PIRAEUS, Greece, Feb. 21 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM - News), a global, vertically integrated seaborne shipping and logistics company, today reported its financial results for the fourth quarter and the year ended December 31, 2007.Ms. Angeliki Frangou, Chairman and CEO of Navios Holdings, stated, "We are delighted with our operational performance for the year. Our fleet of 62 vessels, consisting of 6.0 million dwt with an average age of 4.3 years, is one of the largest and most modern of any US-listed dry bulk company. In addition, we have successfully launched several strategic initiatives that have positioned Navios Holdings to capitalize on the continued consolidation opportunity within our industry."
Throughout this press release, "Adjusted EBITDA" for the fourth quarter and year ended December 31, 2007 is defined as EBITDA, excluding a $167.5 million gain from sale of assets of Navios Holdings to Navios Partners and including amounts otherwise eliminated by finance lease accounting (treating a portion of vessels' earnings as a repayment of capital).
2007 HIGHLIGHTS AND RECENT DEVELOPMENTS
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