EXHIBIT 8.1



The following is a list of subsidiaries
of NewLead Holdings, Ltd. as of December 31, 2013.



|COMPANY                                                                            |  | SHAREHOLDER          
|---------------------------------------------------------------------------------- |  | ---------------------
|                                                                                   |  |                      
|NEWLEAD HOLDINGS LTD, Bermuda (formerly known as Aries Maritime Transport Limited) |  |                      
|                                                                                   |  |                      
|DIRECT SUBSIDIARIES                                                                |  |                      
|                                                                                   |  |                      
|NEWLEADJMEG INC., Marshall Islands                                                 |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|NEWLEAD MOJAVE HOLDINGS LLC, Delaware                                              |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|MINE INVESTMENTS CORP., Marshall Islands                                           |  | NEWLEAD HOLDINGS LTD 
|                                                                                   |  |                      
|Shipmanagement Companies                                                           |  |                      
|                                                                                   |  |                      
|AMT MANAGEMENT LTD., Marshall Islands                                              |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|NEWLEAD SHIPPING S.A., Panama                                                      |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|NEWLEAD BULKERS S.A., Liberia                                                      |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|Sub-Holding Companies                                                              |  |                      
|                                                                                   |  |                      
|NEWLEAD BULKER HOLDINGS INC., Marshall Islands                                     |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|Ship-Owning Companies                                                              |  |                      
|                                                                                   |  |                      
|NEWLEAD VICTORIA LTD., Liberia                                                     |  | NEWLEAD HOLDINGS LTD.











|COMPANY                              |  | SHAREHOLDER          
|------------------------------------ |  | ---------------------
|                                     |  |                      
|Companies With No Assets*            |  |                      
|                                     |  |                      
|AUSTRALIA HOLDINGS LTD., Liberia     |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|BRAZIL HOLDINGS LTD., Liberia        |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|BORA LIMITED, BVI                    |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|CHALLENGER ENTERPRISES LTD., Liberia |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|CRUSADER ENTERPRISES LTD., Liberia   |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|COMPASS OVERSEAS LTD., Bermuda       |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|COMPASSION OVERSEAS LTD., Bermuda    |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|GRAND OCEANOS INC., Liberia          |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|GRAND VICTORIA PTE. LTD., Singapore  |  | NEWLEAD HOLDINGS LTD.
|                                     |  |                      
|OCEAN HOPE SHIPPING LIMITED, Malta   |  | NEWLEAD HOLDINGS LTD.











|COMPANY                                                                             |  | SHAREHOLDER                 
|----------------------------------------------------------------------------------- |  | ----------------------------
|                                                                                    |  |                             
|INDIRECT SUBSIDIARIES                                                               |  |                             
|                                                                                    |  |                             
|NEWLEAD HOLDINGS (US) CORP., Delaware (formerly known as NewLead Holdings (US) LLC) |  | NEWLEAD MOJAVE HOLDINGS LLC.
|                                                                                    |  |                             
|NEW LEAD JMEG LLC., Delaware                                                        |  | NEWLEAD HOLDINGS (US) CORP. 
|                                                                                    |  |                             
|MINE INVESTMENTS LLC, Delaware                                                      |  | MINE INVESTMENTS CORP.      
|                                                                                    |  |                             
|FIVE MILE INVESTMENT LLC, Delaware                                                  |  | MINE INVESTMENTS LLC        
|                                                                                    |  |                             
|ELK VALLEY INVESTMENT LLC, Delaware                                                 |  | MINE INVESTMENTS LLC        
|                                                                                    |  |                             
|VIKING ACQUISITION GROUP LLC, Kentucky                                              |  | MINE INVESTMENTS LLC        
|                                                                                    |  |                             
|COAL ESSENCE MINE LLC, Kentucky                                                     |  | VIKING ACQUISITION GROUP LLC
|                                                                                    |  |                             
|COAL ESSENCE PREP PLANT LLC, Kentucky                                               |  | MINE INVESTMENTS LLC        
|                                                                                    |  |                             
|VIKING PREP PLANT LLC, Kentucky                                                     |  | COAL ESSENCE PREP PLANT LLC 
|                                                                                    |  |                             
|Ship-Owning Companies                                                               |  |                             
|                                                                                    |  |                             
|GRAND MARKELA INC., Liberia                                                         |  | NEWLEAD BULKER HOLDINGS INC.
|                                                                                    |  |                             
|Mine-Owning Companies                                                               |  |                             
|                                                                                    |  |                             
|COAL ESSENCE MINE LLC, Kentucky                                                     |  | VIKING ACQUISITION GROUP LLC
|                                                                                    |  |                             
|Wash Plant-Owning Companies                                                         |  |                             
|                                                                                    |  |                             
|VIKING PREP PLANT LLC, Kentucky                                                     |  | COAL ESSENCE PREP PLANT LLC 











|COMPANY                                   |  | SHAREHOLDER                 
|----------------------------------------- |  | ----------------------------
|                                          |  |                             
|Companies with no assets *                |  |                             
|                                          |  |                             
|GRAND ESMERALDA INC., Liberia             |  | NEWLEAD BULKER HOLDINGS INC.
|                                          |  |                             
|GRAND SPARTOUNTA INC., Marshall Islands   |  | NEWLEAD BULKER HOLDINGS INC.
|                                          |  |                             
|GRAND VENETICO INC., Marshall Islands     |  | NEWLEAD BULKER HOLDINGS INC.
|                                          |  |                             
|GRAND AFFECTION S.A. Marshall Islands     |  | NEWLEAD BULKER HOLDINGS INC.
|                                          |  |                             
|GRAND AFFINITY S.A., Marshall Islands     |  | NEWLEAD BULKER HOLDINGS INC.
|                                          |  |                             
|NEWLEAD PROSPERITY INC., Marshall Islands |  | NEWLEAD BULKER HOLDINGS INC.
|                                          |  |                             
|TRANS CONTININENT NAVIGATION LTD., Malta  |  | OCEAN HOPE SHIPPING LIMITED.
|                                          |  |                             
|TRANS STATE NAVIGATION LTD., Malta        |  | OCEAN HOPE SHIPPING LIMITED.