Contract

Exhibit 99.1

     TWENTY-SECOND SUPPLEMENTAL INDENTURE (this “Twenty-second Supplemental Indenture”), dated as of February 24, 2009, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Xxxxxxxx Islands corporation (the “Company”), Ginger Services Co., 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 9¹/2% 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 Twenty-second 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.

3. NEW YORK LAW TO GOVERN. THIS TWENTY-SECOND 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.

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

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

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6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Twenty-second 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 Twenty-second Supplemental Indenture to be duly executed and attested, all as of the date first above written.

		GINGER SERVICES CO.
		By:		/s/ Xxxxxxxx Xxxxxxxxxxxxx
				Name:		Xxxxxxxx Xxxxxxxxxxxxx
				Title:		Director and Authorized Officer
		NAVIOS MARITIME HOLDINGS INC.
		By:		/s/ Xxxxxxxx Xxxxxxxxxxxxx
				Name:		Xxxxxxxx Xxxxxxxxxxxxx
				Title:		Executive Vice President, Legal
		QUENA SHIPMANAGEMENT INC.
		ASTRA MARITIME CORPORATION
		PRIMAVERA SHIPPING CORPORATION
		PUEBLO HOLDINGS LTD.
		SURF MARITIME CO.
		BEAUFIKS SHIPPING CORPORATION
		ROWBOAT MARINE INC.
		CORSAIR SHIPPING LTD.
		SAGITTARIUS SHIPPING CORPORATION
		ORBITER SHIPPING CORP.
		PHAROS NAVIGATION S.A.
		SIZZLING VENTURES INC.
		XXXXXXX VENTURES S.A.
		TAHARQA SPIRIT CORP.
		RHEIA ASSOCIATES CO.
		RUMER HOLDING LTD.
		CHILALI CORP.
		KLEIMAR N.V.,
		NAV HOLDINGS LIMITED
		NAVIOS CORPORATION
		ANEMOS MARITIME HOLDINGS INC.
		NAVIOS SHIPMANAGEMENT INC.
		AEGEAN SHIPPING CORPORATION
		LIBRA SHIPPING ENTERPRISES CORPORATION
		ALEGRIA SHIPPING CORPORATION
		FELICITY SHIPPING CORPORATION
		GEMINI SHIPPING CORPORATION
		ARC SHIPPING CORPORATION
		GALAXY SHIPPING CORPORATION

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		MAGELLAN SHIPPING CORPORATION
		IONIAN SHIPPING CORPORATION
		APOLLON SHIPPING CORPORATION
		HERAKLES SHIPPING CORPORATION
		ACHILLES SHIPPING CORPORATION
		KYPROS SHIPPING CORPORATION
		HIOS SHIPPING CORPORATION
		MERIDIAN SHIPPING ENTERPRISES INC.
		MERCATOR SHIPPING CORPORATION
		HORIZON SHIPPING ENTERPRISES CORPORATION
		HYPERION ENTERPRISES INC.
		STAR MARITIME ENTERPRISES CORPORATION
		NAVIOS HANDYBULK INC.
		NAVIOS INTERNATIONAL INC.,
		as Guarantors
		By:		/s/ Xxxxxxxx Xxxxxxxxxxxxx
				Name:		Xxxxxxxx Xxxxxxxxxxxxx
				Title:		Director and Authorized Officer
		KLEIMAR LTD., as a Guarantor
		By:		/s/ Xxxxxx Akhniotis
				Name:		Xxxxxx Akhniotis
				Title:		Secretary and Director
		NOSTOS SHIPMANAGEMENT CORP.,
		as a Guarantor
		By:		/s/ Xxxxxxxx Xxxxxxxxxxxxx
				Name:		Xxxxxxxx Xxxxxxxxxxxxx
				Title:		Secretary / Director
		WHITE NARCISSUS MARINE S.A.,
		as a Guarantor

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		By:		/s/ Xxxxxxxx Xxxxxxxxxxxxx
				Name:		Xxxxxxxx Xxxxxxxxxxxxx
				Title:		Vice President
		PORTOROSA MARINE CORP, as a Guarantor
		By:		/s/ Xxxxxxxx Xxxxxxxxxxxxx
				Name:		Xxxxxxxx Xxxxxxxxxxxxx
				Title:		Secretary / Director
		NAVIMAX CORPORATION, as a Guarantor
		By:		/s/ Xxxxxx Xxxxxx
				Name:		Xxxxxx Xxxxxx
				Title:		President
		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/ Xxxxxx Xxxx
				Authorized Signatory
				Name:		Xxxxxx Xxxx
				Title:		Vice President

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