| 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 Ltd.        | Marshall      Islands         | 100%                               |
| Litochoro      Shipping Company Ltd.      | Marshall      Islands         | 100%                               |
| Falakro      Shipping Company Ltd.        | Liberia                       | 100%                               |
| Pageon      Shipping Company Ltd.         | Cyprus                        | 100%                               |
| Vardousia      Shipping Company Ltd.      | Cyprus                        | 100%                               |
| Psiloritis      Shipping Company Ltd.     | Liberia                       | 100%                               |
| Parnon      Shipping Company Ltd.         | Cyprus                        | 100%                               |
| Menalo      Shipping Company Ltd.         | Cyprus                        | 100%                               |
| Pintos      Shipping Company Ltd.         | Cyprus                        | 100%                               |
| Pylio      Shipping Company Ltd.          | Liberia                       | 100%                               |
| Idi      Shipping Company Ltd.            | 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%                               |
|                                      |                          |                               |