EXHIBIT 21
INTERNATIONAL SHIPHOLDING CORPORATION
SUBSIDIARIES OF THE REGISTRANT
AS OF DECEMBER 31, 2005
Jurisdiction Under
Which Organized
------------------------
International Shipholding Corporation (Registrant)
Delaware
Waterman Steamship Corporation
New York
Sulphur Carriers, Inc.
Delaware
Central Gulf Lines, Inc.
Delaware
Enterprise Ship Company, Inc.
Delaware
Material Transfer, Inc.
Delaware
CG Railway, Inc.
Delaware
RTI Logistics, L.L.C. (1)
Louisiana
Terminales Transgolfo, S.A. de C.V(2)
Mexico
Bay Insurance Company Limited
Bermuda
LCI Shipholdings, Inc.
Marshall Islands
Cape Holding, Ltd.
Cayman Islands
Dry Bulk Cape Holding, Inc. (5)
Panama
Dry Bulk Africa, LTD. (5)
British Virgin Islands
Dry Bulk Australia, LTD. (5)
British Virgin Islands
Gulf South Shipping Pte. Ltd.
Singapore
Marco Shipping Co. Pte. Ltd.
Singapore
Marcoship Agencies SDN. BHD.
Malaysia
Belden Cement Holding Inc. (3)
Panama
Belden Shipping Pte Ltd (3)
Singapore
Belden Management Inc. (3)
Panama
Belden Shipholding Pte Ltd. (3)
Singapore
Belden Voss Pte Ltd. (3)
Singapore
Echelon Shipping Inc. (3)
Panama
Emblem Shipping Inc. (3)
Panama
Mattea Shipping, Inc. (3)
Panama
Yakumo Shipping Inc. (3)
Panama
N. W. Johnsen & Co., Inc.
New York
LMS Shipmanagement, Inc.
Louisiana
LMS Manning, Inc. (4)
Philippines
Lash Intermodal Terminal Co., LLC
Delaware
(1)
50% owned by CG Railway, Inc.
(2)
49% owned by CG Railway, Inc.
(3)
26.1% owned by LCI Shipholdings, Inc.
(4)
48% owned by LMS Shipmanagement, Inc.
(5)
50% owned by Cape Holding, Ltd.
All of the subsidiaries listed above are wholly-owned subsidiaries and are included in the consolidated financial statements incorporated by reference herein unless otherwise indicated.