Exhibit 8.1
 List of Subsidiaries of Navios Maritime Holdings Inc.
 EffectiveNature /
    
    Ownership
    
    Country ofCompany Name
    
    Vessel Name
    
    Interest
    
    IncorporationNavios Maritime Holdings Inc.
    
    Holding Company
    
    
    100
    %
    
    Marshall Is.Navios Corporation
    
    Sub-Holding Company
    
    
    100
    %
    
    Marshall Is.Navios International Inc.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Navimax Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Navios Handybulk Inc.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Hestia Shipping Ltd.
    
    Operating Company
    
    
    100
    %
    
    MaltaAnemos Maritime Holdings Inc.
    
    Sub-Holding Company
    
    
    100
    %
    
    Marshall Is.Navios ShipManagement Inc.
    
    Management Company
    
    
    100
    %
    
    Marshall Is.NAV Holdings Limited
    
    Sub-Holding Company
    
    
    100
    %
    
    MaltaKleimar N.V.
    
    Operating
Company/Vessel
Owning Company
    
    
    100
    %
    
    BelgiumKleimar Ltd.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Bulkinvest S.A.
    
    Operating Company
    
    
    100
    %
    
    LuxembourgPrimavera Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Ginger Services Co.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Aquis Marine Corp.
    
    Sub-Holding Company
    
    
    100
    %
    
    Marshall Is.Navios Tankers Management Inc.
    
    Management Company
    
    
    100
    %
    
    Marshall Is.Astra Maritime Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Achilles Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Apollon Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Herakles Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Hios Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Ionian Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Kypros Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Meridian Shipping Enterprises Inc.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Mercator Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Arc Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Horizon Shipping Enterprises
Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.




---



##### 



EffectiveNature /
    
    Ownership
    
    Country ofCompany Name
    
    Vessel Name
    
    Interest
    
    IncorporationMagellan Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Aegean Shipping Corporation
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Star Maritime Enterprises
Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Aurora Shipping Enterprises Ltd.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Corsair Shipping Ltd.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall IsRowboat Marine Inc.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall IsHyperion Enterprises Inc.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Beaufiks Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall IsSagittarius Shipping
Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Nostos Shipmanagement Corp.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Aegean Sea Maritime Holdings Inc.
    
    Sub-Holding Company
    
    
    100
    %
    
    Marshall Is.Amorgos Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Andros Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Antiparos Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Ikaria Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Kos Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Mytilene Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Skiathos Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Syros Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Skopelos Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Cayman Is.Sifnos Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Ios Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Cayman Is.Thera Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Crete Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Rhodes Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Tinos Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Portorosa Marine Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Shikhar Ventures S.A.
    
    Vessel Owning Company
    
    
    100
    %
    
    LiberiaSizzling Ventures Inc.
    
    Operating Company
    
    
    100
    %
    
    LiberiaRheia Associates Co.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Taharqa Spirit Corp.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Rumer Holding Ltd.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Chilali Corp.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Pharos Navigation S.A.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Pueblo Holdings Ltd.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Surf Maritime Co.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Quena Shipmanagement Inc.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Orbiter Shipping Corp.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Aramis Navigation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.White Narcissus Marine S.A.
    
    Vessel Owning Company
    
    
    100
    %
    
    PanamaNavios G.P. L.L.C.
    
    Operating Company
    
    
    100
    %
    
    Marshall Is.Pandora Marine Inc.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Floral Marine Ltd.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Red Rose Shipping Corp.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Customized Development S.A.
    
    Vessel Owning Company
    
    
    100
    %
    
    LiberiaHighbird Management Inc.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Ducale Marine Inc.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Kohylia Shipmanagement S.A.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Vector Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Faith Marine Ltd.
    
    Vessel Owning Company
    
    
    100
    %
    
    LiberiaNavios Maritime Finance (US) Inc.
    
    Operating Company
    
    
    100
    %
    
    Delaware




---



##### 



Navios South American Logistics and Subsidiaries:
 EffectiveNature /
    
    Ownership
    
    Country ofCompany Name
    
    Vessel Name
    
    Interest
    
    IncorporationNavios South American Logistics Inc.
    
    Sub-Holding Company
    
    
    63.8
    %
    
    Marshall Is.Corporacion Navios S.A.
    
    Operating Company
    
    
    63.8
    %
    
    UruguayNauticler S.A.
    
    Sub-Holding Company
    
    
    63.8
    %
    
    UruguayCompania Naviera Horamar S.A.
    
    Vessel Operating
Company/Management
Company
    
    
    63.8
    %
    
    ArgentinaCompania de Transporte Fluvial Int S.A.
    
    Sub-Holding Company
    
    
    63.8
    %
    
    UruguayPonte Rio S.A.
    
    Operating Company
    
    
    63.8
    %
    
    UruguayThalassa Energy S.A.
    
    Barge Owning Company
    
    
    39.9
    %
    
    ArgentinaHS Tankers Inc.
    
    Vessel Owning Company
    
    
    32.5
    %
    
    PanamaHS Navegation Inc.
    
    Vessel Owning Company
    
    
    32.5
    %
    
    PanamaHS Shipping Ltd Inc.
    
    Vessel Owning Company
    
    
    39.9
    %
    
    PanamaHS South Inc.
    
    Vessel Owning Company
    
    
    39.9
    %
    
    PanamaMercopar Internacional S.A.
    
    Sub-Holding Company
    
    
    63.8
    %
    
    UruguayNagusa Internacional S.A.
    
    Sub-Holding Company
    
    
    63.8
    %
    
    UruguayHidrovia OSR Internacional S.A.
    
    Sub-Holding Company
    
    
    63.8
    %
    
    UruguayPetrovia Internacional S.A.
    
    Land-Owning Company
    
    
    63.8
    %
    
    UruguayMercopar S.A.
    
    Operating/Barge Owning
Company
    
    
    63.8
    %
    
    ParaguayNavegacion Guarani S.A.
    
    Operating Barge and
Pushboat Owning
Company
    
    
    63.8
    %
    
    ParaguayHidrovia OSR S.A.
    
    Oil Spill Response &
Salvage
Services/Vessel Owning
Company
    
    
    63.8
    %
    
    ParaguayPetrovia S.A.
    
    Shipping Company
    
    
    63.8
    %
    
    ParaguayMercofluvial S.A.
    
    Operating Barge and
Pushboat Owning
Company
    
    
    63.8
    %
    
    ParaguayPetrolera San Antonio S.A. (PETROSAN)
    
    Port Facility
Operating Company
    
    
    63.8
    %
    
    ParaguayFlota Mercante Paraguaya S.A.
    
    Shipping Company
    
    
    63.8
    %
    
    ParaguayCompania de Transporte Fluvial S.A.
    
    Shipping Company
    
    
    63.8
    %
    
    ParaguayHidrogas S.A.
    
    Shipping Company
    
    
    63.8
    %
    
    ParaguayStability Oceanways S.A.
    
    Operating Barge and
Pushboat Owning
Company
    
    
    63.8
    %
    
    PanamaHidronave S.A.
    
    Pushboat Owning Company
    
    
    32.5
    %
    
    BrazilNavarra Shipping Corporation
    
    Tanker Owning Company
    
    
    63.8
    %
    
    Marshall Is.Pelayo Shipping Corporation
    
    Tanker Owning Company
    
    
    63.8
    %
    
    Marshall Is.




---



##### 



Navios Maritime Acquisition Corporation and Subsidiaries:
 Nature /
    
    Ownership
    
    Country ofCompany Name
    
    Vessel Name
    
    Interest
    
    IncorporationNavios Maritime Acquisition Corporation
    
    Sub-Holding Company
    
    
    53.7
    %
    
    Marshall Is.Aegean Sea Maritime Holdings Inc.
    
    Sub-Holding Company
    
    
    53.7
    %
    
    Marshall Is.Amorgos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Andros Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Antiparos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Ikaria Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Kos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Mytilene Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Skiathos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Syros Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Skopelos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Cayman Is.Sifnos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Ios Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Cayman Is.Thera Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Shinyo Dream Limited
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Hong KongShinyo Kannika Limited
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Hong KongShinyo Kieran Limited
    
    Vessel Owning Company
    
    
    53.7
    %
    
    British Virgin Is.Shinyo Loyalty Limited
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Hong KongShinyo Navigator Limited
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Hong KongShinyo Ocean Limited
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Hong KongShinyo Saowalak Limited
    
    Vessel Owning Company
    
    
    53.7
    %
    
    British Virgin Is.Crete Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Rhodes Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Tinos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Folegandros Shipping Corporatio
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.Navios Acquisition Finance (US) Inc
    
    Operating Company
    
    
    53.7
    %
    
    DelawareSerifos Shipping Corporation
    
    Vessel Owning Company
    
    
    53.7
    %
    
    Marshall Is.
 Affiliates included in the financial statements accounted for under the equity method:
 Nature /
    
    Ownership
    
    Country ofCompany Name
    
    Vessel Name
    
    Interest (*)
    
    IncorporationNavios Maritime Partners L.P. (*)
    
    Sub-Holding Company
    
    
    18.76
    %
    
    Marshall Is.Navios Maritime Operating L.L.C. (*)
    
    Operating Company
    
    
    18.76
    %
    
    Marshall Is.Libra Shipping Enterprises Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Alegria Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Felicity Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Gemini Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshal Is.Galaxy Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Prosperity Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Fantastiks Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Aldebaran Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Aurora Shipping Enterprises Ltd. (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Sagittarius Shipping Corporation (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Palermo Shipping S.A. (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Customized Development S.A.
    
    Vessel Owning Company
    
    
    18.76
    %
    
    LiberiaPandora Marine Inc.
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Hyperion Enterprises Inc. (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Chilali Corp. (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.JTC Shipping Trading Ltd. (*)
    
    Operating Company
    
    
    18.76
    %
    
    MaltaSurf Maritime Co. (*)
    
    Vessel Owning Company
    
    
    18.76
    %
    
    Marshall Is.Acropolis Chartering & Shipping Inc.
    
    Brokerage Company
    
    
    50
    %
    
    Liberia
 
 (*)
    
    Percentage does not include the ownership of 3,131,415, 1,174,219
and 788,370 common units relating to the sale of the Navios Hope,
the Navios Aurora II and both the Navios Fulvia and the Navios
Melodia, respectively, to Navios Partners since these are
considered available-for-sale securities.