Contract

Exhibit 99.4

          NINETEENTH SUPPLEMENTAL INDENTURE (this “Nineteenth Supplemental Indenture”), dated as of September 18, 2008, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Xxxxxxxx Islands corporation (the “Company”), Surf Maritime 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 Nineteenth 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 NINETEENTH 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 Nineteenth 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 Nineteenth 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 Nineteenth Supplemental Indenture to be duly executed and attested, all as of the date first above written.

	SURF MARITIME 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
	BEAUFIKS SHIPPING CORPORATION, as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	ROWBOAT MARINE INC., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	CORSAIR SHIPPING LTD., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer

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	SAGITTARIUS SHIPPING CORPORATION, as a Guarantor
	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
	ORBITER SHIPPING CORP., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	PHAROS NAVIGATION S.A., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	SIZZLING VENTURES INC., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer

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	XXXXXXX VENTURES S.A., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	TAHARQA SPIRIT CORP., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	RHEIA ASSOCIATES CO., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	RUMER HOLDING LTD., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	CHILALI CORP., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer

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

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	ANEMOS MARITIME HOLDINGS INC., as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer
	PORTOROSA MARINE CORP, as a Guarantor
	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
	LIBRA SHIPPING ENTERPRISES CORPORATION, as a Guarantor
	By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxxxxxx
		Title:	Director and Authorized Officer

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

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

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

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

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

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