UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 SCHEDULE 13G/A

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 2)*

                         NAVIOS MARITIME HOLDINGS, INC.
                                (Name of Issuer)

                         COMMON STOCK, $0.0001 PAR VALUE
                         (Title of Class of Securities)

                                    Y62196103
                                 (CUSIP Number)

                                DECEMBER 31, 2006
                      (Date of Event which Requires Filing
                               of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                [X] Rule 13d-1(b)
                                [ ] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                          Continued on following pages
                                Page 1 of 5 Pages







                                                               PAGE 2 OF 5 PAGES

1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  PEQUOT CAPITAL MANAGEMENT, INC.
                  06-1524885

2        Check the Appropriate Box If a Member of a Group (See Instructions)
                        a.       [ ]
                        b.       [ ]

3        SEC Use Only

4        Citizenship or Place of Organization

                  CONNECTICUT

                            5             Sole Voting Power
Number of                                          24,300
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                          0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                         24,300
    With
                            8             Shared Dispositive Power
                                                   0

9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                     24,300

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                       [ ]

11       Percent of Class Represented By Amount in Row (9)

                                      0.0%

12       Type of Reporting Person (See Instructions)

                                     IA, CO




                                                               PAGE 3 OF 5 PAGES


ITEM 1(A)         NAME OF ISSUER:

                  Navios Maritime Holdings, Inc. (the "Issuer").

ITEM 1(B)         ADDRESS OF THE ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

                  67 Notara Street, Piraeus, Greece 185 35

ITEM 2(A)         NAME OF PERSON FILING:

                  This statement is filed on behalf of Pequot Capital
                  Management, Inc. (the "Reporting Person").

ITEM 2(B)         ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

                  The address of the principal business office of the Reporting
                  Person is 500 Nyala Farm Road, Westport, CT, 06880.

ITEM 2(C)         CITIZENSHIP:

                  Pequot Capital Management, Inc. is a Connecticut corporation.

ITEM 2(D)         TITLE OF CLASS OF SECURITIES:

                  Common Stock, $0.0001 par value per share (the "Common
                  Stock").

ITEM 2(E)         CUSIP NUMBER:

                  Y62196103

ITEM 3.           THIS STATEMENT IS FILED PURSUSANT TO RULE 13D-1(B)(1)(II)(E).

                  The Reporting Person is an investment adviser registered under
                  Section 203 of the Investment Advisers Act of 1940.

ITEM 4.           OWNERSHIP:

                  Ownership as of December 31, 2006 is incorporated herein by
                  reference from items (5) - (9) and (11) of the cover page of
                  the Reporting Person.

ITEM 5.           OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

                  If this statement is being filed to report the fact that as of
                  the date hereof the Reporting Person has ceased to be the
                  beneficial owner of more than five percent of the class of
                  securities, check the following [X]

ITEM 6.           OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
                  PERSON:

                  Not applicable.




                                                               PAGE 4 OF 5 PAGES


ITEM 7.           IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
                  ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
                  COMPANY:

                  Not applicable.

ITEM 8.           IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:

                  Not applicable.

ITEM 9.           NOTICE OF DISSOLUTION OF GROUP:

                  Not applicable.

ITEM 10.          CERTIFICATION:

                  By signing below, I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired and
                  are held in the ordinary course of business and were not
                  acquired and are not held for the purpose or with the effect
                  of changing or influencing the control of the issuer of such
                  securities and were not acquired and are not held in
                  connection with or as a participant in any transaction having
                  that purpose or effect.



                                                               PAGE 5 OF 5 PAGES


                                   SIGNATURES


     After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.


Date:  February 14, 2007          PEQUOT CAPITAL MANAGEMENT, INC.


                                  By:      /s/ ARYEH DAVIS
                                           ------------------------------------
                                  Name:    Aryeh Davis
                                  Title:   Chief Operating Officer,
                                           General Counsel and Secretary