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 subsidiaries, 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.
 June 20, 2011
 /s/ Angeliki Frangou

Angeliki FrangouChief Executive Officer(Principal Executive Officer)