Navios Maritime Holdings Takes Delivery of Vessel

Navios Maritime Holdings Inc. announced the delivery of its latest owned vessel, the Navios Star, a 76,662 dwt panamax vessel. The Navios Star was built at the Imabari Shipyard in Japan in April of 2002. Navios received ownership of the Star through the exercise of a purchase option that Navios had obtained in connection with the long-term charter in agreement of the vessel. This exercise was previously announced in August of 2006 and is being fully financed by HSH Nordbank with a term facility of $19.5M. The current market value of the Navios Star is approximately $48.0 million. The Navios Star is currently employed under a long-term charter out agreement through January of 2010.