Fair Exchange

Last week, Navios Holdings (“Navios”) and Navios Maritime Partners (“NMP”) announced the re-structuring of certain arrangements between themselves. First, NMP agreed to acquire from Navios the leasehold rights to the M/V Navios Sagittarius, a 2006 Japanese built Panamax. The purchase price, $34.6 million, will be funded from cash on hand. The vessel is currently chartered out at $26,125, net per day until November 2018 and is expected to generate annual EBITDA of approximately $5.8 million. As part of the acquisition of the leasehold, the new owners have a purchase option beginning in December 2009 at an initial price of $25.9

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