Navios Maritime Containers Inc. · of Navios Maritime Holdings Inc. (“Navios Holdings”), Navios...

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0

Navios Maritime Containers Inc.


Q2 2018 Earnings Presentation

July 31, 2018

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Forward Looking Statements This presentation contains forward-looking statements concerning future events, including future contracted revenues and rates, EBITDA, future available days, future financial

performance of the fleet, timing of vessel deliveries, vessel acquisitions, financing activities, and Navios Containers' growth strategy and measures to implement such strategy, including

future vessel acquisitions and the ability to secure or refinance related financing, the further growth of our containership fleet, and entering into further time charters. Words such as “may,”

“expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. These

forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Containers at the time these statements were

made. Although Navios Containers believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will

prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant

uncertainties and contingencies, many of which are beyond the control of Navios Containers. Actual results may differ materially from those expressed or implied by such forward-looking

statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: the favorable timing for acquisitions and chartering opportunities in

the container shipping sector and Navios Containers’ ability to take advantage of such opportunities; the value of container shipping vessels; Navios Containers’ ability to identify container

shipping vessels for acquisition at attractive prices, if at all, including the availability of distressed acquisition opportunities in the container shipping industry; Navios Containers’ ability to

execute on a low-cost operating structure; Navios Containers’ ability to achieve a return on investment for and to pay cash distributions to our unit holders or make common unit

repurchases from our unit holders; the level of trade growth and recovery of charter rates and asset values in the container shipping industry; general market conditions and shipping

industry trends, including charter rates, vessel values and the future supply of, and demand for, ocean-going containership shipping services; any advantages resulting from Navios

Containers’ strategic focus on intermediate-size containerships; Navios Containers’ ability to leverage the scale, experience, reputation and relationships of the Navios Group, consisting

of Navios Maritime Holdings Inc. (“Navios Holdings”), Navios Maritime Acquisition Corporation, Navios Partners, Navios Maritime Midstream Partners L.P., and any one or more of their

subsidiaries, including the wholly-owned subsidiary of Navios Holdings which manages the commercial and technical operation of Navios Containers’ fleet pursuant to a management

agreement (the “Manager”); Navios Containers’ ability to maintain or develop new and existing customer relationships with existing charterers and new customers, including liner

companies; Navios Containers’ ability to successfully grow its business and its capacity to manage its expanding business; future levels of dividends, as well as Navios Containers’

dividend policy; Navios Containers’ current and future competitive strengths and business strategies and other plans and objectives for future operations; Navios Containers’ future

operating and financial results, its ability to identify and consummate desirable fleet acquisitions, business strategy, areas of possible expansion and expected capital expenditure or

operating expenses; container shipping industry trends, including charter rates and vessel values and factors affecting vessel supply and demand as well as trends and conditions in the

newbuilding markets and scrapping of vessels; Navios Containers’ future financial condition or results of operations and its future revenues and expenses, including its estimated adjusted

cash flow; the loss of any customer or charter or vessel; the aging of Navios Containers’ vessels and resultant increases in operation and drydocking costs; the ability of Navios

Containers’ vessels to pass classification, security and customs inspections; significant changes in vessel performance, including increased equipment breakdowns; the creditworthiness

of Navios Containers’ charterers and the ability of its contract counterparties to fulfill their obligations to Navios Containers; Navios Containers’ ability to maintain long-term relationships

with major liner companies; Navios Containers’ ability to retain key executive officers and the Manager’s ability to attract and retain skilled employees; Navios Containers’ ability to access

debt, credit and equity markets; changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors; Navios Containers’ ability to repay

outstanding indebtedness, to obtain additional financing and to obtain replacement charters for its vessels, in each case, at commercially acceptable rates or at all; estimated future

acquisition, maintenance and replacement expenditures; potential liability from litigation and our vessel operations, including discharge of pollutants; Navios Containers’ and the Navios

Group’s performance in safety, environmental and regulatory matters; global economic outlook and growth and changes in general economic and business conditions; general domestic

and international political conditions, including wars, acts of piracy and terrorism; changes in production of or demand for container shipments, either globally or in particular regions;

changes in the standard of service or the ability of the Manager to be approved as required; increases in costs and expenses, including but not limited to, crew wages, insurance, technical

maintenance costs, spares, stores and supplies, charter brokerage commissions on gross voyage revenues and general and administrative expenses; the adequacy of Navios Containers’

insurance arrangements and its ability to obtain insurance and required certifications; the expected cost of, and Navios Containers’ ability to comply with, governmental regulations and

maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to its business; the changes to the regulatory requirements applicable

to the shipping and container transportation industry, including, without limitation, stricter requirements adopted by international organizations, such as the International Maritime

Organization and the European Union, or by individual countries or charterers and actions taken by regulatory authorities and governing such areas as safety and environmental

compliance; the anticipated taxation of Navios Containers and its shareholders; potential liability and costs due to environmental, safety and other incidents involving Navios Containers’

vessels; and the effects of increasing emphasis on environmental and safety concerns by customers, governments and others, as well as changes in maritime regulations and standards.

Navios Containers expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change

in Navios Containers' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or

statement about the performance of its common stock.

2

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


■ Global brand, industry relationships

and reputation

■ Economies of scale of ~ 200 vessel

fleet owned/managed

■ Ship management within the public

company – cost center vs profit

center

■ Track record of value creation

through the cycle

■ Access to deal flow

■ Professional management team

■ Alignment of interests

■ Fixed OpEx

NMCI Within the Navios Group

Why important for NMCI?

Scale, experience and relationships

Navios Maritime

Holdings Inc.

(NYSE: NM) 72 dry bulk vessels: 38 owned, 34 chartered-in

Navios Maritime

Containers Inc.

(N-OTC:NMCI) 26 containerships (1)

Navios Maritime

Partners L.P.

(NYSE: NMM) 38 vessels: 13 Capes,

17 Panamaxes, 3 Ultra-Handymaxes, 5 containerships

Navios South American

Logistics Inc. Port Terminal facilities,

barging & cabotage Special Purpose Vehicles Navios

Europe I & II 24 vessels:

12 containerships, 5 Panamax, 2 Handymax,

5 Product Tankers

Navios Maritime

Midstream Partners L.P.

(NYSE: NAP) 6 VLCCs

Navios Maritime

Acquisition Corporation (NYSE: NNA)

35 vessels - 26 product

tankers, 7 VLCCs, 2 chemical tankers

3 (1) Includes one 4,563 TEU containership that is expected to be delivered in Q3/Q4 2018.

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Ownership Structure

4

39.1% Interest 60.9% Interest

100% Interest

Common Shareholders Navios Group

(36.0% NMM / 3.1% NM)

26 Containerships(1)

Navios Maritime

Containers Inc.

(OSLO N-OTC: NMCI)

23(1) x Baby Panamaxes 3 x New Panamaxes

20 x 4,250-4,730 TEU 13 x 3,450 TEU 11 x 10,000 TEU 12 x 8,204 TEU

(1) Includes one 4,563 TEU containership that is expected to be delivered in Q3/Q4 2018.

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


NMCI: Company Highlights

Navios Group’s Containership Vehicle – Right of First Refusal for all Containerships

New Growth Vehicle

Focused on Specific

Containership

Segments

New growth vehicle with attractive entry point and clean, low-cost structure

Attractive opportunities today to buy containerships towards bottom of the cycle

Access to distressed deals from banks / operators

Rapidly established market share and credibility

Positioned to Benefit

from Container Market

Recovery

Attractive cost basis in existing fleet (acquisitions close to scrap)

Sector poised for recovery: trade growth + high scrapping + lack of new orders

Focus on containerships with attractive opportunities in high growth trades

Acquisitions provide free cash flow in current market with significant capital

appreciation and cash flow yield improvement as market recovers

Well Capitalized with

Attractive Growth /

Yield Mix

Well-capitalized vehicle with low leverage

Opportunistic charter policy with market tailwinds

Operational and financial upside in recovery cycle

Substantial majority of cash flow redeployed for growth - balance for distributions

Leverage Existing

Operating Platform

Leverage an established large operating platform

Economies of scale = lower operating expenditures than the industry

Charterers prefer to deal with large, safe and reliable owners

Strong Sponsor with

Seasoned Management

Strong & strategic relationships with banks and other key industry players

Management team has average industry experience of 20+ years per person

Demonstrated access of Navios Group to debt and equity capital markets

Long track record of financial reporting, compliance and investor accountability

5

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Established in April 2017 to take advantage of dislocation in the containership market

Focused on growth in Panamax segment with attractive entry point and market fundamentals

Current fleet strategy focused on two most attractive segments within the containership sector

from a demand/supply perspective

• 23 “Baby Panamaxes” (3,450 - 4,730 TEU)

• 3 “New Panamaxes” (7,500 - 10,000 TEU)

Visible growth pipeline: 17 containerships within the Navios Group coupled with secondary

market opportunities

Well capitalized with $180 million of equity and $199 million of debt(1)

• Commitment from Navios Group with $70 million cash investment

• No legacy liabilities

Low cash breakeven and attractive cash yields at current market rates

Experienced management team with unique access to deal flow

(1) Includes debt financing for the recently acquired 8,204 TEU vessels and the initial $50.5 million drawdown of the $119.0 million sale and leaseback transaction.

A Containership Sector Growth Platform


6

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


3

23

26

NMCI Fleet Evolution Fleet Acquisitions & Highlights

14

3

4

5

Q2/Q3 2017 Q3/Q4 2017 Q4 2017 Q1-Q3 2018

Acquisition

Price $118.0 million $31.2 million $96.8 million $142.9 million $389 mm

Contracted

EBITDA (1)

~ $45 million

5 vessels on TC with

staggered

expirations ending in

Q1 2019

--

~ $70 million

4 vessels on TC

through Q2 2020

~ $13 million

3 vessels on TC with

staggered expirations

ending Q1 2019

~ $128mm

Average Age 10 years 8 years 9.5 years 10 years 10 years

# of vessels

11x4,250 TEU

3x3,450 TEU

from RMT

fleet liquidation

2x4,250 TEU

1x4,360 TEU from

commercial banks

4x4,730 TEU from

German owner

2x4,250 TEU from commercial banks

1x10,000 TEU from 3rd party

2x8,204 TEU from NMM

3.4k - 5k

TEU

7.5k - 10k

TEU

(1) Contracted EBITDA at the time of acquisition assumes Opex of $6,100 for the 3,450-5,000 TEU vessels and $7,400 per day for the 8,000-10,000 TEU vessels in the fleet.

G&A assumed to be $685 per vessel per day. Based on 360 operating days and 365 cost days.

7

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


$180

$276

Equity Invested Current NAV

The First Twelve Months Have Underscored Investment Thesis...


Charter rates have increased 75% since initial vessels acquired in June 2017

Significant growth in the value of the equity invested since inception

• Current NAV implies an increase in equity value of $96 million (53%)

Source: Clarksons Research. Rates shown reflect 6-12 month TC rate for 4,400 TEU for June 2017 and July 2018.

Note: NAV based on charter-adjusted fleet values for NMCI fleet of 26 vessels as of July 2018. Total equity capital invested reflects the total equity raised at NMCI since inception.

Appreciation of Equity Invested

($ in

mill

ion

s)

+ 53%

Charter Rate Improvement

$7,300

$12,800

Rates June 2017 Current Rates

+ 75%

($ p

er

da

y)

8

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


... With Significant Potential Upside Available vs. Historical Levels


59% potential further charter rate increase as rates recover to their historical averages

Current vessel values remain well below historical averages

Source: Current market rates shown reflect weighted average for open days for the fleet of 26 vessels, based on the Clarksons Research 6-12 month TC rate for 4,400 TEU and

9,000 TEU vessels and assumes a rate for the 8,204 TEU vessels based on the most recent fixture. Historical rates reflect the weighted average historical average rate based on

the 15-year average rate for 4,400 TEU vessels and the 6 year average rate for 9,000 TEU vessels.

Note: Fleet values shown based on NMCI fleet of 26 vessels as of July 2018. Fleet value at 15-year averages reflects Clarksons Research 15-year average values for 3,450 and

4,730 TEU vessels and 6-year average for the 8,000-10,000 TEU vessels.

Potential Rate Improvement

$409.4

$782.1

Current Charter- FreeAppraised Fleet Value

Fleet Value at 15-Yr Avg

Potential Growth in Fleet Value

+91%

9

$14,179

$22,581

Current AverageCharter Rates

Historical AverageCharter Rates

+59%

(Weighted by NMCI Fleet Open Days)

($ p

er

da

y)

($ in

mill

ion

s)

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


0

5

10

15

20

25

30

35

40

NB 5 10 15 20 25

Scrap value NB parity 3.8K TEU Discount to NB parity

46%

0

10

20

30

40

50

60

70

80

90

100

NB 5 10 15 20 25Scrap value NB parity 8k-10k TEU Discount to NB parity

Attractive Entry Point

Discount to Newbuild Parity 4,250 TEU

Significant discount to NB parity, even with today`s NB prices around historically low levels

Scrap value

Discount to Newbuild Parity 8,200 TEU

Scrap Value

39%

Vessels acquired at significant discounts to current newbuild parity

Significant upside potential in current market as asset values move to their historical

averages

Source: Drewry.

Note: In the diagrams above, the red markers on the discount to newbuild parity lines reflect the most recent purchase prices of this vessel size acquired by NMCI. 10

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Recent Developments

11


$117.25 million acquisition of three vessels

$50.25 million acquisition of one 10,000 TEU containership – age 8.0 years

• Vessel chartered out at a net rate of $26,663 per day until March 2019

• Vessel delivered on May 30, 2018

$67.0 million acquisition of two 8,204 TEU containerships from Navios Partners – average age 11.7 years

• Acquisition was unanimously approved by the Special Committee of the independent members of

the Board of Directors of Navios Containers

• Vessels chartered out at a net rate of $34,266 per day until Aug / Oct 2018

• Vessels delivered on July 2, 2018

$61.0 million new debt financing

$25.0 million term loan with a commercial bank to finance 10,000 TEU vessel delivered in May

• Interest: L + 300bps; $0.7 million quarterly amortization; maturity in May 2023; 9-year profile

$36.0 million facility with a commercial bank to finance the two 8,204 TEU containerships

• Interest: L + 325bps; $2.0 million for first two quarters and $1.2 million quarterly amortization

thereafter; maturity June 2022; 7-year profile

$50.5 million initial drawdown of $119 million sale & leaseback transaction

Completed $50.5 million sale and leaseback of the first eight vessels in June and July

• Pre-payment of $16.7 million of credit facilities maturing end of 2019

Expect to complete the sale and leaseback of the remaining 10 vessels during the third quarter 2018

60 monthly payments in respect of all 18 vessels of approximately $1.4 million each, with obligation to

purchase at end of fifth year for $59.5 million

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Recent Developments

12

Acquisition of one 2009-built 4,563 TEU containership

• Expected delivery Q3/Q4 2018

• Financed through $9.0 million of new bank debt on terms consistent with existing credit

facilities and cash from balance sheet

(1) The Next Twelve Months (“NTM”) EBITDA calculation assumes (a) revenue based on current market rates indicated based on Clarksons Research 6-12

month TC for 4,400 TEU vessel in July 2018 and (b) operating expenses in line with the management agreement and normal operations.

$2.1 $3.2

$4.8

NTM EBITDACurrent Rates

EBITDACurrent Rates +

$3,000

EBITDA15-Yr Avg Rates

~51%

15% 34%

$20,098 ($ / Day) $12,800

Transaction Rationale:

15% cash yield at current rates, increasing to 34% assuming rates recover to historical average

• 2.3x increase in NTM EBITDA(1) from $2.1 million (current rates) to $4.8 million (historical average)

Attractive supply demand fundamentals; strong demand by charterers for use in higher growth trades

$15,800

23%

~48%

Cash Yield

$13.9 million acquisition of one Baby Panamax containership

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


14,179

22,581

Current Rates 15Yr. Average rates

Illustrative Free Cash Flow Generation FY 2018

Cash Flow Analysis 2018E

($ million) Current rates 15 –yr. avg. rates

Contracted Revenues $125.3 $125.3

Total Expenses (Opex, G&A and debt service) (81.4) (81.4)

Net cash from contracted revenue $43.9 $43.9

Revenue from open days 14.4 22.9

Adjusted free cash flow generation $58.3 $66.8

Open Days 1,015 1,015

$43.9 million of net cash in 2018 only from contracted revenues alone

1,015 open days provide additional $14.4 million at current rates

$58.3 million

$66.8 million 15%

.

Note: Current rate based on Clarksons Research July 2018 rates of $12,800 per day for 4,250 TEU and 3,450 TEU vessels, $29,000 per day for 10,000 TEU vessels and

assumes a rate of $20,244 per day for the 8,204 TEU vessels based on the most recent fixture.15 year average rates; 4,250 and 3,450 TEU vessel : $20,098 per day; Average

rates for 8,204 TEU and 10,000 TEU: $33,503 per day reflect a six year period. Cash flow generation assumes normal operational performance of current fleet.

Rates shown in above tables are weighted to reflect vessel sizes for open days.

26 Vessel Fleet w/ Sale & Leaseback Financing

15-year average charter rates would provide $66.8 million Adjusted Free Cash Flow in 2018

13

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Liquidity and Debt Maturity Profile

June 30, 2018

(US $’000)

As of June 30,

2018

Cash (1) $41,100

Debt (2) $160,665

Stockholders’ Equity 177,301

Capitalization $337,966

Net Debt / Capitalization 35.4%

14

(1) Includes restricted cash of $0.6 million, as of June 30, 2018.

(2) Net of deferred financing fees of $2.6 million.

(3) Pro Forma debt maturity schedule reflects the $119.0 million sale & leaseback financing (refinancing facilities maturing in 2019) and the new $36.0 million

term loan for the YM Utmost and YM Unity drawn down in Q3 2018. No assurances can be provided that the Company will successfully complete the sale &

leaseback financing.

Pro Forma Debt Maturity (3)

20.3

72.3

0

10

20

30

40

50

60

70

80

2018 2019 2020 2021 2022 2023

($ m

illio

n)

Current Debt Maturity

63.2

5.1

31.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2018 2019 2020 2021 2022 2023

($ m

illio

n)

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Fleet and Operations Overview

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


26 Vessels(1) (124K TEU) Average age of combined fleet: 10.3 years

1 Vessel

10,000 TEU

2 Vessels

8,204 TEU

20 Vessels

4,250 - 4,730 TEU

3 Vessels

3,450 TEU

Total: 10,000 TEU Total: 16,408 TEU Total: 87,343 TEU Total: 10,350 TEU

Summary of Containership Fleet

Identified up to 9 containerships for acquisition (2)

(Five Acquisition Vessels + Four Optional Vessels)

4 Vessels

10,000 TEU

1 Vessel + 4 Optional Vessels

6,800 TEU

Total: 40,000 TEU Total: 34,000 TEU

(1) Includes one 4,563 TEU containership that is expected to be delivered in Q3/Q4 2018.

(2) Although we have entered into agreements to acquire these vessels with their expected charter rates, the agreements are subject to

certain conditions, and there can be no assurances that these acquisitions will occur in whole or part.

16

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


76.4%

23.6%

Mar-22 Oct-22 May-23 Dec-23Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20

Hyundai Hongkong

APL Atlanta

APL Denver

APL Los Angeles

APL Oakland

Navios Amarillo

TBN 3

Niledutch Okapi

TBN 2

Navios Tempo

Navios Verano

TBN 4

TBN 5

Navios Felicitas

Navios Unison

MOL Devotion

Navios Lapis

MOL Destiny

Navios Spring

Navios Dedication

Navios Amaranth

Navios Domino

Navios Azure

YM Unity

Navios Indigo

MOL Delight

Navios Verde

Navios Summer

YM Utmost

Navios Vermillion

Dec-18 -- $11,580

May-19 (2) -- $26,663

Nov-18 -- $8,444

Feb-19 (1) -- $26,850

Nov-18 -- $7,093

Aug-18 -- $9,000

May-19 -- $12,127

Nov-18 -- $11,603

Nov-18 -- $12,031

Aug-18 (1) -- $34,266

Nov-18 (1) -- $26,850

Oct-18 (1) -- $34,266

Sep-18 -- $9,381

Apr-19 -- $12,979

Sep-18 (1) -- $26,850

Aug-18 -- $9,000

Apr-20 (1) -- $27,156

May-20 (1) -- $27,156

Jun-20 (1) -- $27,156

21.7%

78.3%

Fixed days Open days May-19 -- $10,468

Nov-18 -- $9,500

Oct-18 -- $8,133

Remainder 2018 (Q3-Q4 )

2019

Mar-19 -- $26,663

Apr-19 (2) -- $26,663

Apr-19 (2) -- $26,663

May-19 -- $11,011

Jun-19 (2) -- $26,663

Jun-19 -- $12,545

$ 24,095 up to December 2019, thereafter $30,119 December 2023 (2) (3)

Employment Summary for Fleet Charter Coverage for

26 vessels

Daily charter-out rate net of commissions, where applicable. See fleet appendix for further detail.

Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted.

(1) Charter expiration dates shown reflect earliest redelivery date of the full redelivery period in the charter agreement.

(2) Vessels identified for purchase. Although we have entered into agreements to acquire these vessels with their expected charter rates, the agreements are subject to certain conditions,

and there can be no assurances that these acquisitions will occur in whole or part.

(3) Does not include optional years (owner’s option) after 2023.

New Baby Panamax Fixtures in July 2018 ~ 53% Higher

≈

Mar-20 (1) -- $27,156

17

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Navios Holdings agreed to provide Navios Containers the following:

Commercial and Technical Management

10-year agreement

Opex - initial rates

• $6,100 per day for 3,000 up to 5,500 TEU containerships, fixed for two years

• $6,700 per day for 5,500 up to 8,000 TEU containerships, fixed for two years

• $7,400 per day for 8,000 and 10,000 TEU containerships, fixed for two years

Administrative Services

Reimbursement of allocated G&A costs

No Other fees and expenses

NO additional technical or commercial management fees

NO commissions charged for commercial management

NO commissions or fees charged for any sale or purchase transaction

NO commissions or fees charged for originating any loan or other financing transactions

Economies of Scale

Navios Containers leverages the economies of scale of Navios Holdings

from a ~200 vessel diverse fleet under management

18

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


NMCI Q2 2018 and H1 2018 Earnings Highlights

19

Earnings Highlights

(Figures in $’000, except active

vessels, TCE and available days) Three Months Ended

June 30, 2018

Period from April 28, 2017

(date of inception)

to June 30, 2017

Six Months Ended

June 30, 2018

Period from April 28, 2017

(date of inception)

to June 30, 2017

Revenue $31,508 $3,102 $61,425 $3,102

EBITDA 16,657 2,281 32,363 2,281

Net Income 4,487 881 7,528 881

EPS $0.13 $0.09 $0.23 $0.09

Active Vessels at period end 23 5 23 5

Available Days 2,012 115 3,919 115

TCE $15,308 $26,968 $15,284 $26,968 EBITDA represents net income before interest and finance costs, before depreciation and amortization. We use EBITDA as liquidity measure and reconcile EBITDA

to net cash provided by/(used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by

operating activities adding back, when applicable and as the case may be, the effect of (i) net increase/(decrease) in operating assets, (ii) net (increase)/decrease in

operating liabilities, (iii) net interest cost, (iv) deferred finance charges and (v) payments for drydock and special survey costs. Navios Containers believes that

EBITDA is a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Containers’ ability to service and/or incur

indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Containers also believes that EBITDA is used (i) by prospective

and current lessors as well as potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities

analysts, investors and other interested parties in the evaluation of companies in our industry.

Please see EBITDA Reconciliation in earnings release for the second quarter of 2018.

EBITDA has limitations as an analytical tool, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Containers’ results as

reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA does

not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and

amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA does not reflect any cash

requirements for such capital expenditures. Because of these limitations, among others, EBITDA should not be considered as a principal indicator of Navios

Containers’ performance. Furthermore, our calculation of EBITDA may not be comparable to that reported by other companies due to differences in methods of

calculation.

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


NMCI Balance Sheet

20 (1) Includes restricted cash of $0.6 million as of June 30, 2018 and $0.3 million as of December 31, 2017.

Selected Balance Sheet Data (in $’000)

June 30, 2018 December 31, 2017

Cash & cash equivalents (1) $41,100 $14,501

Other current assets 13,586 6,870

Vessels, net 239,129 177,597

Intangible assets 39,700 58,496

Total Assets $345,753 $266,811

Other current liabilities $7,787 $7,060

Current portion of long term debt, net 18,303 42,499

Long term debt, net of current portion and discount 142,362 76,534

Stockholders’ equity 177,301 140,718

Total Liabilities & Stockholders’ Equity $345,753 $266,811

Net Debt / Book Capitalization 35.4% 40.2%

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Industry Overview

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


5.3%

2.1%

4.2%

5.8% 5.3% 4.9%

-10%

-5%

0%

5%

10%

15%

20%

25%

0

20

40

60

80

100

120

140

160

180

200

220

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7e

201

8f

201

9f

growth m TEU

Source : Clarkson Research Services, IMF Jul 2018

Trade Growth % World GDP Growth % (RHS)

1996 – 2017 CAGR = 7.0%

World Container Trade 1996-2019

World trade growth

2016 4.2%

2017 e 5.8%

2018 f 5.3%

2019 f 4.9%

22

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


907

1,686

1,070 1,169

1,667

538 538 37

434

517

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

On1/1/2017

On1/1/2018

Orderbook by year of delivery: (Actual # vessels delivered: 2015 = 211; 2016 = 132; 2017 = 152; 2018 = 105)

‘000 TEU

2016 2017 2018 2017 2018 2019 2020 2021

Before non-delivery

Deliveries

2018 June 0.83 million TEU delivered; 1.01 million projected (18% non deliveries by TEU); 100 vessels delivered

2017 1.17 million TEU delivered; 1.69 million projected (31% non deliveries by TEU); 152 vessels delivered



2014 1.51 million TEU delivered; 1.62 million projected ( 7% non deliveries by TEU); 207 vessels delivered


2012 1.26 million TEU delivered; 1.58 million projected (20% non-deliveries by TEU); 212 vessels delivered



2018 orderbook = 1.7 million

TEU (before non deliveries)

2018 estimated deliveries:

1.2 million TEU assuming

25% non delivery rate

0.1 million TEU estimated

2018 scrapping

Expected 2018 Net fleet

growth ~ 5.3%

Container Ship Orderbook

Source: Clarksons; June Non-deliveries are preliminary

Orderbook on 7/16/18: 2018= 0.53 M TEU; 2019= 1.01 M TEU;

2020= 0.77 M TEU; 2021= 0.20 M TEU

23

Non-deliveries

32%

32%

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


1.3%

4.5%

10.2%

0.0%

5.0%

10.0%

15.0%

20.0%

Container Fleet Age Profile (% TEU)

25+ yrs 20-24 yrs 15-19 yrs

Source: Clarksons; Unless noted, all data in TEU; YTD through 7/16/18

Container Net Fleet, Age Profile + Historical Scrapping

Demolition

Year Total Demolition (‘000 TEU) % of Fleet 2001 36.2 0.81%

2002 68.1 1.38%

2003 25.7 0.47%

2004 8.0 0.13%

2005 2.3 0.04%

2006 23.8 0.33%

2007 20.9 0.25%

2008 101.2 1.06%

2009 378.4 3.47%

2010 132.6 1.07%

2011 77.9 0.60%

2012 334.7 2.34%

2013 444.2 2.88%

2014 372.6 2.28%

2015 197.2 1.15%

2016 654.4 3.56%

2017 398.6 2.01%

2018 YTD 34.2 0.16%

Deliveries Scrapping Net Fleet Growth

Year Actual Projected % Non-

Delivery Year TEU

% of

Fleet Year TEU % of Fleet

Fleet Period

End

2018 June 831 K 1,013 K 18% 2018 34 K 0.2% 2018(1) 812 K 3.9% 21,640 K

2017 1,168 K 1,686 K 31% 2017 399 K 2.0% 2017 767 K 3.8% 20,828 K

2016 907 K 1,341 K 32% 2016 654 K 3.6% 2016 247 K 1.2% 20,063 K

2015 1,659 K 1,889 K 12% 2015 197 K 1.1% 2015 1,457 K 7.9% 19,816 K

2014 1,514 K 1,624 K 7% 2014 373 K 2.3% 2014 1,139 K 6.6% 18,359 K

2013 1,347 K 1,840 K 27% 2013 444 K 2.9% 2013 890 K 5.4% 17,220 K

2012 1,265 K 1,578 K 20% 2012 335 K 2.3% 2012 916 K 5.9% 16,331 K

2011 1,224 K 1,652 K 26% 2011 78 K 0.6% 2011 1,130 K 7.9% 15,415 K

2010 1,381 K 2,242 K 38% 2010 133 K 1.1% 2010 1,231 K 9.4% 14,284 K

0.40 M = 142 Vessels Scrapped in 2017

2018 Net Fleet Growth 0.81 M =

0.85 M Delivered – 0.03 M Scrapped

Total Container Fleet: 5,246

2018 Deliveries: 105 ships, 846K TEU to 7/16/18

3.47 M TEU

(1) Net Fleet Growth YTD reflects deliveries and scrapping through 6/11/18

For the whole fleet that is: 0.85M TEU delivered – 0.03M TEU scrapped 24

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


7%

12%

6%

0% 1%

0%

29%

32%

12%

0%

10%

20%

30%

40%

2%

7%

7%

9%

5%

3% 3% 3%

6%

5%

3%

2%

0% 0%

2%

0% 0% 0% 0% 0%

0%

0%

2%

4%

6%

8%

10%2016 2017 2018

25

Orderbook and Scrapping by Vessel Size Orderbook-to-Fleet Ratio by Segment Scrapping in % of Fleet by Segment

Attractive supply characteristics for the 4,000 - 5,100 TEU and 7,500 - 10,000 TEU ships

No orderbook for 4,000-5,099 TEU

segment

Source: Clarksons Research Services, Alphaliner

No orderbook for 7,500-10,000

TEU segment

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Improving Fundamentals in

2,000-5,100 TEU Segment

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Deployment 4,000 – 5,100 TEU Containerships: Depends on Specifications

Pre Panama Canal expansion, main trading route was Far East – US (through old Panama Canal locks)

Post Canal expansion, deployment in Far East – US East Coast declined by 81%: vessels redeployed to

different trades after being replaced by wider and larger vessels

Redeployment limited due to port restrictions in high growth trading areas (Africa and Intra Asia)

~260/270 LOA, Draft 12.5 m, Beam 32m

~290 LOA, Draft 13.5m, Max Beam 32m

Not all Panamaxes Are the Same

Shorter vessels with shallower draft found new

deployment in Africa and Intra Asia where limitations

in port infrastructure eliminate larger and deeper

vessels

Less deployment options for longer and deeper draft

vessels led to increased scrapping and idle capacity

Baby Panamax

Panamax Max

88% of the 4-5,100 TEU vessels scrapped

since 2015 were Panamax Maxes

(95 out of 108 ships) 13

95

0

20

40

60

80

100

Baby panamax Panamax Max

54,465 TEU

435,827 TEU

# of vessels

Vessels Scrapped

Source: Clarksons 27

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


NMCI Baby Panamaxes Trading in High Growth Trading Areas

28

Higher trade growth in Intra Asia, Africa and LatAm North-South favoring NMCI Fleet

Trade Growth - NMCI Fleet Deployment (1)

Intra Asia

6.8%

NMCI Baby Panamax fleet voyages for Jan 2018 – Apr 2018. (Source: Clarksons SeaNet)

Source: Clarksons Research regional trade growth estimates for 2018.

Africa N-S

8.3%

LatAm N-S

7.1%

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


20%

13%

2012 2018

29

Cascading Benefits 4,000-5,100 TEU Vessels in Intra Asia

(35%)

Intra Asia Deployment Share per Containership Size

100-999 TEU

45%

35%

2012 2018

(23%)

1,000-1,999 TEU

18% 22%

2012 2018

25%

2,000-2,999 TEU

3% 5%

2012 2018

42%

3,000-3,999 TEU

13%

23%

2012 2018

72%

4,000-5,099 TEU

4,000-5,100 TEU vessels’

share increased by 72% in

Intra Asia deployment from

2012 to 2017 making it the

size with the highest

deployment growth

As vessels trading Far East to Europe are becoming larger (20,000 teu), vessels trading

in Asian ports are getting bigger

Source: Alphaliner

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


New Services Boost Demand for 4,000-5,100 TEU Vessels

30

Partners Trade Start date

Cosco, Evergreen, Yangming North Europe East Med Nov 2017

Cheng Lie, APL Korea, China SE Asia Nov 2017

Cosco China Indonesia Dec 2017

APL, OOCL China Pakistan Dec 2017

WHL, Cosco China West India Jan 2018

WHL, Cosco, IAL, OOCL, SeaCon China East India Jan 2018

PIL China Latin America Jan 2018

MCC China SE Asia Mar 2018

Yang Ming China Indonesia Apr 2018

Evergreen Thailand Indonesia Apr 2018

ONE Japan Thailand, Vietnam Apr 2018

HMM Asia North Europe Apr 2018

SM Lines Asia US West Coast May 2018

COSCO, GSL Far East SE Africa May 2018

COSCO, Cheng Lie China Thailand May 2018

Maersk, Safmarine PG East Africa June 2018

MSC Japan SE Asia June 2018

Cheng Lie, APL (merger with Nov 2017 = +4 vssls) Korea, China SE Asia June 2018

APL Far East Alaska July 2018

Growing cargo volumes boost demand for 4–5,100 TEU vessels; liners starting new strings to increase

market share and service their customers

New services by line operators create demand for 82 additional vessels

82

Vessels

in last 9

months

Source: Alphaliner

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Improving Fundamentals for 2,000-5,100 TEU Fleet

31

Fleet Development (# of vessels)

2013: 94 removed vs 69 delivered





2018 YTD: 7 removed vs 33 delivered

-

200,000

400,000

600,000

Jan 2017 Jul 2018

Idle Capacity Fleet Deployment Fleet Size

97%

4,300

4,700

5,100

5,500

Jan 2017 Jul 2018 4,000

4,400

4,800

5,200

5,600

6,000

Jan 2017 Jul 2018

1.8%

8.2%

Increase in Intra-Asia trade lifts deployment

Idle capacity decreased by 96% since January 2017

Source: Clarksons; YTD through 7/16/18

TEU ‘000 TEU ‘000 TEU

Cumulative since 2013: -176 vessels

Fleet decreased 10%

Record 445,000 TEU

scrapped in 2016 in 2,000 to 5,100 TEU sector

-25 -58 -62

-166 -202

-176

-300-250-200-150-100-50050

-300-250-200-150-100

-500

50

2013 2014 2015 2016 2017 2018 YTD

2-5.1K TEU Annual Net Fleet Growth (LHS) 2-5.1K TEU Cumulative Net Fleet Growth (RHS)

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Attractive Opportunities in

7,500-10,000 TEU Segment

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


7,500-10,000 TEU Vessels - the Workhorses of Containerships

In ~60% of worldwide containership

deployments, 7,500-10,000 vessels dominate Worldwide Containership Deployments

33 Source: Trade map based on Clarkons SeaNet (7,500-10,000 TEU mid Feb – Mid Apr 2018). Vessel deployment data from Alphaliner Jun 2018.

EU – US

Far East – US

Africa related

M East related

Lat Am related

Oceania related

trade Intra Asia

Intra Europe

and other (0-5,100 teu vessels –

94% of the trade)

Far East – EU (10,000+ teu

vessels – 89%

of the trade )

1.45

0.66

1.98

2.50

3.75

2.65

0.00 0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0 Million TEU

20%

17%

63%

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan 2015 Jun 2018

Other

Africa related

EU America

M East related

Lat Am related

FE America

FE Europe

7,500-10,000 TEU The New “Panamax” Post Canal Expansion

Pre cascading

main trading route

New trading routes

post Panama canal

expansion

7,500 – 10,000 TEU Containership Trade Development

Source: Alphaliner

Pre and post Panama

canal expansion

trading routes

Million TEU

2015 - 2018 Deployment by Trading Route (+0.63 Million TEU)

3.5

4.1 0.03 M TEU

0.28 M TEU

0.16 M TEU

0.41 M TEU

0.32 M TEU

0.16 M TEU

0.74 M TEU

Increase in deployment in

worldwide trade more than

offset decline in Far East –

Europe trade due to Cascading

Panama Canal expansion

created new trading routes

Far East – US East coast and

Far East – Lat Am East coast

trade, currently deploy 30% of

the 7,500 -10,000 TEU fleet

34

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


NMCI: Company Highlights

Navios Group’s Containership Vehicle – Right of First Refusal for all Containerships

New Growth Vehicle

Focused on Specific

Containership

Segments

New growth vehicle with attractive entry point and clean, low-cost structure

Attractive opportunities today to buy containerships towards bottom of the cycle

Access to distressed deals from banks / operators

Rapidly established market share and credibility

Positioned to Benefit

from Container Market

Recovery

Attractive cost basis in existing fleet (acquisitions close to scrap)

Sector poised for recovery: trade growth + high scrapping + lack of new orders

Focus on containerships with attractive opportunities in high growth trades

Acquisitions provide free cash flow in current market with significant capital

appreciation and cash flow yield improvement as market recovers

Well Capitalized with

Attractive Growth /

Yield Mix

Well-capitalized vehicle with low leverage

Opportunistic charter policy with market tailwinds

Operational and financial upside in recovery cycle

Substantial majority of cash flow redeployed for growth - balance for distributions

Leverage Existing

Operating Platform

Leverage an established large operating platform

Economies of scale = lower operating expenditures than the industry

Charterers prefer to deal with large, safe and reliable owners

Strong Sponsor with

Seasoned Management

Strong & strategic relationships with banks and other key industry players

Management team has average industry experience of 20+ years per person

Demonstrated access of Navios Group to debt and equity capital markets

Long track record of financial reporting, compliance and investor accountability

35

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Appendix

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


Vessel Name TEU Built Employment Exp Date(2) Charter Rate (1)

Navios Summer(4) 3,450 2006 TC Aug-2018 $9,000

Navios Verano(4) 3,450 2006 TC May-2019 $12,127

Navios Spring(4) 3,450 2007 TC Nov-2018 $8,444

Navios Vermillion(4) 4,250 2007 TC Aug-2018 $9,000

Navios Indigo(4) 4,250 2007 TC Oct-2018 $8,133

Navios Amaranth 4,250 2007 TC Nov-2018 $7,093

Navios Amarillo 4,250 2007 TC June-2019 $12,545

Navios Verde(4) 4,250 2007 TC Sep-2018 $9,381

Navios Azure(4) 4,250 2007 TC Nov-2018 $11,603

Navios Domino (ex MOL Dominance) (4) 4,250 2008 TC Nov-2018 $9,500

Navios Dedication (ex MOL Dedication) 4,250 2008 TC Nov-2018 $12,031

MOL Delight 4,250 2008 TC Sep-2018(3) $26,850

MOL Destiny 4,250 2009 TC Nov-2018(3) $26,850

MOL Devotion 4,250 2009 TC Feb-2019(3) $26,850

Navios Lapis 4,250 2009 TC Dec-2018 $11,580

Navios Tempo 4,250 2009 TC May-2019 $11,011

Niledutch Okapi (ex Navios Dorado) 4,250 2010 TC May-2019 $10,468

Navios Felicitas 4,360 2010 TC Apr-2019 $12,979

APL Oakland 4,730 2008 TC Mar-2020(3) $27,156

APL Los Angeles 4,730 2008 TC Apr-2020(3) $27,156

APL Denver 4,730 2008 TC May-2020(3) $27,156

APL Atlanta 4,730 2008 TC June-2020(3) $27,156

YM Utmost 8,204 2006 TC Aug-2018(3) $34,266

YM Unity 8,204 2006 TC Oct-2018(3) $34,266

Navios Unison 10,000 2010 TC Mar-2019 $26,663

Total – 25 vessels 119,538

(1) Daily charter-out rate net of commissions, where applicable.

(2) Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted.

(3) Charter expiration dates shown reflect earliest redelivery date of the full redelivery period in the charter agreement.

(4) The vessel is subject to a sale and leaseback transaction with Minsheng Financial Leasing Co. Ltd. for a period of up to five years, at which time we have an obligation to

purchase the vessel.

Navios Containers Existing Fleet

Vessel Name – To Be Delivered TEU Built Expected Delivery Exp Date(2) Charter Rate (1)

TBN 1 4,563 2009 Q3 / Q4 2018 TBD TBD

37

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0



Hyundai Hongkong 6,800 2006 TC Dec-2019

Dec-2023

$24,095

$30,119(3)

TBN 2 10,000 2011 TC May-2019 $26,663

TBN 3 10,000 2011 TC June-2019 $26,663

TBN 4 10,000 2011 TC April-2019 $26,663

TBN 5 10,000 2011 TC April-2019 $26,663


(1) Daily charter-out rate net of commissions, where applicable.

(2) Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted.

(3) Does not include optional years (owner’s option) after 2023

Note: All of the acquisitions are subject to certain conditions, and there can be no assurances that these acquisitions will occur in whole or in part. In addition, we may be unable to

secure debt financing for these acquisitions on terms satisfactory to us, or at all.

Vessels Identified for Purchase

Navios Containers Identified Vessel Acquisitions

Vessels Underlying Purchase Options


Hyundai Busan 6,800 2006 TC Dec-2019

Dec-2023

$24,095

$30,119(3)

Hyundai Singapore 6,800 2006 TC Dec-2019

Dec-2023

$24,095

$30,119(3)

Hyundai Shanghai 6,800 2006 TC Dec-2019

Dec-2023

$24,095

$30,119(3)

Hyundai Tokyo 6,800 2006 TC Dec-2019

Dec-2023

$24,095

$30,119(3)


38

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0


www.navios-containers.com

Navios Maritime Containers Inc. · of Navios Maritime Holdings Inc. (“Navios Holdings”), Navios...

Documents

Transcript of Navios Maritime Containers Inc. · of Navios Maritime Holdings Inc. (“Navios Holdings”), Navios...