EXHIBIT 8.1



The following is a list of subsidiaries of NewLead Holdings,
Ltd. as of December 31, 2011.



|                                                                                   |  |                      
|---------------------------------------------------------------------------------- |  | ---------------------
|COMPANY                                                                            |  | SHAREHOLDER          
|NEWLEAD HOLDINGS LTD, Bermuda (formerly known as Aries Maritime Transport Limited)
|                                                                                   |  |                      
|DIRECT SUBSIDIARIES                                                                |  |                      
|                                                                                   |  |                      
|NEWLEAD HOLDINGS (US) LLC, Delaware                                                |  |                      
|                                                                                   |  |                      
|LEADING MARINE CONSTULTANTS (LMC) INC., Marshall Islands                           |  | NEWLEAD HOLDINGS LTD 
|                                                                                   |  |                      
|Shipmanagement Companies                                                           |  |                      
|                                                                                   |  |                      
|AMT MANAGEMENT LTD., Marshall Islands                                              |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|NEWLEAD SHIPPING S.A., Panama                                                      |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|Sub-Holding Companies                                                              |  |                      
|                                                                                   |  |                      
|NEWLEAD BULKER HOLDINGS INC., Marshall Islands                                     |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|NEWLEAD TANKER HOLDINGS INC., Marshall Islands                                     |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|Ship-Owning Companies                                                              |  |                      
|                                                                                   |  |                      
|ALTIUS MARINE S.A., Marshall Islands                                               |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|AUSTRALIA HOLDINGS LTD., Liberia                                                   |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|AYASHA TRADING CORPORATION, Liberia                                                |  | NEWLEAD HOLDINGS LTD.
|                                                                                   |  |                      
|BRAZIL HOLDINGS LTD., Liberia                                                      |  | NEWLEAD HOLDINGS LTD.















|                                            |  |                      
|------------------------------------------- |  | ---------------------
|COMPANY                                     |  | SHAREHOLDER          
|CHALLENGER ENTERPRISES LTD., Liberia        |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|CHINA HOLDINGS LTD., Liberia                |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|COMPASS OVERSEAS LTD., Bermuda              |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|COMPASSION OVERSEAS LTD., Bermuda           |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|CRUSADER ENTERPRISES LTD., Liberia          |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|FORTIUS MARINE S.A., Marshall Islands       |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|GRAND OCEANOS INC., Liberia                 |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|GRAND RODOSI INC., Liberia                  |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|NEWLEAD VICTORIA LTD., Liberia              |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|Ship-Owning Companies (Newbuildings)        |  |                      
|                                            |  |                      
|BETHUNE PROPERTIES SA, Liberia              |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|Companies With No Assets*                   |  |                      
|                                            |  |                      
|CHINOOK WAVES CORPORATION, Marshall Islands |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|ERMINA MARINE LIMITED, Marshall Islands     |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|GRAND VICTORIA PTE. LTD., Singapore         |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|LAND MARINE S.A., Marshall Islands          |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|MAKASSAR MARINE LTD., Marshall Islands      |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|OSTRIA WAVES LTD., Marshall Islands         |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|RIDER MARINE S.A., Marshall Islands         |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|SEINE MARINE LTD., Marshall Islands         |  | NEWLEAD HOLDINGS LTD.
|                                            |  |                      
|NEWLEAD STRIDE INC., Marshall Islands       |  | NEWLEAD HOLDINGS LTD.















|                                           |  |                        
|------------------------------------------ |  | -----------------------
|COMPANY                                    |  | SHAREHOLDER            
|BORA LIMITED, BVI                          |  | NEWLEAD HOLDINGS LTD.  
|                                           |  |                        
|JUBILEE SHIPHOLDING S.A., Marshall Islands |  | NEWLEAD HOLDINGS LTD.  
|                                           |  |                        
|MOTE SHIPPING LTD., Malta                  |  | NEWLEAD HOLDINGS LTD.  
|                                           |  |                        
|STATESMAN SHIPPING LTD., Malta             |  | NEWLEAD HOLDINGS LTD.  
|                                           |  |                        
|TRANS STATE NAVIGATION LTD., Malta         |  | NEWLEAD HOLDINGS LTD.  
|                                           |  |                        
|OCEAN HOPE SHIPPING LIMITED., Malta        |  | NEWLEAD HOLDINGS LTD.  
|                                           |  |                        
|INDIRECT (WHOLLY OWNED) SUBSIDIARIES       |  |                        
|                                           |  |                        
|Shipmanagement Companies                   |  |                        
|                                           |  |                        
|NEWLEAD BULKERS S.A., Liberia              |  | NEWLEAD SHIPPING S.A.  
|                                           |  |                        
|Ship-Owning Companies                      |  |                        
|                                           |  |                        
|CURBY NAVIGATION LTD., Liberia             |  | NL BULKER HOLDINGS INC.
|                                           |  |                        
|GRAND ESMERALDA INC., Liberia              |  | NL BULKER HOLDINGS INC.
|                                           |  |                        
|GRAND MARKELA INC., Liberia                |  | NL BULKER HOLDINGS INC.
|                                           |  |                        
|GRAND SPARTOUNTA INC., Marshall Islands    |  | NL BULKER HOLDINGS INC.
|                                           |  |                        
|GRAND VENETICO INC., Marshall Islands      |  | NL BULKER HOLDINGS INC.
|                                           |  |                        
|NEWLEAD PROSPERITY INC., Marshall Islands  |  | NL BULKER HOLDINGS INC.
|                                           |  |                        
|NEWLEAD PROGRESS INC., Marshall Islands    |  | NL TANKER HOLDINGS INC.
|                                           |  |                        
|GRAND AFFECTION S.A. Marshall Islands      |  | NL BULKER HOLDINGS INC.
|                                           |  |                        
|Ship-Owning Companies (Newbuildings)       |  |                        
|                                           |  |                        
|GRAND AFFINITY S.A., Marshall Islands      |  | NL BULKER HOLDINGS INC.













|                                               |  |                            
|---------------------------------------------- |  | ---------------------------
|COMPANY                                        |  | SHAREHOLDER                
|Companies with no assets *                     |  |                            
|                                               |  |                            
|DYNAMIC MARITIME CO., Marshall Islands         |  | OCEAN HOPE SHIPPING LIMITED
|                                               |  |                            
|OLYMPIC GALAXY SHIPPING LTD., Marshall Islands |  | OCEAN HOPE SHIPPING LIMITED
|                                               |  |                            
|VINTAGE MARINE S.A., Marshall Islands          |  | OCEAN HOPE SHIPPING LIMITED
|                                               |  |                            
|TRANS CONTININENT NAVIGATION LTD., Malta       |  | OCEAN HOPE SHIPPING LIMITED