| Name of Significant Subsidiary        | Country of Incorporation | Portion of Ownership Interest |
|---------------------------------------|--------------------------|-------------------------------|
| Agion Oros Shipping Company Limited   | Marshall Islands         | 100%                          |
| Agrafa Shipping Company Limited       | Marshall Islands         | 100%                          |
| Amalfi Shipping Company Limited       | Marshall Islands         | 100%                          |
| Ardas Shipping Company Limited        | Marshall Islands         | 100%                          |
| Banksy Shipping Company Limited       | Liberia                  | 100%                          |
| Britto Shipping Company Limited       | Liberia                  | 100%                          |
| Falakro Shipping Company Limited      | Liberia                  | 100%                          |
| Giona Shipping Company Limited        | Marshall Islands         | 100%                          |
| Gramos Shipping Company Inc.          | Marshall Islands         | 100%                          |
| Helidona Shipping Company Limited     | Marshall Islands         | 100%                          |
| Hongbo Shipping Company Limited       | Liberia                  | 100%                          |
| Idi Shipping Company Limited          | Liberia                  | 100%                          |
| Ilisos Shipping Company Limited       | Marshall Islands         | 100%                          |
| Imitos Shipping Company Limited       | Marshall Islands         | 100%                          |
| Indiana R Shipping Company Limited    | Liberia                  | 100%                          |
| Japan I Shipping Company Limited      | Liberia                  | 100%                          |
| Japan II Shipping Company Limited     | Liberia                  | 100%                          |
| Japan III Shipping Company Limited    | Liberia                  | 100%                          |
| Jeke Shipping Company Limited         | Liberia                  | 100%                          |
| Kalidromo Shipping Company Limited    | Marshall Islands         | 100%                          |
| Kifisos Shipping Company Limited      | Marshall Islands         | 100%                          |
| Kisavos Shipping Company Limited      | Marshall Islands         | 100%                          |
| Lefka Shipping Company Limited        | Marshall Islands         | 100%                          |
| Lichtenstein Shipping Company Limited | Liberia                  | 100%                          |
| Litochoro Shipping Company Limited    | Marshall Islands         | 100%                          |
| Menalo Shipping Company Limited       | Cyprus                   | 100%                          |
| Mytikas Shipping Company Limited      | Marshall Islands         | 100%                          |
| Nedas Shipping Company Limited        | Marshall Islands         | 100%                          |
| Noir Shipping S.A.                    | Marshall Islands         | 100%                          |
| Olympos Shipping Company Limited      | British Cayman Islands   | 100%                          |
| Olympos Shipping Company Limited      | Marshall Islands         | 100%                          |
| Pageon Shipping Company Limited       | Cyprus                   | 100%                          |
| Parnasos Shipping Company Limited     | Liberia                  | 100%                          |
| Parnis Shipping Company Limited       | Marshall Islands         | 100%                          |
| Parnon Shipping Company Limited       | Cyprus                   | 100%                          |
| Pintos Shipping Company Limited       | Cyprus                   | 100%                          |
| Psiloritis Shipping Company Limited   | Liberia                  | 100%                          |
| Pylio Shipping Company Limited        | Liberia                  | 100%                          |
| Rupel Shipping Company Inc.           | Marshall Islands         | 100%                          |
| Sperhios Shipping Company Limited     | Marshall Islands         | 100%                          |
| Taygetus Shipping Company Limited     | Liberia                  | 100%                          |
| Top Bulker Management Inc.            | Marshall Islands         | 100%                          |
| TOP Tanker Management Inc.            | Marshall Islands         | 100%                          |
| Top Tankers (U.K.) Limited            | England and Wales        | 100%                          |
| Vardousia Shipping Company Limited    | Cyprus                   | 100%                          |
| Vermio Shipping Company Limited       | Marshall Islands         | 100%                          |
| Vitsi Shipping Company Limited        | Liberia                  | 100%                          |
| Warhol Shipping Company Limited       | Liberia                  | 100%                          |