(v11) NM Q4 2011 Earnings Presentation

7/27/2019 (v11) NM Q4 2011 Earnings Presentation

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Navios Maritime Acquisition Corp.

(NYSE: NNA)

Navios entity in tanker sector

Fleet of 29 vessels: 7 VLCC, 20 producttankers, 2 chemical tankers

Acquired product tankers at historically lowvalues

Developing leading company in tankersector

Market value of NM ownership: $91.3 million

Navios Marit ime Holdings Inc.

(NYSE: NM) 45 vessel active drybulk fleet 28 owned and 17 long term chartered-in vessels

Flexible business model; Opportunity from market intelligence

Stable cash flow from charter-out contracts >12 months and Short-Term Charters, COAs and FFAs

FY 2011 EBITDA NM Standalone: $190.2 million

NM: Share price (as of February 22): $4.04

Navios Marit ime Partners L.P.(NYSE: NMM)

Focused on long-term charter business inthe drybulk sector

MLP with high dividend payout model

Fleet of 18 dry bulk vessels of 1.9 M DWT

NM receives incentive distributions throughthe wholly owned GP

FY 2011 EBITDA: $137.8 million

Market value of NM ownership: $239.8million

Navios South American Logistics

Integrated wet and dry logistics operator in

Hidrovia Region Core operations:

- Port Terminal facilities with storage

- Barging (wet and dry)

- Cabotage business

- Expansion into mineral commodities

FY 2011 EBITDA: $39.0 million

27.1% NMOwnership

53.7% NMOwnership

63.8% NMOwnership

$2.34 /share

$0.89 /share

2

Creating Shareholder Value: Navios Group


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Strong Competit ive Positioning Strengthening our Balance Sheet $350 million Bond issuance, 8.125% (instead of 9.500%) Senior Notes due 2019, eliminating refinancing risk until 2017

$72.7 million deleveraging by repaying bank debt

77.2% Fleet Coverage for 2012

Strong Cash Flow / Low 2012 Breakeven Total cost of the fleet is already covered by fixed days

Capex Fully Funded = Inflow of $5.7 mill ion Acquired two Kamsarmax vessels, from South Korean Shipyard, delivering March 2012 and May 2012

- Aggregate purchase price: $70.75 million; Average purchase price = $35.38 million per vessel

- Both vessels have a two year charters: one at $12,825 net per day, one at $12,716 net per day

- Aggregate EBITDA (1): $11.8 million; Annual EBITDA: $5.9 million

- Vessels financing through Credit Agricole (Emporiki)- Amount: $46.0 million; term: 10 years; margin: 2.75% / 3.25%; amortization profile: 15.3 years

Liquidity from Subsidiaries $130.0 million from the two dropdown vessels (Navios Orbiter and Navios Luz), received as follows:

- $120.0 million in cash; $10.0 million in common units (507,916 common units)

Return of Capital to Shareholders through dividends from subsidiaries of $32.7 million in 2012

- NMM: Annual distribution for 2012 of $27.5 million; NNA: Annual distributions of $5.2 million3

(1) Over the life of the contract; revenue over 360 days; daily operating expenses growing at 3% annually

Total Cost $ (257,580,043)Total Fixed Revenue $ 261,382,158

Surplus of revenue over cost $ 3,802,115

Open Days 3,529

Impact on revenue per $1000 day rate $ 3,529,000


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December 31, 2011

Cash (1) 177.5

Debt (2) 1,453.6

Shareholders' Equity 1,059.1

Capitalization (3) 2,512.7

Net Debt / Capitalization 50.8%

44

(in millions US$)

(1) Includes $6.4 million of restricted cash

(2) Includes $200.7 million debt of Navios Logistics

(3)Excludes noncontrolling interest

(4)Drawing under facilities as of December 31, 2011

Navios Holdings Liquidity Position

Revolving Credit Facilities 77.8

Drawn Portion (4) (25.7)

Undrawn portion 52.1

Cash (1) 177.5

Total Navios Holdings Liquidity 229.6

($ m)

Debt Maturity

Strong Liquidity Position


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Breakeven includes operating costs of owned fleet (including drydock), charter-in expenses for charter-in fleet, general and administrativeexpenses including credit default insurance expenses, interest expense and capital repayments (excludes COAs, short term charters and FFAs)

Total Available Days of Core Fleet: 14,597 for 2012

77.2% Fixed

$23,792

Average Cont racted Daily 2012 ECharter-Out Rate for 2012

Opex (incl. dr ydocking) + Charter-in Costs

General & Administrative Expenses

Interest Expense

Capital Repayments

$17,644

2012 Breakeven AnalysisTotal Cost $ (257,580,043)

Total Fixed Revenue $ 261,382,158

Surplus of revenue over cost $ 3,802,115

Open Days 3,529

Impact on revenue per $1000 day rate $ 3,529,000

Fully Loaded Cost

Revenue Cost

Total cost of

the fleet isalreadycovered byfixed days

Substantial Cashflow Cushion from Low Breakeven

5


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19 Capesize 16 Panamax 20 Ultra-Handymax

2 Handysize

11 Vessels1.95 million DWT



0 Vessels 30 Owned3.10 million DWT





27 LT Charter-In2.73 million DWT (2)

4 Vessels

0.72 million DWT




16 PurchaseOptions

1.51 million DWT

Charter-in strategy allows fleet expansion with zero capital outlay

& future ownership via purchase options

Navios Group (3) controls 104 vessels

75 dry bulk (7.7 mil lion DWT) and 29 tankers (3.4 mil lion DWT)

(1) Excludes Navios Logistics fleet, Navios Partners and Navios Acquisition fleets(2) Includes 16 vessels that have purchase options

(3) Navios Group is composed of Navios Holdings (NM), Navios Partners (NMM) and Navios Acquisition (NNA). Excludes Navios Logistics fleet

Navios Holdings Controls 57(1) Vessels (5.8 mil lion DWT)

45 Vessels Currently Operating (4.8 million DWT)

Average Age: 5.3 years

6

One of the Largest US-listed Dry Bulk Fleets


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Contracted RevenueExcludes CoAs, Kleimar controlled fleet, Navios Logistics

Fleet, NMM and NNA

2011 $312.6 million

2012 $261.4 million

2013 $179.1 million

2014 $122.6 million

AA insurance onCharters-out

7

Long-Term Contracted Revenue


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Favorable Long-Term Charter-in Contracts (2)LTM Average Daily Operating Costs / Vessel(including dry-docking)

Established reputation as strong operating historyallow for favorable charter contract terms and rates

Strong relationships allow for attractive charter-in rateswith no capital outlay, low breakeven

Navios insured for entirety of contracted chartered-out/charter-in spread

Opex is approximately 31% less than industry average dueto a modern, efficient fleet with strong in-house technicalmanagement

Navios Holdings benefits from technical managementservices provided to Navios Partners

$4,390

$6,327

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

Navios Average perVessel

Industry Average perVessel

$/Day

(1) Source: Drewry Shipping Consultants July 2011.(2) Excludes Kleimar controlled vessels.

(1)

$/Day

8

Efficient, Low Cost Operator


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BDI 2002 to date

* As of 2/22/2012

BDI October 2008 to date

9

Baltic Exchange Dry Index* 2002 - 2011


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Source: IMF January 2012

Changing economic growth expectations: In January, the IMF forecast 2012world growth at 3.3%, advanced economies growth at 1.2% and emerging and developingeconomies growth at 5.4%, over 4x greater than advanced economies.

5.45.9

3.33.9

1.2 1.9

-2

0

2

4

6

8

10

12

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Emerging and developing economies World Advanced Economies

10

GDP Growth Driven by Emerging Economies


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The Southern Trade Routes: How China / IndiaCan Keep Growing Without the OECD

United States

South America

AfricaIndia

China

S.E.As ia

Japan

OECD Trade Expansion 1950+

Europe

Southern Silk Route

Massive expansion in South:South Trade, as expanding

economies such as China andIndia invest overseas to

secure raw material supply

Source: Galbraiths, Oct 2011 and HSBC Southern Silk Road June 2011

Aust ral ia

Movements of Oil, Iron Ore, Coal,Grain etc. from emerging nations inreturn for investment/infrastructure,Oil/Steel products from China and

India

11


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Million tons

Iron OreSteel Production

Domestic Production Imports

2006 580 YoY% 326 YoY% 421 YoY%

2007 707 22% 384 18% 488 16%

2008 785 11% 444 16% 500 2%

2009 873 11% 630 42% 567 13%

2010 1,065 22% 619 -2% 626 10%

2011 1,315 24% 687 11% 683 9%

Sources: UN FAO Aquastat, National Bureau of Statistics of China/Mysteel, UNCTAD, CIA Factbook, Financial Times, SSY

Iron Ore Projected Additional Production(Cumulative MTPA)

0

100

200

300

400

500

600

2011P 2012 2013 2014

CumulativeMTPA

Certain/probable iron ore projects

17%25%

51%

73%

18%

30%

54%

71%

82%

90%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1962 1969 1976 1983 1990 1997 2004 2011 2018 2025 2032 2039 2046

Urban Population %

China Urban % India Urban % US Urban %

12

Chinese Urbanization & Steel Production


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26%28%

30%

40%

0

100

200

300

400

500

600

700

1991 2001 2008 2030

Population(millions)

UrbanPopulation 1991to2030andPercentUrban

(increaseofabout11.5millionpeople/year)

Sources: Clarksons, Credit Suisse, World Steel Association, McKinsey Global Institute

0

50

100

150

200

250

2006 2008 2010 2012F 2014F

Indian Coal Imports

2006 - 2011 CAGR = 25%

Indian Urbanization Leads to Increasing IndustrialProduction

2006 2011 CAGR = 25%

13

0

50

100

150200

250

300

350

02/04

08/04

02/05

08/05

02/06

08/06

02/07

08/07

02/08

08/08

02/09

08/09

02/10

08/10

02/11

08/11

Index

Monthly Steel Production(Indexed Jan 2004 = 100)

China India Japan South Korea


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11.1%

6.6%

0.0%

10.0%

20.0%

30.0%

Total Dry Bulk Fleet

Dry Bulk Industry Age Profile(2)(% DWT)

20+ Years

25+ Years

Aging Fleet + Restricted Credit + High Scrap Pr ice =Accelerated Scrapping(1)

2009 scrapping 2.4% of fleet DWT (10.0 million DWT) 2010 scrapping 1.3% of fleet DWT (5.8 million DWT) 2011 scrapping 4.2% of fleet DWT (22.3 million DWT)

2012 scrapping 0.6% of fleet DWT (3.6 million DWT) through 2/17 2012 Projected scrapping 4.5% or 27.8 million DWT

2009 total dry bulk fleet 459.2 million DWT Non-delivery 40% 2010 total dry bulk fleet 536.1 million DWT Non-delivery 38% 2011 total dry bulk fleet 613.0 million DWT Non-delivery 30%

Net fleet growth for 2009 = 9.8%

Net fleet growth for 2010 = 16.5% Net fleet growth for 2011 = 14.0%

17.7%(110m dwt)

(1) Source: Clarksons

(2) Source: SSY Dry Bulk Forecaster, February 2012

Bulk Carrier Demoli tion (1)

Year Total Demolition(m dwt)

Demolition as %of Fleet

1998 12.2 4.60%

1999 9.1 3.40%

2000 4.5 1.60%

2001 8.1 2.80%

2002 6.0 2.00%

2003 4.1 1.40%

2004 0.3 0.10%

2005 0.9 0.30%

2006 1.8 0.50%

2007 0.4 0.10%

2008 5.0 1.20%

2009 10.0 2.37%

2010 5.8 1.26%

2011 22.3 4.17%

Through2/17/2012

3.6 0.59%

14

Scrapping Dynamics


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43.1

77.9

95.9

125.6

137.3 138.9

101.1

50.5

0

20

40

60

80

100

120

140

As of Jan 1, 2010 As of Jan 1, 2011 As of Jan 1, 2012

Actual & Non-Deliveries:

Early indication of high level of non-deliveries for 2012

Source: Clarksons

2011 December 2011: 137.3 M DWT projected; 95.9M actual DWT delivered (30% non-delivery by DWT-preliminary) 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels)

2010 125.6M DWT projected; 77.9 million actual DWT delivered (38% non-delivery by DWT) 957 actual deliveries, 1,528 newbuilds projected (38% non-delivery by # of vessels)

2009 71.3M DWT projected, 43.1 million actual DWT delivered (40% non-delivery by DWT)

546 actual deliveries, 962 newbuilds projected (43% non-delivery by # of vessels)

Orderbook by year of delivery

Million

DWT Actual

non-delivery28.2 dwt

2009 2010 2010 2011 2012 2011 2012 2013

Act ual non-delivery47.7 dwt

Beforenon-delivery

Actual non-delivery41.4 dwt

Beforenon-delivery

15

Dry Bulk Orderbook


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100% Membership Interest

2.0% General Partner InterestIncentive Distribution Rights

72.9% Limited Partner Interest25.1% Limited Partner Interest

18 Dry Bulk Vessels

6 Capesize, 11 Panamax and 1 Ultra Handymax Dry Bulk Carriers

100% Membership Interest

Navios GP L.L.C.(General Partner)

Navios Maritime Partners L.P.NYSE: NMM

Navios Maritime Operating L.L.C.

Common UnitholdersNavios Maritime Holdings Inc.NYSE: NM

16

Navios Partners Ownership Structure


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Cash Distributions

FY 2011 $25.6 million

FY 2010 $22.2 millionFY 2009 $18.1 million

FY 2008 $11.9 million

Total $77.8 million

NM Ownership of NMM Units Market Value(1)

December 31, 2011 15.4 million units 27.1% $212.2 million




November 12, 2007 (IPO) 8.0 million units 43.2% $159.8 million

(1) Market values excludes mtm of 1.0 million subordinated units (approx. $16.2 million)(2) As of February 22, 2012(3) Including GP interest

17

Economic Interest (3)

Value Appreciation $139.5 million or 139%

Book Value $100.3 million

Market Value $239.8 million (1,2)

Effective January 1, 2012:

7.6 mill ion subordinated units were converted to common units

NMs Ownership Interest in NMM


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46.04% EconomicInterest

29 Tanker Vessels

7 VLCC, 8 LR1, 12 MR2 and 2 Chemical Tankers

100% Ownership Interest

45.24% votingrights

54.76% votingrights

Navios Maritime Acquisi tion Corp.

NYSE: NNA

Public Shareholders

Navios Maritime Holdings Inc.NYSE: NM

18

53.96% EconomicInterest

Navios Acquisition Ownership Structure


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Large, Modern andDiverse Tanker Fleet

29 owned vessels, including 14 newbuildings (15 in the water) Modern high-quality fleet with an average age of 5.8 years (5.2 years upon delivery of

all vessels) Diverse portfolio of VLCC, LR1, MR2 and Chemical Tankers

Focus on Long-TermContracted Revenue

89.4% of revenue days in 2012 - $146.4 million 58.4% of revenue days in 2013 - $147.1 million Available revenue days will grow from 1,104 days in 2010 to 9,371 days in 2013 (749%

growth) Average duration of long term charters of 4.5 years

Low Cash Flow Breakeven

Full cost of entire fleet covered from existing long term charters for 2012 Low cash flow breakeven for 2013

Fixed operating expenses below the industry average Leverage economies of scale of Navios Holdings

Strong Counterparties

Diverse group of large, first-class charterers Exposure to large Asian petrochemical, refining and shipping companies (DOSCO,

Formosa, Sinochem, SK Shipping)

Seasoned Management Team withEstablished Brand and Track Record

Strategic relationships with shipyards, commercial banks and other key industryplayers

Average industry experience of 20+ years per person Tanker expertise supplemented with drybulk industry veterans

Favorable Long-TermIndustry Dynamics

Strong emerging market demand, increasing transport distances, recovering producttanker industry fundamentals, cancellations of ships in orderbook

19

Navios Acquisition Company Highlights


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20

Cabotage Business

Refined product t ransportationalong the Argentinean coast

Six ocean going producttankers and two self-propelled

barges

Secured cash flows wi th longterm contracts

Awarded Brazil ian Cabotagecontracts for 6 newbuild ing

vessels

River Business

295 barges and pushboatstransporting dry and liquid

cargoes across the river system

Pushboats Dry barges Oil barges LPG barges

1 floating dry dock

36.2% Ownership63.8% Ownership

Grandall Investment S.A.(Lopez Family)

Navios Maritime Holdings Inc.NYSE: NM

Navios South American Logistics Inc.(Marshall Islands)

Port Terminal Operations

Storage and Transfer

Bulk Terminal NuevaPalmira Uruguay (tax free

zone) with 360,000 mt dry

storage capacity

Fuel Terminal San AntonioPort Paraguay with 38,600

m3 storage capacity

Navios Logistics Ownership Structure


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21

Leading LogisticsProvider in South

America

Largest independent dry terminal in Hidrovia

One of the largest independent liquid terminals in Paraguay

One of the largest, most versatile barge river fleets serving a diverse set of industries

Largest Argentinean product cabotage fleet with an average age of 2 years

Multiple Avenues ofGrowth

Opportunities to invest in new port infrastructure

Increasing minerals and grain production and fuel demand create need for new convoys

Opportunity to expand in Brazilian cabotage

Favorable Market

Fundamental

Robust growth in exports of grain and mineral commodities

Hidrovia system and coastal cabotage are critical infrastructure for region

Scale and Strong AssetBase Prov ide Operating

Efficiency

Economies of scale provide low costs per ton transported

Integrated terminal, barge and cabotage network offers substantial operating leverage

StrongCounterparties

Diverse group of large, high-quality counterparties

Exposure to ADM, Cargill, Dreyfus, Petrobras, Petropar, Vale, Vitol, Bunge

Focus on ContractedCash Flow

Strategic positioning with fixed rate contracts and CoAs with minimum volume guarantees

Long-term relationships with high contract renewal rates

Seasoned ManagementTeam with Strong TrackRecord and Established

Brand

Strategic relationships

Experienced management team

Long operating history in region

Navios Logistics Highlights


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Dry Port Terminal in Uruguay

New 100,000 tons capacity silo expected to be operational in March 2012

Increasing loading capacity up to 60% via a new conveyor belt expected to be operational in the first half of 2013

Renewed several client contracts at better terms

Approximately 24% higher rates

Significantly increased minimum rotations

Liquid Port Terminal in Paraguay

3,000 m3 of storage capacity added in December 2011, contracted to an Oil Major for a 2-year period

Two additional storage tanks with 7,100 m3 combined capacity expected to be operational in Q2 of 2012

Barge Business

Delivery of three new convoys operating as of Q3 and Q4 2011 under 5-year contract for iron ore transportation ontake or pay terms

Renewal of employment for five existing convoys for iron ore transportation

Three convoys renewed under 3-year contract on take or pay terms, operating as of Q4 2011

Approximately 20% higher base rate Two convoys renewed under 18-month time charter contracts, operating as of Q1 2012

Approximately 8% higher time charter rate

New 5-year contract for one convoy for grains transportation on take or pay terms

22

Navios Logistics Recent Developments


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(in $ 000)

Three monthsended

Dec 31, 2011

Three monthsended

Dec 31, 2010Y-O-Y

VarianceYear ended

Dec 31, 2011Year ended

Dec 31, 2010Y-O-Y

Variance

NaviosLogistics

Revenue 66,780 44,830 49% 234,688 187,973 25%

EBITDA 10,071 9,744 3% 39,021 32,501 20%

Net (loss)/income (1,179) 2,274 N/A (196) 5,600 N/A

PortTerminals

Revenue 29,927 14,683 104% 92,410 74,591 24%

EBITDA 2,926 3,707 (21%) 14,432 17,936 (20%)

BargeBusiness

Revenue 26,088 19,621 33% 91,050 76,296 19%

EBITDA 6,526 2,375 175% 11,539 4,547 154%

CabotageBusiness

Revenue 10,765 10,526 2% 51,228 37,086 38%

EBITDA 619 3,662 (83%) 13,050 10,018 30%

23

Navios Logistics Q4 2011 Earnings Highlights


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24

Balance Sheet Highl ights

($ Thousand) 12/31/2011 12/31/2010

Cash & cash equivalents 40,529 39,204

Restricted Cash - 564Accounts Receivable 31,959 17,102

Vessels port terminal and other fixed assets, net 350,088 296,133

Total Assets 621,234 547,461

Senior notes 200,000 -

Current portion of long term debt 69 10,171

Long term debt, net of current portion 599 117,251

Current portion of capital lease obligations 31,221 1,252Capital lease obligations, net of current portion - 31,009

Noncontrolling Interest 541 19,249

Stockholders Equity (1) 320,684 310,030

Book Capitalization (1) 552,573 469,713

Net Debt / Book Capitalization 34.6% 25.5%

(1) Excludes noncontrolling interest.

Navios Logistics Q4 2011 Balance Sheet Highlights


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25

Earnings Highlights (excludes NNA)

($ 000 except pershare data)

Three monthsended

December 31,2011

Three monthsended

December 31,2010

Y-O-YVariance

Year endedDecember 31,

2011 (5)

Year endedDecember 31,

2010 (5)

Y-O-YVariance

Revenue 168,420 164,487 2.4% 664,225 646,350 2.8%

EBITDA 63,913 106,272 (39.9%) 245,889 338,665 (27.4%)

Adjusted EBITDA 65,654 (1) 73,175 (2) (10.3%) 265,366 (3) 265,714 (4) (0.1%)

Net Income 11,816 57,503 (79.5%) 42,267 154,051 (72.6%)

Adjusted Net Income 13,556 (1) 24,406 (2) (44.5%) 61,744 (3) 81,100 (4) (23.9%)

Basic EPS 0.11 0.56 (80.4%) 0.40 1.51 (73.5%)

Adjusted Basic EPS 0.13 (1) 0.23 (2) (43.5%) 0.59 (3) 0.78 (4) (24.4%)

(1) Adjusted EBITDA, Adjusted Net income and Adjusted Basic EPS for the fourth quarter ended December 31, 2011, excludes a $1.7 million accounting loss related to the settlement inshares of part of the outstanding receivables from Korea Line Corporation.

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

(3) Adjusted EBITDA, Adjusted Net income and Adjusted Basic EPS for the year ended ended December 31, 2011, excludes (i) $21.2 million of expenses relating to the bondextinguishment in January 2011, (ii) $35.3 million loss on deconsolidation of NNA, (iii) $38.8 million gain on sale of Navios Luz and Navios Orbiter to Navios Partners and (iv) $1.7million accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation.

(4) Adjusted EBITDA, Adjusted Net Income and Adjusted Basic EPS for the year ended ended December 31, 2010, excludes (i) $55.4 million gain on sale of Navios Hyperion, NaviosAurora II, Navios Pollux, Navios Melodia and Navios Fulvia to Navios Partners, (ii) $4.0 million write-off of an unfavorable ST charter contract, (iii) $17.7 million gain recognized as aresult of obtaining control of Navios Acquisition as of May 28, 2010; and (iv) $3.8 million gain on the buyback of the convertible notes.

(5) The effect of NNA is excluded.

NM Q4 & Year End Earnings Highlights


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Selected Balance Sheet Data(in $'000)

December 31, 2011Navios Holdings Pro-forma

December 31, 2010 (2)

Cash & cash equivalents 171,096 146,050Restricted Cash 6,399 19,778Other current assets 193,479 110,315Deposit for vessel acquisitions 63,814 80,834Vessels, port terminals and other fixed assets, net 1,767,946 1,720,018Total Assets 2,913,824 2,850,902

Current portion of long term debt 70,093 58,211Other current liabilities 181,910 121,752Senior notes, net of discount 945,538 693,787Long term debt, net of current portion 437,926 614,494Stockholders Equity (1) 1,059,106 1,091,820

Book Capitalization(1)

2,512,663 2,458,312Net Debt / Book Capitalization 50.8% 48.8%

(1) Excludes noncontrolling interest.(2) Excludes effect of NNA consolidation

26

NM: Strong Balance Sheet


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Dividend Policy:

Q4 2011 NM Distribution: $0.06 per shareRecord Date: March 22, 2012

Payment Date: April 12, 2012

Shares Outstanding as of Q4: 102,409,364

Total cost: $6.1 million

Annual run rate: $24.6 million

Dividend receivable in 2012 from NMM : $27.5 million

Dividend receivable from NNA (annualized): $5.2 million

27

Returning Capital to Shareholders


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Large, Modern Fleet Provides Scalein a Fragmented Indust ry

57 controlled vessels, including 12 newbuildings

- 45 active ships of which 28 owned / 17 chartered-in

Modern high-quality fleet with an average age of 5.3 years (vs. 12.0 year avg forindustry)

Diverse portfolio of Capesize, Panamax, Ultra-Handymax and Handysize vessels

Focus on Long-Term ContractedRevenue (1) 77.2% of revenue days in 2012 - $261.4 million 41.4% of revenue days in 2013 - $179.1 million

24.9% of revenue days in 2014 - $122.6 million

Low Cash Flow Breakeven Operating costs lower than average due to efficient in-house operations

Favorable long-term charter-in rates

Capex-lite charter-in strategy with flexible, discretionary options to purchase

Strong Brand with Established TrackRecord in the Drybulk Industry

55+ years of operating history Strategic relationships with shipyards, commercial banks and other industry players

Contracts with reputable creditworthy counterparties

Proven Market Access Approx. $1.0 billion of debt and equity issued since September 2008

Favorable Long-Term Industry

Dynamics

Strong emerging market demand, aging dry bulk fleet, increased scrapping activity,

and slippage of new buildingsSeasoned Management Team Average industry experience of 20+ years per person

Multiple Avenues of Growth Navios Maritime Partners L.P. Navios South American Logistics Inc. Navios Maritime Acquisition Corporation Navios Maritime Holdings Inc. core activities

(1) Excludes Kleimar vessels

Charter-out contract revenueinsured by AA rated EUgovernmental agency

28

Company Highlights


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www.navios.com


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Appendix


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Owned Fleet: Panamax & Ultra Handymax

Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Profit Share NM%/Base(3)

Navios Ionian Ultra Handymax 2000 52,067 13,726 09/18/2012 No

Navios Horizon Ultra Handymax 2001 50,346 9,025 04/19/2012 No

Navios Herakles Ultra Handymax 2001 52,061 10,450 04/11/2012 No

Navios Achilles Ultra Handymax 2001 52,063 25,521 (4) 11/17/2013 65% / $20,000 after March 2012

Navios Meridian Ultra Handymax 2002 50,316 14,250 02/15/2012 No

Navios Mercator Ultra Handymax 2002 53,553 29,783 (4) 01/12/2015 65% / $20,000 after March 2012

Navios Vector Ultra Handymax 2002 50,296 10,830 04/14/2012 No

Navios Arc Ultra Handymax 2003 53,514 9,975 07/07/2012 No

Navios Hios Ultra Handymax 2003 55,180 8,550 03/09/2012 No

Navios Kypros Ultra Handymax 2003 55,222 20,778 01/28/2014 50% / $19,000

Navios Astra Ultra Handymax 2006 53,468 12,825 11/18/2012 No

Navios Ulysses Ultra Handymax 2007 55,728 31,281 10/12/2013 No

Navios Vega Ultra Handymax 2009 58,792 15,751 05/23/2013 No

Navios Celestial Ultra Handymax 2009 58,063 12,350 05/04/2012 No

Navios Magellan Panamax 2000 74,333 7,60010,925

04/12/201204/07/2013

No

Navios Star Panamax 2002 76,662 16,958 12/04/2012 No

Total: 16 vessels 901,664

31

(1) Daily rate net of commissions(2) Expected Redelivery basis midpoint of full redelivery period(3) Profit share based on applicable Baltic TC Average exceeding $/day rates listed(4) Amount represents daily net rate of insurance proceeds following the default of the original charterer. The contracts for these vessels have been temporarily suspended

and the vessels have been re-chartered to third parties for variable charter periods. Upon completion of the suspension period, the contracts with the original chartererswill resume at amended terms. The obligations of our insurers are reduced by an amount equal to the mitigation charter hire revenues earned under the contracts withthird parties and/or the original charters or the applicable deductibles for any idle periods. The Company has filed claims for all unpaid amounts in respect of the

employment of the vessels in the corporate rehabilitation proceedings.

Appendix: Core Fleet


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Long-Term Chartered-In Fleet

2012 Weighted Average Charter-in Rate = $12,592

Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) PurchaseOption (3)

Profit Sharing

Navios Serenity Handysize 2011 34,718 10,756 07/28/2012 Yes (50%) 40% / $14,000

Navios Primavera Ultra Handymax 2007 53,464 13,300 10/07/2012 Yes -

Navios Armonia Ultra Handymax 2008 55,100 13,894 03/10/2012 No -

Navios Titan Panamax 2005 82,936 19,000 11/09/2012 No -

Navios Orion Panamax 2005 76,602 49,400 12/14/2012 No -

Navios Altair Panamax 2006 83,001 13,063 09/05/2012 No -

Navios Esperanza Panamax 2007 75,356 14,513 02/19/2013 No -

Navios Marco Polo Panamax 2011 80,647 11,875 01/09/2013 Yes -

Navios Koyo Capesize 2011 181,415 17,005 01/30/2013 Yes -


(1) Daily charter-out rate net of commissions.(2) Assumed midpoint of redelivery by charterers.(3) Generally, Navios Holdings may exercise its purchase option after three to five years of service.

33

Appendix: Core Fleet


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Appendix: Core FleetVessels to be Delivered

Vessels Type Anticipated Delivery Date DWT Purchase Option

Long-termChartered-in

Vessels on Order

Navios Lyra Handysize 09/2012 34,718 Yes (50%)

Navios Oriana Ultra-Handymax 02/2012 61,000 Yes

Navios Apollon Ultra-Handymax Q1 2012 52,073 No

Navios TBN Ultra-Handymax 05/2013 61,000 Yes

Navios TBN Ultra-Handymax 10/2013 61,000 Yes

Navios TBN Panamax 01/2013 82,100 Yes

Navios TBN Panamax 07/2013 80,500 Yes (50%)



Navios TBN Capesize 12/2013 180,000 Yes


34

Vessels Type Anticipated Delivery Date DWT Charter rate (1) (2)

Owned Vesselon Order

Navios Centaurus Panamax 03/2012 81,600 12,825

Navios Avior Panamax 05/2012 81,600 12,716

Vessels Type Anticipated Delivery Date DWT

Optional Vesselson Order

Navios TBN Panamax H2 2013 82,000




(1) Daily charter-out rate net of commissions.

(2) The charter period is two years from delivery of each vessel.


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Kleimar Controlled Fleet

Owned Vessels

Vessels Type DWT Built % Owned

Navios Asteriks Panamax 76,801 2005 100%

Long-Term Chartered-in Vessels

Vessels Type DWT Built Expiration(1) Purchase Option

Golden Heiwa Panamax 76,662 2007 03/2017 No

Torm Antwerp Panamax 75,250 2008 01/2013 Yes

Beaufiks Capesize 180,310 2004 06/2017 Yes

Rubena N Capesize 203,233 2006 01/2016 No

SC Lotta Capesize 169,056 2009 03/2014 No

Phoenix Beauty Capesize 169,150 2010 12/2012 No

King Ore Capesize 176,800 2010 05/2020 No

Navios Obeliks (3) Capesize 180,000 2012 07/2022 Yes

Total 9 vessels(2) 1,307,262

(1) Assumes vessels redeliver to owners post expiration of extension period(2) Includes new build vessel to be delivered

(3) Anticipated delivery date July 1, 2012 35

Appendix


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www.navios.com

Documents

(v11) NM Q4 2011 Earnings Presentation