Exhibit 8.1
List of Subsidiaries of Navios Maritime Holdings Inc.
| Effective | ||||||||
| Nature / | Ownership | Country of | ||||||
| Company Name | Vessel Name | Interest | Incorporation | |||||
| Navios Maritime Holdings Inc. | Holding Company | 100 | % | Marshall Is. | ||||
| Navios Corporation | Sub-Holding Company | 100 | % | Marshall Is. | ||||
| Navios International Inc. | Operating Company | 100 | % | Marshall Is. | ||||
| Navimax Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Navios Handybulk Inc. | Operating Company | 100 | % | Marshall Is. | ||||
| Hestia Shipping Ltd. | Operating Company | 100 | % | Malta | ||||
| Anemos Maritime Holdings Inc. | Sub-Holding Company | 100 | % | Marshall Is. | ||||
| Navios ShipManagement Inc. | Management Company | 100 | % | Marshall Is. | ||||
| NAV Holdings Limited | Sub-Holding Company | 100 | % | Malta | ||||
| Kleimar N.V. | Operating company/Vessel Owning Company | 100 | % | Belgium | ||||
| Kleimar Ltd. | Operating company | 100 | % | Marshall Is. | ||||
| Bulkinvest S.A. | Operating company | 100 | % | Luxembourg | ||||
| Primavera Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Ginger Services Co. | Operating Company | 100 | % | Marshall Is. | ||||
| Astra Maritime Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Achilles Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Apollon Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Herakles Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Hios Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Ionian Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Kypros Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Meridian Shipping Enterprises Inc. | Navios Meridian | 100 | % | Marshall Is. | ||||
| Mercator Shipping Corporation | Navios Mercator | 100 | % | Marshall Is. | ||||
| Arc Shipping Corporation | Navios Arc | 100 | % | Marshall Is. | ||||
| Horizon Shipping Enterprises Corporation | Navios Horizon | 100 | % | Marshall Is. | ||||
| Magellan Shipping Corporation | Navios Magellan | 100 | % | Marshall Is. | ||||
| Aegean Shipping Corporation | Operating Company | 100 | % | Marshall Is. | ||||
| Star Maritime Enterprises Corporation | Navios Star | 100 | % | Marshall Is. | ||||
| Corsair Shipping Ltd. | Navios Ulysses | 100 | % | Marshall Is | ||||
| Rowboat Marine Inc. | Navios Vega | 100 | % | Marshall Is | ||||
| Hyperion Enterprises Inc. | Navios Hyperion | 100 | % | Marshall Is. | ||||
| Beaufiks Shipping Corporation | Vessel Owning Company | 100 | % | Marshall Is | ||||
| Sagittarius Shipping Corporation | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Nostos Shipmanagement Corp. | Navios Bonavis | 100 | % | Marshall Is. | ||||
| Portorosa Marine Corporation | Navios Happiness | 100 | % | Marshall Is. | ||||
| Shikhar Ventures S.A | Navios Stellar | 100 | % | Liberia | ||||
| Sizzling Ventures Inc. | Operating company | 100 | % | Liberia | ||||
| Rheia Associates Co. | Operating company | 100 | % | Marshall Is. | ||||
| Taharqa Spirit Corp. | Operating company | 100 | % | Marshall Is. | ||||
| Rumer Holding Ltd. | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Chilali Corp. | Navios Aurora II | 100 | % | Marshall Is. | ||||
| Pharos Navigation S.A. | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Pueblo Holdings Ltd. | Navios Lumen | 100 | % | Marshall Is. | ||||
| Surf Maritime Co. | Navios Pollux | 100 | % | Marshall Is. | ||||
| Quena Shipmanagement Inc. | Operating Company | 100 | % | Marshall Is. | ||||
| Orbiter Shipping Corp. | Navios Orbiter | 100 | % | Marshall Is. | ||||
| Aramis Navigation | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| White Narcissus Marine S.A. | Navios Asteriks | 100 | % | Panama | ||||
| Navios G.P. L.L.C. | Operating Company | 100 | % | Marshall Is. | ||||
| Pandora Marine Inc. | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Floral Marine Ltd. | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Red Rose Shipping Corp. | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Customized Development S.A. | Vessel Owning Company | 100 | % | Liberia | ||||
| Highbird Management Inc. | Navios Celestial | 100 | % | Marshall Is. | ||||
| Ducale Marine Inc. | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Kohylia Shipmanagement S.A. | Vessel Owning Company | 100 | % | Marshall Is. | ||||
| Navios Maritime Finance (US) Inc. | Operating Company | 100 | % | Delaware | ||||
Navios South American Logistics and Subsidiaries:
| Effective | ||||||||
| Nature / | Ownership | Country of | ||||||
| Company Name | Vessel Name | Interest | Incorporation | |||||
| Navios South American Logistics Inc. | Sub-Holding Company | 65.48 | % | Marshal Is. | ||||
| Corporacion Navios SA | Operating Company | 65.48 | % | Uruguay | ||||
| Nauticler SA | Sub-Holding Company | 65.48 | % | Uruguay | ||||
| Compania Naviera Horamar SA | Operating Company | 65.48 | % | Argentina | ||||
| Compania de Transporte Fluvial Int SA | Operating Company | 65.48 | % | Uruguay | ||||
| Ponte Rio SA | Operating Company | 65.48 | % | Uruguay | ||||
| Thalassa Energy SA | Barge Owning Company | 40.93 | % | Argentina | ||||
| HS Tankers Inc. | Makenita H | 33.39 | % | Panama | ||||
| HS Navegation Inc. | Estefania H | 33.39 | % | Panama | ||||
| HS Shipping Ltd Inc. | Malva H | 40.93 | % | Panama | ||||
| HS South Inc. | Vessel Owning Company | 40.93 | % | Panama | ||||
| Mercopar Internacional S.A. | Holding Company | 65.48 | % | Uruguay | ||||
| Nagusa Internacional S.A. | Holding Company | 65.48 | % | Uruguay | ||||
| Hidrovia OSR Internacional S.A. | Holding Company | 65.48 | % | Uruguay | ||||
| Petrovia Internacional S.A. | Holding Company | 65.48 | % | Uruguay | ||||
| Mercopar S.A. | Shipping Company | 65.48 | % | Paraguay | ||||
| Navegation Guarani S.A. | Shipping Company | 65.48 | % | Paraguay | ||||
| Hidrovia OSR S.A. | Oil Spill Response & Salvage Services | 65.48 | % | Paraguay | ||||
| Petrovia S.A. | Shipping Company | 65.48 | % | Paraguay | ||||
| Mercofluvial S.A. | Shipping Company | 65.48 | % | Paraguay | ||||
| Petrolera San Antonio S.A. (PETROSAN) | Oil Storage Plant and Dock Facilities | 65.48 | % | Paraguay | ||||
| Flota Mercante Paraguaya S.A. | Shipping Company | 65.48 | % | Paraguay | ||||
| Compania de Transporte Fluvial S.A. | Shipping Company | 65.48 | % | Paraguay | ||||
| Hidrogas S.A. | Shipping Company | 65.48 | % | Paraguay | ||||
| Stability Oceanways S.A. | Barge and Pushboat Owning Shipping Company | 65.48 | % | Panama | ||||
| Hidronave S.A. | Pushboat Owning Company | 33.39 | % | Brasil | ||||
List of Affiliates of Navios Maritime Holdings Inc.
| Nature / | Ownership | Country of | ||||||
| Company Name | Vessel Name | Interest (*) | Incorporation | |||||
| Navios Maritime Partners L.P. | Sub-Holding Company | 27.7 | % | Marshall Is. | ||||
| Navios Maritime Operating L.L.C. | Operating Company | 27.7 | % | Marshall Is. | ||||
| Libra Shipping Enterprises Corporation | Navios Libra II | 27.7 | % | Marshall Is. | ||||
| Alegria Shipping Corporation | Navios Alegria | 27.7 | % | Marshall Is. | ||||
| Felicity Shipping Corporation | Navios Felicity | 27.7 | % | Marshall Is. | ||||
| Gemini Shipping Corporation | Navios Gemini S | 27.7 | % | Marshal Is. | ||||
| Galaxy Shipping Corporation | Navios Galaxy I | 27.7 | % | Marshall Is. | ||||
| Prosperity Shipping Corporation | Navios Prosperity | 27.7 | % | Marshall Is. | ||||
| Fantastiks Shipping Corporation | Navios Fantastiks | 27.7 | % | Marshall Is. | ||||
| Aldebaran Shipping Corporation | Navios Aldebaran | 27.7 | % | Marshall Is. | ||||
| Aurora Shipping Enterprises Ltd. | Navios Hope (ex Navios Aurora I) | 27.7 | % | Marshall Is. | ||||
| Sagittarius Shipping Corporation | Navios Sagittarius | 27.7 | % | Marshall Is. | ||||
| Palermo Shipping S.A. | Navios Apollon | 27.7 | % | Marshall Is. | ||||
| Acropolis Chartering & Shipping Inc. | Brokerage Company | 50 | % | Liberia | ||||
| Navios Maritime Acquisition Corporation | Sub-Holding Company | 19 | % | Marshall Is. | ||||
| (*) | percentage does not include the ownership of 3,131,415 common units relating to the sale of Navios Hope to Navios Partners. |