INTERNATIONAL SHIPHOLDING CORPORATION SUBSIDIARIES OF THE REGISTRANT AS OF DECEMBER 31, 1995 Jurisdiction Under Which Organized __________________ International Shipholding Corporation (Registrant) Delaware International Shipholding Corporation (1) New York River Towing, Inc. Delaware A/S Havfond Norwegian Waterman Steamship Corporation New York Sulphur Carriers, Inc. Delaware Central Gulf Lines, Inc. Delaware Florida Barge Lines Corporation Delaware Material Transfer, Inc. Delaware Enterprise Ship Company, Inc. Delaware Bay Insurance Company Bermuda LCI Shipholdings, Inc. Liberia Gulf South Inc. Liberia Gulf South Shipping Pte. Ltd. Singapore Cypress Auto Carriers, Inc. Liberia New Combo, Inc. Liberia Forest Lines Inc. Liberia Marco Shipping Co. Pte. Ltd. (2) Singapore Marcoship Agencies Malaysia N. W. Johnsen & Co., Inc. New York St. Rose Fleeting Company, Inc. Louisiana Lash Marine Services, Inc. Louisiana Lash Intermodal Terminal Company Delaware Resource Carriers, Inc. Delaware [FN] <FN1> (1) New York name-holding corporation <FN2> (2) 50% owned by the Registrant <FN3> 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.