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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DVBmlq7ce1Vqb6VugA/W1GctcRV0IQr05CkPT9uU2XV32OB9f5TiVc7WryFNEi+f
 cFAPi+nkqxGMlkoPfLWbhA==

<SEC-DOCUMENT>0001166904-06-000032.txt : 20060608
<SEC-HEADER>0001166904-06-000032.hdr.sgml : 20060608
<ACCEPTANCE-DATETIME>20060608193027
ACCESSION NUMBER:		0001166904-06-000032
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060606
FILED AS OF DATE:		20060608
DATE AS OF CHANGE:		20060608

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Navios Maritime Holdings Inc.
		CENTRAL INDEX KEY:			0001333172
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				980384348
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		C/O INTERNATIONAL SHIPPING ENTERPRISES
		STREET 2:		1225 FRANKLIN AVE., SUITE 325
		CITY:			GARDEN CITY
		STATE:			NY
		ZIP:			11530
		BUSINESS PHONE:		516-240-8025

	MAIL ADDRESS:	
		STREET 1:		C/O INTERNATIONAL SHIPPING ENTERPRISES
		STREET 2:		1225 FRANKLIN AVE., SUITE 325
		CITY:			GARDEN CITY
		STATE:			NY
		ZIP:			11530

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NORTH SOUND CAPITAL LLC
		CENTRAL INDEX KEY:			0001166904

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-124170-01
		FILM NUMBER:		06895176

	BUSINESS ADDRESS:	
		STREET 1:		20 HORSENECK LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2033405700

	MAIL ADDRESS:	
		STREET 1:		20 HORSENECK LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER NAME:	
		FORMER CONFORMED NAME:	DMG ADVISORS LLC
		DATE OF NAME CHANGE:	20020211
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>naviosform4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-06-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001333172</issuerCik>
        <issuerName>Navios Maritime Holdings Inc.</issuerName>
        <issuerTradingSymbol>BULK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001166904</rptOwnerCik>
            <rptOwnerName>NORTH SOUND CAPITAL LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>20 HORSENECK LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.0001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2006-06-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3888000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.10</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6206400</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note 1 + 2</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrants to purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.10</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-06-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3888000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-12-10</value>
            </exerciseDate>
            <expirationDate>
                <value>2008-12-09</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3888000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note 1 + 2</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The shares and warrants described in this Form 4 are and were held by North Sound Legacy International Ltd. (the &quot;Fund&quot;).
 North Sound Capital LLC (the &quot;Reporting Person&quot;) is the investment advisor of the Fund and has voting and investment control
 with respect to the shares held by the Fund.  Thomas McAuley is the Manager of the Reporting Person.  Although each of the
 Reporting Person and Mr. McAuley may be deemed the beneficial owner of the shares held by the Funds pursuant to Rule 13d-3
 under the Securities Exchange Act of 1934, neither owns such shares directly.  Each of the Reporting Person and Mr. McAuley
 disclaims beneficial ownership of the shares held by the Fund except to the extent of their respective economic interests in
 the Fund.</footnote>
        <footnote id="F2">This Form 4 is being filed to reflect the exercise of warrants to purchase 3,888,000 shares of Common Stock on June 6, 2006,
 as described herein.  Ownership of such shares and warrants was previously filed on Form 3 filed by the Reporting Person on
 February 23, 2006.</footnote>
        <footnote id="F3">The warrants described herein were originally acquired through the purchase of Units (comprising one share and two warrants)
 of the Issuer, and as such no separate price was assigned to each warrant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Thomas E. McAuley</signatureName>
        <signatureDate>2006-06-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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