| TBS International plc (Ireland) |
| | TBS International Limited (Bermuda) |
| | | TBS Holdings Limited (Bermuda) |
| | | | Westbrook Holdings Ltd. and its Subsidiaries (Marshall Islands) |
| | | | | Ablemarle Maritime Corp. - Mohawk Princess |
| | | | | Amoros Maritime Corp. - Hopi Princess |
| | | | | Arden Maritime Corp. - Tayrona Princess |
| | | Argyle Maritime Corp. - Rockaway Belle |
| | | | | Avon Maritime Corp. - Wichita Belle |
| | | | | Bedford Maritime Corp. - Apache Maiden |
| | | | | Beekman Shipping Corp. - Laguna Belle |
| | | | | Birnam Maritime Corp. - Sioux Maiden |
| | | | | Brighton Maritime Corp. - Kickapoo Belle |
| | | | | Bristol Maritime Corp. - Tuscarora Belle |
| | | Caton Maritime Corp. - Dakota Princess |
| | | | | Chatham Maritime Corp. - Zuni Princess |
| | | | | Chester Shipping Corp. - Tamoyo Maiden |
| | | | | Claremont Shipping Corp. - Arapaho Belle |
| | | | | Columbus Maritime Corp. - Seneca Maiden |
| | | | | Cumberland Navigation Corp. - Fox Maiden |
| | | | | Darby Navigation Corp. - Nyack Princess |
| | | Dorchester Maritime Corp. - Montauk Maiden |
| | | | | Dover Maritime Corp. - Aztec Maiden |
| | | | | Dyker Maritime Corp. - Caribe Maiden |
| | | | | Elrod Shipping Corp. - Nanticoke Belle |
| | | | | Exeter Shipping Corp. - Alabama Belle |
| | | | | Fairfax Shipping Corp. - Seminole Princess |
| | | | | Frankfort Maritime Corp. - Shawnee Princess |
| | | | | Glenwood Maritime Corp. - Miami Maiden |
| | | | | Grainger Maritime Corp. - Ottawa Princess |
| | | | | Hancock Navigation Corp. - Kiowa Princess |
| | | | | Hansen Shipping Corp. - Ainu Princess |
| | | | | Hari Maritime Corp. - Navajo Princess |
| | | | | Hartley Navigation Corp. - Canarsie Princess |
| | | | | Henley Maritime Corp. - Tuckahoe Maiden |
| | | | | Hudson Maritime Corp. - Chesapeake Belle |
| | | | | Lancaster Maritime Corp. - Mohave Maiden |
| | | | | Montrose Shipping Corp. - Yakima Princess |
| | | | | Oldcastle Shipping Corp. - Taino Maiden |
| | | | | Prospect Navigation Corp. - Inca Maiden |
| | | | | Quentin Navigation Corp. - Houma Belle |
| | | | | Rector Shipping Corp. - Siboney Belle |
| | | | | Remsen Navigation Corp. - Maori Maiden |
| | | | | Sheffield Maritime Corp. - Manhattan Princess |
| | | | | Sherman Maritime Corp. - La Jolla Belle |
| | | | | Sherwood Shipping Corp. - Zia Belle |
| | | | | Sterling Shipping Corp. - Biloxi Belle |
| | | | | Stratford Shipping Corp. - Iroquois Maiden |
| | | | | Vedado Maritime Corp. - Tupi Maiden |
| | | | | Vernon Maritime Corp. - Mohegan Princess |
| | | | | Whitehall Marine Transport Corp. - Cherokee Princess |
| | | | | Windsor Maritime Corp. - Shinnecock Belle |
| | | | | Yorkshire Shipping Corp. - Oneida Princess |
| | | | | Longwoods Maritime Corp. - Comanche Maiden (vessel delivered in 2011) |
| | | McHenry Maritime Corp. - Omaha Belle (vessel delivered in 2011) |
| | | | | Sunswyck Maritime Corp. - Maya Princess (vessel to be delivered in 2011) |
| | | | | Leaf Shipping Corp. - Management Company |
| | | | | Pacific Rim Shipping Corp. - Philippine Bareboat Charterer |
| | | | | Jessup Maritime Corp. - Savannah Belle (Vessel sold in 2010) |
| | | | Transworld Cargo Carriers, S.A. (Marshall Islands) |
| | | | TBS Worldwide Services Inc. (Marshall Islands) |
| | | | | TBS African Ventures Limited |
| | | | | GMTBS Africa Line, Ltd. (Hong Kong - 50% ownership) |
| | | | | TBS Eurolines, Ltd. |
| | | | | TBS Latin America Liner, Ltd. |
| | | | | TBS Middle East Carriers, Ltd. |
| | | | | TBS North America Liner, Ltd. |
| | | | | TBS Ocean Carriers, Ltd. |
| | | | | TBS Pacific Liner, Ltd. |
| | | | Mercury Marine Ltd. (Marshall Islands) |
| | | | Roymar Ship Management, Inc. (New York) |
| | | | TBS Shipping Services Inc. (New York) |
| | | | | Compass Chartering Corp. (New York) |
| | | | | Azalea Shipping & Chartering Inc. (New York) |
| | | | | TBS US Enterprises LLC (Delaware) |
| | | | | TBS Energy Logistics LP (Delaware) |
| | | | | TBS Logistics Incorporated (Texas) |
| | | | TBS Warehouse & Equipment Holdings Ltd. (Marshall Islands) |
| | | | | TBS Warehouse & Distribution Group Ltd. (Marshall Islands) |
| | | | | Panamerican Port Services SAC (Peru - 50% ownership) |
| | | | TBS Mining Limited (Marshall Islands) |
| | | | | GAT-TBS Consorcio S.A. (Dominican Republic - 50% ownership) |
| | | | ST Logistics (Proprietary) Limited (South Africa - 25% ownership) |
| | | | TBS Do Sul Ltd. (Marshall Islands) |
| | | | | Log. Star Navegação S.A., (Brazil - 70% ownership) |
| | | | TBSI New Ship Development Corp. (Marshall Islands) |
