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.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.Star Maritime Enterprises Corporation
    
    Navios Star
    
    
    100
    %
    
    Marshall Is.Corsair Shipping Ltd.
    
    Navios Ulysses
    
    
    100
    %
    
    Marshall IsRowboat Marine Inc.
    
    Navios Vega
    
    
    100
    %
    
    Marshall IsHyperion Enterprises Inc.
    
    Navios Hyperion
    
    
    100
    %
    
    Marshall Is.Beaufiks Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall IsSagittarius Shipping Corporation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Nostos Shipmanagement Corp.
    
    Navios Bonavis
    
    
    100
    %
    
    Marshall Is.Portorosa Marine Corporation
    
    Navios Happiness
    
    
    100
    %
    
    Marshall Is.Shikhar Ventures S.A
    
    Navios Stellar
    
    
    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.
    
    Navios Aurora II
    
    
    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.Aramis Navigation
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.White Narcissus Marine S.A.
    
    Navios Asteriks
    
    
    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.
    
    Navios Celestial
    
    
    100
    %
    
    Marshall Is.Ducale Marine Inc.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Kohylia Shipmanagement S.A.
    
    Vessel Owning Company
    
    
    100
    %
    
    Marshall Is.Navios Maritime Finance (US) Inc.
    
    Operating Company
    
    
    100
    %
    
    Delaware




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##### 



Navios South American Logistics and Subsidiaries:
 EffectiveNature /
    
    Ownership
    
    Country ofCompany Name
    
    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
    
    Barge Owning Company
    
    
    40.93
    %
    
    ArgentinaHS Tankers Inc.
    
    Makenita H
    
    
    33.39
    %
    
    PanamaHS Navegation Inc.
    
    Estefania H
    
    
    33.39
    %
    
    PanamaHS Shipping Ltd Inc.
    
    Malva H
    
    
    40.93
    %
    
    PanamaHS South Inc.
    
    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.
    
    Barge and Pushboat
Owning Shipping
Company
    
    
    65.48
    %
    
    PanamaHidronave S.A.
    
    Pushboat Owning
Company
    
    
    33.39
    %
    
    Brasil
 List of Affiliates of Navios Maritime Holdings Inc.
 Nature /
    
    Ownership
    
    Country ofCompany Name
    
    Vessel Name
    
    Interest (*)
    
    IncorporationNavios Maritime Partners L.P.
    
    Sub-Holding Company
    
    
    27.7
    %
    
    Marshall Is.Navios Maritime Operating L.L.C.
    
    Operating Company
    
    
    27.7
    %
    
    Marshall Is.Libra Shipping Enterprises Corporation
    
    Navios Libra II
    
    
    27.7
    %
    
    Marshall Is.Alegria Shipping Corporation
    
    Navios Alegria
    
    
    27.7
    %
    
    Marshall Is.Felicity Shipping Corporation
    
    Navios Felicity
    
    
    27.7
    %
    
    Marshall Is.Gemini Shipping Corporation
    
    Navios Gemini S
    
    
    27.7
    %
    
    Marshal Is.Galaxy Shipping Corporation
    
    Navios Galaxy I
    
    
    27.7
    %
    
    Marshall Is.Prosperity Shipping Corporation
    
    Navios Prosperity
    
    
    27.7
    %
    
    Marshall Is.Fantastiks Shipping Corporation
    
    Navios Fantastiks
    
    
    27.7
    %
    
    Marshall Is.Aldebaran Shipping Corporation
    
    Navios Aldebaran
    
    
    27.7
    %
    
    Marshall Is.Aurora Shipping Enterprises Ltd.
    
    Navios Hope (ex
Navios Aurora I)
    
    
    27.7
    %
    
    Marshall Is.Sagittarius Shipping Corporation
    
    Navios Sagittarius
    
    
    27.7
    %
    
    Marshall Is.Palermo Shipping S.A.
    
    Navios Apollon
    
    
    27.7
    %
    
    Marshall Is.Acropolis Chartering & Shipping Inc.
    
    Brokerage Company
    
    
    50
    %
    
    LiberiaNavios Maritime Acquisition Corporation
    
    Sub-Holding Company
    
    
    19
    %
    
    Marshall Is.
 
 (*)
    
    percentage does not include the ownership of 3,131,415 common units relating to the
sale of Navios Hope to Navios Partners.