SOURCE: Navios Maritime Holdings Inc.

February 23, 2011 06:45 ET

Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2010

Dividend of $0.06 per Share for Q4 2010

Q4 Net Income Excluding Navios Acquisition of $57.5 Million

Q4 EBITDA Excluding Navios Acquisition of $106.3 Million

PIRAEUS, GREECE--(Marketwire - February 23, 2011) - Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2010.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings stated, "We are pleased to report our results for 2010. We increased EBITDA by almost 64% to $339 million and net income by 127% to $154 million. We completed our new building program and, at the same time, reduced our net debt to capitalization by almost 8% to 49% (on a pro forma basis, excluding Navios Maritime Acquisition). Our liquidity is more than sufficient considering our needs. Based on these strong results, we declared a $.06 dividend for the fourth quarter of 2010, payable on April 12, 2011 to the stockholders of record as of March 22, 2011."

Ms. Frangou continued, "The shipping industry is going through transition at a time when there is healthy underlying demand for mineral and grain commodities and crude oil globally. While we are cautious about the near term, and continue to monitor closely the supply of vessels, we see continued demand for commodities from the urbanization of emerging markets."

2010 HIGHLIGHTS -- RECENT DEVELOPMENTS

Navios Holdings

Completion of Newbuilding Program: Delivery of Five Capesize Vessels

On February 14, 2011, Navios Holdings took delivery of the Navios Azimuth, a 2011-built, 179,169 dwt Capesize vessel from a South Korean shipyard.

On January 28, 2011, Navios Holdings took delivery of the Navios Altamira, a 2011-built, 179,165 dwt Capesize vessel from a South Korean shipyard.

On December 17, 2010, Navios Holdings took delivery of the Navios Bonheur, a 2010-built, 179,259 dwt Capesize vessel from a South Korean shipyard.

On December 3, 2010, Navios Holdings took delivery of the Navios Etoile, a 2010-built, 179,234 dwt Capesize vessel from a South Korean shipyard.

On November 17, 2010, Navios Holdings took delivery of the Navios Luz, a 2010-built, 179,144 dwt Capesize vessel from a South Korean shipyard.

Buyback of $131.3 Million Mandatorily Convertible Preferred Stock

On December 27, 2010, Navios Holdings purchased $131.3 million of certain series of the 2% Mandatorily Convertible Preferred Stock ("Preferred Stock") previously issued in connection with the acquisition of Capesize vessels for a cash consideration of $49.2 million, reflecting a 62.5% discount to the face amount.

After the repurchase of the Preferred Stock and also giving effect to the previously announced repurchase of the 2% convertible senior promissory notes in November 2010, the total number of potentially dilutive shares of outstanding common stock, on a fully diluted basis, was reduced by 12.6%. As of December 31, 2010, on a fully diluted basis, there were 112,173,031 shares of common stock outstanding.

Deconsolidation of Navios Maritime Acquisition Corporation ("Navios Acquisition") from Navios Holdings

Navios Holdings has agreed to exchange approximately 7.7 million shares of Navios Acquisition's common stock it holds for non-voting preferred stock of Navios Acquisition. All or a portion of the preferred stock will be convertible into shares of common stock of Navios Acquisition after the second anniversary of the issuance of such preferred stock, to the extent Navios Holdings will not own greater than a 45% voting interest in Navios Acquisition after any such conversions. The exchange is expected to be completed prior to the end of the first quarter of 2011.

$350.0 million 8 1/8% Senior Notes Due 2019

On January 28, 2011, Navios Holdings completed the sale of $350.0 million of 8 1/8% Senior Notes due 2019 (the "2019 Notes"). The 2019 Notes are guaranteed by all of the subsidiaries that provide a guarantee of Navios Holdings' existing 8 7/8% First Priority Ship Mortgage notes due 2017 (the "2017 Notes").

The net proceeds from the sale of the 2019 Notes were used to redeem (the "Tender Offer") any and all of Navios Holdings' outstanding 9 1/2% Senior Notes due 2014 ("2014 Notes"), pay related transaction fees and expenses and for general corporate purposes. The Tender Offer expired on February 11, 2011 with $25.0 million in aggregate principal amount of 2014 Notes remaining outstanding.

Navios Holdings will redeem for cash, on February 28, 2011, all 2014 Notes that remained outstanding after completion of the Tender Offer, at a redemption price of $1,047.50 per $1,000 principal amount of 2014 Notes, plus accrued and unpaid interest to, but not including that date. An official notice of redemption was distributed, commencing on January 28, 2011, to the holders of the 2014 Notes commencing on January 28, 2011.

Liquidity

Net Debt to Total Capitalization was 48.8% on December 31, 2010 (57.9% including Navios Acquisition). Navios Holdings' total available liquidity, including bank lines, as of December 31, 2010 was approximately $165.8 million ($261.0 million including Navios Acquisition). Following delivery of Navios Azimuth and Navios Altamira in 2011, Navios Holdings has no further newbuilding vessel capital expenditures commitments.

Time Charter Coverage

Navios Holdings has long-term fleet employment for periods ranging from one to 12 years. As of February 21, 2011, Navios Holdings had contracted 83.3%, 58.4% and 41.6% of its available days on a charter-out basis for 2011, 2012 and 2013, respectively, equivalent to $307.1 million, $240.4 million and $195.1 million in revenue, respectively. The average contractual daily charter-out rate for the core fleet is $28,224, $30,153 and $32,841 for 2011, 2012 and 2013, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2011 is $10,775.

The above figures do not include the Navios South American Logistics Inc. ("Navios Logistics") fleet, the Navios Acquisition fleet and the vessels servicing the Contracts of Affreightment ("COA").

Navios Acquisition

Information relating to Navios Acquisition is included herein because of the consolidation of Navios Acquisition into Navios Holdings. Certain numbers exclude the effect of the consolidation of Navios Acquisition.

Delivery of the chemical tanker Nave Polaris

On January 27, 2011, Navios Acquisition took delivery of the chemical tanker Nave Polaris, a 2010 built of 25,145 dwt from a South Korean shipyard into its owned fleet. The vessel is chartered out for six months at a net rate of $10,238 per day for the first three months and at a net rate of $11,213 per day for the remaining three months.

Credit Facility

On December 6, 2010, Navios Acquisition entered into a loan agreement with EFG Eurobank Ergasias S.A. of up to $52.0 million (divided into two $26.0 million tranches) to partially finance the acquisition costs of two LR1 product tanker vessels. Each tranche of the facility is repayable in 32 equal quarterly installments of $0.3 million each with a final balloon payment of approximately $15.0 million, to be repaid on the last repayment date. The facility bears interest at a rate of LIBOR plus 300 bps and requires compliance with certain financial covenants.

$400.0 million 8 5/8% First Priority Ship Mortgage Notes Due 2017

On October 21, 2010, Navios Acquisition completed the sale of $400.0 million of 8 5/8% First Priority Ship Mortgage notes due 2017 (the "2017 Acquisition Notes"). The 2017 Acquisition Notes are secured by first priority ship mortgages on six very large crude carrier vessels, aggregating approximately 1.8 million deadweight tons, owned by certain subsidiary guarantors. The 2017 Acquisition Notes are guaranteed by each of Navios Acquisition's direct and indirect subsidiaries.

The net proceeds of the sale of the 2017 Acquisition Notes, totalling $386.5 million, were used to repay borrowings under certain of Navios Acquisition's existing credit facilities.

Navios Maritime Partners L.P. ("Navios Partners")

Increase in Cash Distributions

The Board of Directors of Navios Partners declared a cash distribution for the fourth quarter of 2010 of $0.43 per unit. This represents an increase of 2.4% from the cash distribution of $0.42 per unit declared for the third quarter of 2010. On February 14, 2011, Navios Holdings received $6.1 million, representing the cash distribution from Navios Partners for the fourth quarter of 2010.

Fleet Profile

Navios Holdings controls a fleet of 57 vessels totalling 6.0 million dwt, of which 30 are owned and 27 are chartered-in under long-term charters. Navios Holdings currently operates 44 vessels (18 Capesize, 10 Panamax and 16 Ultra-Handymax) totaling 4.8 million dwt and has 13 newbuilding charter-in vessels expected to be delivered at various dates through 2013. The current average age of the operating fleet is 4.6 years.

Exhibit II displays the "Core Fleet" of Navios Holdings and refers to dry bulk vessel operations (excludes the fleets of Navios Acquisition and Navios Logistics).

Financial Highlights (all numbers exclude Navios Acquisition)

--  Adjusted Net Income increased by 132.1% to $24.4 million in the fourth 
    quarter of 2010 from $10.5 million in the same period in 2009.
--  Adjusted EBITDA increased by 42.7% to $73.2 million in the fourth
    quarter of 2010 from $51.3 million in the same period in 2009.
--  Adjusted Net Income increased by 42.6% to $81.1 million for the year
    ended December 31, 2010 from $56.9 million in 2009.
--  Adjusted EBITDA increased by 37.2% to $265.7 million for the year ended
    December 31, 2010 from $193.7 million in 2009.
--  Net Debt to book capitalization decreased to 48.8% at December 31,
    2010, compared to 52.6% at December 31, 2009.

Dividend Policy

The Board of Directors declared a quarterly cash dividend for the fourth quarter of 2010 of $0.06 per share of common stock. This dividend is payable on April 12, 2011 to stockholders of record as of March 22, 2011. The declaration and payment of any further dividend remains subject to the discretion of the Board and will depend on, among other things, Navios Holdings' cash requirements as measured by market opportunities and restrictions under its credit agreements.

Financial Results

For the following results and the selected financial data presented herein, Navios Holdings has compiled consolidated statements of income for the three month periods and the years ended December 31, 2010 and 2009. The year ended December 31, 2010 and the quarterly 2010 and 2009 information were derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-U.S. GAAP financial measures, and should not be used in isolation or substitution for Navios Holdings' results.

Fourth Quarter 2010 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):

                                                                  Total
                                                               Consolidated
                                                 (Excluding    (Excluding
                       Total         Navios        Navios        Navios
                    Consolidated  Acquisition    Acquisition)  Acquisition)
                      For the       For the        For the       For the
                    Three Months  Three Months   Three Months  Three Months
                       Ended          Ended         Ended         Ended
                    December 31,  December 31,   December 31,  December 31,
                        2010          2010           2010          2009
                    ------------  ------------   ------------  ------------
                    (unaudited)   (unaudited)    (unaudited)   (unaudited)

Revenue             $    189,927  $     25,440   $    164,487  $    148,730
EBITDA              $    124,197  $     17,925   $    106,272  $     55,284
Adjusted EBITDA (*) $     91,100  $     17,925   $     73,175  $     51,289
Net income/(loss)   $     53,307  $     (4,197)  $     57,504  $     12,486
Adjusted Net
 Income (*)         $     25,651  $      1,244   $     24,407  $     10,517
Earnings/(loss)
 Per Share          $       0.52  $      (0.04)  $       0.56  $       0.12
Adjusted Basic
 Earnings Per
 Share (*)          $       0.25  $       0.02   $       0.23  $       0.11

(*) Adjusted EBITDA, for the fourth quarter ended December 31, 2010,
    excludes the $22.1 million and the $7.2 million gain on sale of the
    Navios Fulvia and   the Navios Melodia, respectively, to Navios
    Partners and $3.8 million gain on the buyback of the convertible notes.

    Adjusted Net Income and Adjusted Basic Earnings Per Share for the
    fourth quarter ended December 31, 2010 also exclude the items described
    above and they were further adjusted to exclude $5.4 million of
    prepayment fees and write-off of deferred financing costs relating to
    Navios Acquisition.

    Adjusted EBITDA, for the three months ended December 31, 2009, excludes
    a $4.0 million gain on sale of the Navios Apollon.

    Adjusted Net Income and Adjusted Basic Earnings Per Share for the three
    months ended December 31, 2009, exclude a: (i) $4.0 million gain on
    sale of the Navios Apollon; and (ii) $2.0 million write-off deferred
    financing costs due to the partial repayment of outstanding
    indebtedness following the issuance of the secured bond in November
    2009.

Total Navios Holdings' consolidated revenue for the three months ended December 31, 2010 increased by $41.2 million, to $189.9 million compared to $148.7 million for the same period in 2009.

Revenue from drybulk vessel operations for the three months ended December 31, 2010 was $119.7 million as compared to $113.6 million for the same period during 2009.

The increase in revenue was mainly attributable to: (i) the increase in Time Charter Equivalent ("TCE") per day by 9.0% to $26,282 per day in the fourth quarter of 2010 from $24,120 per day in the same period of 2009; and (ii) an increase in the available ownership days by 20.8% to 2,350 days in the fourth quarter of 2010 from 1,945 days in the same period of 2009. This increase was partially offset by a decrease in short-term and long-term fleet available days of 224 days and 474 days, respectively.

Revenue from the logistics business was $44.8 million for the three months ended December 31, 2010 as compared to $35.1 million during the same period of 2009. This increase was mainly attributable to: (i) the acquisition of the Sara H in February 2010; (ii) the increased operations of its liquid port; (iii) the increased volumes transported through the dry port terminal business; and (iv) the increased storage capacity of its dry port in Uruguay following the construction of its new silo.

Revenue from tanker vessel operations for the three month period ended December 31, 2010 was $25.4 million. Navios Acquisition including the chemical tanker the Nave Cosmos delivered on October 27, 2010, had 802 available days at a TCE rate of $31,702. There were no operations in the corresponding period in 2009.

EBITDA of Navios Holdings (excluding Navios Acquisition) for the three months ended December 31, 2010 increased by $51.0 million to $106.3 million compared to $55.3 million for the fourth quarter of 2009. The $51.0 million increase in EBITDA was primarily due to: (i) an increase in revenue of $15.8 million to $164.5 million in the fourth quarter of 2010 from $148.7 million in the same period of 2009; (ii) a decrease in time charter, voyage and logistic business expenses of $2.4 million from $83.8 million in the fourth quarter of 2009 to $81.4 million in the same period of 2010; (iii) $2.5 million gain from derivatives; (iv) an increase of $5.8 million in net other income; (v) an increase of $25.3 million in gain on sale of assets; and (vi) an increase in equity in earnings by $3.2 million. The overall variance of $55.0 million was partially offset by: (i) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $0.6 million; (ii) an increase in general and administrative expenses of $1.1 million (excluding share-based compensation expenses); and (iii) a decrease of $2.3 million in noncontrolling interest.

EBITDA of Navios Logistics was $9.7 million for the three month period ended December 31, 2010 as compared to $3.8 million during the same period in 2009.

EBITDA of Navios Acquisition for the three month period ended December 31, 2010 was $17.9 million. Navios Acquisition, including the chemical tanker the Nave Cosmos delivered on October 27, 2010, had 802 available days at a TCE rate of $31,702. There were no operations in the corresponding period in 2009.

Net income of Navios Holdings (excluding Navios Acquisition) for the three months ended December 31, 2010 was $57.5 million as compared to $12.5 million for the comparable period of 2009. The increase of net income by $45.0 million was mainly due to an increase in EBITDA of $51.0 million as discussed above, which was partially offset by: (i) an increase in depreciation and amortization of $0.8 million; (ii) an increase in interest expense, net of $4.1 million; (iii) an increase in income taxes of $0.6 million; (iv) an increase of $0.4 million in amortization for drydock and special survey costs; and (v) an increase of $0.1 million in share-based compensation expense.

Net loss of Navios Acquisition for the three month period ended December 31, 2010 was $4.2 million.

Year Ended December 31, 2010 and 2009 Results (in thousands of U.S. dollars, except per share data, unless otherwise stated)

                                                                  Total
                                                              Consolidated
                                                 (Excluding    (Excluding
                        Total        Navios        Navios        Navios
                    Consolidated  Acquisition   Acquisition)  Acquisition)
                     Year Ended    Year Ended    Year Ended    Year Ended
                    December 31,  December 31,  December 31,  December 31,
                        2010          2010          2010          2009
                    ------------- ------------  ------------- -------------
                    (unaudited)   (unaudited)   (unaudited)   (unaudited)

Revenue             $     679,918 $     33,568  $     646,350 $     598,676
EBITDA              $     356,126 $     17,461  $     338,665 $     206,801
Adjusted EBITDA (*) $     291,194 $     25,480  $     265,714 $     193,712
Net income/(loss)   $     145,757 $     (8,294) $     154,051 $      67,934
Adjusted Net Income
 (*)                $      86,266 $      5,166  $      81,100 $      56,871
Earnings/(loss) Per
 Share              $        1.43 $      (0.08) $        1.51 $        0.68
Adjusted Basic
 Earnings Per Share
 (*)                $        0.83 $       0.05  $        0.78 $        0.57

(*) Adjusted EBITDA for the year ended December 31, 2010 excludes a: (i)
    $55.4 million gain on sale of Navios Hyperion, Navios Aurora II, Navios
    Pollux, Navios Melodia and Navios Fulvia to Navios Partners; (ii) $17.7
    million gain recognized as a result of obtaining control of Navios
    Acquisition as of May 28, 2010; (iii) $4.0 million write off of an
    unfavourable short-term charter; (iv) $3.8 million gain on the buyback
    of the convertible notes; and (v) $8.0 million of transaction costs
    relating to Navios Acquisition of a fleet of seven VLCC tankers (the
    "VLCC Acquisition").

    Adjusted Net Income and Adjusted Basic Earnings Per Share for the year
    ended December 31, 2010 also exclude the items described above and they
    were further adjusted to exclude $5.4 million of prepayment fees and
    write-off of deferred financing costs relating to Navios Acquisition.

    Adjusted EBITDA, for year ended December 31, 2009, excludes: (i) $20.8
    million gain on sale of assets; (ii) $6.1 million non cash compensation
    from Navios Partners; and (iii) $13.8 million unrealized mark-to-market
    losses on common units of Navios Partners, accounted for as available
    for sale securities.

    Adjusted Net Income and Adjusted Basic Earnings Per Share also exclude
    the items described above. Adjusted Net Income and Adjusted Basic
    Earnings Per Share for the year ended December 31, 2009, were further
    adjusted to exclude $2.0 million write off of deferred financing costs
    due to the partial repayment of outstanding indebtedness following the
    issuance of the secured bond in November 2009.

Total Navios Holdings' consolidated revenue for the year ended December 31, 2010 increased by $81.2 million, to $679.9 million compared to $598.7 million for the same period in 2009.

Revenue from drybulk vessel operations for the year ended December 31, 2010 was $458.4 million as compared to $459.8 million for the same period during 2009. The decrease in revenue was mainly attributable to a decrease in TCE per day by $1.1% to $25,527 in 2010 from $25,821 in 2009 and a decrease in short-term and long-term chartered in fleet available days of 458 days and 1,174 days, respectively. This decrease was offset by an increase in available ownership days of the fleet of 29.2% to 8,680 days from 6,718 days following the delivery of the owned vessels at various times since December 2009.

Revenue from the logistics business was $188.0 million for the year ended December 31, 2010 as compared to $138.9 million during the same period of 2009. This increase was mainly attributable to: (i) the acquisition of Makenita H in June 2009, which was fully operational during 2010; (ii) the acquisition of Sara H in February 2010; (iii) the acquisition of Jiujiang and Stavroula as capital leases, in June and July 2010, respectively; (iv) an increase in product sales at Navios Logistics' liquid port; and (v) the increased storage capacity of the dry port in Uruguay following the construction of its new silo.

Revenue from tanker vessel operations for the year ended December 31, 2010 was $33.6 million. Following the acquisition of the vessel Nave Cosmos on October 27, 2010, Navios Acquisition had 1,104 available days at a TCE of $30,087 for the year ended December 31, 2010. There was no revenue in the corresponding period of 2009.

EBITDA of Navios Holdings (excluding Navios Acquisition) for the year ended December 31, 2010 increased by $131.9 million to $338.7 million compared to $206.8 million for the same period of 2009. The $131.9 million increase in EBITDA was primarily due to: (i) an increase in revenue of $47.7 million to $646.4 million compared to $598.7 million for same period in 2009; (ii) a decrease in time charter, voyage and logistic business expenses of $17.6 million from $353.8 million in 2009 to $336.2 million in the same period of 2010; (iii) an increase of $3.7 million in gains from derivatives; (iv) an increase of $8.7 million in net other income; (v) a $34.6 million gain on sale of assets; (vi) a $17.7 million gain recognized as a result of obtaining control of Navios Acquisition as of May 28, 2010; and (vii) an increase in equity in net earnings from affiliated companies by $12.7 million. The overall variance of $142.7 million was partially offset by: (i) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $5.0 million; (ii) an increase in general and administrative expenses of $4.9 million (excluding share-based compensation expenses); and (iii) a decrease of $0.9 million noncontrolling interest.

EBITDA of Navios Logistics was $32.5 million for the year ended December 31, 2010 as compared to $29.6 million during the same period in 2009.

EBITDA of Navios Acquisition for the year ended December 31, 2010 was $17.5 million and Adjusted EBITDA was $25.5 million, which excludes $8.0 million of transaction costs for the VLCC Acquisition.

Net income of Navios Holdings (excluding Navios Acquisition) for year ended December 31, 2010 was $154.0 million as compared to $67.9 million for the comparable period of 2009. The increase of net income by $86.2 million was mainly due to an increase in EBITDA of $131.9 million as discussed above, which was partially offset by: (i) an increase in depreciation and amortization of $17.8 million; (ii) an increase in interest expense, net of $24.8 million; (iii) an increase in income taxes of $2.0 million; (iv) an increase of $0.9 million in amortization for drydock and special survey costs; and (v) an increase of $0.3 million in share-based compensation expense.

Net loss of Navios Acquisition for the year ended December 31, 2010 was $8.3 million.

Fleet Summary Data:

The following table reflects certain key indicators indicative of the performance of the Navios Holdings drybulk operations and its fleet performance for the three and twelve month periods ended December 31, 2010 and 2009.

                    Three Month   Three Month
                    Period ended  Period ended   Year Ended    Year Ended
                    December 31,  December 31,  December 31,  December 31,
                        2010          2009          2010          2009
                    ------------  ------------  ------------  ------------
                    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Available Days (1)         3,776         4,068        15,918        15,588
Operating Days (2)         3,733         4,001        15,841        15,479
Fleet Utilization
 (3)                        98.9%         98.4%         99.5%         99.3%
Equivalent Vessels
 (4)                          41            44            44            43
TCE (5)             $     26,282  $     24,120  $     25,527  $     25,821

(1) Available days for fleet are total calendar days the vessels were in
    Navios Holdings' possession for the relevant period after subtracting
    off-hire days associated with major repairs, drydocking 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.

(2) Operating days are 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.

(3) Fleet utilization is the percentage of time that Navios Holdings'
    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.

(4) Equivalent Vessels, is defined as the total available days during a
    relevant period divided by the number of days of this period.

(5) TCE is defined as voyage and time charter revenues less voyage expenses
    during a relevant period divided by the number of available days during
    the period.

Conference Call:

As previously announced, Navios Holdings will host a conference call today, Wednesday, February 23, 2011, at 8:30 am ET, at which time Navios Holdings' senior management will provide highlights and commentary on the fourth quarter and year-end December 31, 2010 financial results.

A supplemental slide presentation will be available on the Navios Holdings website at www.navios.com under the "Investors" section at 7:45 am ET.

Conference Call details:
Call Date/Time: Wednesday, February 23, 2011, at 8:30 am ET
Call Title: Navios Holdings Q4 and FY 2010
Financial Results Conference Call US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 3851 1920

The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.642.1687
International Replay Dial In: +1.706.645.9291
Conference ID: 3851 1920

This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, www.navios.com, under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.

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.

Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. for purchase at fair market value according to the terms of the Omnibus Agreement.

For more information about Navios Holdings please visit our website: www.navios.com.

About Navios South American Logistics Inc.

Navios Logistics was formed in 2008. Navios Logistics specializes in transporting and storing liquid and dry bulk cargoes in the Hidrovia region connecting Argentina, Bolivia, Brazil, Paraguay and Uruguay. Navios Logistics currently controls a fleet of 234 barges, vessels and pushboats. It also owns and operates an upriver oil storage and transfer facility in Paraguay and the largest bulk transfer and storage port terminal in Uruguay.

About Navios Maritime Partners L.P.

Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit its website: www.navios-mlp.com.

About Navios Acquisition

Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit its website: www.navios-acquisition.com.

Forward Looking Statements -- Safe Harbor

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.




                                                                  EXHIBIT I

                      NAVIOS MARITIME HOLDINGS INC.
                  CONDENSED CONSOLIDATED BALANCE SHEETS
       (Expressed in thousands of U.S. dollars - except share data)


                                                December 31,   December 31,
                                                    2010           2009
                                                ------------   ------------
                                                 (unaudited)
ASSETS
Current assets
Cash and cash equivalents                       $    207,410   $    173,933
Restricted cash                                       34,790        107,158
Accounts receivable, net                              70,388         78,504
Short-term derivative asset                            1,420         38,382
Due from affiliate companies                           2,603          1,973
Prepaid expenses and other current assets             33,354         27,730
                                                ------------   ------------
Total current assets                                 349,965        427,680
                                                ------------   ------------

Deposit for vessels acquisitions                     377,524        344,515
Vessels, port terminal and other fixed assets,
 net                                               2,249,677      1,577,741
Long-term derivative assets                              149          8,181
Restricted cash                                       18,787             --
Investments in leased assets                              --         18,431
Investments in affiliates                             18,695         13,042
Investments in available for sale securities          99,078         46,314
Other long term assets                                60,132         50,791
Intangibles other than goodwill                      327,703        300,571
Goodwill                                             175,057        147,916
                                                ------------   ------------
Total non-current assets                           3,326,802      2,507,502
                                                ------------   ------------
Total assets                                    $  3,676,767   $  2,935,182
                                                ============   ============

LIABILITIES AND EQUITY
Current liabilities
Accounts payable                                $     49,496   $     61,990
Dividends payable                                      7,214          6,052
Accrued expenses                                      62,417         48,030
Deferred income and cash received in advance          17,682          9,529
Short term derivative liability                          245         10,675
Capital lease obligations                              1,252             --
Current portion of long term debt                     63,297         59,804
                                                ------------   ------------
Total current liabilities                            201,603        196,080
                                                ------------   ------------

Senior and ship mortgage notes, net of discount    1,093,787        693,049
Long term debt, net of current portion               918,826        869,853
Capital lease obligations, net of current
 portion                                              31,009             --
Unfavorable lease terms                               56,875         59,203
Long term liabilities and deferred income             36,020         33,470
Deferred tax liability                                21,104         22,777
                                                ------------   ------------
Total non-current liabilities                      2,157,621      1,678,352
                                                ------------   ------------
Total liabilities                                  2,359,224      1,874,432
                                                ------------   ------------

Commitments and contingencies                             --             --
Stockholders' equity
Preferred Stock -- $0.0001 par value, authorized
 1,000,000 shares, 8,479 and 8,201 issued and
 outstanding as of December 31, 2010 and
 December 31, 2009, respectively                          --             --
Common stock -- $0.0001 par value, authorized
 250,000,000 shares, issued and outstanding
 101,563,766 and 100,874,199, as of
 December 31, 2010 and 2009, respectively                 10             10
Additional paid-in capital                           531,265        533,729
Accumulated other comprehensive income                32,624         15,156
Retained earnings                                    495,684        376,585
                                                ------------   ------------
Total Navios Holdings' stockholders' equity        1,059,583        925,480
                                                ------------   ------------

Noncontrolling interest                              257,960        135,270
                                                ------------   ------------

Total stockholders' equity                         1,317,543      1,060,750
                                                ------------   ------------

Total liabilities and stockholders' equity      $  3,676,767   $  2,935,182
                                                ============   ============





                       NAVIOS MARITIME HOLDINGS INC.
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Expressed in thousands of U.S. dollars - except share and per share data)


                       Three Month   Three Month
                       Period ended  Period ended  Year ended   Year ended
                        December 31, December 31, December 31, December 31,
                           2010         2009         2010         2009
                        -----------  -----------  -----------  -----------
                        (unaudited)  (unaudited)  (unaudited)
Revenue                 $   189,927  $   148,730  $   679,918  $   598,676
Time charter, voyage
 and logistic business
 expenses                   (81,673)     (83,801)    (336,558)    (353,838)
Direct vessel expenses      (16,506)      (8,375)     (47,109)     (31,454)
General and
 administrative
 expenses                   (15,055)     (12,936)     (58,604)     (43,897)
Depreciation and
 amortization               (30,622)     (22,053)    (101,793)     (73,885)
Interest income/expense
 and finance cost, net      (37,502)     (19,042)    (102,380)     (61,919)
Gain/(loss) on
 derivatives                     59       (2,411)       4,064          375
Gain on sale of
 assets/partial sale of
 subsidiary                  29,298        3,995       55,432       20,785
Gain on change in
 control                         --           --       17,742           --
Other income/(expense),
 net                          4,989       (1,157)      (5,614)     (14,666)
                        -----------  -----------  -----------  -----------
Income before equity in
 net earnings of
 affiliate companies         42,915        2,950      105,098       40,177
Equity in net earnings
 of affiliated
 companies                   11,168        9,265       40,585       29,222
                        -----------  -----------  -----------  -----------

Income before taxes     $    54,083  $    12,215  $   145,683  $    69,399
Income taxes                 (1,071)        (462)        (414)       1,565
                        -----------  -----------  -----------  -----------
Net income                   53,012       11,753      145,269       70,964
Less: Net (income)/loss
 attributable to the
 noncontrolling
 interest                       295          733          488       (3,030)
                        -----------  -----------  -----------  -----------

Net income attributable
 to Navios Holdings
 common stockholders    $    53,307  $    12,486  $   145,757  $    67,934
                        -----------  -----------  -----------  -----------

Basic earnings per
 share attributable to
 Navios Holdings
 stockholders           $      0.52  $      0.12  $      1.43  $      0.68
                        ===========  ===========  ===========  ===========
Weighted average number
 of shares, basic       100,616,917   99,966,063  100,518,880   99,924,587
                        -----------  -----------  -----------  -----------
Diluted earnings per
 share attributable to
 Navios Holdings
 stockholders           $      0.44  $      0.11  $      1.24  $      0.65
                        ===========  ===========  ===========  ===========

Weighted average number
 of shares, diluted     119,292,525  109,576,524  116,182,356  105,194,659
                        ===========  ===========  ===========  ===========





                      NAVIOS MARITIME HOLDINGS INC.
             CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                (Expressed in thousands of U.S. dollars)


                                                 Year Ended    Year Ended
                                                 December 31,  December 31,
                                                    2010          2009
                                                 -----------   -----------
                                                 (unaudited)
OPERATING ACTIVITIES:
Net income                                       $   145,269   $    70,964
Adjustments to reconcile net income to net cash
 provided by operating activities:
Non-cash adjustments                                  60,085        62,112
Decrease in operating assets                           7,051        30,399
Increase/(decrease) in operating liabilities         (20,578)       56,498
Payments for dry dock and special survey costs        (9,337)       (3,522)
                                                 -----------   -----------
Net cash provided by operating activities            182,490       216,451
                                                 -----------   -----------

INVESTING ACTIVITIES:
Acquisition of subsidiary, net of cash acquired      (98,913)         (369)
Proceeds from sale of assets                         484,082        66,600
Increase/(decrease) in restricted cash for
 investing activities                                 67,659       (90,878)
Receipts from finance lease                              180           567
Deposits for vessel acquisitions                    (343,243)     (238,810)
Acquisition of vessels                              (222,773)     (512,760)
Purchase of property and equipment                   (16,761)      (26,888)
                                                 -----------   -----------
Net cash used in investing activities               (129,769)     (802,538)
                                                 -----------   -----------

FINANCING ACTIVITIES:
Proceeds from long-term loans                        466,634       621,270
Proceeds from ship mortgage and senior notes         400,000       394,412
Repayment of long term debt and payment of
 principal                                          (804,397)     (333,952)
Proceeds from warrant exercise                        (2,060)           --
Debt issuance costs                                  (23,458)      (18,097)
Increase in restricted cash                           17,662        (9,500)
Contributions from noncontrolling shareholders          (470)          563
Repurchase of preferred stock                        (50,835)           --
Repurchase of convertible bond                       (29,100)           --
Issuance of common stock                                 415            --
Dividends paid                                       (27,037)      (27,583)
Proceeds from equity offering, net of fees            33,402            --
Acquisition of treasury stock                             --          (717)

                                                 -----------   -----------
Net cash (used in)/provided by financing
 activities                                          (19,244)      626,396

                                                 -----------   -----------
Increase in cash and cash equivalents                 33,477        40,309

                                                 -----------   -----------
Cash and cash equivalents, beginning of year         173,933       133,624

                                                 -----------   -----------
Cash and cash equivalents, end of year           $   207,410   $   173,933
                                                 ===========   ===========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION

Cash paid for interest                           $    94,742   $    58,224
Cash paid for income taxes                       $       485   $     2,238




                                                 Year Ended    Year Ended
                                                 December 31,  December 31,
                                                    2010          2009
                                                 -----------   -----------
                                                 (unaudited)

Non-cash investing and financing activities
Issuance of convertible debt in connection
 with the acquisition of vessels                 $        --   $    31,673
Issuance of preferred stock in connection
 with the acquisition of vessels                 $    69,301   $    40,284
Equity in net earnings of affiliated companies   $    40,585   $    29,222
Dividends declared but not paid                  $     7,214   $     6,052
Shares released to the shareholders of Horamar   $    10,869   $        --
Investments in available for sale securities     $    35,297   $        --
Debt assumed in connection with acquisitions
 of businesses                                   $   543,438   $       804

Disclosure of Non-GAAP Financial Measures

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, unless otherwise stated. EBITDA is included because it is used by certain investors to measure a company's financial performance. EBITDA is a "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

EBITDA is presented to provide additional information with respect to Navios Holdings' ability to satisfy its obligations including debt service, capital expenditures, working capital requirements and payment of dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.


EBITDA Reconciliation to Cash from Operations

Three Months Ended                               December 31,  December 31,
(in thousands of U.S. dollars)                      2010          2009
                                                 -----------   -----------
                                                 (unaudited)   (unaudited)
Net cash provided by operating activities        $    57,608   $    71,459
Net increase in operating assets                     (20,670)      (22,398)
Net increase/(decrease) in operating liabilities      22,678       (21,949)
Net interest cost                                     37,503        19,042
Deferred finance charges                              (6,508)       (3,467)
Provision for losses/(gains) on accounts
 receivable                                            2,020          (862)
Unrealized gain/(loss) on FFA derivatives,
 warrants and interest rate swaps                     (4,736)        7,828
Earnings in affiliates, net of dividends
 received                                              2,129           663
Payments for drydock and special survey                  781           240
Noncontrolling interest                                  295           733
Gain on sale of assets                                29,298         3,995
Gain on repurchase of convertible bond                 3,799            --
                                                 -----------   -----------
EBITDA                                           $   124,197   $    55,284
                                                 ===========   ===========




Navios Logistics EBITDA Reconciliation to Net Income

                                                  Three Month Period Ended
                                                 --------------------------
                                                 December 31,  December 31,
                                                    2010          2009
                                                 -----------   -----------
 (Expressed in thousands of U.S. dollars)        (unaudited)   (unaudited)
 Net income/(loss) attributable to Navios
  Holdings shareholders                          $     2,274   $    (3,148)
 Depreciation and amortization                         5,343         5,526
 Amortization of deferred drydock costs                  111            76
 Interest income                                        (132)           (3)
 Interest expense and finance cost, net                1,208           929
 Income taxes                                            940           379
                                                 -----------   -----------
 EBITDA                                          $     9,744   $     3,759
                                                 ===========   ===========




EBITDA Reconciliation to Cash from Operations

Twelve Months Ended                              December 31,  December 31,
(in thousands of U.S. dollars)                      2010          2009
                                                 -----------   -----------
                                                 (unaudited)   (unaudited)
Net cash provided by operating activities        $   182,490   $   216,451
Net increase in operating assets                      (7,051)      (30,399)
Net increase/(decrease) in operating
 liabilities                                          20,578       (56,498)
Net interest cost                                    102,380        61,919
Deferred finance charges                             (11,752)       (6,682)
Provision for losses on accounts receivable           (4,660)       (2,237)
Unrealized (loss)/gain on FFA derivatives,
 warrants and interest rate swaps                    (12,882)        9,311
Gain on change in control                             17,742            --
Earnings in affiliates and joint ventures,
 net of dividends received                             5,844         1,355
Payments for drydock and special survey                9,337         3,522
Noncontrolling interest                                  488        (3,030)
Non cash compensation received                            --         6,082
Unrealized losses on available for sale
 securities                                               --       (13,778)
Gain on sale of assets                                55,432        20,785
Repurchase of convertible bond                         3,799            --
Transaction Expenses                                  (5,619)           --
                                                 -----------   -----------
EBITDA                                           $   356,126   $   206,801
                                                 ===========   ===========




Navios Logistics EBITDA Reconciliation to Net Income

                                                 Year Ended    Year Ended
                                                 December 31,  December 31,
                                                    2010          2009
                                                 -----------   -----------
(Expressed in thousands of U.S. dollars)         (unaudited)   (unaudited)
 Net income attributable to Navios Holdings
  shareholders                                   $     5,599   $     5,350
 Depreciation and amortization                        22,215        21,604
 Amortization of deferred drydock costs                  394           270
 Interest income                                        (298)          (11)
 Interest expense and finance cost, net                4,527         4,247
 Income taxes                                           64 )        (1,863)
                                                 -----------   -----------
 EBITDA                                          $    32,501   $    29,597
                                                 ===========   ===========





                                                                 EXHIBIT II

Owned Vessels

Vessel Name             Vessel Type     Year Built      Deadweight
--------------------   --------------   ----------   ----------------
                                                     (in metric tons)
Navios Ionian          Ultra Handymax      2000           52,067
Navios Vector          Ultra Handymax      2002           50,296
Navios Horizon         Ultra Handymax      2001           50,346
Navios Herakles        Ultra Handymax      2001           52,061
Navios Achilles        Ultra Handymax      2001           52,063
Navios Meridian        Ultra Handymax      2002           50,316
Navios Mercator        Ultra Handymax      2002           53,553
Navios Arc             Ultra Handymax      2003           53,514
Navios Hios            Ultra Handymax      2003           55,180
Navios Kypros          Ultra Handymax      2003           55,222
Navios Ulysses         Ultra Handymax      2007           55,728
Navios Vega            Ultra Handymax      2009           58,792
Navios Celestial       Ultra Handymax      2009           58,063
Navios Astra(3)        Ultra Handymax      2006           53,468
Navios Magellan           Panamax          2000           74,333
Navios Star               Panamax          2002           76,662
Navios Orbiter            Panamax          2004           76,602
Navios Asteriks           Panamax          2005           76,801
Navios Bonavis            Capesize         2009          180,022
Navios Happiness          Capesize         2009          180,022
Navios Lumen              Capesize         2009          180,661
Navios Stellar            Capesize         2009          169,001
Navios Phoenix            Capesize         2009          180,242
Navios Antares            Capesize         2010          169,059
Navios Buena Ventura      Capesize         2010          179,132
Navios Luz                Capesize         2010          179,144
Navios Etoile             Capesize         2010          179,234
Navios Bonheur            Capesize         2010          179,259
Navios Altamira           Capesize         2011          179,165
Navios Azimuth            Capesize         2011          179,169





Long-term Chartered-in Fleet in Operation

                                      Year        Deadweight      Purchase
Vessel Name          Vessel Type      Built    (in metric tons)   Option(1)
-----------------   --------------   -------   ----------------   ---------
Navios Primavera    Ultra Handymax     2007         53,464           Yes
Navios Armonia      Ultra Handymax     2008         55,100            No
Navios Orion           Panamax         2005         76,602            No
Navios Titan           Panamax         2005         82,936            No
Navios Altair          Panamax         2006         83,001            No
Navios Esperanza       Panamax         2007         75,200            No
Torm Antwerp           Panamax         2008         75,250            No
Golden Heiwa           Panamax         2007         76,662            No
King Ore               Capesize        2010        176,800            No
Beaufiks               Capesize        2004        180,181           Yes
Phoenix Beauty         Capesize        2010        169,150            No
Rubena N               Capesize        2006        203,233            No
Formosabulk Brave      Capesize        2001        170,000            No
SC Lotta               Capesize        2009        170,500            No





Long-term Chartered-in Fleet to be Delivered

                                     Delivery   Purchase      Deadweight
Vessels              Vessel Type       Date      Option    (in metric tons)
-----------------   --------------   --------   --------   ----------------
Navios Serenity        Handysize      03/2011     Yes(2)         34,718
Navios TBN             Handysize      09/2012     Yes(2)         34,718
Navios Koyo            Capesize       12/2011     Yes           181,000
Kleimar TBN            Capesize       07/2012     Yes           180,000
Navios TBN             Capesize       12/2013     Yes           180,000
Navios TBN          Ultra Handymax    02/2012     Yes(2)         61,000
Navios TBN          Ultra Handymax    05/2013     Yes            61,000
Navios TBN          Ultra Handymax    10/2013     Yes            61,000
Navios Marco Polo      Panamax        09/2011     Yes            80,000
Navios TBN             Panamax        01/2013     Yes            82,100
Navios TBN             Panamax        07/2013     Yes(2)         80,500
Navios TBN             Panamax        09/2013     Yes(2)         80,500
Navios TBN             Panamax        11/2013     Yes(2)         80,500


(1) Generally, Navios Holdings may exercise its purchase option after three
    to five years of service.

(2) The initial 50% purchase option on each vessel is held by Navios
    Holdings.

(3) Navios Holdings exercised its option in Q3 2010 to purchase Navios
    Astra for $21.0 million. Navios Astra was delivered to Navios Holdings
    on February 21, 2011.

Contact Information