SOURCE: Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc.

April 02, 2012 08:15 ET

Navios Maritime Holdings Inc. Announces Acquisition of One Handysize Vessel and Favorable Financing of Acquired and Existing Vessels

PIRAEUS, GREECE--(Marketwire - Apr 2, 2012) - Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a large, global, vertically integrated seaborne shipping and logistics company, announced today that it has acquired the Navios Serenity, a 2011-built Handysize vessel of 34,718 DWT, for $26.0 million. The vessel was previously part of Navios Holdings' long-term chartered-in fleet. The improvement to cash flow, as a result of the replacement of the charter-in cost, is estimated at approximately $2.4 million on an annualized basis.

The acquisition of Navios Serenity is financed by a new credit facility of up to $42.0 million with a syndicate of commercial banks. The new facility will also refinance the existing debt of Navios Astra due for repayment in 2013, thus eliminating refinancing risk for 2013.

The new facility has a term of 8 years and is divided in two tranches having amortization profile of 18 and 14 years and margin of 2.85% and 3.6% respectively.

Angeliki Frangou, Chairman and CEO of Navios Holdings commented, "Last week, we took delivery of the Navios Centaurus. Today, we announced the acquisition of the Navios Serenity and the refinancing of the Navios Astra. In sum, we have been able to take advantage of market opportunities while we actively manage our balance sheet."

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.

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 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 dry bulk 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.

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