Contract

SIXTH SUPPLEMENTAL INDENTURE (this “Sixth Supplemental Indenture”), dated as of December 21, 2007, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Xxxxxxxx Islands corporation (the “Company”), Chilali Corp., a Xxxxxxxx Islands corporation (the “Guaranteeing Subsidiary”) and an indirect subsidiary of the Company, the other Guarantors (as defined in the Indenture referred to herein) and Xxxxx Fargo Bank, N.A. (or its permitted successor) as trustee under the Indenture referred to below (the “Trustee”).

WITNESSETH

WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of December 18, 2006 providing for the issuance of 9½% Senior Notes due 2014 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

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

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

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

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

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

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

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

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

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

		CHILALI CORP.
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Secretary

		NAVIOS MARITIME HOLDINGS INC.
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Executive Vice President

		NOSTOS SHIPMANAGEMENT CORP., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Secretary

		WHITE NARCISSUS MARINE S.A., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Vice President

		KLEIMAR N.V., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

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		NAV HOLDINGS LIMITED, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		NAVIOS CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		ANEMOS MARITIME HOLDINGS INC., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		PORTOROSA MARWE CORP.
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Secretary / Director

		NAVIOS SHIPMANAGEMENT INC., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		AEGEAN SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

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		LIBRA SHIPPING ENTERPRISES CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		ALEGRIA SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		FELICITY SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		GEMINI SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		ARC SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

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		GALAXY SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		MAGELLAN SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		IONIAN SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		APOLLON SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		HERAKLES SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

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		ACHILLES SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		KYPROS SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		HIOS SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		MERIDIAN SHIPPING ENTERPRISES INC., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		MERCATOR SHIPPING CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

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		HORIZON SHIPPING ENTERPRISES CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		HYPERION ENTERPRISES INC., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		STAR MARITIME ENTERPRISES CORPORATION, as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		NAVIMAX CORPORATION, as a Guarantor
		By:	/s/ Xxxxxx Xxxxxx
			Name: Xxxxxx Xxxxxx
			Title: President

		NAVIOS HANDYBULK INC., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

		NAVIOS INTERNATIONAL INC., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Director and Authorized Officer

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		HESTIA SHIPPING LTD., as a Guarantor
		By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
			Name: Xxxxxxxx Xxxxxxxxxxxxx
			Title: Authorized Officer

		XXXXX FARGO BANK, N.A., as Trustee
		By:	/s/ Xxxxx Xxxxxxx
			Authorized Signatory

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