EXHIBIT 8.1
 COMPANY
    
    SHAREHOLDERNEWLEAD HOLDINGS LTD, Bermuda (formerly known as Aries Maritime Transport Limited)DIRECT SUBSIDIARIESNEWLEAD HOLDINGS (US) LLC, DelawareLEADING MARINE CONSTULTANTS (LMC) INC., Marshall Islands
    
    NEWLEAD HOLDINGS LTDShipmanagement CompaniesAMT MANAGEMENT LTD., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.NEWLEAD SHIPPING S.A., Panama
    
    NEWLEAD HOLDINGS LTD.Sub-Holding CompaniesNEWLEAD BULKER HOLDINGS INC., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.NEWLEAD TANKER HOLDINGS INC., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.Ship-Owning CompaniesALTIUS MARINE S.A., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.AUSTRALIA HOLDINGS LTD., Liberia
    
    NEWLEAD HOLDINGS LTD.AYASHA TRADING CORPORATION, Liberia
    
    NEWLEAD HOLDINGS LTD.BRAZIL HOLDINGS LTD., Liberia
    
    NEWLEAD HOLDINGS LTD.




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COMPANY
    
    SHAREHOLDERCHALLENGER ENTERPRISES LTD., Liberia
    
    NEWLEAD HOLDINGS LTD.CHINA HOLDINGS LTD., Liberia
    
    NEWLEAD HOLDINGS LTD.COMPASS OVERSEAS LTD., Bermuda
    
    NEWLEAD HOLDINGS LTD.COMPASSION OVERSEAS LTD., Bermuda
    
    NEWLEAD HOLDINGS LTD.CRUSADER ENTERPRISES LTD., Liberia
    
    NEWLEAD HOLDINGS LTD.FORTIUS MARINE S.A., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.GRAND OCEANOS INC., Liberia
    
    NEWLEAD HOLDINGS LTD.GRAND RODOSI INC., Liberia
    
    NEWLEAD HOLDINGS LTD.NEWLEAD VICTORIA LTD., Liberia
    
    NEWLEAD HOLDINGS LTD.Ship-Owning Companies (Newbuildings)BETHUNE PROPERTIES SA, Liberia
    
    NEWLEAD HOLDINGS LTD.Companies With No Assets*CHINOOK WAVES CORPORATION, Marshall Islands
    
    NEWLEAD HOLDINGS LTD.ERMINA MARINE LIMITED, Marshall Islands
    
    NEWLEAD HOLDINGS LTD.GRAND VICTORIA PTE. LTD., Singapore
    
    NEWLEAD HOLDINGS LTD.LAND MARINE S.A., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.MAKASSAR MARINE LTD., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.OSTRIA WAVES LTD., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.RIDER MARINE S.A., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.SEINE MARINE LTD., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.NEWLEAD STRIDE INC., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.




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COMPANY
    
    SHAREHOLDERBORA LIMITED, BVI
    
    NEWLEAD HOLDINGS LTD.JUBILEE SHIPHOLDING S.A., Marshall Islands
    
    NEWLEAD HOLDINGS LTD.MOTE SHIPPING LTD., Malta
    
    NEWLEAD HOLDINGS LTD.STATESMAN SHIPPING LTD., Malta
    
    NEWLEAD HOLDINGS LTD.TRANS STATE NAVIGATION LTD., Malta
    
    NEWLEAD HOLDINGS LTD.OCEAN HOPE SHIPPING LIMITED., Malta
    
    NEWLEAD HOLDINGS LTD.INDIRECT (WHOLLY OWNED) SUBSIDIARIESShipmanagement CompaniesNEWLEAD BULKERS S.A., Liberia
    
    NEWLEAD SHIPPING S.A.Ship-Owning CompaniesCURBY NAVIGATION LTD., Liberia
    
    NL BULKER HOLDINGS INC.GRAND ESMERALDA INC., Liberia
    
    NL BULKER HOLDINGS INC.GRAND MARKELA INC., Liberia
    
    NL BULKER HOLDINGS INC.GRAND SPARTOUNTA INC., Marshall Islands
    
    NL BULKER HOLDINGS INC.GRAND VENETICO INC., Marshall Islands
    
    NL BULKER HOLDINGS INC.NEWLEAD PROSPERITY INC., Marshall Islands
    
    NL BULKER HOLDINGS INC.NEWLEAD PROGRESS INC., Marshall Islands
    
    NL TANKER HOLDINGS INC.Ship-Owning Companies (Newbuildings)GRAND AFFECTION S.A. Marshall Islands
    
    NL BULKER HOLDINGS INC.GRAND AFFINITY S.A., Marshall Islands
    
    NL BULKER HOLDINGS INC.




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COMPANY
    
    SHAREHOLDERCompanies with no assets *DYNAMIC MARITIME CO., Marshall Islands
    
    OCEAN HOPE SHIPPING LIMITEDOLYMPIC GALAXY SHIPPING LTD., Marshall Islands
    
    OCEAN HOPE SHIPPING LIMITEDVINTAGE MARINE S.A., Marshall Islands
    
    OCEAN HOPE SHIPPING LIMITEDTRANS CONTININENT NAVIGATION LTD., Malta
    
    OCEAN HOPE SHIPPING LIMITED