investments in finance leases, income from affiliate companies, etc.) by $1.0 million.

Net Income:    Net income for the first quarter ended March 31, 2007 was $14.8 million as compared to $5.0 million for the comparable period of 2006. The resultant increase of net income was due to the $10.0 million increase in EBITDA.

Liquidity: Navios’ cash and cash equivalents balance (including restricted cash) on March 31, 2007, was $100.8 million. Navios also has the ability to draw up to $105.0 million on its revolving credit facility.

Time Charter Coverage

Navios has extended its long-term fleet employment by recently concluding agreements to charter out vessels for periods ranging from one to three years. As a result, as of March 31, 2007, Navios has currently fixed 92.4%, 65.0% and 23.2% of its 2007, 2008 and 2009 available days, respectively, of its fleet (excluding Kleimar’s vessels, which are primarily utilized to fulfill COAs), representing contracted fees (net of commissions), based on contracted charter rates from the Company’s current charter agreements of $200.0 million, $171.9 million and $61.5 million, respectively. Although these fees are based on contractual charter rates, any contract is subject to performance by the counter parties and Navios. Additionally, the fees above reflect an estimate of off-hire days to perform periodic maintenance. If actual off-hire days are greater than estimated, these would decrease the level of fees above. The average contractual d aily charter-out rate for the core fleet (excluding Kleimar’s vessels, which are primarily utilized to fulfill COAs) is $20,761, $22,924 and $23,483 for 2007, 2008 and 2009, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2007 is $9,622.

Summary Fleet Data

Set forth below are selected historical and statistical data for Navios that the Company believes may be useful in better understanding the Company’s financial position and results of operations.

			Three month period ended March 31,
			2007						2006 (2)
FLEET DATA
Available days(1)(3)					3,876						2,390
Operating days(4)					3,875						2,385
Fleet utilization(5)					100	%					99.78	%
AVERAGE DAILY RESULTS
Time Charter Equivalents (including FFAs)				$	21,080					$	18,530
Time Charter Equivalents (excluding FFAs)				$	20,869					$	17,835

3

(1) Navios has currently fixed out (i.e., arranged charters for) 92.4% and 65.0% of its 2007 and 2008 available days, respectively (excluding Kleimar’s fleet)

(2) Excludes vessels acquired through the acquisition of Kleimar

(3) Available days for fleet are total calendar days the vessels were in Navios’s possession for the relevant period after subtracting off-hire days associated with major repairs, drydocks 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

(4) Operating days is 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

(5) Fleet utilization is the percentage of time that Navios’s vessels were available for revenue generating available days, 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

Fleet Employment Profile

Exhibit 2 displays the ‘‘core fleet’’ employment profile of Navios.

Dividend

Navios’s board of directors declared a quarterly cash dividend in respect of the period ended March 31, 2007 of $.0666 per share, payable on June 15, 2007 to record holders on May 31, 2007.

Appointment of Ted C. Petrone to Board

Navios today announced the appointment of Ted C. Petrone to its Board of Directors, replacing Robert Shaw who resigned as director on May 14, 2007. Currently the President of Navios Corporation, Mr. Petrone heads Navios’ worldwide commercial operations. Mr. Petrone has worked in the maritime industry for 30 years, the last 26 with Navios Corporation. For the last 15 years, Mr. Petrone has been responsible for all aspects of daily commercial vessel activity, encompassing the trading of tonnage, derivative hedge positions and cargoes. Mr. Petrone graduated from New York Maritime College at Fort Schuyler with a B.S. in Maritime Transportation. He served as a Third Mate aboard U.S. Navy (Military Sealift Command) tankers for one year.

‘‘We are delighted to add Ted’s 30 years of industry experience to our board,’’ said Ms. Angeliki Frangou, Chairman and CEO of Navios. ‘‘We look forward to continuing to benefit from Ted’s wisdom.’’

Mr. Petrone fills the seat made vacant by the resignation of Robert Shaw. Mr. Shaw had been a director of Navios since January 2001, and previously served as its President. Ms. Frangou commented, ‘‘Robert has played a key role in the success of Navios. Robert will continue to be affiliated with Navios through our activities in South America.’’

Conference Call

As already announced, today, Wednesday, May 16, 2007, at 08:30 AM EST, the Company’s management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers:

US Dial In: +1.877.493.9121

International Dial In: +1.973.582.2750

Passcode: 8784142

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A telephonic replay of the conference call will be available until May 22, 2007 at the following numbers:

US Replay Dial In: +1.877.519.4471

International Replay Dial In: +1.973.341.3080

Passcode: 8784142

Webcast:

This call will simultaneously be Webcast at the following Web address:

http://www.videonewswire.com/event.asp?id=39757

The Webcast will be archived and available at this same Web address for one year following the call.

ABOUT NAVIOS MARITIME HOLDINGS INC.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. is a large, global, vertically integrated seaborne shipping company transporting a wide range of drybulk commodities including iron ore, coal and grain. For over 50 years, Navios has worked with raw materials producers, agricultural traders and exporters, industrial end-users, ship owners, and charterers. Navios also owns and operates a port/storage facility in Uruguay and has in-house technical ship management expertise. Navios maintains offices in Piraeus, Greece; South Norwalk, Connecticut; Montevideo, Uruguay and Antwerp, Belgium.

Navios’s stock is listed on the NYSE where its Common Shares and Warrants trade under the symbols ‘‘NM’’ and ‘‘NM WS’’, respectively.

Risks and uncertainties are described in reports filed by Navios Maritime Holdings Inc. with the United States Securities and Exchange Commission.

Forward Looking Statements

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 the Company’s 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 the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be gi ven 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 the Company. 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 dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company 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 the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

5

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EXHIBIT 1

NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of US Dollars)

			March 31, 2007						December 31, 2006
			(unaudited)
ASSETS
Current Assets
Cash and cash equivalents				$	71,129					$	99,658
Restricted cash					29,671						16,224
Accounts receivable, net of allowance for doubtful accounts of $5,886 as at March 31, 2007 and $6,435 as at December 31, 2006					29,754						28,235
Short term derivative asset					90,762						39,697
Short term backlog asset					5,260						5,246
Deferred tax asset					2,235						—
Prepaid expenses and other current assets					11,778						6,809
Total current assets					240,589						195,869
Deposit on exercise of vessels purchase options					—						2,055
Vessels, port terminal and other fixed assets, net					527,955						505,292
Long term derivative assets					1,747						—
Deferred financing costs, net					13,877						11,454
Deferred dry dock and special survey costs, net					3,219						3,546
Investments in Leased Assets					66,300						—
Investments in Joint Venture					27,712						—
Investments in affiliates					239						749
Long term backlog asset					1,189						2,497
Trade name					85,508						86,202
Port terminal operating rights					29,763						29,954
Favorable lease terms					313,574						66,376
Goodwill					69,357						40,789
Total non-current assets					1,140,440						748,914
Total Assets				$	1,381,029					$	944,783
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable				$	32,597					$	37,366
Accrued expenses					24,849						10,726
Deferred voyage revenue					16,435						4,657
Short term derivative liability					130,846						42,034
Short term backlog liability					3,947						5,946
Current portion of long term debt					13,415						8,250
Total current liabilities					222,089						108,979
Senior notes, net of discount					298,007						297,956
Long term debt, net of current portion					321,130						261,856
Unfavorable lease terms					128,609						—
Long term liabilities					942						979
Long term derivative liability					2,240						797
Deferred tax Liability					55,450						—
Total non-current liabilities					806,378						561,588
Total liabilities					1,028,467						670,567
Commitments and Contingencies
Stockholders’ Equity
Preferred stock – $0.0001 par value, authorized 1,000,000 shares. None issued											—
Common stock – $ 0.0001 par value, authorized 250,000,000 share (120,000,000 shares as of December 31, 2006), issued and outstanding 82,013,654 and 62,088,127 as of March 31, 2007 and December 31, 2006, respectively					8						6
Additional paid-in capital					342,747						276,178
Accumulated other comprehensive income/(loss)					(7,362	)					(9,816	)
Retained earnings					17,169						7,848
Total stockholders’ equity					352,562						274,216
Total Liabilities and Stockholders’ Equity				$	1,381,029					$	944,783

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NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of US Dollars – except per share data)

			Three Month Period ended March 31, 2007						Three Month Period ended March 31, 2006
			(unaudited)						(unaudited)
Revenue				$	101,842					$	49,169
Gain (loss) on Forward Freight Agreements					2,854						1,662
Time charter, voyage and port terminal expenses					(60,440	)					(20,767	)
Direct vessel expenses					(6,158	)					(3,673	)
General and administrative expenses					(4,293	)					(3,596	)
Depreciation and amortization					(6,977	)					(10,120	)
Interest income from investments in finance lease					560						—
Interest income					1,523						468
Interest expense and finance cost, net					(13,471	)					(9,206	)
Other income					168						934
Other expense					(474	)					(43	)
Income before equity in net earnings of affiliate companies and joint venture					15,134						4,828
Equity in net Earnings of Affiliated Companies and Joint Venture					828						154
Net Income before Taxes					15,962						4,982
Income Taxes					(1,179	)					—
Net income				$	14,783					$	4,982
Less:
Incremental fair value of securities offered to induce warrants exercise					(4,195	)					—
Income available to common shareholders					10,588						4,982
Earnings per share, basic				$	0.14					$	0.11
Weighted average number of shares, basic					76,257,391						45,336,324
Earnings per share, diluted				$	0.13					$	0.11
Weighted average number of shares, diluted					82,937,670						45,336,324

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NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of US Dollars)

			Three Month Period ended March 31, 2007						Three Month Period ended March 31, 2006
			(unaudited)						(unaudited)
OPERATING ACTIVITIES
Net income				$	14,783					$	4,982
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					6,977						10,120
Amortization of deferred financing cost					447						653
Amortization of deferred dry dock costs					401						263
Amortization of backlog					(704	)					494
Provision for losses on accounts receivable					(550	)					—
Unrealized (gain)/loss on FFA derivatives					1,767						(1,878	)
Deferred taxation					1,167						—
Unrealized (gain)/loss on interest rate swaps					834						(926	)
Earnings in affiliates and joint ventures, net of dividends received					(452	)					301
Changes in operating assets and liabilities:
(Increase) decrease in restricted cash					(13,447	)					(2,706	)
Decrease (increase) in accounts receivable					(252	)					8,407
(Increase) decrease in prepaid expenses and other current assets					(1,485	)					(769	)
Increase (decrease) in accounts payable					(14,125	)					(3,817	)
Increase (decrease) in accrued expenses					7,610						(4,683	)
Increase (decrease) in deferred voyage revenue					11,778						(603	)
(Decrease) increase in long term liability					(37	)					(198	)
Increase (decrease) in derivative accounts					36,368						189
Payments for dry dock and special survey costs					(74	)					(1,132	)
Net cash provided by operating activities					51,006						8,697
INVESTING ACTIVITIES:
Acquisition of vessels					(18,361	)					(73,652	)
Acquisition of subsidiary, net of cash acquired					(145,436	)					—
Purchase of property and equipment					(147	)					(927	)
Net cash (used in) provided by investing activities					(163,944	)					(74,579	)
FINANCING ACTIVITIES:
Proceeds from long term loan					22,075						77,964
Repayment of long term debt					(280	)					(15,022	)
Receipts from finance lease					1,505						—
Dividends paid					(5,462	)					(3,023	)
Issuance of common stock					66,571						—
Net cash provided by (used in) financing activities					84,409						59,919
(Decrease) increase in cash and cash equivalents					(28,529	)					(5,963	)
Cash and cash equivalents, beginning of period					99,658						37,737
Cash and cash equivalents, end of period				$	71,129					$	31,774
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest				$	3,221					$	8,581

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Disclosure of Non-GAAP Financial Measures

EBITDA: EBITDA represents net income before interest, taxes, depreciation and amortization. Navios uses EBITDA because Navios believes that EBITDA is a basis upon which liquidity can be assessed and because Navios believes that EBITDA presents useful information to investors regarding Navios’ ability to service and/or incur indebtedness. Navios also uses EBITDA (i) in its credit agreement to measure compliance with covenants such as interest coverage and debt incurrence; (ii) by prospective and current lessors as well as potential lenders to evaluate potential transactions; and (iii) to evaluate and price potential acquisition candidates.

EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of Navios’ results as reported under US GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs, and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios’ performance.

EBITDA Reconciliation to Cash from Operations

Three Months Ended
(in thousands of US Dollars)

			March 31, 2007						March 31, 2006
Net cash provided by operating activities				$	51,006					$	8,697
Net increase (decrease) in operating assets					15,184						(4,932	)
Net (increase)/decrease in operating liabilities					(41,594	)					9,112
Net interest cost					11,948						8,738
Deferred finance charges					(447	)					(653	)
Provision for losses on accounts receivable					550						—
Unrealized gain/(loss) on FFA derivatives, FECs and interest rate swaps					(2,601	)					2,804
Earnings in affiliates and joint ventures, net of dividends received					452						(301	)
Payments for drydock and special survey					74						1,132
EBITDA				$	34,572					$	24,597

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EXHIBIT 2

FLEET EMPLOYMENT PROFILE (CORE FLEET)

Owned Vessels

Vessels (1)			Type			Built						DWT						Charter-out Rate (2)						Expiration Date (3)
Navios Ionian			Ultra Handymax					2000						52,068						22,219				03/18/2009
Navios Apollon			Ultra Handymax					2000						52,073						16,150				09/28/2007
Navios Horizon			Ultra Handymax					2001						50,346						14,725				06/16/2008
Navios Herakles			Ultra Handymax					2001						52,061						26,600				05/02/2009
Navios Achilles			Ultra Handymax					2001						52,063						21,138				01/15/2009
Navios Meridian			Ultra Handymax					2002						50,316						14,250				10/01/2007
Navios Mercator			Ultra Handymax					2002						53,553						19,950				12/15/2008
Navios Arc			Ultra Handymax					2003						53,514						15,438				05/25/2007
																				27,693				05/25/2009
Navios Hios			Ultra Handymax					2003						55,180						24,035				11/15/2008
Navios Kypros			Ultra Handymax					2003						55,222						16,844				07/04/2007
Navios Gemini S			Panamax					1994						68,636						19,523				12/21/2008
Navios Libra II			Panamax					1995						70,136						21,613				09/14/2008
Navios Felicity			Panamax					1997						73,867						9,595				04/25/2008
Navios Magellan			Panamax					2000						74,333						21,850				01/19/2010
Navios Galaxy I			Panamax					2001						74,195						24,062				01/25/2008
Navios Star			Panamax					2002						76,662						21,375				01/21/2010
Navios Alegria			Panamax					2004						76,466						19,475				08/09/2008
Navios Hyperion			Panamax					2004						75,707						26,268				02/26/2009
Asteriks			Panamax					2005						76,801										—
Obeliks (5)			Capesize					2000						170,454										—

Long Term Chartered-in Vessels

Vessels			Type			Built						DWT						Purchase Option (4)			Charter-out Rate (2)						Expiration Date (3)
Navios Vector			Ultra Handymax					2002						50,296				No					8,811				10/17/2007
Navios Astra			Ultra Handymax					2006						53,468				Yes					17,100				06/01/2007
Navios Primavera			Ultra Handymax					2007						53,500				Yes					20,046				06/01/2010
Navios Cielo			Panamax					2003						75,834				No					25,175				11/14/2008
Navios Orbiter			Panamax					2004						76,602				Yes					24,700				02/23/2009
Navios Aurora			Panamax					2005						75,397				Yes					24,063				07/06/2008
Navios Orion			Panamax					2005						76,602				No					27,312				03/01/2009
Navios Titan			Panamax					2005						82,936				No					20,000				12/20/2007
Navios Sagittarius			Panamax					2006						75,756				Yes					25,413				12/23/2008
Navios Altair			Panamax					2006						83,001				No					22,715				09/20/2009
Belisland			Panamax					2003						76,602				No											—
Golden Heiwa			Panamax					2007						76,662				No											—
SA Fortius			Capesize					2001						171,595				No											—
Beaufiks			Capesize					2004						180,181				Yes											—
Fantastiks			Capesize					2005						180,265				Yes											—
Rubena N			Capesize					2006						203,233				No											—

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Long Term Chartered-in Vessels to be delivered

Vessels

Type

Delivery Date

Purchase Option

DWT

Navios TBN

Ultra Handymax

05/2008

No

55,100

Navios Prosperity (6)

Panamax

06/2007

Yes

83,000

Navios Esperanza

Panamax

08/2007

No

75,200

Navios TBN

Panamax

03/2008

Yes

76,500

Navios TBN

Panamax

09/2011

Yes

80,000

Navios TBN

Capesize

09/2011

Yes

180,200

Tsuneishi TBN

Panamax

03/2008

No

75,250

Namura TBN

Capesize

04/2010

No

176,800

(1)	Excludes the Vanessa, a Product Handysize tanker (19,078 dwt) built in 2002, acquired in connection with the acquisition of Kleimar

(2)	Net Time Charter-out Rate per day (net of commissions)

(3)	Estimated dates assuming earliest redelivery by charterers

(4)	Generally, Navios may exercise its purchase option after three years of service

(5)	The vessel is contracted to be sold $24.2 million in 2009. The vessel is 95% owned

(6)	The vessel has been chartered-out from June 2007 for a five-year period at a daily rate of $24,000 (net of commissions)

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Navios Maritime Holdings Inc.
Announces
Follow-On Offering

PIRAEUS, Greece, May 16, 2007 /PRNewswire — FirstCall/ — Navios Maritime Holdings Inc. (‘‘Navios’’) (NYSE: NM), announced today that it is commencing a public offering of 11,500,000 shares of its common stock under Navios’ effective shelf registration statement. J.P. Morgan Securities Inc. and Merrill Lynch & Co. will act as joint book running managers.  In connection with the offering, the underwriters will be granted a 30-day option to purchase from Navios up to 1,725,000 additional shares of common stock to cover any over-allotments. Navios intends to use the net proceeds of this offering to fund growth and general corporate purposes.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering of these securities will be made only by means of a prospectus and related prospectus supplement. 

When available, copies of the prospectus and prospectus supplement relating to the offering may be obtained from J.P. Morgan Securities Inc. at National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, telephone: 718-242-8002 or Merrill Lynch & Co. at 4 World Financial Center, New York, NY 10080, telephone: 212-449-1000.

About Navios Maritime Holdings Inc.

Navios is a large, global, vertically integrated seaborne shipping company transporting a wide range of drybulk commodities including iron ore, coal and grain. For over 50 years, Navios has worked with raw materials producers, agricultural traders and exporters, industrial end-users, ship owners, and charterers. Navios also owns and operates a port/storage facility in Uruguay and has in-house technical ship management expertise. Navios maintains offices in Piraeus, Greece; South Norwalk, Connecticut; Montevideo, Uruguay and Antwerp, Belgium.

Navios’s stock is listed on the NYSE where its Common Shares and Warrants trade under the symbols ‘‘NM’’ and ‘‘NM WS’’, respectively.

Risks and uncertainties are described in reports filed by Navios Maritime Holdings Inc. with the United States Securities and Exchange Commission.

Safe Harbor

This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Maritime Holdings Inc. (Navios). Forward looking statements are statements that are not historical facts. Such forward looking statements, based upon the current beliefs and expectations of Navios’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The information set forth herein should be read in light of such risks. Navios does not assume any obligation to update the information contained in this press release.

Public & Investor Relations Contact:

Navios Maritime Holdings Inc.
Investor Relations
+1.212.279.8820
investors@navios.com

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