6-K
Table of Contents

 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
Dated: September 19, 2008
Commission File No. 001-33311
NAVIOS MARITIME HOLDINGS INC.
85 Akti Miaouli Street, Piraeus, Greece 185 38
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F þ     Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(l):
Yes o     No þ
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes o     No þ
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o     No þ
 
 

 


TABLE OF CONTENTS

SIGNATURES
EXHIBIT INDEX
EX-99.1: SIXTEENTH SUPPLEMENTAL INDENTURE
EX-99.2: SEVENTEENTH SUPPLEMENTAL INDENTURE
EX-99.3: EIGHTEENTH SUPPLEMENTAL INDENTURE
EX-99.4: NINETEENTH SUPPLEMENTAL INDENTURE
EX-99.5: TWENTIETH SUPPLEMENTAL INDENTURE


Table of Contents

Sixteenth through Twentieth Supplemental Indentures
     Dated as of August 4, 2008, Navios entered into each of a Sixteenth Supplemental Indenture and Seventeenth Supplemental Indenture, and as of August 28, 2008 entered into an Eighteenth Supplemental Indenture, and as of September 18, 2008 entered into each of a Nineteenth Supplemental Indenture and Twentieth Supplemental Indenture in order to add each of Corsair Shipping Ltd., Rowboat Marine Inc., Beaufiks Shipping Corporation, Surf Maritime Co. and Pueblo Holdings Ltd., respectively, each a Marshall Islands corporation and an indirect subsidiary of Navios, as a guarantor to its Indenture dated December 18, 2006 providing for the issuance of its 91/2% Senior Notes due 2014.
     A copy of each of the Sixteenth Supplemental Indenture, Seventeenth Supplemental Indenture, Eighteenth Supplemental Indenture Nineteenth Supplemental Indenture and Twentieth Supplemental Indenture is furnished as Exhibit 99.1, 99.2, 99.3, 99.4 and 99.5 respectively, to this Report and is incorporated herein by reference.
     This information contained in this Report is hereby incorporated by reference into the Navios Registration Statements on Form F-3, File Nos. 333-136936, 333-129382 and 333-141872 and on Form S-8, File No. 333-147186.

 


Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
  NAVIOS MARITIME HOLDINGS INC.
 
 
  By:   /s/ Angeliki Frangou    
    Angeliki Frangou   
    Chief Executive Officer
Date: September 19, 2008 
 
 


Table of Contents

EXHIBIT INDEX
         
Exhibit No.   Exhibit
  99.1    
Sixteenth Supplemental Indenture dated as of August 4, 2008.
       
 
  99.2    
Seventeenth Supplemental Indenture dated as of August 4, 2008.
       
 
  99.3    
Eighteenth Supplemental Indenture dated as of August 28, 2008.
       
 
  99.4    
Nineteenth Supplemental Indenture dated as of September 18, 2008.
       
 
  99.5    
Twenteeth Supplemental Indenture dated as of September 18, 2008.

EX-99.1
          SIXTEENTH SUPPLEMENTAL INDENTURE (this “Sixteenth Supplemental Indenture”), dated as of August 4, 2008, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Marshall Islands corporation (the “Company”), Corsair Shipping Ltd., a Marshall Islands corporation (the “Guaranteeing Subsidiary”) and an indirect subsidiary of the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, N.A. (or its permitted successor) as trustee under the Indenture referred to below (the “Trustee”).
          WITNESSETH
          WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of December 18, 2006 providing for the issuance of 91/2% Senior Notes due 2014 (the “Notes”);
          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Sixteenth Supplemental Indenture.
          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof.
3. NEW YORK LAW TO GOVERN. THIS SIXTEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
4. COUNTERPARTS. The parties may sign any number of copies of this Sixteenth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

 


 

5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Sixteenth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

- 2 -


 

     IN WITNESS WHEREOF, the parties hereto have caused this Sixteenth Supplemental Indenture to be duly executed and attested, all as of the date first above written.
         
  CORSAIR SHIPPING LTD.
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS MARITIME HOLDINGS INC.
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Executive Vice President, Legal   
 
  SAGITTARIUS SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  KLEIMAR LTD., as a Guarantor
 
 
  By:   /s/ George Akhniotis    
    Name:   George Akhniotis   
    Title:   Secretary and Director   
 
  ORBITER SHIPPING CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 3 -


 

         
  PHAROS NAVIGATION S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SIZZLING VENTURES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SHIKHAR VENTURES S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  TAHARQA SPIRIT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  RHEIA ASSOCIATES CO., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 4 -


 

         
         
  RUMER HOLDING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  CHILALI CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NOSTOS SHIPMANAGEMENT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 
  WHITE NARCISSUS MARINE S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Vice President   
 
  KLEIMAR N.V., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 5 -


 

         
  NAV HOLDINGS LIMITED, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  NAVIOS CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  ANEMOS MARITIME HOLDINGS INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  PORTOROSA MARINE CORP, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 
         
  NAVIOS SHIPMANAGEMENT INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 6 -


 

         
         
  AEGEAN SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  LIBRA SHIPPING ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  ALEGRIA SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  FELICITY SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 7 -


 

         
         
  GEMINI SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  ARC SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  GALAXY SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  MAGELLAN SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  IONIAN SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 8 -


 

         
         
  APOLLON SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  HERAKLES SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  ACHILLES SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  KYPROS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 9 -


 

         
         
  HIOS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  MERIDIAN SHIPPING ENTERPRISES INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  MERCATOR SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  HORIZON SHIPPING ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 10 -


 

         
         
  HYPERION ENTERPRISES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  STAR MARITIME ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  NAVIMAX CORPORATION, as a Guarantor
 
 
  By:   /s/ Shunji Sasada    
    Name:   Shunji Sasada   
    Title:   President   
 
         
  NAVIOS HANDYBULK INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  NAVIOS INTERNATIONAL INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 11 -


 

         
         
  HESTIA SHIPPING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Authorized Officer   
 
         
  WELLS FARGO BANK, N.A., as Trustee
 
 
  By:   /s/ Jeffrey Carlson  
     Jeffrey Carlson  
    Authorized Signatory   
       
 

- 12 -

EX-99.2
     SEVENTEENTH SUPPLEMENTAL INDENTURE (this “Seventeenth Supplemental Indenture”), dated as of August 4, 2008, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Marshall Islands corporation (the “Company”), Rowboat Marine Inc., a Marshall Islands corporation (the “Guaranteeing Subsidiary”) and an indirect subsidiary of the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, N.A. (or its permitted successor) as trustee under the Indenture referred to below (the “Trustee”).
     WITNESSETH
     WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of December 18, 2006 providing for the issuance of 91/2% Senior Notes due 2014 (the “Notes”);
     WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Seventeenth Supplemental Indenture.
     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof.
3. NEW YORK LAW TO GOVERN. THIS SEVENTEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
4. COUNTERPARTS. The parties may sign any number of copies of this Seventeenth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

 


 

5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Seventeenth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

- 2 -


 

     IN WITNESS WHEREOF, the parties hereto have caused this Seventeenth Supplemental Indenture to be duly executed and attested, all as of the date first above written.
         
  ROWBOAT MARINE INC.
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS MARITIME HOLDINGS INC.
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Executive Vice President, Legal   
 
  CORSAIR SHIPPING LTD.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SAGITTARIUS SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  KLEIMAR LTD.,
     as a Guarantor
 
 
  By:   /s/ George Akhniotis    
    Name:   George Akhniotis   
    Title:   Secretary and Director   
 

- 3 -


 

         
  ORBITER SHIPPING CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  PHAROS NAVIGATION S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SIZZLING VENTURES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SHIKHAR VENTURES S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 4 -


 

         
  TAHARQA SPIRIT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  RHEIA ASSOCIATES CO., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  RUMER HOLDING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  CHILALI CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NOSTOS SHIPMANAGEMENT CORP.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 

- 5 -


 

         
  WHITE NARCISSUS MARINE S.A.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Vice President   
 
  KLEIMAR N.V., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAV HOLDINGS LIMITED,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  ANEMOS MARITIME HOLDINGS INC.,
      as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 6 -


 

         
  PORTOROSA MARINE CORP, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 
  NAVIOS SHIPMANAGEMENT INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  AEGEAN SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  LIBRA SHIPPING ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 7 -


 

         
  ALEGRIA SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  FELICITY SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  GEMINI SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  ARC SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  GALAXY SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 8 -


 

         
  MAGELLAN SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  IONIAN SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  APOLLON SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  HERAKLES SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 9 -


 

         
         
  ACHILLES SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  KYPROS SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  HIOS SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  MERIDIAN SHIPPING ENTERPRISES INC.,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  MERCATOR SHIPPING CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 10 -


 

         
         
  HORIZON SHIPPING ENTERPRISES CORPORATION,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  HYPERION ENTERPRISES INC.,
       as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  STAR MARITIME ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIMAX CORPORATION, as a Guarantor
 
 
  By:   /s/ Shunji Sasada    
    Name:   Shunji Sasada   
    Title:   President   
 
         

- 11 -


 

         
  NAVIOS HANDYBULK INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS INTERNATIONAL INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  HESTIA SHIPPING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Authorized Officer   
 
  WELLS FARGO BANK, N.A., as Trustee
 
 
  By:   /s/ Jeffrey Carlson  
     Jeffrey Carlson  
    Authorized Signatory   
       
 

- 12 -

EX-99.3
          EIGHTEENTH SUPPLEMENTAL INDENTURE (this “Eighteenth Supplemental Indenture”), dated as of August 28, 2008, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Marshall Islands corporation (the “Company”), Beaufiks Shipping Corporation, a Marshall Islands corporation (the “Guaranteeing Subsidiary”) and an indirect subsidiary of the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, N.A. (or its permitted successor) as trustee under the Indenture referred to below (the “Trustee”).
          WITNESSETH
          WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of December 18, 2006 providing for the issuance of 91/2% Senior Notes due 2014 (the “Notes”);
          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Eighteenth Supplemental Indenture.
          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof.
3. NEW YORK LAW TO GOVERN. THIS EIGHTEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

- 1 -


 

4. COUNTERPARTS. The parties may sign any number of copies of this Eighteenth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Eighteenth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

- 2 -


 

          IN WITNESS WHEREOF, the parties hereto have caused this Eighteenth Supplemental Indenture to be duly executed and attested, all as of the date first above written.
         
  BEAUFIKS SHIPPING CORPORATION
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  NAVIOS MARITIME HOLDINGS INC.
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Executive Vice President, Legal   
 
         
  ROWBOAT MARINE INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  CORSAIR SHIPPING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  SAGITTARIUS SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 3 -


 

         
         
  KLEIMAR LTD., as a Guarantor
 
 
  By:   /s/ George Akhniotis    
    Name:   George Akhniotis   
    Title:   Secretary and Director   
 
         
  ORBITER SHIPPING CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  PHAROS NAVIGATION S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  SIZZLING VENTURES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  SHIKHAR VENTURES S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  TAHARQA SPIRIT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 4 -


 

         
         
  RHEIA ASSOCIATES CO., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  RUMER HOLDING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  CHILALI CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  NOSTOS SHIPMANAGEMENT CORP.,
as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   

- 5 -


 

         
         
  WHITE NARCISSUS MARINE S.A.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Vice President   
 
         
  KLEIMAR N.V., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  NAV HOLDINGS LIMITED, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  NAVIOS CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  ANEMOS MARITIME HOLDINGS INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
         
  PORTOROSA MARINE CORP, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 

- 6 -


 

         
  NAVIOS SHIPMANAGEMENT INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  AEGEAN SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  LIBRA SHIPPING ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  ALEGRIA SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 7 -


 

         
         
  FELICITY SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  GEMINI SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  ARC SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  GALAXY SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  MAGELLAN SHIPPING CORPORATION,
     as a Guarantor
 
 

- 8 -


 

         
         
     
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  IONIAN SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  APOLLON SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  HERAKLES SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  ACHILLES SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 9 -


 

         
         
  KYPROS SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  HIOS SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  MERIDIAN SHIPPING ENTERPRISES INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  MERCATOR SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  HORIZON SHIPPING ENTERPRISES CORPORATION,
     as a Guarantor
 

- 10 -


 

         
         
     
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  HYPERION ENTERPRISES INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  STAR MARITIME ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  NAVIMAX CORPORATION, as a Guarantor
 
 
  By:   /s/ Shunji Sasada    
    Name:   Shunji Sasada    
    Title:   President   
 
         
  NAVIOS HANDYBULK INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 11 -


 

         
         
  NAVIOS INTERNATIONAL INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
         
  HESTIA SHIPPING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou    
    Title:   Authorized Officer   
 
         
  WELLS FARGO BANK, N.A., as Trustee
 
 
  By:   /s/ Jeffrey Carlson  
     Jeffrey Carlson  
    Authorized Signatory   
       
 

- 12 -

EX-99.4
Exhibit 99.4
          NINETEENTH SUPPLEMENTAL INDENTURE (this “Nineteenth Supplemental Indenture”), dated as of September 18, 2008, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Marshall Islands corporation (the “Company”), Surf Maritime Co., a Marshall Islands corporation (the “Guaranteeing Subsidiary”) and an indirect subsidiary of the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, N.A. (or its permitted successor) as trustee under the Indenture referred to below (the “Trustee”).
          WITNESSETH
          WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of December 18, 2006 providing for the issuance of 91/2% Senior Notes due 2014 (the “Notes”);
          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Nineteenth Supplemental Indenture.
          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof.
3. NEW YORK LAW TO GOVERN. THIS NINETEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
4. COUNTERPARTS. The parties may sign any number of copies of this Nineteenth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

- 1 -


 

6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Nineteenth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

- 2 -


 

     IN WITNESS WHEREOF, the parties hereto have caused this Nineteenth Supplemental Indenture to be duly executed and attested, all as of the date first above written.
         
  SURF MARITIME CO.
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS MARITIME HOLDINGS INC.
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Executive Vice President, Legal   
 
  BEAUFIKS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  ROWBOAT MARINE INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  CORSAIR SHIPPING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 3 -


 

         
  SAGITTARIUS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  KLEIMAR LTD., as a Guarantor
 
 
  By:   /s/ George Akhniotis    
    Name:   George Akhniotis   
    Title:   Secretary and Director   
 
  ORBITER SHIPPING CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  PHAROS NAVIGATION S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SIZZLING VENTURES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou    
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 4 -


 

         
  SHIKHAR VENTURES S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  TAHARQA SPIRIT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  RHEIA ASSOCIATES CO., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  RUMER HOLDING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  CHILALI CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 5 -


 

         
  NOSTOS SHIPMANAGEMENT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 
  WHITE NARCISSUS MARINE S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Vice President   
 
  KLEIMAR N.V., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAV HOLDINGS LIMITED, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 6 -


 

         
  ANEMOS MARITIME HOLDINGS INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  PORTOROSA MARINE CORP, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 
  NAVIOS SHIPMANAGEMENT INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  AEGEAN SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  LIBRA SHIPPING ENTERPRISES CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 7 -


 

         
         
  ALEGRIA SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  FELICITY SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  GEMINI SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  ARC SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  GALAXY SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 8 -


 

         
         
  MAGELLAN SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  IONIAN SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  APOLLON SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  HERAKLES SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  ACHILLES SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   

- 9 -


 

         
         
  KYPROS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  HIOS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  MERIDIAN SHIPPING ENTERPRISES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  MERCATOR SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  HORIZON SHIPPING ENTERPRISES CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 

- 10 -


 

         
 
HYPERION ENTERPRISES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  STAR MARITIME ENTERPRISES
CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  NAVIMAX CORPORATION, as a Guarantor
 
 
  By:   /s/ Shunji Sasada    
    Name:   Shunji Sasada    
    Title:   President   
 
  NAVIOS HANDYBULK INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  NAVIOS INTERNATIONAL INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  HESTIA SHIPPING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou   
    Name:   Vasiliki Papaefthymiou   
    Title:   Authorized Officer   

- 11 -


 

         
  WELLS FARGO BANK, N.A., as Trustee
 
 
  By:   /s/ Jeffrey Carlson  
     Jeffrey Carlson  
    Authorized Signatory   
       
 

- 12 -

EX-99.5
Exhibit-99.5
          TWENTIETH SUPPLEMENTAL INDENTURE (this “Twentieth Supplemental Indenture”), dated as of September 18, 2008, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Marshall Islands corporation (the “Company”), Pueblo Holdings Ltd., a Marshall Islands corporation (the “Guaranteeing Subsidiary”) and an indirect subsidiary of the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, N.A. (or its permitted successor) as trustee under the Indenture referred to below (the “Trustee”).
          WITNESSETH
          WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of December 18, 2006 providing for the issuance of 91/2% Senior Notes due 2014 (the “Notes”);
          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Twentieth Supplemental Indenture.
          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof.
3. NEW YORK LAW TO GOVERN. THIS TWENTIETH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
4. COUNTERPARTS. The parties may sign any number of copies of this Twentieth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

- 1 -


 

6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Twentieth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

- 2 -


 

     IN WITNESS WHEREOF, the parties hereto have caused this Twentieth Supplemental Indenture to be duly executed and attested, all as of the date first above written.
         
  PUEBLO HOLDINGS LTD.
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS MARITIME HOLDINGS INC.
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Executive Vice President, Legal   
 
  SURF MARITIME CO., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  BEAUFIKS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  ROWBOAT MARINE INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 3 -


 

         
         
  CORSAIR SHIPPING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SAGITTARIUS SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  KLEIMAR LTD., as a Guarantor
 
 
  By:   /s/ George Akhniotis  
    Name:   George Akhniotis   
    Title:   Secretary and Director   
 
  ORBITER SHIPPING CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  PHAROS NAVIGATION S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 4 -


 

         
         
  SIZZLING VENTURES INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  SHIKHAR VENTURES S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  TAHARQA SPIRIT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  RHEIA ASSOCIATES CO., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  RUMER HOLDING LTD., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  CHILALI CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 5 -


 

         
         
  NOSTOS SHIPMANAGEMENT CORP., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 
  WHITE NARCISSUS MARINE S.A., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Vice President   
 
  KLEIMAR N.V., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAV HOLDINGS LIMITED, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  NAVIOS CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   

- 6 -


 

         
         
  ANEMOS MARITIME HOLDINGS INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  PORTOROSA MARINE CORP, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Secretary / Director   
 
  NAVIOS SHIPMANAGEMENT INC., as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  AEGEAN SHIPPING CORPORATION, as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  LIBRA SHIPPING ENTERPRISES CORPORATION, as a      Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 7 -


 

         
  ALEGRIA SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  FELICITY SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  GEMINI SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  ARC SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  GALAXY SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 8 -


 

         
  MAGELLAN SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  IONIAN SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  APOLLON SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  HERAKLES SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  ACHILLES SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 

- 9 -


 

         
  KYPROS SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Director and Authorized Officer   
 
  HIOS SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  MERIDIAN SHIPPING ENTERPRISES INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  MERCATOR SHIPPING CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  HORIZON SHIPPING ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 

- 10 -


 

         
  HYPERION ENTERPRISES INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  STAR MARITIME ENTERPRISES CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  NAVIMAX CORPORATION,
     as a Guarantor
 
 
  By:   /s/ Shunji Sasada  
    Name:   Shunji Sasada    
    Title:   President   
 
  NAVIOS HANDYBULK INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  NAVIOS INTERNATIONAL INC.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou    
    Title:   Director and Authorized Officer   
 
  HESTIA SHIPPING LTD.,
     as a Guarantor
 
 
  By:   /s/ Vasiliki Papaefthymiou  
    Name:   Vasiliki Papaefthymiou   
    Title:   Authorized Officer   
 

- 11 -


 

             
    WELLS FARGO BANK, N.A.,
     as Trustee
   
 
           
 
  By:   /s/ Jeffrey Carlson    
 
     
 
Jeffrey Carlson
   
         Authorized Signatory

- 12 -