EXHIBIT 21.1
INTERNATIONAL SHIPHOLDING CORPORATION
SUBSIDIARIES OF THE REGISTRANT
AS OF DECEMBER 31, 2011
| 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 |
| CG Railway, Inc. | Delaware |
| Terminales Transgolfo, S.A. de C.V(1) | Mexico |
| Bay Insurance Company Limited | Bermuda |
| LCI Shipholdings, Inc. | Marshall Islands |
| Cape Holding, Ltd. | Cayman Islands |
| Dry Bulk Cape Holding, Inc. | Panama |
| Dry Bulk Australia LTD. | British Virgin Islands |
| Dry Bulk Cedar LTD. | British Virgin Islands |
| Dry Bulk Fern LTD. | British Virgin Islands |
| Dry Bulk Americas LTD. | British Virgin Islands |
| Gulf South Shipping Pte. Ltd. | Singapore |
| Marco Shipping Co. Pte. Ltd. | Singapore |
| Marco Ocean Pte. Ltd. | Singapore |
| N. W. Johnsen & Co., Inc. | New York |
| East Gulf Shipholding, Inc. | Marshall Islands |
| LMS Shipmanagement, Inc. | Louisiana |
| MPV, Inc. | Marshall Islands |
| Bulk Shipholding, Inc. | Marshall Islands |
| Oslo Bulk AS (2) | Oslo, Norway |
| Belbulk Shipping Pte. Ltd.(2) | Singapore |
| Oslo Bulk Shipping AS (2) | Oslo, Norway |
HAV Ship management AS (2) | Nesttun, Norway |
| Oslo Bulk Pte. LTD(2) | Singapore |
| Oslo Bulk Holding PTE. Ltd (2) | Singapore |
| (1) 49% owned by CG Railway, Inc. | |
| (2) 25% owned by Bulk Shipholding, Inc. |