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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,
 DUizb3ftIIhyS7bphJTwopwC0yWy9CM9PMwA55lESNJ4+MFby5oMUavuhv0cCD7s
 IfGw4wQao8nK6bil6sMJnA==

<SEC-DOCUMENT>0001169232-06-004694.txt : 20061206
<SEC-HEADER>0001169232-06-004694.hdr.sgml : 20061206
<ACCEPTANCE-DATETIME>20061206183554
ACCESSION NUMBER:		0001169232-06-004694
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061204
FILED AS OF DATE:		20061206
DATE AS OF CHANGE:		20061206

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:		061261027

	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>d06-70110_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-12-04</periodOfReport>

    <notSubjectToSection16>1</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 (&quot;Common Stock&quot;)</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1440000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.15</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4766400</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note 1</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Note 1:  The shares of Common Stock 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 Common Stock held by the
 Fund 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>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Thomas E. McAuley, Manager</signatureName>
        <signatureDate>2006-12-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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