EX-10.3



 Exhibit 10.3 

FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of December 22, 2015, among Navios
Maritime Holdings Inc., a Marshall Islands corporation, (the “Company”), Navios Maritime Finance II (US) Inc., a Delaware corporation (together with the Company, the “Co-Issuers”), and Smaltite Shipping Corporation
and Roselite Shipping Corporation, each a Marshall Islands corporation and an indirect wholly owned subsidiary of the Company (each, a “Guaranteeing Subsidiary”), the other Guarantors (as defined in the Indenture referred to herein)
and Wells Fargo Bank, National Association, as trustee (the “Trustee”) under the Indenture referred to below and as collateral trustee (the “Collateral Trustee”) under the Indenture referred to below.  

WITNESSETH 
 WHEREAS, the
Co-Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended and supplemented, the “Indenture”), dated as of November 29, 2013 providing for the issuance of 7.375% First Priority
Ship Mortgage Notes due 2022 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain
circumstances the each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which each Guaranteeing Subsidiary shall unconditionally guarantee all of the Co-Issuers’ obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Fourth Supplemental Indenture. 
 NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders
of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee, on and
subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof. 

3. NEW YORK LAW TO GOVERN. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

4. COUNTERPARTS. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. 
 5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall
not affect the construction hereof. 







 6. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by each Guaranteeing Subsidiary and the Co-Issuers. 

7. FATCA. The Co-Issuers hereby confirm to the Trustee that they intend to treat this Fourth Supplemental Indenture as not resulting in a
material modification of the Notes for purposes of the Notes’ status as “grandfathered obligations” for Foreign Account Tax Compliance Act purposes. 

[Signature Pages Follow] 







 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
  

					
	SMALTITE SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	ROSELITE SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	NAVIOS MARITIME HOLDINGS INC.
		
	By:	 	 /s/ Vasiliki Papaefthymiou

		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Executive Vice President, Legal
	
	NAVIOS MARITIME FINANCE II (US) INC.
		
	By:	 	 /s/ Vasiliki Papaefthymiou

		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	President



  
 [Signature Page to Fourth
Supplemental Indenture] 








 
					
	LAVENDER SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	NAVIOS ASIA LLC, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	Manager
	
	JASMINE SHIPPING CORPORATION
	IRIS SHIPPING CORPORATION, as Guarantors
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	Treasurer/Director
	
	EMERY SHIPPING CORPORATION, as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President/Director
	
	NAVIOS HOLDINGS EUROPE FINANCE INC., as Guarantor
		
	By:	 	 /s/ Alexandros Laios

		 	Name:	 	Alexandros Laios
		 	Title:	 	Secretary
	
	TRIANGLE SHIPPING CORPORATION
	ESMERALDA SHIPPING CORPORATION, as Guarantors
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	President



  
 [Signature Page to Fourth
Supplemental Indenture] 








 
	
	DIESIS SHIPMANAGEMENT LTD
	MANDORA SHIPPING LTD
	SOLANGE SHIPPING LTD.
	TULSI SHIPMANAGEMENT CO.
	CINTHARA SHIPPING LTD
	RAWLIN SERVICES COMPANY
	MAUVE INTERNATIONAL S.A.
	AQUIS MARINE CORP.
	FAITH MARINE LTD.
	VECTOR SHIPPING CORPORATION
	ARAMIS NAVIGATION INC.
	DUCALE MARINE INC.
	HIGHBIRD MANAGEMENT INC.
	RED ROSE SHIPPING CORP.
	GINGER SERVICES CO.
	QUENA SHIPMANAGEMENT INC.
	ASTRA MARITIME CORPORATION
	PRIMAVERA SHIPPING CORPORATION
	PUEBLO HOLDINGS LTD
	BEAUFIKS SHIPPING CORPORATION
	ROWBOAT MARINE INC.
	CORSAIR SHIPPING LTD.
	PHAROS NAVIGATION S.A.
	SIZZLING VENTURES INC.
	SHIKHAR VENTURES S.A.
	TAHARQA SPIRIT CORP.
	RHEIA ASSOCIATES CO.
	RUMER HOLDING LTD.
	KLEIMAR NV
	NAV HOLDINGS LIMITED
	NAVIOS CORPORATION
	ANEMOS MARITIME HOLDINGS INC.
	NAVIOS SHIPMANAGEMENT INC.
	AEGEAN SHIPPING CORPORATION
	ARC SHIPPING CORPORATION
	MAGELLAN SHIPPING CORPORATION
	IONIAN SHIPPING CORPORATION
	APOLLON SHIPPING CORPORATION
	HERAKLES SHIPPING CORPORATION
	ACHILLES SHIPPING CORPORATION
	KYPROS SHIPPING CORPORATION
	HIOS SHIPPING CORPORATION
	MERIDIAN SHIPPING ENTERPRISES INC.
	MERCATOR SHIPPING CORPORATION
	HORIZON SHIPPING ENTERPRISES CORPORATION
	STAR MARITIME ENTERPRISES CORPORATION
	NAVIOS HANDYBULK INC.
	NAVIOS INTERNATIONAL INC.
	NOSTOS SHIPMANAGEMENT CORP.
	PORTOROSA MARINE CORP.
	WHITE NARCISSUS MARINE S.A.
	HESTIA SHIPPING LTD.
	SERENITY SHIPPING ENTERPRISES INC., as Guarantors



  
 [Signature Page to Fourth
Supplemental Indenture] 








 
					
	By:	 	 /s/ Vasiliki Papaefthymiou

		 	Name:	 	Vasiliki Papaefthymiou
		 	Title:	 	Director and Authorized Officer



  
 [Signature Page to Fourth
Supplemental Indenture] 








 
					
	KLEIMAR LTD., as Guarantor
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	Secretary and Director
	
	NAVIMAX CORPORATION, as Guarantor
		
	By:	 	 /s/ Shunji Sasada

		 	Name:	 	Shunji Sasada
		 	Title:	 	President
	
	NAVIOS TANKERS MANAGEMENT INC.
		
	By:	 	 /s/ Alexandros Laios

		 	Name:	 	Alexandros Laios
		 	Title:	 	Secretary/Director



  
 [Signature Page to Fourth
Supplemental Indenture] 








 
							
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

			
		 	By:	 	 /s/ Yana Klslenko

		 		 	Name:	 	Yana Klslenko
		 		 	Title:	 	 Vice President

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Collateral Trustee
			
		 	By:	 	 /s/ Yana Klslenko

		 		 	Name:	 	Yana Klslenko
		 		 	Title:	 	Vice President



  
 [Signature Page to Fourth
Supplemental Indenture]