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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                           (Amendment No. _________)*


 Navios Maritime Holdings Inc. (f/k/a International Shipping Enterprises, Inc.)
--------------------------------------------------------------------------------
                                (Name of Issuer)


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


                                   Y62196103
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                October 11, 2005
--------------------------------------------------------------------------------
            (Date of Event which Requires Filing of this Statement)


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

|_|      Rule 13d-1(b)
|X|      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).


                         (Continued on following pages)
                               Page 1 of 13 Pages
                         Exhibit Index Found on Page 12






                                       13G
===================
CUSIP No. Y62196103
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Greywolf Capital Partners II LP
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 2,114,800  Shares,  which is 5.0% of the
                           class of  securities.  The  reporting  person on this
                           cover page,  however,  is a beneficial  owner only of
                           the  securities  reported  by it on this cover  page.
                           [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    4
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          6
         OWNED BY                    890,682 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             8
                                     890,682 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    9
            890,682 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
    10      CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    11
            2.2% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    12
            PN
------------====================================================================



                               Page 2 of 13 Pages





                                       13G
===================
CUSIP No. Y62196103
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Greywolf Capital Overseas Fund
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 2,114,800  Shares,  which is 5.0% of the
                           class of  securities.  The  reporting  person on this
                           cover page,  however,  is a beneficial  owner only of
                           the  securities  reported  by it on this cover  page.
                           [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    4
            Cayman Islands
------------====================================================================
                                     SOLE VOTING POWER
                             5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          6
         OWNED BY                    1,224,118 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             8
                                     1,224,118 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    9
            1,224,118 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
    10      CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    11
            3.0% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    12
            OO
------------====================================================================



                               Page 3 of 13 Pages





                                       13G
===================
CUSIP No. Y62196103
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Greywolf Advisors LLC
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 2,114,800  Shares,  which is 5.0% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    4
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          6
         OWNED BY                    890,682 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             8
                                     890,682 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    9
            890,682 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
    10      CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    11
            2.2% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    12
            OO
------------====================================================================


                               Page 4 of 13 Pages






                                       13G
===================
CUSIP No. Y62196103
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Greywolf Capital Management LP
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 2,114,800  Shares,  which is 5.0% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    4
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          6
         OWNED BY                    1,224,118 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             8
                                     1,224,118 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    9
            1,224,118 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
    10      CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    11
            3.0% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    12
            PN
------------====================================================================



                               Page 5 of 13 Pages





                                       13G
===================
CUSIP No. Y62196103
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Greywolf GP LLC
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 2,114,800  Shares,  which is 5.0% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           only of the  securities  reported by it on this cover
                           page. [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    4
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                             5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          6
         OWNED BY                    1,224,118 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             8
                                     1,224,118 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    9
            1,224,118 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
    10      CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    11
            3.0% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    12
            OO
------------====================================================================



                               Page 6 of 13 Pages






                                       13G
===================
CUSIP No. Y62196103
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
    1       I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Jonathan Savitz
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
    2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 2,114,800  Shares,  which is 5.0% of the
                           class of  securities.  The  reporting  person on this
                           cover page, however, may be deemed a beneficial owner
                           of the securities  reported by it on this cover page.
                           [See Preliminary Note]
------------====================================================================
    3       SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
    4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                             5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY          6
         OWNED BY                    2,114,800 [See Preliminary Note]
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                             7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                             8
                                     2,114,800 [See Preliminary Note]
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    9
            2,114,800 [See Preliminary Note]
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
    10      CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    11
            5.0% [See Preliminary Note]
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
    12
            IN
------------====================================================================


                               Page 7 of 13 Pages






         Preliminary  Note: This Schedule 13G is being filed with respect to the
shares of Common Stock,  par value $0.0001 per share (the  "Shares"),  of Navios
Maritime  Holdings Inc. The Reporting  Persons,  in aggregate,  beneficially own
2,114,800  Shares  through their  ownership of warrants (the  "Warrants"),  each
Warrant  exercisable to purchase one Share. The Warrants will become exercisable
on December 10, 2005.

Item 1.  Issuer
         ------

         (a)      Name of Issuer
                  --------------

                  Navios Maritime  Holdings Inc. (f/k/a  International  Shipping
                  Enterprises, Inc.) (the "Company").

         (b)      Address of Issuer's Principal Executive Offices
                  -----------------------------------------------

                  67 Notara Street, Piraeus, Greece 185 35.

Item 2.  Identity And Background
         -----------------------

         Title Of Class Of Securities And CUSIP Number (Item 2(d) and (e))
         -----------------------------------------------------------------

         This statement relates to shares of Common Stock, par value $0.0001 per
share, of the Company. The CUSIP number of the Shares is Y62196103.

         Name Of  Persons  Filing,  Address  Of  Principal  Business  Office And
         -----------------------------------------------------------------------
         Citizenship (Item 2(a), (b) and (c))
         ------------------------------------

         This statement is filed by the entities and persons  listed below,  all
of whom together are referred to herein as the "Reporting Persons."

                  (i)      Greywolf  Capital  Partners II LP, a Delaware limited
                           partnership  ("Greywolf Capital II"), with respect to
                           the  Shares  beneficially  owned by it  (through  its
                           ownership of Warrants);

                  (ii)     Greywolf  Capital  Overseas  Fund,  a Cayman  Islands
                           exempted company ("Greywolf Overseas"),  with respect
                           to the Shares  beneficially  owned by it (through its
                           ownership of Warrants);

                  (iii)    Greywolf  Advisors LLC, a Delaware limited  liability
                           company and the general  partner of Greywolf  Capital
                           II  (the  "General  Partner"),  with  respect  to the
                           Shares  beneficially  owned by  Greywolf  Capital  II
                           (through its ownership of Warrants);

                  (iv)     Greywolf  Capital  Management LP, a Delaware  limited
                           partnership  and the  investment  manager of Greywolf
                           Overseas (the "Investment Manager"),




                               Page 8 of 13 Pages





                           with  respect  to the  Shares  beneficially  owned by
                           Greywolf   Overseas   (through   its   ownership   of
                           Warrants);

                  (v)      Greywolf GP LLC, a Delaware limited liability company
                           and the  general  partner of the  Investment  Manager
                           (the  "Investment   Manager  General   Partner"),with
                           respect to the Shares  beneficially owned by Greywolf
                           Overseas (through its ownership of Warrants); and

                  (vi)     Jonathan  Savitz,  a United  States  citizen  and the
                           senior managing member of the General Partner and the
                           sole  managing  member  of  the  Investment   Manager
                           General  Partner  ("Savitz"),  with  respect  to  the
                           Shares beneficially owned by each of Greywolf Capital
                           II and Greywolf  Overseas (through their ownership of
                           Warrants).

         The  citizenship  of each of the Reporting  Persons is set forth above.
The address of the principal business office of (i) all of the Reporting Persons
other than Greywolf Overseas is 4 Manhattanville  Road, Suite 201, Purchase,  NY
10577 and (ii) Greywolf Overseas is 6 Front Street, Hamilton, HM11 Bermuda.

Item 3.  If This  Statement Is Filed  Pursuant To Sections  240.13d-1(b),  Or
         --------------------------------------------------------------------
         13d-2(b) Or (c), Check Whether The Person Filing Is An Entity Specified
         -----------------------------------------------------------------------
         In (a) - (j):
         -------------

         Not Applicable.

         If This Statement Is Filed Pursuant To Section 240.13d-1(c), Check This
         -----------------------------------------------------------------------
         Box.[X]
         ----

Item 4.  Ownership
         ---------

         The  information  required  by Items 4(a) - (c) and set forth in Rows 5
through 11 of the cover page for each  Reporting  Person hereto is  incorporated
herein by reference for each such Reporting Person.

         The Shares reported  hereby for Greywolf  Capital II are owned directly
by  Greywolf  Capital  II and those  reported  by  Greywolf  Overseas  are owned
directly  by  Greywolf  Overseas.  The General  Partner,  as general  partner to
Greywolf Capital II, may be deemed to be the beneficial owner of all such Shares
owned by Greywolf Capital II. The Investment  Manager,  as investment manager of
Greywolf  Overseas,  may be deemed to be the beneficial owner of all such Shares
owned by Greywolf Overseas.  The Investment Manager General Partner,  as general
partner of the Investment  Manager,  may be deemed to be the beneficial owner of
all such  Shares  owned by Greywolf  Overseas.  Savitz,  as the senior  managing
member of the General  Partner and as the sole managing member of the Investment
Manager General  Partner,  may be deemed to be the beneficial  owner of all such
Shares owned by Greywolf Capital II and Greywolf  Overseas.  Each of the General
Partner,  the Investment  Manager,  the Investment  Manager  General Partner and
Savitz hereby disclaims any beneficial ownership of any such Shares.



                               Page 9 of 13 Pages




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
         ---------------------------------------------------------

         The  Reporting  Persons are filing this  Schedule  13G pursuant to Rule
13d-1(c).  Consistent  with Item 2 of the cover page for each  Reporting  Person
above,  the  Reporting  Persons  neither  disclaim nor affirm the existence of a
group among them.

Item 9.  Notice Of Dissolution Of Group
         ------------------------------

         Not Applicable.

Item 10. Certification
         -------------

         By  signing  below I  certify  that,  to the best of my  knowledge  and
belief, the securities  referred to above 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.



                              Page 10 of 13 Pages






                                   SIGNATURES
                                   ----------


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

Dated: October 28, 2005


                        /s/ Jonathan Savitz
                        ----------------------------------------
                        GREYWOLF ADVISORS LLC,
                        On its own behalf
                        And as the General Partner of
                        GREYWOLF CAPITAL PARTNERS II
                        LP By Jonathan Savitz,
                        Senior Managing Member


                        /s/ Jonathan Savitz
                        ----------------------------------------
                        GREYWOLF GP LLC
                        By Jonathan Savitz,
                        Managing Member


                        /s/ Jonathan Savitz
                        ----------------------------------------
                        GREYWOLF CAPITAL MANAGEMENT LP,
                        On its own behalf
                        And as investment manager to
                        GREYWOLF CAPITAL OVERSEAS FUND
                        By Jonathan Savitz,
                        Managing Member


                        /s/ Jonathan Savitz
                        -------------------------------------
                        Jonathan Savitz



                              Page 11 of 13 Pages






                                  EXHIBIT INDEX



EXHIBIT 1                                Joint Acquisition Statement Pursuant to
                                         Section 240.13d-1(k)








                              Page 12 of 13 Pages





                                                                       EXHIBIT 1
                                                                              to
                                                                    SCHEDULE 13G



                           JOINT ACQUISITION STATEMENT
                        PURSUANT TO SECTION 240.13d-1(k
                        -------------------------------

         The undersigned  acknowledge and agree that the foregoing  statement on
Schedule  13G is  filed  on  behalf  of each of the  undersigned  and  that  all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the  undersigned  without the  necessity of filing  additional  joint
acquisition   statements.   The  undersigned  acknowledge  that  each  shall  be
responsible for the timely filing of such  amendments,  and for the completeness
and accuracy of the information concerning him, her or it contained therein, but
shall not be responsible  for the  completeness  and accuracy of the information
concerning the other  entities or persons,  except to the extent that he, she or
it knows or has reason to believe that such information is inaccurate.

Dated:  October 28, 2005


                        /s/ Jonathan Savitz
                        ----------------------------------------
                        GREYWOLF ADVISORS LLC, On its own behalf And
                        as the General Partner of GREYWOLF CAPITAL
                        PARTNERS II LP By Jonathan Savitz, Senior
                        Managing Member


                        /s/ Jonathan Savitz
                        ----------------------------------------
                        GREYWOLF GP LLC
                        By Jonathan Savitz,
                        Managing Member


                        /s/ Jonathan Savitz
                        ----------------------------------------
                        GREYWOLF CAPITAL MANAGEMENT LP, On its own
                        behalf And as investment manager to GREYWOLF
                        CAPITAL OVERSEAS FUND By Jonathan Savitz,
                        Managing Member


                        /s/ Jonathan Savitz
                        -------------------------------------
                        Jonathan Savitz




                              Page 13 of 13 Pages