Kypros Shipping F-4 Registration of securities (foreign)

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	March 31,					December 31,
	2011			2010		2010		2009		2008		2007		2006
Earnings:
(a) pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees		(44,776	)		18,027		105,098		40,177		46,706		273,523		20,395
(b) fixed charges		44,156			38,675		170,047		145,103		353,672		185,719		67,700
(c) amortization of capitalized interest		—			—		—		—		—		—		—
(d) distributed income of equity investees		6,126			5,377		22,197		18,944		13,250		678		583
(e) share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges		—			—		—		—		—		—		—
Less:
(a) Interest capitalized		—			—		—		—		—		—		—
(b) preference security dividend requirements of consolidated subsidiaries		(27)			—		—		—		—		—		—
(c) noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		—			—		—		—		—		—		—
Total		5,479			62,079		297,342		204,224		413,628		459,920		88,678
Fixed charges:
(a) Interest expensed and capitalized		32,462			21,086		105,565		68,790		51,438		49,287		39,425
(b)amortization of debt expense and discount or premium and capitalized expenses related to indebtedness		1,331			1,614		11,752		6,682		2,077		1,856		8,004
(c) an estimate of the interest within rental expense		10,336			15,975		52,730		69,631		300,157		134,576		20,271
(d) preference security dividend requirements of consolidated subsidiaries		27			—		—		—		—		—		—
Total		44,156			38,675		170,047		145,103		353,672		185,719		67,700
Earnings to fixed charges		(A	)		1.61		1.75		1.41		1.17		2.48		1.31
(A) Additional pre-tax income from continuing operations before adjustment for income or loss from equity investees of $38,667 would be necessary to generate a ratio of earnings to fixed charges of 1.00.