Navios Maritime Holdings Inc. Announces Confirmed Agreements to Acquire Three Capesize Vessels for $298 Million

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Oct 2007

Navios Maritime Holdings Inc., a large, global, vertically integrated seaborne shipping company, announced that it has agreed to purchase five new Capesize vessels. Three of the Capesize vessels are (i) a Japanese-built vessel (180,000 dwt) with a purchase price of $104.0 million and (ii) two South Korean-built vessels (172,000 dwt) with an average purchase price of $97.0 million. The acquisition of the two remaining Capesize vessels (172,000 dwt), for an aggregate purchase price of $190.0 million, is conditional upon the execution of definitive documentation. Navios also announced that it has entered into long-term time charters- out for two of its Capesize vessels with average charter periods of five years and average charter hire of $51,250 per day, net of commissions. Navios has previously announced the acquisition of these vessels and these two vessels are not included in today's acquisition announcement. As a result of these charters, Navios has extended the coverage of its core fleet to 100% for 2007, 91.6% for 2008, 54.0% for 2009 and 32.0% for 2010.n September 2007, Navios exercised its option to acquire the Navios Orbiter, a 76,602 dwt Panamax vessel built in 2004 that is currently chartered-in on a long-term basis. The vessel's purchase price was approximately $20.5 million and market value is estimated at $90 million. Ownership is expected some time in the first quarter of 2008. About Navios Maritime Holdings Inc.Navios is a large, global, vertically integrated seaborne shipping company transporting a wide range of drybulk commodities including iron ore, coal and grain. For over 50 years, Navios has worked with raw materials producers, agricultural traders and exporters, industrial end-users, ship owners, and charterers. Navios also owns and operates a port/storage facility in Uruguay and has in-house technical ship management expertise. Navios maintains offices in Piraeus, Greece; South Norwalk, Connecticut; Montevideo, Uruguay and Antwerp, Belgium.