Navios Maritime Acquisition Corp.

Press Release

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May 25, 2010 at 4:14 AM EDT

Navios Maritime Acquisition Corporation Announces Successful Affirmative Vote

PIRAEUS, Greece, May 25, 2010 — Navios Maritime Acquisition Corporation ("Navios

Acquisition") (NYSE: NNA) announced that at a special meeting of stockholders held

today, Navios Acquisition’s shareholders approved the following two items:

Vessel acquisition.
Navios Acquisition shareholders approved the acquisition of

13 vessels (11 product tankers and two chemical tankers) plus options to purchase

two additional product tankers, for an aggregate purchase price of $457.7 million,

of which $123.4 million will be from existing cash and the $334.3 million balance

from debt financing.

As a result, Navios Acquisition will reimburse Navios Maritime Holdings Inc.

(“Navios Holdings”) for the initial payment of $171.7 million Navios Holdings

made on May 19, 2010 for the acquisition of 11 product and chemical tanker

vessels plus all associated payments previously made by Navios Holdings.

The amendment. Navios Acquisition shareholders approved amendments to

Navios Acquisition’s amended and restated articles of incorporation to (i) change

Navios Acquisition’s corporate existence to perpetual, and (ii) remove provisions

that will no longer be applicable to Navios Acquisition after the business


About Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation is a publicly traded Special Purpose

Acquisition Corporation (SPAC) formed under the laws of the Marshall Islands. Navios

Acquisition serves as a vehicle for acquisition through a merger, capital stock exchange,

asset acquisition, stock purchase or other similar business combination, one or more

assets or operating businesses in the marine transportation and logistics industries. If the

vessel acquisition is approved and completed, Navios Acquisition will have a fleet of 13

tankers, consisting of 11 product tankers and two chemical tankers, plus options to

purchase two additional product tankers. Following the vessel acquisition, Navios

Acquisition’s business strategy is to become a world-leading operator and charterer of

modern, high-quality product and chemical tankers. Navios Acquisition’s principal focus

going forward is the transportation of refined petroleum products (clean and dirty) and

bulk liquid chemicals.

Passive Foreign Investment Company Status

Navios Acquisition was treated as a passive foreign investment company (“PFIC”) for its

2008 and 2009 taxable years. Based upon its expected income, assets and activities,

Navios Acquisition believes that it will be treated for United States federal income tax

purposes as a PFIC for the 2010 taxable year. For more information on PFIC issues,

please see Navios Acquisition’s website at

Risks and Uncertainties; Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the

federal securities laws. These forward-looking statements inherently involve risks and

uncertainties that are detailed in Navios Acquisition’s prospectus and other filings with

the Securities and Exchange Commission and, therefore, actual results could differ

materially from those projected in the forward-looking statements. Navios Acquisition

assumes no obligation to update publicly or revise any forward-looking statements,

whether as a result of new information, future events or otherwise.

Investor Relations Contact:

Public & Investor Relations Contact:

Navios Maritime Acquisition Corporation

Investor Relations