Contract

FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of August 9, 2007, is entered into by and among Navios Maritime Holdings Inc. (or its permitted successor), a Xxxxxxxx Islands corporation (the “Company”), Nostos Shipmanagement 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 (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 Fourth 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 FOURTH 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 Fourth 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 Fourth 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 Fourth Supplemental Indenture to be duly executed and attested, all as of the date first above written.

				NOSTOS SHIPMANAGEMENT CORP.
				By:	/s/ Xxxxxxxx Xxxxxxxxxxxxx
					Name: Xxxxxxxx Xxxxxxxxxxxxx
					Title: Secretary/Director

				NAVIOS MARITIME HOLDINGS INC.
				By:	x
					Name: Xxxxxxxx Xxxxxxxxxxxxx
					Title: Executive Vice President, Legal

				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

				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

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				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

				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

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				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

				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

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				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

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

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