EXHIBIT 10.1

 

International Shipping Enterprises, Inc.

1225 Franklin Avenue, Suite 325

Garden City, NY 11530

 

May 27, 2005

 

Shareholders of Navios Maritime Holdings Inc.

20 Marshall Street

South Norwalk, CT 06854

 

Ladies and Gentlemen:

 

Reference is hereby made to the Stock Purchase Agreement dated February 28, 2005
(“SPA”) among Navios Maritime Holdings, Inc. (“Navios”), the Shareholders of
Navios, the Shareholders Agent, and International Shipping Enterprises, Inc.
(“ISE”). Capitalized terms used herein but not otherwise defined herein shall
have such meanings as defined in the SPA. We have agreed to amend and modify the
SPA as follows:

 

1. Notwithstanding anything to the contrary in the SPA, including the provisions
of Sections 2.4 and 9, the language of Section 10.1(b) shall be deleted in its
entirety and replaced with the following: “by either the Shareholders or the
Buyer if the Closing shall not have occurred on or before July 15, 2005.”

 

2. The Shareholders and Shareholders Agent acknowledge and agree that no Deposit
Adjustment need be paid by Buyer.

 

3. Except as modified hereby the SPA remains in full force and effect.

 

[SIGNATURE PAGES TO FOLLOW]

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Please confirm your agreement to the foregoing by signing the enclosed duplicate
of this letter.

 

BUYER: INTERNATIONAL SHIPPING ENTERPRISES, INC. By:  

 

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Name:     Title:    

 

INDIVIDUAL SHAREHOLDERS:   CORPORATE SHAREHOLDERS:         GALI SHIPPING INC.
By:  

/s/ Anthony R. Whitworth

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  By:  

 

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    Anthony R. Whitworth   Name:             Title:             PARK VIEW
BUSINESS INC. By:  

/s/ Bruce C. Hoag

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  By:  

 

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    Bruce C. Hoag   Name:             Title:             ARAMA ASSETS LIMITED
By:  

/s/ Robert G. Shaw

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  By:  

 

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    Robert G. Shaw   Name:             Title:     By:  

/s/ Ted C. Petrone

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            Ted C. Petrone         By:  

/s/ Michael E. McClure

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            Michael E. McClure        

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        HAZELMERE MARITIME INC. By:  

/s/ Shunji Sasada

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  By:  

 

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    Shunji Sasada   Name:             Title:             SALTCHUK RESOURCES,
INC. By:  

/s/ Pablo Soler

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  By:  

 

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    Pablo Soler   Name:             Title:     By:  

/s/ Gabriel Soler

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            Gabriel Soler