| TBS International plc (Ireland) |
|---------------------------------|
|                            | TBS International Limited (Bermuda) |
|                            |   | TBS Holdings Limited (Bermuda) |
|                            |   |   | Westbrook Holdings Ltd. and its Subsidiaries (Marshall Islands) |
|                            |   |   |   | Ablemarle Maritime Corp. - Mohawk Princess |
|                            |   |   |   | Amoros Maritime Corp. - Hopi Princess |
|                            |   |   |   | Arden Maritime Corp. - Tayrona Princess |
|                            |   | Argyle Maritime Corp. - Rockaway Belle |
|                            |   |   |   | Avon Maritime Corp. - Wichita Belle |
|                            |   |   |   | Bedford Maritime Corp. - Apache Maiden |
|                            |   |   |   | Beekman Shipping Corp. - Laguna Belle |
|                            |   |   |   | Birnam Maritime Corp. - Sioux Maiden |
|                            |   |   |   | Brighton Maritime Corp. - Kickapoo Belle |
|                            |   |   |   | Bristol Maritime Corp. - Tuscarora Belle |
|                            |   | Caton Maritime Corp. - Dakota Princess |
|                            |   |   |   | Chatham Maritime Corp. - Zuni Princess |
|                            |   |   |   | Chester Shipping Corp. - Tamoyo Maiden |
|                            |   |   |   | Claremont Shipping Corp. - Arapaho Belle |
|                            |   |   |   | Columbus Maritime Corp. - Seneca Maiden |
|                            |   |   |   | Cumberland Navigation Corp. - Fox Maiden |
|                            |   |   |   | Darby Navigation Corp. - Nyack Princess |
|                            |   | Dorchester Maritime Corp. - Montauk Maiden |
|                            |   |   |   | Dover Maritime Corp. - Aztec Maiden |
|                            |   |   |   | Dyker Maritime Corp. - Caribe Maiden |
|                            |   |   |   | Elrod Shipping Corp. - Nanticoke Belle |
|                            |   |   |   | Exeter Shipping Corp. - Alabama Belle |
|                            |   |   |   | Fairfax Shipping Corp. - Seminole Princess |
|                            |   |   |   | Frankfort Maritime Corp. - Shawnee Princess |
|                            |   |   |   | Glenwood Maritime Corp. - Miami Maiden |
|                            |   |   |   | Grainger Maritime Corp. - Ottawa Princess |
|                            |   |   |   | Hancock Navigation Corp. - Kiowa Princess |
|                            |   |   |   | Hansen Shipping Corp. - Ainu Princess |
|                            |   |   |   | Hari Maritime Corp. - Navajo Princess |
|                            |   |   |   | Hartley Navigation Corp. - Canarsie Princess |
|                            |   |   |   | Henley Maritime Corp. - Tuckahoe Maiden |
|                            |   |   |   | Hudson Maritime Corp. - Chesapeake Belle |
|                            |   |   |   | Lancaster Maritime Corp. - Mohave Maiden |
|                            |   |   |   | Montrose Shipping Corp. - Yakima Princess |
|                            |   |   |   | Oldcastle Shipping Corp. - Taino Maiden |
|                            |   |   |   | Prospect Navigation Corp. - Inca Maiden |
|                            |   |   |   | Quentin Navigation Corp. - Houma Belle |
|                            |   |   |   | Rector Shipping Corp. - Siboney Belle |
|                            |   |   |   | Remsen Navigation Corp. - Maori Maiden |
|                            |   |   |   | Sheffield Maritime Corp. - Manhattan Princess |
|                            |   |   |   | Sherman Maritime Corp. - La Jolla Belle |
|                            |   |   |   | Sherwood Shipping Corp. - Zia Belle |
|                            |   |   |   | Sterling Shipping Corp. - Biloxi Belle |
|                            |   |   |   | Stratford Shipping Corp. - Iroquois Maiden |
|                            |   |   |   | Vedado Maritime Corp. - Tupi Maiden |
|                            |   |   |   | Vernon Maritime Corp. - Mohegan Princess |
|                            |   |   |   | Whitehall Marine Transport Corp. - Cherokee Princess |
|                            |   |   |   | Windsor Maritime Corp. - Shinnecock Belle |
|                            |   |   |   | Yorkshire Shipping Corp. - Oneida Princess |
|                            |   |   |   | Longwoods Maritime Corp. -  Comanche Maiden (vessel delivered in 2011) |
|                            |   | McHenry Maritime Corp. - Omaha Belle (vessel delivered in 2011) |
|                            |   |   |   | Sunswyck Maritime Corp. -  Maya Princess (vessel to be delivered in 2011) |
|                            |   |   |   | Leaf  Shipping Corp. - Management Company |
|                            |   |   |   | Pacific Rim Shipping Corp. - Philippine Bareboat Charterer |
|                            |   |   |   | Jessup Maritime Corp. - Savannah Belle (Vessel sold in 2010)  |
|                            |   |   | Transworld Cargo Carriers, S.A. (Marshall Islands) |
|                            |   |   | TBS Worldwide Services Inc. (Marshall Islands) |
|                            |   |   |   | TBS African Ventures Limited |
|                            |   |   |   | GMTBS Africa Line, Ltd. (Hong Kong - 50% ownership) |
|                            |   |   |   | TBS Eurolines, Ltd. |
|                            |   |   |   | TBS Latin America Liner, Ltd. |
|                            |   |   |   | TBS Middle East Carriers, Ltd. |
|                            |   |   |   | TBS North America Liner, Ltd. |
|                            |   |   |   | TBS Ocean Carriers, Ltd. |
|                            |   |   |   | TBS Pacific Liner, Ltd. |
|                            |   |   | Mercury Marine Ltd. (Marshall Islands) |
|                            |   |   | Roymar Ship Management, Inc. (New York) |
|                            |   |   | TBS Shipping Services Inc. (New York) |
|                            |   |   |   | Compass Chartering Corp. (New York) |
|                            |   |   |   | Azalea Shipping & Chartering Inc. (New York) |
|                            |   |   |   | TBS US Enterprises LLC (Delaware) |
|                            |   |   |   | TBS Energy Logistics LP (Delaware) |
|                            |   |   |   | TBS Logistics Incorporated (Texas) |
|                            |   |   | TBS Warehouse & Equipment Holdings Ltd. (Marshall Islands) |
|                            |   |   |   | TBS Warehouse & Distribution Group Ltd. (Marshall Islands) |
|                            |   |   |   | Panamerican Port Services SAC (Peru - 50% ownership) |
|                            |   |   | TBS Mining Limited (Marshall Islands) |
|                            |   |   |   | GAT-TBS Consorcio S.A. (Dominican Republic - 50% ownership) |
|                            |   |   | ST Logistics (Proprietary) Limited (South Africa - 25% ownership) |
|                            |   |   | TBS Do Sul Ltd. (Marshall Islands) |
|                            |   |   |   | Log. Star Navegação S.A., (Brazil - 70% ownership) |
|                            |   |   | TBSI New Ship Development Corp. (Marshall Islands) |