Panamax
Panamax vessels are highly flexible vessels capable of carrying a wide range of drybulk commodities, including iron ore, coal, grain and fertilizer, and of being accomodated in most major discharge ports. Initially the Panamax Fleet will consist of six modern, active owned vessels and one newbuild Panamax vessel that is contracted to be chartered-in to the company in 2008.

Capesize
Capesize vessels are primarily dedicated to the carriage of iron ore and coal. Initially the Capesize Fleet will consist of one modern vessel and one newbuild Capesize vessel that is to be acquired in June 2009.

Initial Fleet
Assuming the delivery of the Capesize newbuild in June 2009, the fleet will consist of nine vessels and have an average age of approximately 5.6 years (weighted by dwt) compared to a current industry average age of 15 years. The vessels are chartered out under long-term charters to a strong group of counterparties.

Technical ship management
Navios Maritime will manage the commercial and technical operation of our fleet through its wholly-owned subsidiary, Navios ShipManagement. Navios Maritime has an experienced management team with a long track record, a reputation for technical expertise in managing and operating vessels, and strong relationships with leading charterers and shipyards.