| Subsidiary                                             |                                                                       | Jurisdiction      of Incorporation or      Organization |
|--------------------------------------------------------|----------------------------------------------------------------------------|---------------------------------------------------------|
| Westbrook      Holdings Ltd.                           |                                                                       | Marshall      Islands                                   |
|                                                   | Albemarle      Maritime Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Amoros      Maritime Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Arden      Maritime Corp.                                                  |                                                    | Marshall      Islands |
|                                                   | Asia-America      Ocean Carriers Ltd. (Dissolved on March 10, 2008)        |                                                    | Marshall Islands |
|                                                   | Avon      Maritime Corp.                                                   |                                                    | Marshall Islands |
|                                                   | Bedford      Maritime Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Beekman      Shipping Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Birnam      Maritime Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Brighton      Maritime Corp.                                               |                                                    | Marshall      Islands |
|                                                   | Bristol      Maritime Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Chatham      Maritime Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Chester      Shipping Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Claremont      Shipping Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Columbus      Maritime Corp.                                               |                                                    | Marshall      Islands |
|                                                   | Cortland      Navigation Corp. (Dissolved on March 10, 2008)               |                                                    | Marshall Islands |
|                                                   | Darby      Navigation Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Dover      Maritime Corp.                                                  |                                                    | Marshall      Islands |
|                                                   | Dyker      Maritime Corp.                                                  |                                                    | Marshall      Islands |
|                                                   | Elrod      Shipping Corp.                                                  |                                                    | Marshall      Islands |
|                                                   | Exeter      Shipping Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Fairfax      Shipping Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Frankfort      Maritime Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Glenwood      Maritime Corp.                                               |                                                    | Marshall      Islands |
|                                                   | Grainger      Maritime Corp.                                               |                                                    | Marshall      Islands |
|                                                   | Hancock      Navigation Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Hansen      Shipping Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Hari      Maritime Corp.                                                   |                                                    | Marshall      Islands |
|                                                   | Hartley      Navigation Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Henley      Maritime Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Hudson      Maritime Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Jessup      Maritime Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Kensington      Shipping Corp. (Dissolved on March 10, 2008)               |                                                    | Marshall Islands |
|                                                   | Lancaster      Maritime Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Leaf      Shipping Corp.                                                   |                                                    | Marshall      Islands |
|                                                   | Montrose      Maritime Corp.                                               |                                                    | Marshall      Islands |
|                                                   | Newkirk      Navigation Corp. (Dissolved on March 10, 2008)                |                                                    | Marshall Islands |
|                                                   | Oldcastle      Shipping Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Pacific      Rim Shipping Corp.                                            |                                                    | Marshall      Islands |
|                                                   | Prospect      Navigation Corp.                                             |                                                    | Marshall      Islands |
|                                                   | Rector      Shipping Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Remsen      Navigation Corp.                                               |                                                    | Marshall      Islands |
|                                                   | Sheffield      Maritime Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Sherman      Maritime Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Sterling      Shipping Corp.                                               |                                                    | Marshall      Islands |
|                                                   | Stratford      Shipping Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Vernon      Maritime Corp.                                                 |                                                    | Marshall      Islands |
|                                                   | Whitehall      Marine Transport Corp.                                      |                                                    | Marshall      Islands |
|                                                   | Windsor      Maritime Corp.                                                |                                                    | Marshall      Islands |
|                                                   | Yorkshire      Shipping Corp.                                              |                                                    | Marshall      Islands |
|                                                   | Argyle      Maritime Corp. (New vessel buidling-Hull NumberNYHS200720)     |                                                    | Marshall      Islands |
|                                                   | Caton      Maritime Corp. (New vessel building-Hull NumberNYHS200721)      |                                                    | Marshall      Islands |
|                                                   | Dorchester      Maritime Corp. (New vessel building-Hull NumberNYHS200722) |                                                    | Marshall      Islands |
|                                                   | Longwoods      Maritime Corp. (New vessel building-Hull NumberNYHS200723)  |                                                    | Marshall      Islands |
|                                                   | McHenry      Maritime Corp. (New vessel building-Hull NumberNYHS200724)    |                                                    | Marshall      Islands |
|                                                   | Sunswyck      Maritime Corp. (New vessel building-Hull NumberNYHS200725)   |                                                    | Marshall      Islands |
| Transworld      Cargo Carriers, S.A.                   |                                                                       | Marshall      Islands                                   |
| TBS      Worldwide Services Inc.                       |                                                                       | Marshall      Islands                                   |
|                                                   | TBS      African Ventures Limited                                          |                                                    | Marshall      Islands |
|                                                   |                                                                       | GMTBS      Africa Line Limited. (50% ownership)         |   | Hong      Kong |
|                                                   | TBS      Eurolines, Ltd.                                                   |                                                    | Marshall      Islands |
|                                                   | TBS      Latin America Liner, Ltd.                                         |                                                    | Marshall      Islands |
|                                                   | TBS      Middle East Carriers, Ltd.                                        |                                                    | Marshall      Islands |
|                                                   | TBS      North America Liner, Ltd.                                         |                                                    | Marshall      Islands |
|                                                   | TBS      Ocean Carriers, Ltd.                                              |                                                    | Marshall      Islands |
|                                                   | TBS      Pacific Liner, Ltd.                                               |                                                    | Marshall      Islands |
| Mercury      Marine Ltd. (formerly TBS Logistics Ltd.) |                                                                       | Marshall      Islands                                   |
| Roymar      Shipmanagement, 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 L P                                              |                                                    | Delaware |
|                                                   | TBS      Logistics Incorporated                                            |                                                    | Texas |
| TBS      Warehouse & Equipment Holdings Ltd.       |                                                                       | Marshall      Islands                                   |
|                                                   |                                                                       | TBS      Warehouse & Distribution Group Ltd.        |   | Marshall      Islands |