Exhibit 2.7

FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 20, 2019, among (i) Docas Fluvial do Porto Murtinho Ltda, a company organized under the laws of Brazil, (ii) Corporacion Navios Granos S.A., a company organized under the laws of the Oriental Republic of Uruguay (each, a “Guaranteeing Subsidiary” and collectively, the “Guaranteeing Subsidiaries”), each a direct or an indirect subsidiary of Navios South American Logistics Inc., a Marshall Islands corporation (the “Company”), (iii) the Company, (iv) Navios Logistics Finance (US) Inc., a Delaware corporation (together with the Company, the “Co-Issuers”), (v) the other Guarantors (as defined in the Indenture referred to herein) and (vi) Wells Fargo Bank, National Association, as trustee (the “Trustee”) under the Indenture referred to below.

WITNESSETH

WHEREAS, the Co-Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented from time to time, the “Indenture”), dated as of April 22, 2014, providing for the issuance of 7.250% Senior Notes due 2022 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which each Guaranteeing Subsidiary shall unconditionally guarantee all of the Co-Issuers’ obligations under the Notes and the Indenture on the terms and conditions set forth herein; and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

1.    CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2.    AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof.

3.    NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

4.    COUNTERPARTS. The parties to this Supplemental Indenture may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

5.    EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

6.    THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for, or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Co-Issuers.

7.    FATCA. The Co-Issuers hereby confirm to the Trustee that they intend to treat this Supplemental Indenture as not resulting in a material modification of the Notes for purposes of the Notes’ status as “grandfathered obligations” for Foreign Account Tax Compliance Act (“FATCA”) purposes. The Co-Issuers shall give the Trustee prompt written notice if they determine that this Supplemental Indenture will result in a change in the Notes’ status as “grandfathered obligations” for FATCA purposes.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

DOCAS FLUVIAL DE PORTO MURTINHO LTDA
By:	/s/ Edivaldo Francisco Mendes
	Name: Edivaldo Francisco Mendes
	Title: Manager/Gerente
CORPORACION NAVIOS GRANOS S.A.
By:	/s/ Ruben Martinez
	Name: Ruben Martinez
	Title: Director
NAVIOS SOUTH AMERICAN LOGISTICS INC., as Co-Issuer
By:	/s/ Vasiliki Papaefthymiou
	Name: Vasiliki Papaefthymiou
	Title: Executive Vice President–Legal
NAVIOS LOGISTICS FINANCE (US) INC., as Co-Issuer
By:	/s/ Vasiliki Papaefthymiou
	Name: Vasiliki Papaefthymiou
	Title: President/Secretary

[Signature Page to Fourth Supplemental Indenture]

CORPORACION NAVIOS S.A. NAUTICLER S.A. PONTE RIO S.A. NAVARRA SHIPPING CORPORATION PELAYO SHIPPING CORPORATION COMPAÑÍA DE TRANSPORTE FLUVIAL INTERNATIONAL S.A. PETROVIA INTERNACIONAL S.A. HS SHIPPING LTD. INC. HS SOUTH INC. HS TANKERS INC. HS NAVIGATION INC. ENERGIAS RENOVABLES DEL SUR S.A. DELTA NAVAL TRADE S.A., as Guarantors
By:	/s/ Claudio Lopez
	Name: Claudio Lopez
	Title: Director
HIDRONAVE SOUTH AMERICAN LOGISTICS S.A., as Guarantor
By:	/s/ Paulo Henrique de Oliveira
	Name: Paulo Henrique de Oliveira
	Title: Director
COMPAÑÍA NAVIERA HORAMAR S.A., as Guarantor
By:	/s/ Maria Lopez
	Name: Maria Lopez
	Title: Director

[Signature Page to Fourth Supplemental Indenture]

MERCOPAR S.A. PETROLERA SAN ANTONIO S.A., as Guarantor
By:	/s/ Cesar Gonzalez
	Name: Cesar Gonzalez
	Title: Director
VARENA MARITIME SERVICES S.A. STABILITY OCEANWAYS S.A. HONEY BUNKERING S.A., as Guarantor
By:	/s/ Anna Kalathaki
	Name: Anna Kalathaki
	Title: Director
EDOLMIX S.A. CARTISUR S.A. RUSWE INTERNATIONAL S.A., as Guarantors
By:	/s/ Ruben Martinez
	Name: Ruben Martinez
	Title: Director
NP TRADING S.A., as Guarantor
By:	/s/ Efstartios Desypris
	Name: Efstartios Desypris
	Title: Director

[Signature Page to Fourth Supplemental Indenture]

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
By:	/s/ Casey A. Boyle
	Name: Casey A. Boyle
	Title: Assistant Vice President

[Signature Page to Fourth Supplemental Indenture]