Navios Group 2013 Investor Day

Transcription

1 Navios Group 2013 Investor Day February 19, 2013 This presentation 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 dry bulk 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. The Company makes no prediction or statement about the performance of its common stock. For the selected financial data presented herein, Navios Holdings compiled consolidated statements of operation and selected balance sheets for the relevant periods. EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, unless otherwise stated. EBITDA is a non-gaap financial measure and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company's ability to satisfy its obligations including debt service, capital expenditures, working capital requirements and payment of dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

2 Navios Group: Investment Opportunities Navios Maritime Holdings Inc. Dry Bulk NYSE: NM 8.875% Secured Bonds Due 2017 CUSIP AD % Unsecured Bonds Due 2019 CUSIP AF2 Navios Maritime Partners L.P. Dry Bulk Navios Maritime Acquisition Corp. Tanker Navios South American Logistics Inc. Logistics NYSE: NMM 12.64% Yield NYSE: NNA 8.625% Secured Bonds Due 2017 CUSIP 63938MAB % Unsecured Bonds Due 2019 CUSIP 63938NAB0 2

3 Presenting Today Angeliki Frangou Chairman & CEO George Achniotis CFO Navios Holdings Ted C. Petrone President 20 years experience in the shipping industry Chairman and CEO of Navios since August 2005 Previously founded two private shipping companies CFO since April 2007 PwC partner in charge of shipping practice in Greece UK Chartered Accountant 19 years experience in the accounting profession Joined Navios in 2006 Previously, SVP responsible for the commercial activities and the FFA trading desk Over 35 years of experience in the shipping industry Joined Navios in 1980 Stratos Desypris CFO Navios Maritime Partners Chief Financial Controller for Navios Maritime Holdings, since years of experience in the accounting profession Joined Navios in 2006 Yannis Karyotis CFO Navios Logistics Project leader at The Boston Consulting Group for five years MBA from INSEAD and MSc in Finance and Economics from London School of Economics Joined Navios in 2011 Leonidas Korres CFO Navios Maritime Acquisition Served as Special Secretary for Public Private Partnerships in the Ministry of Economy & Finance of the Hellenic Republic Former Senior Financial Advisor for KPMG Corporate Finance Joined Navios in

4 Navios Maritime Holdings Price (1) Yield (1) Amount NYSE: NM $ % 8.875% Secured Bonds Due 2017 CUSIP AD % Unsecured Bonds Due 2019 CUSIP AF2 $ % $488M $ % $350M (1) As of market close 2/15/2013 4

5 Creating Shareholder Value: Navios Group Navios Maritime Holdings Inc. (NYSE: NM) Controls 48-vessel drybulk fleet; 30 owned and 18 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 2012 EBITDA: $390.0 million NM: Share price: $3.84 Annual dividend: $0.24; 6.3% yield 23.4% NM Ownership $2.09/ share 54.0% NM Economic $0.81/ share Interest 63.8% NM Ownership Navios Maritime Partners L.P. (NYSE: NMM) Focused on long-term charter business in the drybulk sector MLP with high dividend payout model Fleet of 21 dry bulk vessels of 2.3 M DWT NM receives incentive distributions through the wholly owned GP FY 2012 EBITDA: $177.4 million Market value of NM ownership: $217.8 million Annual dividend: $1.77; 12.65% yield Navios Maritime Acquisition Corp. (NYSE: NNA) Navios entity in tanker sector Fleet of 29 vessels: 20 product tankers, 7 VLCC, 2 chemical tankers Acquired product tankers for historically low values Developing leading company in tanker sector FY 2012 EBITDA: $97.5 million Market value of NM ownership: $83.7 million Annual dividend: $0.20; 6.2% yield 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 2012 EBITDA: $48.1 million All stock prices and yields as of February 15,

6 2012 Key Developments Conservative Balance Sheet 42% leverage ratio $352.6 million of liquidity $282.6 million cash Substantial Reduction in Cash Breakeven 16% since year end 2012 over % since year end 2012 over 2011 Substantial Increase in Open Days as Cycle is Turning 46.8% fixed for % fixed for 2014 Reduction of G&A by 12% ($6.0 million) Due to the restructuring of the credit default insurance Continued Access to Capital Capital Markets - $88 Million Add-on 8 7/8% Ship Mortgage Notes Due 2017 Bank financing - Navios Serenity / refinancing the existing debt of the Navios Astra No Near-Term Capex or Debt Maturity Requirement No unfunded acquisition commitments Next material debt maturity is 2017 Continued Development of Navios Partners, Navios Acquisition and Navios Logistics 6

7 Credit Default Insurance Navios Holdings restructured its credit default insurance, receiving $242.1 million of value: $175.4 million lump sum cash payment attributable to defaulted charterers and excess cash compensation $ 25.5 million net present value (1) benefit of lump sum cash payment $ 41.2 million in revenue covered by restructured credit default insurance Insurance from AA rated insurance company in the EU on a pooled basis with NMM Revenue from investment grade counter parties Navios Holdings provides $20.0 million in supplemental coverage to NMM $242.1 million aggregate benefit net of the $20 million supplemental coverage results in 107% insurance coverage (2) (old insurance policy coverage = $207.4 million) Significant potential upside; For every $1,000 above mitigation rates (3) = $3.3 million Note: All amounts are as of November 15, 2012; Revenue is presented net of applicable commissions and mitigation rates (1) NPV analysis assumes a discount rate of 8.0% and a seven-year period (2) The maximum cash recovery under the pool insurance arrangement is $120.0 million (3) Assumed mitigation rates per day of $15,000 for Capesize, $10,000 for Panamax, and $8,000 for Ultra Handymax vessels 7

8 Strong Liquidity Position ($ million) December 31, 2012 Cash (1) Debt (2) 1,358.2 Shareholders' Equity 1,196.9 Capitalization (3) 2,555.1 Net Debt / Capitalization 42% Navios Holdings Liquidity Position Revolving Credit Facilities 74.4 Drawn Portion (4) (4.4) Undrawn portion 70.0 Cash (1) Total Navios Holdings Liquidity ($ m) Debt Maturity (1) Includes $24.7 million of restricted cash (2) Includes $200.6 million debt of Navios Logistics (3) Excludes noncontrolling interest (4) Drawing under facilities as of December 31, 2012 (5) Extending maturity of $28.5 million bank debt to 2017 in July (5)

9 Cash Breakeven % Fixed Revenue % Fixed $31, % Fixed Cost Fully Loaded Cost $25, % Fixed $13,411 $25,595 $13,600 $5,381 Fully Loaded Cost $1,356 $6, E 2014 E Average Contracted Daily Charter-Out Rate Before Insurance Restructuring After Insurance Restructuring 2013E Opex (incl. drydocking) + Charter-in Costs General & Administrative Expenses Interest Expense Capital Repayments (1) Breakeven includes operating costs of owned fleet (including drydock), charter-in expenses for charter-in fleet, general and administrative expenses including credit default insurance expenses, interest expense and capital repayments (excludes COAs, short term charters and FFAs) Total Available Days of Core Fleet: 15,025 for 2013 Data Before Insurance Restructuring are as of November 15, 2012 (1) All 2013 capital repayments are prepaid within Q

10 One of the Largest US-listed Dry Bulk Fleets Navios Holdings Controls 48 (1) Vessels (5.1 million DWT) 44 Vessels Currently Operating (4.7 million DWT) Average Age: 6.0 years 17 Capesize 10 Panamax 19 Ultra- Handymax 2 Handysize 10 Vessels 1.77 million DWT 5 Vessels 0.39 million DWT 14 Vessels 0.75 million DWT 1 Vessel 0.04 million DWT 30 Owned 2.95 million DWT 7 Vessels 1.27 million DWT 5 Vessels 0.47 million DWT 5 Vessels 0.34 million DWT 1 Vessel 0.04 million DWT 18 LT Charter-In 2.12 million DWT (2) 4 Vessels 0.72 million DWT 2 Vessels 0.16 million DWT 4 Vessels 0.24 million DWT 1 Vessel 0.04 million DWT 11 Purchase Options 1.16 million DWT Charter-in strategy allows fleet expansion with zero capital outlay & future ownership via purchase options Navios Group (3) controls 98 vessels 69 dry bulk (7.3 million DWT) and 29 tankers (3.3 million DWT) (1) Excludes Navios Logistics fleet (2) Includes 11 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 10

11 Long-Term Contracted Revenue Average Daily Charter-out Rate $35,000 $31,307 $30,000 $25,000 $25,281 $25,595 $20,000 $15,000 $10,000 $13,411 Before Restructuring After Restructuring Contracted Revenue (1) After Restructured Credit Default Insurance 2012 $266.6 million 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Contracted Days 48.3% 46.8% 24.1% 8.6% Before Restructuring After Restructuring Cash Settlement $175.4 million 2013 $93.2 million 2014 $32.7 million Note: Data Before Restructuring are as of November 15, 2012 (1) Excludes CoAs, Kleimar controlled fleet, Navios Logistics Fleet 11

12 $/Day $/Day Efficient, Low Cost Operator LTM Average Daily Operating Costs / Vessel (including dry-docking) Opex is approximately 24% less than industry average due to a modern, efficient fleet with strong in-house technical management Navios Holdings benefits from technical management services provided to affiliates $6,000 $5,672 Favorable Long-Term Charter-in Contracts (2) Established reputation as strong operating history allow for favorable charter contract terms and rates Strong relationships allow for attractive charter-in rates with no capital outlay, low breakeven Navios insured for entirety of contracted chartered-out/charter-in spread $5,000 $4,335 $4,000 $28,000 $26,000 $25,281 $3,000 $24,000 $22,000 $2,000 $20,000 $18,000 $1,000 $16,000 $14,000 $13,927 $13,411 $12,000 $0 Navios Average per Vessel Industry Average per Vessel (1) $10, Av. Charter-in Av. Charter-out before restr. Av. Charter-out after restr. Note: Data Before Restructuring are as of November 15, 2012 (1) Source: Drewry Shipping Consultants October 2012 (2) Excludes Kleimar controlled vessels 12

13 Dry Bulk Industry 13

14 Baltic Exchange Dry Index* BDI 2002 to date BDI October 2008 to date * As of 02/15/

15 GDP Growth Driven by Emerging Economies % (2.0) Emerging and developing economies World Advanced economies IMF Latest Revisions of GDP Growth (%) January 2013 October 2012 World GDP Advanced economies GDP Emerging markets GDP Source: IMF January

16 Trade (Million Tons) Forecast World Dry Bulk Trade Upside: 4,000 China admitted to the WTO India 3, % 3,000 Berlin wall falls 2, % 2,000 1, % 1, Source: Drewry Shipping Consultants Ltd. 16

17 Billions Worldwide Urbanization and Rising Incomes Global urban populations are expected to increase substantially by 2050 along with incomes per capita leading to increased metal demand. 10 World urbanization will continue to grow: 6.3B urban residents by % % 2 42% 1 0 Urban Rural Growth in incomes and urban populations support increased metal demand which will increase seaborne movements of raw materials. Source: Rio Tinto and UN 17

18 MT/yr Billions Chinese Urbanization & Steel Production China's urbanization will continue to grow 49% 77% Change in Iron Ore Supply cumulative change from 2012 levels % f 2014f 2015f 2016f Urban Rural Australia Brazil China (Domestic supply 62% equiv) Million tons Domestic Production Iron Ore Imports Steel Production YoY% 326 YoY% 421 YoY% % % % % % 500 2% % % % ,065 22% 619-2% % ,315 24% % 683 9% ,329 1% 745 9% 717 5% 2013 through Jan 72E 1%E 66 10% 60E 5%E 2013E 1,295E -3%E 795E 7%E 744E 4%E Sources: UN, World Steel Association, World Bank, National Bureau of Statistics of China/Mysteel, Credit Suisse, SSY 18

19 Scrapping Dynamics Aging Fleet + Restricted Credit + High Scrap Price = 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 5.5% of fleet DWT (33.7 million DWT) 2013 scrapping 0.54% of fleet DWT (3.7 million DWT) - Projected 2013 scrapping: 29 million DWT or 4.3% 2009 total dry bulk fleet million DWT - Non delivery 40% 2010 total dry bulk fleet million DWT - Non delivery 38% 2011 total dry bulk fleet million DWT - Non delivery 30% 2012 total dry bulk fleet million DWT - Non delivery 30% Net fleet growth for 2009 = 9.8% Net fleet growth for 2010 = 16.5% Net fleet growth for 2011 = 14.4% Net fleet growth for 2012p = 10.3% Dry Bulk Industry Age Profile (2) (% DWT) 20.0% Year Bulk Carrier Demolition (1) Total Demolition (m dwt) Demolition as % of Fleet % % % % % % % % % % % % % % 20+ Years 25+ Years 10.0% 0.0% 6.2% 6.4% Total Dry Bulk Fleet 12.6% (85.7m dwt) 2012 provisional 2013 Through 02/15/ % % 2013 Projected % (1) Source: Clarksons (2) Source: SSY Dry Bulk Forecaster, February

20 Million DWT Dry Bulk Orderbook million DWT projected; 8.1 million actual DWT delivered (54% non-delivery by DWT-preliminary) 95 actual deliveries, 239 newbuilds projected (60% non-delivery by # of vessels -preliminary) million DWT projected; 98.2 million actual DWT delivered (29% non-delivery by DWT) 1,192 actual deliveries, 1,665 newbuilds projected (28% non-delivery by # of vessels) million DWT projected; 95.9 million actual DWT delivered (30% non-delivery by DWT) 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels) million 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) million 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 Actual nondelivery 41.4mdwt Source: Clarksons Actual nondelivery mdwt Before non-delivery As of Jan 1, 2012 As of Jan 1, 2013 Before non-delivery projected deliveries (before non-delivery) is currently million DWT Based on the last two years trend, estimated deliveries for 2013 are approximately 70 million DWT 20

21 Seaborne Dry Bulk Supply/Demand Balance Baltic Dry Index % 1.0% 1.2% 1.5% 3.1% 2013 Projection Range 0.4% 0% -1.4% -0.8% -0.2% -1.3% Dry Bulk Demand Growth (%) Net Fleet Growth (%) -4.0% -4.6% -5.3% -6.6% E Source: SSY, Baltic Exchange, 2013 Projections SSY, Drewry 21

22 NM Q4 & Year End Earnings Highlights Earnings Highlights ($ 000 except per share data) Three months Ended December 31, 2012 Three months Ended December 31, 2011 Y-O-Y Variance Year Ended December 31, 2012 Year Ended December 31, 2011 (5) Y-O-Y Variance Revenue 128, ,420 (24%) 616, ,225 (7%) EBITDA 205,562 (1) 63,914 (2) 222% 389,986 (3) 245,889 (4) 59% Net Income 146,614 (1) 11,816 (2) 1,141% 165,988 (3) 42,267 (4) 293% Basic EPS 1.44 (1) 0.11 (2) 1,209% 1.62 (3) 0.40 (4) 305% (1) EBITDA for the three months ended December 31, 2012 is positively affected by a $161.2 million gain from defaulted charters compensation and related accounts, net. Net Income and Basic EPS for the three months ended December 31, 2012 are affected by the item described above and a $4.1 million accelerated amortization of intangibles. (2) EBITDA, Net Income and Basic EPS for the three months ended December 31, 2011, include $1.7 million accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation. (3) EBITDA for the year ended December 31, 2012 is affected by (i) a $161.2 million gain from defaulted charters compensation and related accounts, net; and (ii) a $0.3 million gain on the sale of the Navios Buena Ventura to Navios Partners. Net Income and Basic EPS for the year ended December 31, 2012 are affected by the items described above and a $4.1 million accelerated amortization of intangibles. (4) EBITDA, Net income and Basic EPS for the year ended December 31, 2011, are affected by (i) a $21.2 million of expenses relating to the bond extinguishment in January 2011, (ii) a $35.3 million loss on deconsolidation of NNA, (iii) a $38.8 million gain on sale of Navios Luz and Navios Orbiter to Navios Partners and (iv) a $1.7 million accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation. (5) The effect of NNA is excluded. 22

23 NM Strong Balance Sheet Selected Balance Sheet Data (in $'000) December 31, 2012 December 31, 2011 Cash & cash equivalents (incl. restricted cash) 282, ,495 Other current assets 185, ,479 Deposit for vessel acquisitions - 63,814 Vessels, port terminal and other fixed assets, net 1,746,493 1,767,946 Total Assets 2,929,335 2,913,824 Current portion of long term debt 33,095 70,093 Other current liabilities 153, ,910 Senior notes, net of discount 1,034, ,538 Long term debt, net of current portion 290, ,926 Stockholders Equity (1) 1,196,879 1,059,106 Book Capitalization (1) 2,555,091 2,512,663 Net Debt / Book Capitalization 42% 51% (1) Excludes noncontrolling interest. 23

24 Returning Capital to Shareholders Dividend Policy: Q NM Distribution: $0.06 per share Record Date: March 20, 2013 Payment Date: March 27, 2013 Shares Outstanding as of Q4: 103,255,409 Annual run rate: $24.8 million Dividend Yield: 6.3% (1) Dividends received from public subsidiaries in 2012: $33.8 million (1) As of February 15,

25 NM Summary Large, Modern Fleet Provides Scale in a Fragmented Industry 48 controlled vessels; 30 owned / 18 chartered-in Modern high-quality fleet with an average age of 6.0 years (vs. 9.8 year average for industry) Diverse portfolio of Capesize, Panamax, Ultra-Handymax and Handysize vessels Positioned to Capture Market Recovery Substantial increase in open days as cycle is turning 46.8% (1) of revenue days in $93.2 million 8.6% (1) of revenue days in $32.7 million Long-term contracts insured by AA rated Insurance Company in the EU Low Cash Flow Breakeven Strong Brand with Established Track Record in the Drybulk Industry 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 55+ years of operating history Strategic relationships with shipyards, commercial banks and other industry players Contracts with reputable creditworthy counterparties Proven Market Access Approx. $1.3 billion of debt and equity issued since September 2008 $400 million senior secured notes issued in November 2009 $350 million senior unsecured notes issued in January 2011 $88 million add-on senior secured notes issued in July 2012 Favorable Long-Term Industry Dynamics Seasoned Management Team Multiple Avenues of Growth (1) Excludes Kleimar vessels Strong emerging market demand, aging dry bulk fleet, increased scrapping activity, and slippage of new buildings Average industry experience of 20+ years per person Navios Maritime Partners Navios South American Logistics Navios Maritime Acquisition Navios Holdings core activities 25

26 Navios South American Logistics 9.250% Unsecured Bonds Due 2019 CUSIP 63938NAB0 Price (1) Yield (1) Amount $ % $200M (1) As of market close 2/15/

27 Navios Logistics Ownership Structure Navios Maritime Holdings Inc. NYSE: NM Peers Business Inc. (Lopez Family) 63.8% Ownership 36.2% Ownership Navios South American Logistics Inc. (Marshall Islands) Port Terminal Operations Barge Business Cabotage Business Storage and Transfer Bulk Terminal Nueva Palmira Uruguay (tax free zone) with 460,000 mt dry storage capacity Fuel Terminal San Antonio Port Paraguay with 45,700 m 3 storage capacity 289 barges and pushboats transporting dry and liquid cargoes across the river system Pushboats Dry barges Oil barges LPG barges 1 floating dry dock Refined product transportation along the Argentinean coast Six ocean going product tankers and two self-propelled barges Strategy to secure cash flows with long term contracts Awarded Brazilian Cabotage contracts for six new building vessels 27

28 Navios Logistics Highlights Leading Logistics Provider in South America Multiple Avenues of Growth Favorable Market Fundamental Scale and Strong Asset Base Provide Operating Efficiency Strong Counterparties Focus on Contracted Cash Flow Seasoned Management Team with Strong Track Record and Established Brand 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 4 years 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 Robust growth in exports of grain and mineral commodities Hidrovia system and coastal cabotage are critical infrastructure for region Economies of scale provide low costs per ton transported Integrated terminal, barge and cabotage network offers substantial operating leverage Diverse group of large, high-quality counterparties Exposure to ADM, Bunge, Cargill, Dreyfus, Petrobras, Petropar, Vale, Vitol among others Strategic positioning with fixed rate contracts and CoA s with minimum volume guarantees Long-term relationships with high contract renewal rates Strategic relationships Experienced management team Long operating history in region 28

29 Integrated Transportation and Storage Services Port Terminals Barge Business Cabotage Business Asset Base Bulk transfer and storage port terminal in Nueva Palmira, Uruguay Liquid port in San Antonio, Paraguay 223 dry barges 39 tank barges (1) 22 pushboats 2 small inland oil tankers 3 LPG barges 1 floating dry dock 6 Product tankers (8,974 17,508 dwt) 2 self-propelled barges Commodities Transported or Stored Dry cargo (cereals, soybeans, iron ore, etc) Liquid cargo (primarily diesel fuel and naphtha) Dry cargo Liquid cargo Liquefied Petroleum Gas (LPG) Refined oil products Typical Customer Contracts Long-term storage and transshipment contracts Time charters and CoAs (1-5 years) Spot market contracts Time charters (2-3 years average duration) Spot market contracts Geographic Region Strategic locations along the Hidrovia river system Hidrovia river system Argentinean coastal trade Opportunity to expand into Brazilian cabotage market (1) Including two tank barges under construction to be delivered gradually until June 30,

30 Hidrovia: Agricultural Heartland of South America Runs over 4,500 kilometers across the agricultural heartland of South America Comparable in length to the Mississippi system South America Hidrovia Region Mississippi Region Number of barges: ~ 1,700 Number of barges: ~ 27,000 Source: Drewry as of January 2012 Significant Capacity for Growth 30

31 The Economics of River Transportation Barge transport is cost-effective One Barge: 1,500 Ton 52,500 Bushels 453,600 Gallons One 15 Barge Convoy: 22,500 Ton 787,500 Bushels 6,804,000 Gallons Jumbo Hopper Car: 112 Ton 4,000 Bushels 33,870 Gallons 100 Car Train Unit: 11,200 Ton 400,000 Bushels 3,870,000 Gallons Large Semi: 26 Ton 910 Bushels 7,865 Gallons One Barge Equivalent Units 13.4 Jumbo Hopper Cars 58 Large Semis (Trucks) = = One 15 Barge Convoy Car-unit Train 870 Large Semis (Trucks) = = Source: IOWA Department of Transportation 31

32 Million Metric Tons Thousand Metric Tons Hidrovia Importance in World Dry Bulk Trade Hidrovia Region Soybean Production Corumba Brazil Iron Ore Production Region % of World Hidrovia accounts for ~50% of world soybean production Increased Chinese demand driving Brazilian iron ore production growth Note: Crop years for Soybean Production according to USDA definition, P = Preliminary, E = Estimate Note: Iron Ore data for 2012 is provisional Source: Data from USDA February 2013, Drewry as of February

33 Fresh Water Availability vs. Population: Grain Exports = Virtual Water Trade Water requirement equivalent of main food products North & Central America Europe Asia Product Unit Equivalent water in m3 per unit 15% 8% South America 26% 6% 8% 13% Africa 11% 13% 36% % of Global Water Supply % of Global Population 60% Australia & Oceania 5% <1% Fresh beef kg 15 Fresh lamb kg 10 Fresh poultry kg 6 Cereals kg 1.5 Citrus fruits kg 1 Palm oil kg 2 Puls, roots and tubers kg 1 This table gives examples of water required per unit of major food products, including livestock, which consume the most water per unit. Cereals, oil crops, and pulses, roots and tubers consume far less water. Source: FAO, 1997a Global Virtual Water Imbalances Will Continue to be a Driver of Agricultural Trade Source: Web site of the UNESCO/IHP Regional Office of Latin America and the Caribbean 33

34 Track Record of Strong EBITDA Growth Revenue ($ million) EBITDA ($ million) 14.6% CAGR 21.7% CAGR 34

35 Navios Logistics Q Earnings Highlights (in $ 000) Three months ended Dec 31, 2012 Three months ended Dec 31, 2011 Y-O-Y Variance Year ended Dec 31, 2012 Year ended Dec 31, 2011 Y-O-Y Variance Navios Logistics Revenue 58,588 66,780 (12%) 247, ,688 5% EBITDA 10,885 10,071 8% 48,132 39,021 23% Net (loss)/ income (748) (1,179) (37%) 156 (196) N/A Port Terminals Revenue 25,086 29,927 (16%) 100,623 92,410 9% EBITDA 5,008 2,926 71% 23,599 14,432 64% Barge Business Revenue 22,244 26,088 (15%) 93,853 91,050 3% EBITDA 3,374 6,526 (48%) 12,901 11,539 12% Cabotage Business Revenue 11,258 10,765 5% 52,557 51,228 3% EBITDA 2, % 11,632 13,050 (11%) 35

36 Navios Logistics 2012 Balance Sheet Selected Balance Sheet Data (in $'000) Year Ended December 31, 2012 Year Ended December 31, 2011 Cash & cash equivalents 45,538 40,529 Accounts Receivable 26,492 31,959 Vessels port terminal and other fixed assets, net 356, ,088 Total Assets 633, ,235 Senior notes 200, ,000 Current portion of long term debt Long term debt, net of current portion Current portion of capital lease obligations 1,353 31,221 Capital lease obligations, net of current portion 23,759 - Noncontrolling Interest Stockholders Equity (1) 320, ,684 Book Capitalization (1) 546, ,573 Net Debt / Book Capitalization 33% 35% (1) Excludes noncontrolling interest 36

37 Navios Maritime Partners Price (1) Yield (1) NYSE: NMM $ % (1) As of market close 2/15/

38 Company Highlights Long Term Charter Coverage Average charter duration is approx 3.1 years Staggered charter-out expirations minimize charter renewal risk Strong Counterparties Strong creditworthy counterparties (Mitsui, Cosco, Rio Tinto, STX Panocean, etc.) Insured Revenue Stream Long-term contracts insured by: AA rated Insurance Company in the EU Sponsor, Navios Maritime Holdings Inc. Steady Increase in Distribution Per Unit 26.4% increase in distributions since inception Operating Expense Visibility Fixed operating costs until December 2013 Young, Growing Fleet More than tripled fleet capacity since November 2007 IPO Fleet age of 6.2 years (1) vs. industry fleet age of approx. 9.8 years (2) (1) Navios Maritime Partners fleet age weighted by DWT (2) Source: Drewry s as of January

39 Navios Partners Ownership Structure 100% Membership Interest Navios Maritime Holdings Inc. NYSE: NM Common Unitholders Navios GP L.L.C. (General Partner) 21.4% Limited Partner Interest 76.6% Limited Partner Interest 2.0% General Partner Interest Incentive Distribution Rights Navios Maritime Partners L.P. NYSE: NMM 100% Membership Interest 21 Dry Bulk Vessels 7 Capesize, 12 Panamax and 2 Ultra Handymax Dry Bulk Carriers 39

40 Ready Access to Capital Markets Apr 2008: Dropdown of Navios Hope (Aurora) May 2009: $36.1mm equity offering Sep 2009: $38.6mm equity offering Nov 2009: $59.6mm equity offering Jan 2010: Exercise Purchase Option of Navios Sagittarius; Dropdown of Navios Hyperion May 2010: Dropdown of Navios Pollux Apr 2011: $90.5mm equity offering Nov 2010: Dropdown of Navios Melodia & Navios Fulvia May 2012: $72.1mm equity offering Jan 2013: $73.2mm equity offering Nov 2007: NYSE Listing Navios Maritime Partners LP (NMM) May 2008: Exercise Purchase Option of Navios Fantastiks Jun 2009: Dropdown of Navios Sagittarius Oct 2009: Dropdown of Navios Apollon Feb 2010: $62.4mm equity offering May 2010: $92.3 mm equity offering Mar 2010: Dropdown of Navios Aurora II Oct 2010: $111.6 mm equity offering May 2011: Dropdown of Navios Orbiter & Navios Luz June 2012: Dropdown of Navios Buena Ventura July 2012: Acquisition of Navios Soleil and Navios Helios Benefits from our operating history $636.6 million raised in equity offerings Multiple avenues of growth Significant distribution growth since IPO 26.4% increase Benefiting from Strong Sponsor (dropdown of vessels, controlled operational costs) 40

41 2012 & 2013 Developments 2013 $73.2 million overnight equity raised in Q ,175,000 common units issued at $14.15 per unit 2012 $109.0 million Acquisition of Three Vessels Navios Buena Ventura (2010 Capesize) delivered in Q Chartered out at $29,356 net per day until October 2020 with 50/50 profit sharing Navios Soleil (2009 Ultra-Handymax) delivered in Q Chartered-out at $8,906 net per day until December 2013 Navios Helios (2005 Panamax) delivered in Q Chartered-out at $9,738 net per day until September 2013 New Vessels Financed by: New credit facility with DVB and ABN AMRO of $44.0 million Net proceeds from Q offering of 4.6 million units: $70.0 million $72.1 million overnight equity raised in Q ,600,000 common units issued at $15.68 per unit $1.5 million from 93,878 additional general partnership units issued to GP $24.6 million of cash received for the restructuring of credit default insurance $10.8 million applied to repay debt otherwise due in 2013 $13.8 million applied to repay debt otherwise due in

42 Credit Default Insurance $277.2 million of new coverage (cash + insurance) $252.6 million of revenue covered under new insurance policies $175.9 million of revenue covered by AA rated insurance company $ 76.7 million of revenue covered by Navios Holdings $24.6 million of cash received from credit default insurer $ 9.8 million attributable to defaulted charters $ 14.8 million additional cash compensation $140.0 million maximum cash recovery under new insurance policies $120.0 million (1) from the pool arrangement backed by a AA rated Credit Default Insurer $ 20.0 million from Navios Holdings 80% of insured revenue relates to investment grade counterparties 278% of revenue from non-investment grade revenue covered by maximum cash payment $175.9 million of revenue insured by AA rated insurance company (1) Navios Holdings has additional charters totaling $41.2 million that also participate in this pool coverage 42

43 Benefits from a Strong Sponsor Large Diversified Young Fleet 48 vessels, 44 in operation Healthy newbuilding program of fully funded owned-vessel plus chartered-in fleet with purchase options Navios Group controls 98 vessels (1) Benefit from Seasoned Technical and Commercial Management Team Technical and Commercial operating agreement provides OPEX of approximately 24% less than industry average (2) due to economies of scale Strong Long-Term customer relationships Leverage brand name with industry players, shipyards and banks Omnibus Agreement NMM Option on acquisition of owned Panamax and Capesize vessels chartered out for 3+ years Management & Administrative Services Agreements with Navios Holdings fixes operating expenses Management and Administrative Services Agreements extended for additional 5 years until December 2017 Management Agreement fixes fees through December % increase for a 2-year period ending December 2013 at: $4,650 per Ultra-Handymax vessel per day $4,550 per Panamax vessel per day $5,650 per Capesize vessel per day This agreement enhances the visibility of our cost base (1) Navios Group is composed of Navios Holdings (NM), Navios Partners (NMM) and Navios Acquisition (NNA). Excludes Navios Logistics fleet (2) Source: Drewry Shipping Consultants October

44 Multiple Avenues of Distribution Growth Since IPO: 26.4% Distribution increase 261% Operational fleet capacity increase Through Navios Group Vessels Right to purchase Capesize and Panamax vessels on 3+ year charters Eleven vessels dropped down since IPO Navios Group has grown to a controlled fleet of 98 vessels of which 69 are dry bulk vessels Exercising Purchase Options Exercised purchase option for Navios Fantastiks in Q and Navios Sagittarius in Q Purchase options on Navios Prosperity and Navios Aldebaran Opportunities in the Dry Bulk S&P Market Vessel values have fallen significantly from 2008 highs Two vessels acquired in the open market Highly fragmented industry Distressed opportunities expected to arise November 2007 IPO 626,100 DWT +261% (1) February ,259,103 DWT (1) Includes owned and chartered-in tonnage 44

45 Successful Acquisition History Since Inception, Sponsor has dropped down 11 vessels generating aggregate annual EBITDA of approximately $115.3 million (1) Vessels Type Built DWT Navios Apollon Ultra-Handymax ,073 Navios Hyperion Panamax ,707 Navios Orbiter Panamax ,602 Navios Hope Panamax ,397 Navios Sagittarius Panamax ,756 Navios Aurora II Capesize ,031 Navios Pollux Capesize ,727 Navios Fulvia Capesize ,263 Navios Melodia Capesize ,132 Navios Luz Capesize ,144 Navios Buena Ventura Capesize ,259 Since Inception, Navios Partners has acquired 2 vessels in the open market Vessels Type Built DWT Navios Soleil Ultra-Handymax ,337 Navios Helios Panamax ,075 (1) Assumes 360 revenue days, 365 opex days and $0.2 million of general and administrative expenses per vessel 45

46 Portfolio of Industry Leading Charterers Remaining Charter Duration Average Charter Duration: approx. 3.1 years 1-3 years 3-6 years 6-10 years Revenues by Charterer Constellation Energy Group, 7.8% Other, 8.2% 20% Hanjin, 23.4% Rio Tinto, 5.7% (1) Korea Line, 14.5% Cosco, 11.9% 80% Samsun Logix, 14.5% STX Pan Ocean, 14.1% 80% of contracted revenue secured by charters running longer than 3 years Diversified customer base with strong creditworthy counterparties (1) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays Navios Partners directly. 46

47 Staggered Charter Expirations (1) Aldebaran $28,391 Mar 2013 Prosperity Felicity Hope Helios Soleil Alegria Gemini S Fantastiks Apollon Orbiter Hyperion Libra II Fulvia Galaxy I Sagittarius Pollux Aurora II Buena Ventura Luz Melodia (7) (8) (8) (4) $12,000 June 2013 $26,169 Jun 2013 $17,562 Aug 2013 $9,738 Sept 2013 $8,906 Dec 2013 Average Age of Navios Partners Fleet (9) : 6.2 years Average Age of Dry Bulk Industry Fleet (10) : 9.8 years 2013 Charter Coverage 87.6% $16,984 (2) Feb 2014 $24,225 Feb 2014 $14,678 (6) Mar 2014 $12,500 $13,500 Feb 2014 $38,052 Apr 2014 $37,953 Apr 2014 $12,000 Sep 2015 $50,588 Sept 2015 $21,937 Feb 2018 $26,125 Nov 2018 $42,250 Jul 2019 $41,325 Nov 2019 $29,356 (3) Oct 2020 $29,356 (3) Nov 2020 $29,356 (5) Sep (1) Per day, net of commission. These rates do not include insurance proceeds received upfront in December 2012 (2) Profit sharing 50% above $16,984/day based on Baltic Panamax TC Avg (3) Profit sharing 50% above $38,500/day based on Baltic Exchange Capesize TC Average (4) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of Navios Melodia pays us directly (5) Profit sharing 50% above $37,500/day based on Baltic Exchange Capesize TC Average (6) Amount represents daily rate of mitigation proceeds following the default of the original charterer (7) Profit sharing: The owners will receive 100% of the first $1,500 in profits above the base rate and thereafter all profits will be split 50% to each party. (8) Profit sharing 50% on actual results above the base rates (9) Navios Partners fleet age weighted by DWT (10) Source: Drewry Shipping Consultants, February

48 Q4 & FY Ended Dec 31, 2012 Earnings Highlights (in $ million) except active vessels and available days Three months ended December 31, 2012 Earnings Highlights Three months ended December 31, 2011 Y-O-Y Variance Year ended December 31, 2012 Year ended December 31, 2011 Y-O-Y Variance Time charter revenue % % EBITDA 61.3* % 177.4* % Net Income 40.1* % 95.9* % EPU 0.65* % 1.61* % Operating Surplus % % Replacement Capex Reserve % % Active Vessels % % Available Days 1,914 1, % 7,002 6, % EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes. EBITDA is presented because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and presents useful information to investors regarding Navios Partners ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a non-gaap financial measure and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation. Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Partners capital assets. Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership s ability to make quarterly cash distributions. Operating Surplus is not required by US GAAP and should not be considered as an alternative to net income or any other indicator of Navios Partners performance required by US GAAP. * Positively affected by $22.5 million accounting effect from the restructuring of the credit default insurance 48

49 Balance Sheet Selected Balance Sheet Data (in $ million) December 31, 2012 December 31, 2011 Cash & cash equivalents (1) Other current assets Vessels, net Total Assets Deferred revenue, current Other current liabilities Long term debt, current portion Long term debt Total partners capital Total liabilities & partners capital Net Debt / Asset Value (charter attached) (2) 32.4% 35.1% Accumulated Replacement Capex Reserve (1) Includes restricted cash (2) Considers Clarksons charter attached values of owned vessels as of December

50 Q Cash Distribution Cash Distribution of $ per unit for Q ($1.77 annualized) Record Date: February 8, 2013 Payment Date: February 14, 2013 Operating Surplus: Total Unit Coverage: 1.96x $54.2 million Distribution: $26.6 million to Common Units $1.0 million to GP Units $27.6 million Tax Efficient Status Distributions reported on Form-1099 Committed to minimum distribution of $1.77 per unit for

51 Significant Growth: Distribution & Key Operating Metrics Dividend Distribution Trend Q $ Q $ Q $ Q $0.44 Q $0.44 Q $0.44 Q $0.44 Q $0.43 Q $0.43 Q $ Significant Growth in Key Operating Metrics EBITDA Operating Surplus Net Income Q $0.42 Q $0.415 Q $0.41 Q $0.405 Q $0.40 Q $0.40 Q $ Q $0.385 Q $0.35 Q $0.35 Current Annualized Yield: 12.64% Current Annual Distribution Run Rate = $1.77 (As of February 15, 2013) 51

52 Navios Maritime Acquisition Price (1) Yield (1) Amount NYSE: NNA $ % 8.625% Secured Bonds Due 2017 CUSIP 63938MAB2 $ % $505M (1) As of market close 2/15/

53 NNA Operating History IPO July 2008 (NYSE:NNA) Raised $253.0 million gross proceeds Warrant Program September 2010 Raised $78.3 million and simplified equity capital structure Bond Issued October 2010 $400.0 million 8.625% Mortgage Notes due 2017 Equity Offering November 2010 Raised $35.8 million gross proceeds 6.5 million shares issued Bond Additional Issue May 2011 $105.0 million 8.625% Mortgage Notes due Today Product & Chemical Tanker Acquisition May 2010 Acquired 13 product and chemical tankers and two options for $457.7 million Acquired 2 LR1 NB Product Tankers October 2010 $82.8 million Acquired 2 MR2 on-the-water Product Tankers June 2011 $84.8 million Acquired 3 MR2 NB Product Tankers January 2012 $106.5 million VLCC Tanker Acquisition September 2010 Acquired 7 VLCC tankers for $587.0 million with long-term charters to strong counterparties Exercise of Options for 2 LR1 NB Product Tankers July 2011 $81.0 million 53

54 Company Highlights Large, Modern and Diverse Tanker Fleet Focus on Long-Term Contracted Revenue Significant Upside from Profit Sharing Low Cash Flow Breakeven Strong Counterparties Seasoned Management Team with Established Brand and Track Record Favorable Long-Term Industry Dynamics 29 owned vessels (21 in the water (1) ), including 8 newbuildings Modern high-quality fleet with an average age of 4.9 years Diverse portfolio of VLCC, LR1, MR2 and Chemical Tankers 91.1% of revenue days fixed in $180.0 million 56.4% of revenue days fixed in $142.0 million Available revenue days will grow from 5,786 days in 2012 to 9,949 days in 2014 (72% growth in available revenue days) Average duration of all charters of 2.9 years Ideally positioned to capture product tanker recovery 80% of entire fleet and 83% of product tanker fleet has profit sharing Every $1,000 of profit share above base rate provides $5.4 million free cash flow or $0.13 per common share annualized Full cost of entire fleet covered from existing long-term charters for 2013 Fixed operating expenses below the industry average (until mid-2014) Leverage economies of scale of Navios Holdings Diverse group of large, first-class charterers Exposure to oil majors and large Asian petrochemical, refining and shipping companies (DOSCO, Shell, Formosa, Sinochem, SK Shipping) Strategic relationships with shipyards, commercial banks and key industry players Average industry experience of 20+ years per person Tanker expertise supplemented with drybulk industry veterans Strong emerging market demand, increasing transport distances, recovering product tanker industry fundamentals, cancellations of ships in orderbook (1) Includes Nave Rigel expected delivery by February 15,

55 Strong Competitive Positioning NNA - Positioned to capture strength in product tanker market Profit Sharing 80% of entire fleet and 83% of product tanker fleet $2.0 million earned in $0.05 per common share $1.1 million earned in Q $0.03 per common share Every $1,000 of profit share above base rate provides $5.4 million free cash flow - $0.13 per common share annualized Stability: Cash Flow Visibility 91.1% of available days contracted in % of available days contracted in 2014 Built-in Annual EBITDA (1) Growth $13.9 million from seven vessels delivered in 2012 & Q (2) $110.0 million approximate run rate (based on Q EBITDA) (1) Assuming current operating costs and 360 revenue days per year (2) Includes Nave Rigel expected delivery by February 15,

56 Newbuilding Deliveries Continue to Provide Material Growth 43% 55% 36% 37% 19% 24% 100% (1) 100% 91.1% 26% (1) % of fixed days 56

57 Capturing the Upside While Protecting the Downside Period chartering strategy provides cash flow visibility and protection from downward volatility Profit sharing captures market movements above the contracted base rate LR1 Product Tankers (1) MR2 Product Tankers (2) (US$ per day) (US$ per day) 20,000 15,000 10,000 5, ,000 Industry Average (3) : $10,851 Q1 Q2 Q3 Q4 Industry Average (3) : $6,191 BCTI TC5-TCE NNA LR1 Base Rate NNA LR1 Including Profit sharing Industry Average (3) Industry Average (3) Per Contracted Day (4) LR1 Product Tankers MR2 Product Tankers Chemical Tankers Average Profit sharing $1,031 $436 $ 830 Average Contracted Rate $11,906 $13,331 $11,700 Total Earned $12,937 $13,767 $12,530 (1) Indicative profit sharing benchmarking of Nave Andromeda and Nave Estella with BCTI - TC5 index (2) Indicative profit sharing benchmarking of Nave Atria and Nave Aquila with BCTI TC2_37 index (3) Clarksons average 2012 earnings for LR1s and MR2s (4) Days contracted with profit sharing element 57

58 : Eight Vessels to be Delivered New Build Capex Fully Funded (1) Aggregate Cost = $279.3 million Secured financing = ($209.9 million ) Equity already paid = ($36.3 million ) Preferred Equity = ($3.0 million ) Remaining Balance = $30.1 million 2013 = $7.9 million 2014 = $22.2 million Vessel Anticipated Delivery Date DWT Nave Orion MR2 Product Tanker Q1 50,000 Nave Titan MR2 Product Tanker Q1 50,000 Nave Capella MR2 Product Tanker Q ,000 Nave Atropos LR1 Product Tanker Q2 75,000 Nave Alderamin MR2 Product Tanker Q2 50,000 MR2 Product Tanker Q2 50,000 MR2 Product Tanker Q ,000 MR2 Product Tanker Q4 50,000 Equity requirements only on delivery (1) Excludes Nave Rigel expected to be delivered by February 15,

59 Strong Liquidity Position December 31, 2012 (in millions US$) Cash (1) 64.0 Debt 1,029.1 Shareholders' Equity Capitalization 1,254.4 Net Debt / Capitalization 76.9% Available Credit Lines 72.4 Drawn Portion (67.4) Cash 64.0 Total Liquidity 69.0 Debt Maturity (US $ m) (1) Includes restricted cash

60 Cash Flow Cushion from Low Breakeven Revenue Cost Fully Loaded Cost % Fixed % Fixed $18,048 $17,708 Fully Loaded Cost Average Contracted Daily Charter-Out Rate 2013 E 2014 E Opex (incl. dry docking) General & Administrative Expenses Interest Expense Capital Repayments Breakeven Analysis 2013 Total Fixed Revenue 179,975,790 Total Cost (161,739,517) Surplus of revenue over cost 18,236,273 Open Days 796 Impact on revenue per $1,000 day rate 796,000 Breakeven includes operating expenses as per Management Agreement inclusive of dry docking, general and administrative expenses, interest expense and capital repayment Total Available Days of Fleet: 8,961 for 2013; 9,949 for

61 Fleet Developments 80% of Entire Fleet and 83% of Product Tanker Fleet have Profit Sharing $1.1 million earned in Q $1.0 million earned from LR1 Product Tankers $0.1 million earned from MR2 Product Tankers Delivery of Nave Bellatrix MR2 Product Tanker 2013 built MR2 Product Tanker; DWT: 49,999 (delivered January 24, 2013) Charter Term: 3 years + 1 year Charterer s option; Charter Rate = $13,331 (net) plus 50% profit sharing Annual base EBITDA = $2.5 million (1) Delivery of Nave Rigel LR1 Product Tanker 2013 built LR1 Product Tanker; DWT: 75,000 (expected delivery by February 15, 2013) Charter Term: 1 year + 6 months Charterer s option; Charter Rate = $11,850 (net) plus 50% profit sharing Annual base EBITDA = $1.6 million (1) Chartered Nave Capella MR2 Product Tanker 2013-built MR 2Product Tanker; DWT: 50,000 (estimated delivery Q2 2013) Charter term: 1 year + 1 year Charterer s option Charter Rate = $13,825 (net) first year; $14,813 (net) first optional year Annual base EBITDA = $2.7 million (1) Extension of charters for Nave Cosmos and Nave Polaris Chemical Tankers Charters extended for an additional six-month period Charter Rate = $11,700 (net) plus 50% profit sharing Charterer s option to extend the contract for an additional year at an increased rate of $12,188 net per day plus 50% profit sharing All vessels delivering in 2013 are fixed except from one MR2 delivering in Q (1) Assuming current operating costs and 360 revenue days per year 61

62 Large, Modern and Diverse Tanker Fleet 29 Vessels (3.3 million dwt) 20 Product Tankers 2 Chemical Tankers 7 Crude Tankers Vessel Sizes in NNA Fleet 8 LR1 product tankers (60,000 85,000 dwt) 12 MR2 product tankers (47,000 50,000 dwt) Chemical tankers (25,000 dwt) VLCC tankers (280, ,000 dwt) Commodities Transported Refined petroleum products (naphtha, gasoline, kerosene, jet fuel) Liquid bulk chemicals (Organic/inorganic chemicals, vegetable oils and animal fats) Crude Oil Key Trades North Sea Caribbean Mediterranean Indo-Pacific Middle East major export zone Far East and S. East Asia major import zone US/Europe and Far East Primarily long-haul routes AG to Japan / China AG to US Gulf W.Africa to US E. Coast 62

63 Focus on Long-Term Contracted Revenue Average Daily Charter-Out Rate % Days Contracted Total Available Days $30,000 $25,000 $25,286 $29,102 12,000 10,000 8,961 9,949 10,585 $22,042 8,000 $20,000 6,000 4,000 4,053 5,786 $15,000 2,000 1,104 $10, Contracted Revenue 2012: $151.1 million 2013: $180.0 million 2014: $142.0 million 2015: $111.5 million Significant Upside from Product Tanker Market Recovery 83% of product tanker fleet has profit sharing Every $1,000 from profit sharing above base rate provides $5.4 million free cash flow or $0.13 per common share annualized Period charter strategy provides cash flow visibility Profit sharing provides upside 63

64 Staggered Charter Expirations Nave Polaris Nave Cosmos Buddy (MR2) Bull (MR2) Nave Aquila (MR2) Nave Atria (MR2) Nave Bellatrix (MR2) Nave Orion (MR2) Nave Titan (MR2) Nave Capella (MR2) Nave Cielo (LR1) Nave Ariadne (LR1) Nave Cassiopeia (LR1) Nave Cetus (LR1) Nave Rigel (LR1) Nave Atropos (LR1) Nave Andromeda (LR1) Nave Estella (LR1) Shinyo Splendor Shinyo Navigator Shinyo Ocean Shinyo Kannika C.Dream Shinyo Saowalak Shinyo Kieran $11,700+ P/S $11,700+ P/S $21,503 $21,503 $13,331+ P/S $13,331+ P/S $13,331+ P/S $13,331+ P/S $13,825+ P/S $13,825 $11,850 + P/S $11,850 + P/S $11,850+ P/S $11,850+ P/S $11,850+ P/S $11,850+ P/S $12,000+ P/S $11,850+ P/S $38,019 $42,705 $38,400 + profit sharing $38,025 + profit sharing $29,625 + profit sharing $48,153 + profit sharing $48,153 + profit sharing Profit Sharing triggered in all segments in 2012 Average Duration of all Charters: 2.9 years Average Duration of VLCC Charters: 6.4 years Upside Potential Through Profit Sharing 64

65 Top Charterers List Based on 2013 Contracted Revenue Company DALIAN SHELL Source: Public filings and Company websites % of contracted revenue 35.9% 14.6% 8.7% 7.8% 7.7% 7.1% 6.0% 5.4% 4.8% 2.0% Description Formed in 1978 and is one of the largest Chinese state-owned shipping enterprises, operating as a wholly owned subsidiary of COSCO Large fleet of 50 vessels (tankers, LPG, chemical ships; total DWT >8mm) Established in 2007 and controls a substantial fleet of Product Tankers Founded in 1966, STX Pan Ocean has grown into one of the largest shipping companies in Asia, part of the STX Group Owns and charters over 340 vessels Formosa Petrochemical Corp., refines crude oil and markets petroleum and petrochemical products Publicly listed in Taiwan Sinochem Corporation is a key Chinese state-owned enterprise Large diversified conglomerate; Fortune Global 500 Company Founded in 1884 and is still a privately held company with its main office located in Copenhagen Founded in 1982 and is currently one of the 92 subsidiary/affiliate companies within the SK Group Owns and charters over 80 vessels with a total capacity of over 9.4 mm DWT Major oil trader ships nearly 300 million tonnes of crude oil and product in Revenue of $297 billion One of the largest global group of energy and petrochemical companies, operating in over 80 countries with approximately 90,000 employees 2012 Revenue of $481.7 billion; Fortune Global Top 10 Company Second largest privately held company in the US according to Forbes for 2011 Involved in manufacturing, trading and investments with a revenue of about $98 billion in 2011, presence in nearly 60 countries and about 60,000 employees 65

66 $/Day $/Day $/Day $/Day Efficient, Low Cost Operator LTM Average Daily Operating Costs / Vessel (including dry-docking) (1) Opex is approximately 16% less than the industry average Navios Acquisition benefits from fixed operational cost (2) VLCC LR1 Product Tankers $13,000 $12,410 $9,000 $8,528 $12,000 $11,644 $8,000 $7,330 $11,000 $7,000 $10,000 Navios Average per Vessel Industry Average per Vessel $6,000 Navios Average per Vessel Industry Average per Vessel MR2 Product Tankers (3) IMO II Chemical Tankers $9,000 $8,000 $8,096 $9,000 $8,000 $7,851 $7,000 $6,330 $7,000 $6,330 $6,000 $6,000 $5,000 Navios Average per Vessel Industry Average per Vessel $5,000 Navios Average per Vessel Industry Average per Vessel (1) Source: Drewry Shipping Consultants Annual Report 2012/2013 (2) As per Management Agreement (3) Opex for MR1 66

67 Fourth Quarter 2012 and Year End Earnings Highlights ($ million except per share data) Three months ended December 31, 2012 Three months ended December 31, 2011 YoY (%) Year ended December 31, 2012 Year ended YoY December 31, 2011 (%) Revenue (1) 5.0% (1) 24.0% EBITDA % % Adjusted EBITDA (2) 19.9% (2,3) 31.0% Net Income / (Loss) (88.0%) (3.8) (3.9) N/A Adjusted Net Income / (Loss) 0.3 (1.2) (2) N/A (3.8) (6.6) (2,3) N/A Basic EPS (80.0%) (0.08) (0.08) N/A Adjusted Basic EPS 0.01 (0.03) (2) N/A (0.08) (0.14) (2,3) N/A $ million $ million 2 (1) Includes $3.7 million of compensation for early charter termination (2) Excludes $3.7 million of compensation for early charter termination. (3) Excludes $0.9 million of write-off of deferred finance costs incurred in connection with the cancellation of committed credit. 67

68 Strong Balance Sheet Selected Balance Sheet Data (in $ million) December 31, 2012 December 31, 2011 Cash & cash equivalents (1) Other current assets Vessel deposits Vessels, net Intangible assets other than goodwill Total Assets 1, ,195.5 Current portion of long term debt Other current liabilities Long term debt, net of current portion (2) 1, Stockholders Equity Total Liabilities and Shareholders Equity 1, ,195.5 Book Capitalization 1, ,124.3 Net Debt / Book Capitalization 76.9% 72.2% (1) Including Restricted Cash (2) Includes loan from Navios Holdings of $35.0 million 68

69 Returning Capital to Shareholders Dividend Policy: Q Distribution: $0.05 per share Record date: March 19, 2013 Payment date: April 4, 2013 Shares entitled to dividend as of December 31, 2012: 48,193,413 69

70 Financial Highlights Prudent Financial Strategy Focus on risk management Long-term non amortizing debt in capital structure Strategic chartering of newbuilds through recovery High Cash Flow Visibility Long-term contracts with high-quality counterparties secure revenue above fleet cash breakeven Upside through growth in available days and profit sharing Strong Liquidity Position Debt with attractive margins and amortization profile All vessels to be delivered are fully financed Ability to Access the Capital Markets Through the Cycle Raised over $1.8 billion of debt and equity since inception to finance tanker investments Navios has a proven track record raising capital in the debt and equity markets 70

71 Product Market Overview 71

72 Shift in Global Refinery Capacity According to IEA, refinery capacity is expected to increase by 7.0 million barrels per day for the period ; About 90% of that capacity will be added in the broader Asia and Middle East regions. For the same period OECD capacity closures are expected to be 0.7 million barrels per day. Estimates were revised downwards due to additional shutdowns, further closures announcements in OECD countries and delays, cancellations or postponements in non OECD countries mainly in Latin America. New low-cost capacity in Asia and Middle East is increasingly forcing rationalization of old high-cost capacity in the West, structurally favoring more long-haul products trade. Due to refinery closures (USAC, Caribs, Europe), refined oil products ton mile growth is expected to outpace the demand for refined oil products, increasing the demand for product tankers. Crude Distillation Capacity Additions ( ) 2012 Global Oil Consumption OECD Other Asia Latin America China Middle East Other Non OECD LatAm 7% Canada FSU 3% 5% U.S. 21% Other OECD 7% Other Non-OECD 12% Europe 16% Japan 5% China 11% Other Asia 13% Source: IEA October 2012, Drewry Source: IEA Medium Term Oil Market Report October

73 Is Driving Product Tanker Ton Mile Demand Crude Oil and Refined Products Ton Mile development Billion Ton Miles Refined products Crude oil 15,000 12,000 9,000 6,000 3,000 9,792 10,160 10,462 10,598 10,945 10,851 11,361 11,814 11,955 12,209 12, % CAGR P 2013F 2014F Major seaborne refined products trades existing and prospective Refined Products Seaborne Ton-Mile Growth Product tanker trading patterns changing: M. East - India exports to Atlantic (N.America Europe) Favoring LR vessels Exports from USG to South America, Europe and USEC Favoring MR vessels Caribbean N. America Gasoline Naphtha Gas oil N. America Europe Diesel N. America L. America N. Europe N. America Gasoline Europe M. East Gasoline Naphtha Gas oil Diesel M. East Europe Gas oil Jet Fuel M. East N. America M. East F. East Naphtha M. East N. Europe S. Korea Japan Gas oil Gasoline Intra Asia Gas oil Naphtha M. East & India U.S. West Coast Source: Drewry Existing trade patterns New/Prospective trade patterns 73

74 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 KBPD KBPD And is showing up in refinery crude throughputs Increasing Non-OECD, Decreasing OECD Throughput ( E) Europe /US Refinery Capacity Net Reduction 1.9MBPD ( ) 41 60% % 40% 30% 20% 10% 0% Non- OECD Total Crude Throughput Non-OECD % of World Total OECD Total Crude Throughput Permanent Closure Due to Re-open Due to Permanently Shut Expansions Non-OECD refining represents more than 50% of total world crude runs since January 2011 All time high crude throughput recorded for China, India and Russia in November 2012 OECD crude throughput has declined over the past five years and is expected to decline this year US and European combined net refinery closures over the past 4 years of 1.9MBPD, excludes Motiva (Port Arthur) expansion due to add 0.3MBPD in 1Q13 Source: IEA OMR Jan 2013, Clarksons, MJLF, Poten & Partners 74

75 Jan-2004 Jul-2004 Jan-2005 Jul-2005 Jan-2006 Jul-2006 Jan-2007 Jul-2007 Jan-2008 Jul-2008 Jan-2009 Jul-2009 Jan-2010 Jul-2010 Jan-2011 Jul-2011 Jan-2012 Jul-2012 Jan-00 Nov-00 Sep-01 Jul-02 May-03 Mar-04 Jan-05 Nov-05 Sep-06 Jul-07 May-08 Mar-09 Jan-10 Nov-10 Sep-11 Jul-12 Jan-2004 Sep-2004 May-2005 Jan-2006 Sep-2006 May-2007 Jan-2008 Sep-2008 May-2009 Jan-2010 Sep-2010 May-2011 Jan-2012 Sep-2012 MBPD MBPD MBPD US Shifting Role in the Energy Marketplace Average US domestic crude oil production has increased by approximately 2 MBPD since end 2008 to 6.9 MBPD US crude exports are forbidden by law; Product exports have led with increased crude production US Crude production increases along with refinery expansions in US Gulf have led to product exports from the area rising by 155% since Majority of exports went to Latin America/Caribs. US has become a net exporter of petroleum products Exports surpassed Imports by 44 Mbarrels in 2011 and by 285 Mbarrels through October 2012 US Crude Production Increased by 2 MBPD US Imports / Exports of Petroleum Products US Exports by Region 2004 to October Source: EIA, IEA, Drewry US Crude Production TOTAL EXPORTS TOTAL IMPORTS LatAm Caribs Europe Other 75

76 World Product Supply Imbalances = Arbitrage Possibilities Product transportation is driven by regional refinery output differences, regional needs and development Product Supply Balances 2011 and 2017 (thousand barrels per day) North America Europe FSU Latin America Middle East Asia gasoil/kerosene gasoline/naphtha Africa Fuel oil Source: IEA Oct

77 Product Tanker Supply Fundamentals 2012 Additions (1) / Demolitions (million dwt) (million dwt) Additions/Reclass Demolitions Net fleet growth: 3.3 m DWT Fleet Growth 2012 Fleet = 59.4m dwt; net fleet growth of 5.8% (3.3m dwt) Growth as % of Jan 2013 fleet: 8.2% 4.2% 1.5% - Negative net fleet growth for 25K-50K dwt in 2010, 2011; No growth in Fleet = 56.1m dwt; net fleet growth of 7.1% (3.7m dwt) 2010 Fleet = 52.4m dwt; net fleet growth of 1.2% (0.6m dwt) 2009 Fleet = 51.8m dwt; net fleet growth of 11.7% (5.4m dwt) Scrapping 2012 Scrapping = 3.7% of fleet dwt (2.1m dwt) 2011 Scrapping = 3.6% of fleet dwt (1.9m dwt) 2010 Scrapping = 7.7% of fleet dwt (4.0m dwt) 2009 Scrapping = 4.4% of fleet dwt (2.0m dwt) World product tanker orderbook schedule (million dwt Jan 2013) 8.1 Non-del 43% 8.8 Actual 43% 6.7 Source: Drewry Jan 2013 (1) Includes also reclassification of vessels to product tanker fleet LR 2 LR 1 MR 2 MR 1 46% Other Dynamics Refinery closures will add demand for MRs and LRs Panamax phase outs in crude oil segment replaced by LRs creates MR tanker demand in clean products Single hull = 3.2% of Fleet Orderbook Delivered (M DWT) Projected (M DWT) Non- Delivery (by DWT) 46% (prelim) % % % 77

78 Crude Market Overview 78

79 Global Oil Demand: Sustained Growth Continues According to the IEA, oil demand for 2012 reached 89.8 mb/d representing a yearly growth of +1.0 mb/d and a 1.0% increase over 2011 demand. Global oil demand is expected to rise by 0.9 mb/d to 90.8 mb/d in 2013 and representing a 1.0% increase. Growth continues to be driven by non-oecd countries The IMF projected global GDP growth for 2013 and 2014 of 3.5% and 4.1% lead by emerging and developing markets growth of 5.5% in 2013 and 5.9% in 2014 Non-OECD oil demand rose in 2012 and 2013 in the current IEA forecast due to continued growth and consistently higher demand from China and other Asian countries Global oil demand ( ) (mm b/d) Global oil demand growth: (Thousands of barrels per day) OECD America 14 Europe (1,300) (861) 281 FSU (75) (333) (489) (227) ,017 (241) Middle East Global demand % YoY growth (1.3%) 3.1% 1.0% 1.1% 1.0% Latin America Africa Asia Source: International Energy Agency Jan 2013, IMF Jan

80 Million BPD Barrels per person per year Asian oil consumption to grow faster than the OECD World Wide Oil Consumption ( ) Oil Consumption per Capita (f) Total OCED Total Non- OECD World China+non OECD Asia incl abv US Brazil W Europe China India Japan S Korea Oil Consumption China Ramping up Crude Oil Imports mbpd Chinese imports grew by 19% CAGR to 5.9 million barrels per day (mbpd) in Jan 2013 from the 3.0 mbd imported in January 2009 Source: Chinese Customs data 80

81 VLCC Supply Fundamentals VLCC fleet (186.7 m dwt) 13.2% 24.7 m dwt VLCC Fleet Development 2012 VLCC Fleet = 186.7m dwt; Net fleet growth was 10.6m dwt or 6.0% 2011 VLCC Fleet = 176.0m dwt; Net fleet growth was 10.6m dwt or 6.4% 2010 VLCC Fleet = 165.4m dwt; Net fleet growth was 4.0m dwt or 2.5% 2009 VLCC Fleet = 161.3m dwt; Net fleet growth was 9.0m dwt or 5.9% Scrapping 2012 Scrapping = 4.1m dwt or 2.3% of fleet 2011 Scrapping = 4.0m dwt or 2.4% of fleet 2010 Scrapping = 4.0m dwt or 2.5% of fleet 2009 Scrapping = 2.6m dwt or 1.7% of fleet Existing Fleet Orderbook World VLCC orderbook schedule (million dwt) Actual Orderbook as of Jan Non-deliveries 28.9 Orderbook as of Jan % % % 31% Source: Drewry Jan 2013 Orderbook Delivered (M DWT) Projected (M DWT) Non-Delivery (by DWT) % (prelim) % % % 81

82 Navios Maritime Holdings Price (1) Yield (1) Amount NYSE: NM $ % 8.875% Secured Bonds Due 2017 CUSIP 63935AD % Unsecured Bonds Due 2019 CUSIP AF2 $ % $488M $ % $350M Navios South American Logistics Price (1) Yield (1) Amount 9.250% Unsecured Bonds Due 2019 CUSIP 63938NAB0 $ % $200M Navios Maritime Partners Price (1) Yield (1) NYSE: NMM $ % Navios Maritime Acquisition Price (1) Yield (1) Amount NYSE: NNA $ % 8.625% Secured Bonds Due 2017 CUSIP 63938MAB2 $ % $505M (1) As of market close 2/15/

83

84 Appendix : Navios Holdings Fleet

85 Appendix: Core Fleet Owned Fleet: Panamax & Ultra Handymax Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Profit Share NM%/Base (3) Navios Serenity Handysize ,690 7,600 07/10/2013 No Navios Ionian Ultra Handymax ,067 8,550 06/15/2013 No Navios Horizon Ultra Handymax ,346 5,859 02/01/2013 No Navios Herakles Ultra Handymax ,061 11,400 04/03/2013 No Navios Achilles Ultra Handymax ,063 9,025 (4) 04/30/ % / $20,000 Navios Meridian Ultra Handymax ,316 5,700 03/15/2013 No Navios Mercator Ultra Handymax ,553 9,405 (4) 04/10/ % / $20,000 Navios Vector Ultra Handymax ,296 8,550 03/25/2013 No Navios Arc Ultra Handymax ,514 8,788 04/07/2013 No Navios Hios Ultra Handymax ,180 8,550 05/25/2013 No Navios Kypros Ultra Handymax ,222 8,075 (4) 03/15/2013 No Navios Astra Ultra Handymax ,468 8,075 05/22/2013 No Navios Ulysses Ultra Handymax ,728 8,663 (4) 03/24/2013 No Navios Vega Ultra Handymax ,792 15,751 05/23/2013 No Navios Celestial Ultra Handymax ,063 8,075 05/14/2013 No Navios Magellan Panamax ,333 6,508 04/25/2013 No Navios Star Panamax ,662 7,790 01/22/2014 No Navios Centaurus Panamax ,472 12,825 04/15/2014 No Navios Avior Panamax ,355 12,716 05/14/2014 No Total: 19 vessels 1,099,181 (1) Daily rate net of commissions. These rates do not include insurance proceeds received upfront in November 2012 (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 rate of mitigation proceeds following the default of the original charterer. 85

86 Appendix: Core Fleet Owned Fleet: Capesize Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Profit Share NM%/Base (5) Navios Bonavis Capesize ,022 47,400 06/29/2014 No Navios Happiness Capesize ,022 13,039 (3) 08/05/ % / $32,000 Navios Lumen Capesize ,661 10,450 03/19/2014 No Navios Stellar Capesize ,001 10,450 (3) 11/11/2013 No Navios Phoenix Capesize ,242 13,656 01/27/2014 (4) No Navios Antares Capesize ,059 10,545 (3) 02/13/2013 No Navios Etoile Capesize ,234 29,356 12/02/ % in excess of $38,500 Navios Bonheur Capesize ,259 13,538 (3) 07/09/ % / $32,000 Navios Altamira Capesize ,165 24,674 01/18/2021 No Navios Azimuth Capesize ,169 13,538 (3) 06/27/ % / $34,500 Total: 10 vessels 1,775,834 (1) Daily rate net of commissions. These rates do not include insurance proceeds received upfront in November 2012 (2) Expected Redelivery basis midpoint of full redelivery period (3) Amount represents daily rate of mitigation proceeds following the default of the original charterer.. (4) Subject to COA of $45,500 per day for the remaining period until Q (5) Profit share based on applicable Baltic TC Average exceeding $/day rates listed. 86

87 Appendix: Core Fleet Long-Term Chartered-In Fleet Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Purchase Option (3) Profit Sharing Navios Lyra Handysize ,718 7,600 04/09/2013 Yes (4) - Navios Apollon Ultra Handymax ,073 8,788 05/20/2013 No - Navios Primavera Ultra Handymax ,464 7,790 05/18/2013 Yes - Navios Armonia Ultra Handymax ,100 7,125 03/01/2013 No - Navios Oriana Ultra Handymax ,442 11,400 04/25/2013 Yes - Navios Libra II Panamax ,136 6,983 03/31/2013 No - Navios Altair Panamax ,001 6,888 02/23/2013 No - Navios Esperanza Panamax ,356 6,840 07/27/2013 No - Navios Marco Polo Panamax ,647 7,838 11/04/2013 Yes - Navios Koyo Capesize ,415 11,970 03/20/2013 Yes - Total: 10 vessels 747,352 (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. (4) Navios Holdings holds the initial 50% purchase option on the vessel 87

88 Appendix: Core Fleet Vessels to be Delivered Vessels Type Anticipated Delivery Date DWT Purchase Option Navios Mercury Ultra-Handymax 08/ ,000 Yes Long-term Chartered-in Vessels on Order Navios Venus Ultra-Handymax 12/ ,000 Yes Navios Southern Star Panamax 03/ ,100 Yes Navios Felix Capesize 07/ ,000 Yes Total: 4 vessels 384,100 88

89 Appendix Kleimar Controlled Fleet Owned Vessels Vessels Type DWT Built % Owned Navios Asteriks Panamax 76, % Long-Term Chartered-in Vessels Vessels Type DWT Built Expiration (1) Purchase Option Golden Heiwa Panamax 76, /2017 No Beaufiks Capesize 180, /2017 Yes Rubena N Capesize 203, /2016 No SC Lotta Capesize 169, /2014 No King Ore Capesize 176, /2020 No Navios Obeliks Capesize 181, /2022 Yes Total 7 vessels 1,064,277 (1) Assumes vessels redeliver to owners post expiration of extension period 89

90 Appendix : Navios Partners Fleet 90

91 Appendix: Navios Partners Fleet Owned Vessels Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Dropdown 02/16/2013 Navios Apollon Ultra-Handymax ,073 12,500 (3) 13,500 (3) 02/16/2014 Navios Soleil Ultra-Handymax ,337 8,906 12/23/2013 Navios Gemini S Panamax ,636 24,225 02/08/2014 Navios Libra II Panamax ,136 12,000 (3) 09/17/2015 Navios Felicity Panamax ,867 26,169 06/09/2013 Navios Galaxy I Panamax ,195 21,937 02/03/2018 Navios Helios Panamax ,075 9,738 09/27/2013 Navios Hyperion Panamax ,707 37,953 04/01/2014 Yes Navios Alegria Panamax ,466 16,984 (4) 02/25/2014 Navios Orbiter Panamax ,602 38,052 04/01/2014 Yes Navios Hope Panamax ,397 17,562 08/16/2013 Yes Navios Sagittarius Panamax ,756 26,125 11/19/2018 Yes Navios Fantastiks Capesize ,265 14,678 (5) 03/31/2014 Navios Aurora II Capesize ,031 41,325 11/24/2019 Yes Navios Pollux Capesize ,727 42,250 07/24/2019 Yes Navios Fulvia Capesize ,263 50,588 09/30/2015 Yes Navios Melodia (6) Capesize ,132 29,356 (7) 09/19/2022 Yes Navios Luz Capesize ,144 29,356 (8) 11/16/2020 Yes Navios Buena Ventura Capesize ,259 29,356 (8) 10/28/2020 Yes Total 19 Vessels 2,100,068 Long-Term Chartered-In Vessels Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Purchase Option Dropdown Navios Prosperity Panamax ,535 12,000 (9) 06/01/2013 Yes Navios Aldebaran Panamax ,500 28,391 03/16/2013 Yes Total 2 Vessels 159,035 Total Fleet 21 Vessels 2,259,103 DWT (1) Daily charter-out rate net of commissions. These rates do not include insurance proceeds received upfront in December 2012 (2) Assumed midpoint of redelivery by charterers (3) Profit sharing 50% on actual results above the base rates (4) Profit sharing 50% above $16,984/day based on Baltic Panamax TC Average (5) Amount represents daily rate of mitigation proceeds following the default of the original charterer. (6) In January 2011, Korea Line Corporation ( KLC ) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer pays us directly. (7) Profit sharing 50% above $37,500/day based on Baltic Exchange Capesize TC Average (8) Profit sharing 50% above $38,500/day based on Baltic Exchange Capesize TC Average (9) Profit sharing: The owners will receive 100% of the first $1,500 in profits above the base rate and thereafter all profits will be split 50% to each party. Yes 91

92 Appendix : Navios Acquisition Fleet 92

93 Existing Fleet Product & Chemical Tankers Year Net Charter Rate Expiration Vessel Type DWT Profit Share Built ($/day) Date Nave Rigel LR1 Product Tanker 74, ,850 (1,7) Feb-14 50%/50% Nave Cetus LR1 Product Tanker 74, ,850 (1) Oct-13 50%/50% Nave Cassiopeia LR1 Product Tanker 74, ,850 (1) Aug-13 50%/50% Nave Estella LR1 Product Tanker 75, ,850 (2) 90% up to $15,000 Jan-15 50% above $15,000 Nave LR1 Product Tanker 75, ,000 Andromeda (3) 100% up to $15,000 Nov-14 50% above $15,000 Nave Cielo LR1 Product Tanker 74, ,850 (1) Nov-13 50%/50% Nave Ariadne LR1 Product Tanker 74, ,850 (1) Nov-13 50%/50% Nave Bellatrix MR2 Product Tanker 49, ,331 (4) Jan-16 50%/50% Nave Aquila MR2 Product Tanker 49, ,331 (5) Nov-15 50%/50% Nave Atria MR2 Product Tanker 49, ,331 (5) Jul-15 50%/50% Bull MR2 Product Tanker 50, ,503 Sep-14 None Buddy MR2 Product Tanker 50, ,503 Oct-14 None Nave Cosmos Chemical Tanker 25, ,700 (6) Aug-13 50%/50% Nave Polaris Chemical Tanker 25, ,700 (6) Jul-13 50%/50% TOTAL 824,903 (1) Charterer s option to extend the charter for 6 months at same rate. (2) Charterer s option to extend the charter for 1+1 years at $11,850 (net) 1st optional year plus 90% profit up to $16,000 plus 50% profit sharing above $16,000; $11,850 (net) 2nd optional year plus 90% profit up to $17,000 plus 50% profit sharing above $17,000. Profit sharing formula is calculated monthly and incorporates $2,000 premium above the relevant index. (3) Charterer s option to extend the charter for 1+1 years at $13,000 (net) 1st optional year plus 100% profit up to $16,000 plus 50% profit sharing above $16,000; $14,000 (net) 2nd optional year plus 100% profit up to $17,000 plus 50% profit sharing above $17,000. Profit sharing formula is calculated monthly and incorporates $2,000 premium above the relevant index. (4) The charterer will receive the first $1,000 of profits above the base rate and the owner will receive next $1,000 of profits. Thereafter, all profits will be split equally to each party. The charterer has been granted an option for an additional year at a rate of $14,813 net per day plus 50% profit sharing. (5) Charterer s option to extend the charter for 1+ 1 years at $14,566 (net) 1st optional year plus profit sharing; $15,553 (net) 2nd optional year plus profit sharing. The profit sharing will be calculated monthly and profits will be split equally to each party. Profit sharing formula incorporates $1,000 premium above the relevant index. (6) Charterer s option to extend for additional year at 12,188 plus 50% profit sharing. (7) Expected to be delivered by February 15,

94 Existing Fleet - VLCC Vessel Type DWT Year Built Net Charter Rate ($/day) Expiration Date Profit Share Shinyo Splendor VLCC 306, ,019 May-14 None Shinyo Navigator VLCC 300, ,705 Dec-16 None C. Dream VLCC 298, ,625 Mar % above $30,000 40% above $40,000 Shinyo Ocean VLCC 281, ,400 Jan-17 50% above $43,500 Shinyo Kannika VLCC 287, ,025 Feb-17 50% above 44,000 Shinyo Saowalak VLCC 298, ,153 June-25 35% above $54,388 40% above $59,388 50% above $69,388 Shinyo Kieran VLCC 297, ,153 June-26 35% above $54,388 40% above $59,388 50% above $69,388 TOTAL 2,069,229 94

95 Vessels to be delivered Vessel / Type DWT Anticipated Delivery Date Net Charter Rate ($/day) Profit Share LR1 Product Tanker / Nave Atropos 75,000 Q ,850 (1) 50%/50% MR2 Product Tanker / Nave Orion 50,000 Q ,331 (2) 50%/50% MR2 Product Tanker / Nave Titan 50,000 Q ,825 (3) 50%/50% MR2 Product Tanker / Nave Capella 50,000 Q ,825 (4) MR2 Product Tanker / Nave Alderamin 50,000 Q MR2 Product Tanker 50,000 Q MR2 Product Tanker 50,000 Q MR2 Product Tanker 50,000 Q Total 425,000 (1) Charter duration one year. Charterer s option to extend the charter for 6 months at same rate. (2) Charter duration three years. Charterer s option to extend the charter for 1 year at $14,813 (net) plus profit sharing. The charterers will receive 100% of the first $1,000 in profits above the base rate and the owners will receive 100% of the next $1,000. Thereafter, all profits will be split equally to each party. (3) Charter duration three years. Charterer's option to extend the charter for 1 year at $15,306 (net) plus profit sharing. The charterers will receive 100% of the first $1,000 in profits above the base rate and the owners will receive 100% of the next $1,000. Thereafter, all profits will be split equally to each party. (4) Charter duration one year. Charterer s option to extend for 1 year at $14,

96 (million dwt) Chemical Ship Supply Fundamentals are Improving World chemical tanker orderbook (million dwt Jan 2013) (million dwt) % Growth before slippage as % of Jan 2013 fleet: Aging chemical tanker fleet (million dwt) Source: Drewry Jan % >=20 yrs >=25 yrs 4.1% 2.9% Non-deliveries 6.1 M DWT 20+ yrs of age: 14% by number of vessels, 7% by DWT Orderbook Delivered (M DWT) Projected (M DWT) Non-Del y (by DWT) 2012 prelim % % % % Fleet Development 2012 Chemical Tanker Fleet = 86.6 M dwt 2011 Chemical Tanker Fleet = 83.0 M dwt 2010 Chemical Tanker Fleet = 79.4 M dwt 2009 Chemical Tanker Fleet = 75.0 M dwt Net Fleet Growth 2012 Net fleet growth was 3.6 M dwt or 4.3% 2011 Net fleet growth was 3.6 M dwt or 4.6% 2010 Net fleet growth was 4.4 M dwt or 5.8% 2009 Net fleet growth was 7.5 M dwt or 11.2% Scrapping 2012 Scrapping = 2.5% of fleet / 2.1 M dwt 2011 Scrapping = 2.6% of fleet / 2.1 M dwt 2010 Scrapping = 3.7% of fleet / 2.8 M dwt Age Profile 570 vessels are 20+ years old 13.7% of the fleet 291 vessels are 25+ years old 7.0% of the fleet 96