UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                 SCHEDULE 13G/A
                                 Amendment No. 1

                    Under the Securities Exchange Act of 1934


                         Navios Maritime Holdings, Inc.
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                                (Name of Issuer)

                    Common Stock, par value $0.0001 per share
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                         (Title of Class of Securities)

                                    Y62196103
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                                 (CUSIP Number)

                                December 10, 2005
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             (Date of Event Which Requires Filing of this Statement)



             Check the appropriate box to designate the rule pursuant to which
             this Schedule is filed:

                  [X]   Rule 13d-1(b)
                        Rule 13d-1(c)
                        Rule 13d-1(d)


             *The remainder of this cover page shall be filled out for a
             reporting person's initial filing on this form with respect to the
             subject class of securities, and for any subsequent amendment
             containing information which would alter the disclosures provided
             in a prior cover page.

             The information required in the remainder of this cover page shall
             not be deemed to be "filed" for the purpose of Section 18 of the
             Securities Exchange Act of 1934 ("Act") or otherwise subject to
`            the liabilities of that section of the Act but shall be subject to
             all other provisions of the Act (however, see the Notes).

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CUSIP No. Y62196103               SCHEDULE 13G               Page 2 of 5 Pages

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1       NAME OF REPORTING PERSON
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                North Sound Capital LLC (1)
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2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                              (a)[x]
                                                              (b)[ ]
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3       SEC USE ONLY
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4       CITIZENSHIP OR PLACE OF ORGANIZATION

                Delaware
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                           5      SOLE VOTING POWER
    NUMBER OF                      0
     SHARES               -----------------------------------------------------
  BENEFICIALLY             6      SHARED VOTING POWER
    OWNED BY                        8,620,000  (2)
     EACH                  ----------------------------------------------------
   REPORTING               7      SOLE DISPOSITIVE POWER
    PERSON                          0
     WITH                  ----------------------------------------------------
                           8      SHARED DISPOSITIVE POWER
                                    8,620,000
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9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                8,620,000
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10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
                [ ]
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11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
                19%  (2)
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12      TYPE OF REPORTING PERSON*
                IA
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(1)  The Reporting Person may be deemed the beneficial owner of the shares in
     its capacity as the managing member of North Sound Legacy Institutional
     Fund LLC and the investment advisor of North Sound Legacy International
     Ltd. (the "Funds"), who are the holders of such shares. As the managing
     member or investment advisor, respectively, of the Funds, the Reporting
     Person has voting and investment control with respect to the shares of
     common stock held by the Funds. The ultimate managing member of North
     Sound Capital LLC, the Reporting Person, is Thomas McAuley. The Reporting
     Person and Mr. McAuley disclaim beneficial ownership of the shares and
     warrants except to the extent of their respective pecuniary interests in
     the Funds.
(2)  Reflects ownership by the Funds of an aggregate of (a) 3,220,000 shares of
     Common Stock, and (b) warrants to purchase 5,400,000 shares of Common
     Stock. Certain of the shares and the warrants reported on this Schedule
     13G were acquired through the purchase of units of the Issuer, each of
     which consists of one share and two warrants to purchase shares. For
     purposes of calculating percentage ownership, shares of Common Stock
     issuable upon exercise of the Funds' warrants have been included in the
     total shares of Common Stock issued and outstanding of the Issuer.

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CUSIP No. Y62196103               SCHEDULE 13G               Page 3 of 5 Pages

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Item 1(a).        Name of Issuer:

                  Navios Maritime Holdings, Inc.

Item 1(b).        Address of Issuer's Principal Executive Offices:

                  67 Notara Street
                  Piraeus
                  Greece 18535

Item 2(a).        Name of Person Filing.
Item 2(b).        Address of Principal Business Office or, if None, Residence.
Item 2(c).        Citizenship.

                  North Sound Capital LLC
                  20 Horseneck Lane
                  Greenwich, CT 06830
                  Delaware limited liability company

Item 2(d).        Title of Class of Securities:

                  Common Stock, par value $0.0001 per share

Item 2(e).        CUSIP Number:

                  Y62196103

Item 3.           If this statement is filed pursuant to ss.ss.240.13d-1(b) or
                  240.13d-2(b) or (c), check whether the person filing is a:

                  [X] An investment adviser in accordance with
                      ss.13d-1(b)(1)(ii)(E).

Item 4.           Ownership.

                  The following is information regarding the aggregate number
                  and percentage of the class of securities of the issuer
                  identified in Item 1 as of February 23, 2006:

                  (a) Amount beneficially owned: 8,620,000

                  (b) Percent of Class: 19%

                  (c) Number of shares as to which such person has:

                           (i) sole power to vote or direct the vote: 0

                           (ii) shared power to vote or direct the vote:
                                8,620,000

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CUSIP No. Y62196103               SCHEDULE 13G               Page 4 of 5 Pages

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                           (iii) sole power to dispose or direct the
                                 disposition of: 0

                           (iv) shared power to dispose or direct the
                                disposition of: 8,620,000

Item 5.           Ownership of Five Percent or Less of a Class.

                  Not Applicable

Item 6.           Ownership of More than Five Percent on Behalf of Another
                  Person.

                  Not Applicable

Item 7.           Identification and Classification of the Subsidiary Which
                  Acquired the Security Being Reported on By the Parent Holding
                  Company.

                  Not Applicable

Item 8.           Identification and Classification of Members of the Group.

                  Not Applicable

Item 9.           Notice of Dissolution of Group.

                  Not Applicable

Item 10.          Certification.

                  Certification pursuant to ss.240.13d-1(b):

                  By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired
                  and are held in the ordinary course of business and were not
                  acquired and are not held for the purpose of or with the
                  effect of changing or influencing the control of the issuer
                  of the securities and were not acquired and are not held in
                  connection with or as a participant in any transaction having
                  that purpose or effect.

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CUSIP No. Y62196103               SCHEDULE 13G               Page 5 of 5 Pages

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                                   SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

         Dated:  February 23, 2006


                                    NORTH SOUND CAPITAL LLC


                                    By: /s/ Andrew B. David
                                        -------------------
                                    Name: Andrew B. David
                                    Title:General Counsel