Exhibit 12.1
 CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
  1.
    
    I have reviewed this annual report on Form 20-F of Navios Maritime Holdings Inc.;2.
    
    Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;3.
    
    Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the company as of, and for, the
periods presented in this report;4.
    
    The companys other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the company and have:
 a)
    
    Designed such disclosure controls and
procedures, or caused such disclosure
controls and procedures to be designed
under our supervision, to ensure that
material information relating to the
company, including its consolidated
subsidiary, is made known to us by
others within that entity, particularly
during the period in which this report
is being prepared;b)
    
    Designed such internal control over
financial reporting, or caused such
internal control over financial
reporting to be designed under our
supervision, to provide reasonable
assurance regarding the reliability of
financial reporting and the preparation
of the financial statements for external
purposes in accordance with generally
accepted accounting principles;c)
    
    Evaluated the effectiveness of the
companys disclosure controls and
procedures and presented in this report
our conclusions about the effectiveness
of the disclosure controls and
procedures, as of the end of the period
covered by this report on such
evaluation; andd)
    
    Disclosed in this report any change in
the companys internal control over
financial reporting that occurred during
the period covered by the annual report
that has materially affected, or is
reasonably likely to materially affect,
the companys internal control over
financial reporting: and
 5.
    
    The companys other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the companys auditors and
the audit committee of the companys board of directors (or persons performing the
equivalent functions):
 a)
    
    All significant deficiencies and
material weaknesses in the design or
operation of internal control over
financial reporting which are reasonably
likely to adversely affect the companys
ability to record, process, summarize
and report financial information; andb)
    
    Any fraud, whether or not material, that
involves management or other employees
who have a significant role in the
companys internal controls over
financial reporting.