Exhibit21.1

SUBSIDIARIES OF THE COMPANY

The following is a list of the Company’s subsidiariesas of February 28, 2007:

|                                       |  |  |                        |  |  |                             |
|---------------------------------------|--|--|------------------------|--|--|-----------------------------|
| Nameof Significant Subsidiary         |  |  | CountryofIncorporation |  |  | Portion ofOwnershipInterest |
| Eagle Shipping International (USA)LLC |  |  | MarshallIslands        |  |  | 100%                        |
| CondorShipping LLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Hawk ShippingLLC                      |  |  | MarshallIslands        |  |  | 100%                        |
| Falcon ShippingLLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Harrier ShippingLLC                   |  |  | MarshallIslands        |  |  | 100%                        |
| Osprey ShippingLLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Kite ShippingLLC                      |  |  | MarshallIslands        |  |  | 100%                        |
| Sparrow ShippingLLC                   |  |  | MarshallIslands        |  |  | 100%                        |
| Griffon ShippingLLC                   |  |  | MarshallIslands        |  |  | 100%                        |
| Shikra ShippingLLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Peregrine ShippingLLC                 |  |  | MarshallIslands        |  |  | 100%                        |
| Cardinal ShippingLLC                  |  |  | MarshallIslands        |  |  | 100%                        |
| Heron ShippingLLC                     |  |  | MarshallIslands        |  |  | 100%                        |
| Merlin ShippingLLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Jaeger ShippingLLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Kestrel ShippingLLC                   |  |  | MarshallIslands        |  |  | 100%                        |
| Tern ShippingLLC                      |  |  | MarshallIslands        |  |  | 100%                        |
| Kittiwake ShippingLLC                 |  |  | MarshallIslands        |  |  | 100%                        |
| Oriole ShippingLLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Robin ShippingLLC                     |  |  | MarshallIslands        |  |  | 100%                        |
| Crested Eagle ShippingLLC             |  |  | MarshallIslands        |  |  | 100%                        |
| Crowned Eagle ShippingLLC             |  |  | MarshallIslands        |  |  | 100%                        |
| Shrike ShippingLLC                    |  |  | MarshallIslands        |  |  | 100%                        |
| Skua ShippingLLC                      |  |  | MarshallIslands        |  |  | 100%                        |
| Eagle Bulk (Delaware)LLC              |  |  | UnitedStates           |  |  | 100%                        |
|                                       |

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