Date 28 January 2011 RUMER HOLDING LTD. as Borrower EMPORIKI BANK OF GREECE S.A. as Bank SUPPLEMENTAL AGREEMENT in relation to a Facility Agreement dated 11 December 2007 (as amended) for a term loan facility of up to US$154,000,000 PIRAEUS

Exhibit 10.3

Private and Confidential

Date 28 January 2011

RUMER HOLDING LTD.
as Borrower

EMPORIKI BANK OF GREECE S.A.
as Bank

SUPPLEMENTAL AGREEMENT

in relation to a Facility Agreement dated 11 December 2007 (as amended)
for a term loan facility of up to US$154,000,000

PIRAEUS

Index

Clause				Page No
1		INTERPRETATION		3
2		AGREEMENT OF THE BANK		3
3		CONDITIONS PRECEDENT		4
4		REPRESENTATIONS AND WARRANTIES		5
5		AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS		5
6		FURTHER ASSURANCES		6
7		FEES AND EXPENSES		7
8		NOTICES AND OTHER MATTERS		7
9		SUPPLEMENTAL		7
10		LAW AND JURISDICTION		7
SCHEDULE — Indenture Excerpt				9

THIS AGREEMENT is made on 28 January 2011

BETWEEN

(1)		RUMER HOLDING LTD., as Borrower; and
(2)		EMPORIKI BANK OF GREECE S.A. as Bank

BACKGROUND

(A)		By a Facility Agreement dated 11 December 2007 and made between originally (i) the Borrower and Chilali Corp. and (ii) the Bank, as amended by supplemental agreements dated 10 July 2009, 28 August 2009 and 25 November 2009, the Bank made available to the Borrower a term loan of (originally) up to US$154,000,000.
(B)		The Borrower has made a request to the Bank that it agrees to the Borrower issuing guarantees of the notes pursuant to that certain indenture dated 28 January 2011 issued by the Corporate Guarantor, Navios Maritime Finance II (US) Inc. and the guarantors party thereto, including the Borrower for US$350,000,000 of 8 1/8% Senior Notes due on 15 February 2019 (with the proceeds thereof being used to repurchase and/or redeem the Corporate Guarantor’s 9.5% Senior Notes due 2014 and to pay related fees and expenses and for general corporate purposes).
(C)		This Agreement sets out the terms and conditions on which the Bank agrees, with effect on and from the Effective Date, to the Borrower issuing the guarantees referred to above and the consequential amendments to the Facility Agreement.

IT IS AGREED as follows:

1		INTERPRETATION
1.1		Defined expressions. Words and expressions defined in the Facility Agreement shall have the same meanings when used in this Agreement unless the context otherwise requires.
1.2		Definitions. In this Agreement, unless the contrary intention appears:
		“Effective Date” means the Banking Day on which all the conditions precedent referred to in Clause 3.1 have been fulfilled by the Borrower; and
		“Facility Agreement” means the Facility Agreement referred to in Recital (A).
1.3		Application of construction and Interpretation provisions of Facility Agreement. Clauses 1.3, 1.4 and 1.5 of the Facility Agreement apply, with any necessary modifications, to this Agreement.
2		AGREEMENT OF THE BANK
2.1		Bank’s consent. The Bank hereby agrees to the amendments to the Facility Agreement set out in Clause 5 and to the Borrower issuing guarantees under the indenture referred to in Recital (B) on condition that:

2.1.1		the Bank, or its authorised representative, has received the documents and evidence specified in Clause 3.1 in form and substance satisfactory to the Bank; and
2.1.2		the representations and warranties contained in clause 4 are then true and correct as if each was made with respect to the facts and circumstances existing at such time; and
3		CONDITIONS PRECEDENT
3.1		Conditions precedent to the new indenture. The conditions referred to in Clause 2.1 are that the Bank shall have received the following documents:

(a)		Corporate documents
		Certified Copies of all documents which evidence or relate to the constitution of the Borrower and its current corporate existence;
(b)		Corporate authorities

	(i)		Certified Copies of resolutions of the directors of the Borrower approving this Supplemental Agreement and authorising the execution and delivery thereof and performance of the Borrower’s obligations thereunder, additionally certified by an officer of the Borrower as having been duly passed at a duly convened meeting of the directors of the Borrower and not having been amended, modified or revoked and being in full force and effect; and
	(ii)		originals or Certified Copies of any powers of attorney issued by the Borrower pursuant to such resolutions

(c)		Certificate of incumbency
		a list of directors and officers of the Borrower, specifying the names and positions of such persons, certified by an officer of the Borrower to be true, complete and up to date;
(d)		Laws of the Xxxxxxxx Islands: opinion
		an opinion of Messrs Cozen X’Xxxxxx, special legal advisers in New York to the Bank;
(e)		London agent
		documentary evidence that the agent for service of process named in clause 19 of the Facility Agreement has accepted its appointment in respect of this Agreement;
(f)		Acknowledgment
		an acknowledgement (in a letter or otherwise) signed by each Security Party (other than the Borrower) in such form as the Bank may require in its sole discretion acknowledging the terms of this Agreement; and
(g)		Further opinions, etc
		any further opinions, consents, agreements and documents in connection with this Agreement and the Security Documents which the Bank may request by notice to the Borrower prior to the Effective Date.

4		REPRESENTATIONS AND WARRANTIES
4.1		Repetition of Facility Agreement representations and warranties. The Borrower represents and warrants to the Bank that the representations and warranties in clause 7 of the Facility Agreement, as amended and supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, remain true and not misleading if repeated on the date of this Agreement with reference to the circumstances now existing.
4.2		The Borrower hereby irrevocably and unconditionally confirms that:

	(a)		notwithstanding the release and discharge of Chilali Corp. from its obligations and liabilities under (i) the Facility Agreement and (ii) any other Security Document executed by Chilali Corp. pursuant to the Facility Agreement, pursuant to a deed of release dated 18 March 2010, none of its obligations or liabilities under the Facility Agreement have been released or discharged thereby; and
	(b)		the Security Documents including the Facility Agreement to which the Borrower is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement and shall, without limitation, secure the Loan and each of those documents shall continue in full force and effect in accordance with its terms, save for the release of Chilali Corp. aforesaid.

5		AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS
5.1		Specific amendments to Facility Agreement. With effect on and from the Effective Date the Facility Agreement shall be, and shall be deemed by this Agreement to be, amended as follows:

	(a)		by deleting in the definition of “Indenture” in Clause 1.1 the words “18 December 2006 issued by the Borrower and the Corporate Guarantor for 9 1/2% Senior Notes due on 18 December 2014” and replacing them with the words “28 January 2011 issued by the Corporate Guarantor, Navios Maritime Finance II (US) Inc. and the guarantors party thereto (including the Borrower) for 8 1/8% Senior Notes due on 15 February 2019”;
	(b)		by deleting the Indenture Excerpt from Schedule 3 and replacing it with the Indenture Excerpt set out in the Schedule attached to this Agreement.
	(c)		by construing references throughout to “this Agreement”, “hereunder” and other like expressions as if the same referred to the Facility Agreement as amended and supplemented by this Agreement.

5.2 Amendments to Security Documents. With effect on and from the Effective Date each of the Security Documents other than the Facility Agreement, shall be, and shall be deemed by this Agreement to be, amended as follows:

	(a)		the definition of, and references throughout each of the Security Documents to, the Facility Agreement and any of the other Security Documents shall be construed as if the same referred to the Facility Agreement and those Security Documents as amended and supplemented by this Agreement;
	(b)		by construing references throughout each of the Security Documents to “this Agreement”, “this Deed”, “hereunder” and other like expressions as if the same

referred to such Security Documents as amended and supplemented by this Agreement.

5.3 Security Documents to remain In full force and effect. The Security Documents shall remain in full force and effect as amended and supplemented by:

	(a)		the amendments to the Security Documents contained or referred to in Clauses 5.1 and 5.2; and
	(b)		such further or consequential modifications as may be necessary to give full effect to the terms of this Agreement.

6		FURTHER ASSURANCES
6.1		Borrower’s obligation to execute further documents etc. The Borrower shall, and shall procure that any other party to any Security Document shall:

	(a)		execute and deliver to the Bank (or as it may direct) any assignment, mortgage, power of attorney, proxy or other document, governed by the law of England or such other country as the Bank may, in any particular case, specify,
	(b)		effect any registration or notarisation, give any notice or take any other step, which the Bank may, by notice to the Borrower or other party, specify for any of the purposes described in Clause 6.2 or for any similar or related purpose.

6.2 Purposes of further assurances. Those purposes are:

	(a)		validly and effectively to create any Security Interest or right of any kind which the Bank intended should be created by or pursuant to the Facility Agreement or any other Security Document, each as amended and supplemented by this Agreement; and
	(b)		implementing the terms and provisions of this Agreement.

6.3		Terms of further assurances. The Bank may specify the terms of any document to be executed by the Borrower or any other party under Clause 6.1, and those terms may include any covenants, powers and provisions which the Bank considers appropriate to protect its interests.
6.4		Obligation to comply with notice. The Borrower shall comply with a notice under Clause 6.1 by the date specified in the notice.
6.5		Additional corporate action. At the same time as the Borrower or any other party delivers to the Bank any document executed under Clause 6.1(a), the Borrower or such other party shall also deliver to the Bank a certificate signed by 2 of the Borrower’s or that other party’s directors which shall:

	(a)		set out the text of a resolution of the Borrower’s or that other party’s directors specifically authorising the execution of the document specified by the Bank, and
	(b)		state that either the resolution was duly passed at a meeting of the directors validly convened and held throughout which a quorum of directors entitled to vote on the resolution was present or that the resolution has been signed by all the directors and is valid under the Borrower’s or that other party’s articles of association or other constitutional documents.

7		FEES AND EXPENSES
7.1		Expenses. The provisions of clause 5 (Commitment Commission, Fees and Expenses) of the Facility Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications.
8		NOTICES AND OTHER MATTERS
8.1		General. The provisions of clause 16 (Notices) of the Facility Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications.
9		SUPPLEMENTAL
9.1		Counterparts. This Agreement may be executed in any number of counterparts.
9.2		Third party rights. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Xxx 0000 to enforce or to enjoy the benefit of any term of this Agreement.
10		LAW AND JURISDICTION
10.1		Governing law. This Agreement shall be governed by and construed in accordance with English law.
10.2		Incorporation of the Facility Agreement provisions. The provisions of clauses 18 and 19 (Governing Law and Jurisdiction) of the Facility Agreement, as amended and supplemented by this Agreement, shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications.

IN WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written.

SIGNED as a deed for and on behalf of		)
RUMER HOLDING LTD.		)
by Xxxxxxxxxx Xxxxx		)		/s/ Xxxxxxxxxx Xxxxx
(as Borrower under and pursuant to
a power of attorney dated 28 January 2011)		)
SIGNED by C. Margelou and E. Makri		)		/s/ C. Margelou
for and on behalf of		)		/s/ E. Makri
EMPORIKI BANK OF GREECE S.A.		)
(as Bank)		)
Witness to all the above		)
Signatures:		)
Name: Xxxxx Xxxxx		)		/s/ Xxxxx Xxxxx
Address: 47-49 Akti Miaouli		)
Xxxxxxx 000 00
Xxxxxx

We on this 28 day of January 2011 hereby confirm and acknowledge that we have read and understood the terms and conditions of the above Supplemental Agreement and agree in all respects to the same and confirm that the Security Documents to which we are a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement (as amended by the Supplemental Agreement) and shall, without limitation, secure the Loan.

/s/ Xxxxxxxx Xxxxxxxxxxxxx				/s/ Xxxxxxxx Xxxxxxxxxxxxx
XXXXXXXX XXXXXXXXXXXXX				XXXXXXXX XXXXXXXXXXXXX
For and on behalf of				For and on behalf of
NAVIOS MARITIME HOLDINGS INC				NAVIOS SHIPMANAGEMENT INC.
/s/ Xxxxxxxx Xxxxxxxxxxxxx
XXXXXXXX XXXXXXXXXXXXX
For and on behalf of
HESTIA SHIPPING LTD.