PIRAEUS, Greece, Sept. 24 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced today that it has purchased the Navios Celestial, a 2009 built Ultra Handymax vessel, of 58,084 dwt, from a Japanese Shipyard. The vessel's nominal purchase price of $36.2 million was funded with $31.2 million of cash, and $5.0 million in mandatorily convertible preferred stock. As a result, the vessel's effective purchase price was $33.5 million, using the $10.00 mandatory conversion price of the preferred stock. The terms of the mandatory convertible preferred stock are set forth below. Angeliki Frangou, Chairman and CEO of Navios Holdings stated, "We are pleased with this new acquisition, as it reflects acceptance by a new shipyard of our equity and our continued ability to purchase modern vessels through novel financing techniques. Initially we will employ this vessel in the spot market. At an appropriate time we will seek to employ the vessel under period charter." Fleet Profile Navios Holdings currently controls a fleet of 60 vessels totaling 6.4 million dwt, of which 33 are owned and 27 are chartered-in under long-term charters. Navios Holdings operates 39 vessels (eight Capesize, 13 Panamax, 17 Ultra Handymax and one Handysize product tanker) totaling 3.3 million dwt. The average age of the operating fleet is 4.7 years. Navios Holdings also has 21 newbuildings to be delivered. These vessels are expected to be delivered at various dates through 2013. Terms of Mandatorily Convertible Preferred Stock In general, the holders of the mandatorily convertible preferred stock will receive an annual dividend equal to 2%, or $0.1 million, payable quarterly, until such time as the preferred stock converts into common stock. The preferred stock will mandatorily convert into common stock as follows: (1) following the third anniversary of such preferred stock's issuance, if the common stock closing price is at least $20.00 per share for 10 consecutive business days, then the outstanding preferred stock automatically converts at a conversion price of $14.00 per share of common stock; and (2) any outstanding mandatorily convertible preferred stock will mandatorily convert into common stock five years from the date of such issuance at a $10.00 price per share of common stock. The holder shall have the right to convert the outstanding shares of such preferred stock into common stock prior to the scheduled maturity date at a price of $14.00 per share of common stock. The number of shares of common stock that may be issued upon conversion ranges from 0.36 million, if all preferred shares are converted at $14.00 per share of common stock, to 0.50 million, if all preferred shares are converted at $10.00 per share of common stock. About Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. for purchase at fair market value according to the terms of the Omnibus Agreement. For more information please visit its website: http://www.navios.com/. Forward-Looking Statements - Safe Harbor This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Holdings' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels, competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings' filings with the Securities and Exchange Commission. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Public & Investor Relations Contact: Navios Maritime Holdings Inc. Investor Relations +1.212.279.8820 DATASOURCE: Navios Maritime Holdings Inc. CONTACT: Investor Relations, Navios Maritime Holdings Inc., +1-212-279-8820, Web Site: http://www.navios.com/

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