Navios Announces New Time Charters

Tuesday, August 19, 2008

Navios Maritime Holdings Inc. has secured new time charters for four vessels.Navios TBN Capesize -- Ten-Year Charter Navios TBN Capesize, a 172,000 dwt new building vessel scheduled to deliver in the fourth quarter of 2009, has been chartered-out for ten years commencing upon delivery. The ten-year, net daily charter-out rate will be $41,325 per day.
Navios TBN Capesize -- Five-Year Charter
Navios TBN Capesize, another 172,000 dwt new building vessel scheduled to deliver in the first quarter of 2010, has been chartered-out for five years commencing upon delivery. The five-year, net daily charter-out rate will be $57,000 per day.  Navios Orion -- Three-Year Charter
The Navios Orion, a 76,602 dwt Panamax vessel built in 2005, has been chartered-out for approximately three and a half years, commencing April 1st 2009 through December, 2012. The three-year, net daily charter-out rate will be $49,400 per day, which compares favorably to the vessel's expiring two-year net daily charter-out rate of $27,312 per day.
Navios Achilles -- Three-Year Charter
The Navios Achilles, a 52,063 dwt Ultra-Handymax vessel built in 2001, has been chartered-out for three years, commencing February 23, 2009. The three-year, net daily charter-out rate will be $38,009 per day, which compares favorably to the vessel's expiring two-year net daily charter-out rate of $21,138 per day.

Time Charter Coverage
As a result of these new charters, Navios Holdings has extended the coverage of its core fleet (excluding vessels acquired through the Kleimar N.V. transaction) to 98.6% for 2008, 68.7% for 2009, 47.1% for 2010 and 32.6% for 2011.

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