Exhibit 8.1
 List of Subsidiaries of Navios Maritime Holdings Inc.
 Ownership
    
    Country ofCompany Name
    
    Nature/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.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.
    
    Navios Meridian
    
    100%
    
    Marshall Is.Mercator Shipping Corporation
    
    Navios Mercator
    
    100%
    
    Marshall Is.Arc Shipping Corporation
    
    Navios Arc
    
    100%
    
    Marshall Is.Horizon Shipping Enterprises
Corporation
    
    Navios Horizon
    
    100%
    
    Marshall Is.Magellan Shipping Corporation
    
    Navios Magellan
    
    100%
    
    Marshall Is.Aegean Shipping Corporation
    
    Operating Company
    
    100%
    
    Marshall Is.




---



##### 



Ownership
    
    Country ofCompany Name
    
    Nature/Vessel Name
    
    Interest
    
    IncorporationStar Maritime Enterprises Corporation
    
    Navios Star
    
    100%
    
    Marshall Is.Aurora Shipping Enterprises Ltd.
    
    Navios Aurora I
    
    100%
    
    Marshall Is.Corsair Shipping Ltd
    
    Navios Ulysses
    
    100%
    
    Marshall Is.Rowboat Marine Inc.
    
    Navios Vega
    
    100%
    
    Marshall Is.Hyperion Enterprises Inc.
    
    Navios Hyperion
    
    100%
    
    Marshall Is.Beaufiks Shipping Corporation
    
    Vessel Owning Company
    
    100%
    
    Marshall Is.Sagittarius Shipping Corporation
    
    Vessel Owning Company
    
    100%
    
    Marshall Is.Nostos Shipmanagement Corp.
    
    Vessel Owning Company
    
    100%
    
    Marshall Is.Portorosa Marine Corporation
    
    Navios Happiness
    
    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.
    
    Navios Lumen
    
    100%
    
    Marshall Is.Surf Maritime Co.
    
    Navios Pollux
    
    100%
    
    Marshall Is.Quena Shipmanagement Inc.
    
    Operating Company
    
    100%
    
    Marshall Is.Orbiter Shipping Corp.
    
    Navios Orbiter
    
    100%
    
    Marshall Is.White Narcissus Marine S.A.
    
    Navios Asteriks
    
    100%
    
    PanamaNavios G.P. L.L.C.
    
    Operating Company
    
    100%
    
    Marshall Is.




---



##### 



Navios South American Logistics and Subsidiaries:
 Ownership
    
    Country ofCompany Name
    
    Nature/Vessel Name
    
    Interest
    
    IncorporationNavios South American Logistics Inc.
    
    Sub-Holding Company
    
    65.48%
    
    Marshal Is.Corporacion Navios SA
    
    Operating Company
    
    65.48%
    
    UruguayNauticler SA
    
    Sub-Holding Company
    
    65.48%
    
    UruguayCompania Naviera Horamar SA
    
    Operating Company
    
    65.48%
    
    ArgentinaCompania de Transporte Fluvial Int SA
    
    Operating Company
    
    65.48%
    
    UruguayPonte Rio SA
    
    Operating Company
    
    65.48%
    
    UruguayThalassa Energy SA
    
    Barges Owning
Company
    
    40.93%
    
    ArgentinaHS Tankers Inc. (ii)
    
    Vessel Owning
Company
    
    33.39%
    
    PanamaHS Navegation Inc.
    
    Estefania
    
    33.39%
    
    PanamaHS Shipping Ltd Inc.
    
    Malva H
    
    40.93%
    
    PanamaHS South Inc. (ii)
    
    Vessel Owning
Company
    
    40.93%
    
    PanamaMercopar Internacional S.A.
    
    Holding Company
    
    65.48%
    
    UruguayNagusa Internacional S.A.
    
    Holding Company
    
    65.48%
    
    UruguayHidrovia OSR Internacional S.A.
    
    Holding Company
    
    65.48%
    
    UruguayPetrovia Internacional S.A.
    
    Holding Company
    
    65.48%
    
    UruguayMercopar S.A.
    
    Shipping Company
    
    65.48%
    
    ParaguayNavegation Guarani S.A.
    
    Shipping Company
    
    65.48%
    
    ParaguayHidrovia OSR S.A.
    
    Oil Spill Response &
Salvage Services
    
    65.48%
    
    ParaguayPetrovia S.A.
    
    Shipping Company
    
    65.48%
    
    ParaguayMercofluvial S.A.
    
    Shipping Company
    
    65.48%
    
    ParaguayPetrolera San Antonio S.A. (PETROSAN)
    
    Oil Storage Plant
and Dock Facilities
    
    65.48%
    
    ParaguayFlota Mercante Paraguaya S.A.
    
    Shipping Company
    
    65.48%
    
    ParaguayCompania de Transporte Fluvial S.A.
    
    Shipping Company
    
    65.48%
    
    ParaguayHidrogas S.A.
    
    Shipping Company
    
    65.48%
    
    ParaguayStability Oceanways S.A.
    
    Shipping Company
    
    65.48%
    
    Panama




---



##### 



List of Affiliates of Navios Maritime Holdings Inc.
 Ownership
    
    Country ofCompany Name
    
    Nature/Vessel Name
    
    Interest
    
    IncorporationNavios Maritime Partners L.P.
    
    Sub-Holding Company
    
    37.1%
    
    Marshall Is.Navios Maritime Operating L.L.C.
    
    Operating Company
    
    37.1%
    
    Marshall Is.Libra Shipping Enterprises Corporation
    
    Navios Libra II
    
    37.1%
    
    Marshall Is.Alegria Shipping Corporation
    
    Navios Alegria
    
    37.1%
    
    Marshall Is.Felicity Shipping Corporation
    
    Navios Felicity
    
    37.1%
    
    Marshall Is.Gemini Shipping Corporation
    
    Navios Gemini S
    
    37.1%
    
    Marshal Is.Galaxy Shipping Corporation
    
    Navios Galaxy I
    
    37.1%
    
    Marshall Is.Prosperity Shipping Corporation
    
    Navios Prosperity
    
    37.1%
    
    Marshall Is.Fantastiks Shipping Corporation
    
    Navios Fantastiks
    
    37.1%
    
    Marshall Is.Aldebaran Shipping Corporation
    
    Navios Aldebaran
    
    37.1%
    
    Marshall Is.Aurora Shipping Enterprises Ltd.
    
    Navios Aurora I
    
    37.1%
    
    Marshall Is.Acropolis Chartering & Shipping Inc.
    
    Brokerage Company
    
    50%
    
    LiberiaNavios Maritime Acquisition Corporation
    
    Sub-Holding Company
    
    19%
    
    Marshall Is.