EXHIBIT 21
INTERNATIONAL SHIPHOLDING CORPORATION
SUBSIDIARIES OF THE REGISTRANT
AS OF DECEMBER 31, 2006
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. (3)
Panama
Dry Bulk Africa, LTD. (3)
British Virgin Islands
Dry Bulk Australia, LTD. (3)
British Virgin Islands
Dry Bulk Cedar, LTD. (3)
British Virgin Islands
Dry Bulk Fern, LTD. (3)
British Virgin Islands
Gulf South Shipping Pte. Ltd.
Singapore
Marco Shipping Co. Pte. Ltd.
Singapore
Marcoship Agencies SDN. BHD.
Malaysia
N. W. Johnsen & Co., Inc.
New York
Resource Carriers, Inc.
Delaware
LMS Shipmanagement, Inc.
Louisiana
LMS Manila, Inc. (4)
Philippines
Lash Intermodal Terminal Co., LLC
Delaware
(1)
50% owned by CG Railway, Inc.
(2)
49% owned by CG Railway, Inc.
(3)
50% owned by Cape Holding, Ltd.
(4)
40% owned by LMS Shipmanagement, Inc.
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.