**TBS      INTERNATIONAL LIMITED & SUBSIDIARIES  EXHIBIT      21.1**

|                                                                                                                   |   | **Jurisdiction                of**  |
|------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|
|                                                                                                                   |   | **Incorporation                or** |
| **Subsidiary**                                                                                                         |   | **Organization**                    |
| Technotrade                Limited (Gibraltar)                                                                         |   | Gibraltar                           |
| Westbrook                Holdings, Ltd. and its subsidiaries (Marshall Islands)                                        |   | Marshall                Islands     |
| Albemarle                Maritime Corp. - *Mohawk                Princess*                                             |   | Marshall                Islands     |
| Arden                Maritime Corp. - *Tayrona                Princess*                                                |   | Marshall                Islands     |
| Asia-America                Ocean Carriers Ltd. - *Huron                Maiden*                                        |   | Marshall                Islands     |
| Avon                Maritime Corp. - *Wichita                Belle*                                                    |   | Marshall                Islands     |
| Bedford                Maritime Corp. - *Apache                Maiden*                                                 |   | Marshall                Islands     |
| Birnam                Maritime Corp. - *Sioux                Maiden*                                                   |   | Marshall                Islands     |
| Brighton                Maritime Corp. - *Kickapoo                Belle*                                               |   | Marshall                Islands     |
| Bristol                Maritime Corp. - *Tuscarora                Belle*                                               |   | Marshall                Islands     |
| Chester                Shipping Corp. - *Tamoyo                Maiden*                                                 |   | Marshall                Islands     |
| Columbus                Maritime Corp. - *Seneca                Maiden*                                                |   | Marshall                Islands     |
| Cortland                Navigation Corp. - *Chippewa                Belle*                (inactive, vessel sold 2003) |   | Marshall                Islands     |
| Darby                Navigation Corp.                -                *Nyack                Princess*                  |   | Marshall                Islands     |
| Dover                Maritime Corp.                -*Aztec Maiden*                                                     |   | Marshall                Islands     |
| Frankfort                Maritime Corp. - *Shawnee                Princess*                                            |   | Marshall                Islands     |
| Glenwood                Maritime Corp. - *Miami                Maiden*                                                 |   | Marshall                Islands     |
| Hancock                Navigation Corp. - *Kiowa                Princess*                                              |   | Marshall                Islands     |
| Hansen                Shipping Corp. - *Ainu                Princess*                                                  |   | Marshall                Islands     |
| Hari                Maritime Corp. - *Navajo                Princess*                                                  |   | Marshall                Islands     |
| Henley                Maritime Corp. - *Tuckahoe                Maiden*                                                |   | Marshall                Islands     |
| Hudson                Maritime Corp. - *Chesapeake                Belle*                                               |   | Marshall                Islands     |
| Kensington                Shipping Corp. - *Maya                Princess*                                              |   | Marshall                Islands     |
| Leaf                Shipping Corp. - Management Company                                                                |   | Marshall                Islands     |
| Newkirk                Navigation Corp. - *Dakota                Belle*                                                |   | Marshall                Islands     |
| Oldcastle                Shipping Corp. - *Taino                Maiden*                                                |   | Marshall                Islands     |
| Pacific                Rim Shipping Corp. - Philippine Bareboat Charterer                                              |   | Marshall                Islands     |
| Prospect                Navigation Corp. - *Inca                Maiden*                                                |   | Marshall                Islands     |
| Rector                Shipping Corp. - *Siboney                Belle*                                                  |   | Marshall                Islands     |
| Remsen                Navigation Corp. - *Maori                Maiden*                                                 |   | Marshall                Islands     |
| Sheffield                Maritime Corp. - *Manhattan                Princess*                                          |   | Marshall                Islands     |
| Sherman                Maritime Corp. - *Rockaway                Belle*                                                |   | Marshall                Islands     |
| Sterling                Shipping Corp. - *Biloxi                Belle*                                                 |   | Marshall                Islands     |
| Stratford                Shipping Corp. - *Iroquois                Maiden*                                             |   | Marshall                Islands     |
| Summit                Maritime Corp. - (dissolved Sept 12, 2005)                                                       |   | Marshall                Islands     |
| Tremont                Maritime Corp. - (dissolved Sept 12, 2005)                                                      |   | Marshall                Islands     |
| Vernon                Maritime Corp. - *Mohegan                Princess*                                               |   | Marshall                Islands     |
| Whitehall                Marine Transport Corp. - *Cherokee                Princess*                                   |   | Marshall                Islands     |
| Windsor                Maritime Corp. - *Shinnecock                Belle*                                              |   | Marshall                Islands     |
| RAS                Shipping Company Limited (Gibraltar)                                                                |   | Gibraltar                           |
| Transworld                Cargo Carriers, S.A. (Marshall Islands)                                                      |   | Marshall                Islands     |
| TBS                Worldwide Services Inc. (Marshall Islands)                                                          |   | Marshall                Islands     |
| TBS                African Ventures Limited                                                                            |   | Marshall                Islands     |
| 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     |
| TBS                Logistics Ltd. (Marshall Islands)                                                                   |   | Marshall                Islands     |
| Roymar                Ship Management Inc. (New York)                                                                  |   | New                York             |
| TBS                Shipping Services Inc. (New York)                                                                   |   | New                York             |
| Compass                Chartering Corp. (New York)                                                                     |   | New                York             |
| Azalea                Shipping & Chartering Inc. (New York)                                                        |   | New                York             |