EX-99.2 3 file3.htm PRESS RELEASE

NAVIOS MARITIME HOLDINGS INC. ANNOUNCES FAVORABLE LONG-TERM TIME CHARTERS

-Company Realizes Beneficial New Charter Contracts From Strong Rate Environment-

PIRAEUS, Greece, October 11, 2006 / PRNewswire - FirstCall/ -- Navios Maritime
Holdings Inc. ("Navios") (Nasdaq: BULK, BULKU, BULKW), a vertically integrated
global shipping company specializing in the dry-bulk shipping industry,
announced today that it has secured favorable time charter contracts for three
of its vessels. As a result, Navios has extended the coverage of its core fleet
to 100.0% for 2006, 73.3% for 2007 and 37.0% for 2008.

The time charters, for the Navios Cielo, Navios Orbiter and Navios Sagittarius,
have been fixed for approximately 2 years each at rates creating approximately
$32.9 million of EBITDA over the charter periods. The details for these vessels
and the related charters are set forth below.

-------------------------- ----------- -------- ---------- ---------------- ------------ ----------------
Charter
Revenue Daily Charter Out
Vessel Type Built DWT Rate (1) Period (2) Effective Date
-------------------------- ----------- -------- ---------- ---------------- ------------ ----------------

-------------------------- ----------- -------- ---------- ---------------- ------------ ----------------
Navios Cielo Panamax 2003 75,834 $ 25,175 2 years 11/14/2006
-------------------------- ----------- -------- ---------- ---------------- ------------ ----------------
Navios Orbiter Panamax 2004 76,602 $ 24,700 2 years 12/31/2006
-------------------------- ----------- -------- ---------- ---------------- ------------ ----------------
Navios Sagittarius (3) Panamax 2006 75,500 $ 25,413 2 years 11/8/2006
-------------------------- ----------- -------- ---------- ---------------- ------------ ----------------

(1) Time Charter Revenue Rate per day net of commissions
(2) Charter agreements include a redelivery time range of 2 to 4 months
(3) Vessel expected to be delivered on November 8, 2006

"We intend to continue to take advantage of strong market conditions," said Ms.
Angeliki Frangou, Chairman and CEO of Navios. "Even though 73.3% of the
available fleet days are fixed for 2007, we have 12 vessels coming open during
the course of the year which we will seek to fix at favorable time charters."

ABOUT NAVIOS MARITIME HOLDINGS INC.

Navios is a vertically integrated global seaborne shipping company, specializing
in the worldwide carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation. 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 and Montevideo, Uruguay. Navios' stock is listed in the NASDAQ's
National Market System where its Common Shares, Units and Warrants trade under
the symbols "BULK", "BULKU", "BULKW", respectively. Risks and uncertainties are
described in reports filed by Navios Maritime Holdings Inc. with the United
States Securities and Exchange Commission.

SAFE HARBOR

This press release may contain forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 about Navios Maritime
Holdings Inc. (Navios). Forward looking statements are statements that are not
historical facts. Such forward looking statements, based upon the current
beliefs and expectations of Navios' management, are subject to risks and
uncertainties, which could cause actual results to differ from the forward
looking statements. The information set forth herein should be read in light of
such risks. Navios does not assume any obligation to update the information
contained in this press release.

Public & Investor Relations Contact:
Navios Maritime Holding Inc.
Investor Relations
212 - 279- 8820
investors@navios.com