EXHIBIT 8.1






The
following is a list of the Company’s subsidiaries as of March 23,
2010:






Name
                            Vessel/Activity
                            Organization
                            
                            Ownership
      percentageStar
      Bulk Management Inc.
                            Management
      Company
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Bulk S.A.
                            Management
      Company
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Alpha LLC
                            Vessel
      Sold
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Beta LLC
                            Star
      Beta
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Gamma LLC
                            Star
      Gamma
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Delta LLC
                            Star
      Delta
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Epsilon LLC
                            Star
      Epsilon
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Zeta LLC
                            Star
      Zeta
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Theta LLC
                            Star
      Theta
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Kappa LLC
                            Star
      Kappa
                            Marshall
      Islands
                            
                            
                            100
                            %Lamda
      LLC
                            Star
      Sigma
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Omicron LLC
                            Star
      Omicron
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Cosmo LLC
                            Star
      Cosmo
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Ypsilon LLC
                            Star
      Ypsilon
                            Marshall
      Islands
                            
                            
                            100
                            %Star
      Iota LLC
                            Vessel
      Sold
                            Marshall
      Islands
                            
                            
                            100
                            %