EXHIBIT 21.1
INTERNATIONAL SHIPHOLDING CORPORATION
SUBSIDIARIES OF THE REGISTRANT
AS OF DECEMBER 31, 2008
| 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 |
| Dry Bulk Oceanis LTD. (3) | British Virgin Islands |
| Dry Bulk Americas 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 |
| East Gulf Shipholding, Inc. | Marshall Islands |
| Resource Carriers, Inc. | Delaware |
| LMS Shipmanagement, Inc. | Louisiana |
| LMS Manila, Inc. (4) | Philippines |
| (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.