International Shipping F-4 Registration of securities (foreign)

EXHIBIT 12.1

Secunda International Limited

Ratio of Earnings to Fixed Charges

	Years Ended June 30,
	2001		2002		2003		2004
	($ in thousands)
EARNINGS
Pretax income (loss)	$	4,731	$	4,233	$	3,948	($	4,669	)
Less: Capital taxes		413		368		445		474
Fixed charges (computed below)		15,636		13,361		13,546		12,587
Less: Interest capitalized		—		190		735		—
Total earnings (A)	$	19,954	$	17,036	$	16,314	$	7,444
FIXED CHARGES
Interest expensed (1)	$	11,565	$	7,714	$	7,668	$	8,829
Interest capitalized		—		190		735		—
Estimate of interest in lease expense		4,071		5,457		5,143		3,758
Total fixed charges (B)	$	15,636	$	13,361	$	13,546	$	12,587
RATIO OF EARNINGS TO FIXED CHARGES (A) DIVIDED BY (B)		1.3X		1.3X		1.2X		0.6X

(1) Includes amortization of deferred financing costs.

(2) For the year ended June 30, 2004, the ratio of earnings to fixed charges was less than one-to-one due to a deficiency in earnings of approximately $5.1 million.