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