| TBS      International 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 |
|                                     |   | Avon      Maritime Corp. - Wichita Belle |
|                                     |   | Bedford      Maritime Corp. -Apache Maiden |
|                                     |   | Beekman      Shipping Corp. - Laguna Belle |
|                                     |   | Birnham      Maritime Corp. - Sioux Maiden |
|                                     |   | Brighton      Maritime Corp. - Kickapoo Belle |
|                                     |   | Bristol      Maritime Corp. - Tuscarora Belle |
|                                     |   | 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 |
|                                     |   | 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 |
|                                     |   | Jessup      Maritime Corp.- Savannah Belle |
|                                     |   | Lancaster      Maritime Corp. - Mohave Maiden |
|                                     |   | Leaf      Shipping Corp. - Management Company |
|                                     |   | Montrose      Maritime Corp. - Yakima Princess |
|                                     |   | Oldcastle      Shipping Corp. - Taino Maiden |
|                                     |   | Pacific      Rim Shipping Corp. - Philippine |
|                                     |   | 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 |
|                                     |   | Argyle      Maritime Corp. - Rockaway Belle (New Vessel Building) |
|                                     |   | Caton      Maritime Corp. - Dakota Princess ( New Vessel Building) |
|                                     |   | Dorchester      Maritime Corp. (New Vessel Building) |
|                                     |   | Longwoods      Maritime Corp. (New Vessel Building) |
|                                     |   | Mchenry      Maritime Corp. (New Vessel Building) |
|                                     |   | Sunswyck      Maritime Corp. (New Vessel Building) |
|                                     | Transworld      Cargo Carriers Sa (Marshall Islands) |
|                                     | TBS      Worldwide Services, Inc (Marshall Islands) |
|                                     |   | TBS      African Ventures Limited |
|                                     |   |   |   | GMTBS      Africa line, Ltd (Hong Kong - 50%) |
|                                     |   | 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. (Formerly TBS Logistics 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 (Delaware) |
|                                     |   | TBS      Logistics Incorporated (Texas) |
|                                     | TBS      Warehouse & Equipment Holdings Ltd. (Marshall  Islands) |
|                                     |   | TBS      Warehouse & Distribution Group Ltd(MarshallIslands) |
|                                     |   |   | Panamerican      Port Services SAC (50% ownership) |
|                                     | TBS      Mining Limited (Marshall Islands) |
|                                     |   | GAT-TBS      Consorcio S.A. (50% ownership) |
|                                     | TBSI      New Ship Development Corp. (MarshallIslands) |