EXHIBIT 8.1
Significant Subsidiaries and Equity Interests
Name Vessel/Activity Incorporation Ownership Percentage
- ---- --------------- ------------- --------------------
Granite Shipping Co. Ltd. Front Granite Bahamas 100%
Golden Current Limited Opalia Isle of Man 100%
Ariake Transport Corporation Ariake Liberia 100%
Bonfield Shipping Ltd. Front Driver Liberia 100%
Edinburgh Navigation SA Edinburgh Liberia 100%
Front Ardenne Inc. Front Ardenne Liberia 100%
Front Brabant Inc. Front Brabant Liberia 100%
Front Falcon Inc. Front Falcon Liberia 100%
Front Glory Shipping Inc. Front Glory Liberia 100%
Front Pride Shipping Inc. Front Pride Liberia 100%
Front Saga Inc. Front Page Liberia 100%
Front Scilla Inc. Front Scilla Liberia 100%
Front Serenade Inc. Front Serenade Liberia 100%
Front Splendour Shipping Inc. Front Splendour Liberia 100%
Front Stratus Inc. Front Stratus Liberia 100%
Golden Bayshore Shipping Corporation Navix Astral Liberia 100%
Golden Estuary Corporation Front Comanche Liberia 100%
Golden Fjord Corporation Ocana (ex Front Commerce) Liberia 100%
Golden Narrow Corporation Golden Victory Liberia 100%
Golden Seaway Corporation New Vanguard Liberia 100%
Golden Sound Corporation New Vista Liberia 100%
Golden Tide Corporation Omala (ex New Circassia) Liberia 100%
Hitachi Hull # 4983 Corporation Otina (ex Hakata) Liberia 100%
Katong Investments Ltd. Front Breaker Liberia 100%
Langkawi Shipping Ltd. Front Birch Liberia 100%
Millcroft Maritime SA Front Champion Liberia 100%
Patrio Shipping Ltd. Front Hunter Liberia 100%
Sea Ace Corporation Front Ace Liberia 100%
Sibu Shipping Ltd. Front Maple Liberia 100%
South West Tankers Inc. Front Sunda Liberia 100%
Ultimate Shipping Ltd. Front Century Liberia 100%
West Tankers Inc. Front Comor Liberia 100%
Aspinall Pte Ltd. Front Viewer Singapore 100%
Blizana Pte Ltd. Front Rider Singapore 100%
Bolzano Pte Ltd. Mindanao Singapore 100%
Cirebon Shipping Pte Ltd. Front Vanadis Singapore 100%
Fox Maritime Pte Ltd. Front Sabang Singapore 100%
Front Dua Pte Ltd. Front Duchess Singapore 100%
Front Empat Pte Ltd. Front Highness Singapore 100%
Front Enam Pte Ltd. Front Lord Singapore 100%
Front Lapan Pte Ltd. Front Climber Singapore 100%
Front Lima Pte Ltd. Front Lady Singapore 100%
Front Tiga Pte Ltd. Front Duke Singapore 100%
Front Sembilan Pte Ltd. Front Leader Singapore 100%
Rettie Pte Ltd. Front Striver Singapore 100%
Transcorp Pte Ltd. Front Guider Singapore 100%
Front Target Inc. Front Target Liberia 100%
Front Transporter Inc. Front Transporter Liberia 100%
Front Traveller Inc. Front Traveller Liberia 100%
Benmore Shipping Company Limited Sea Alpha Cyprus 100%
Newbond Shipping Company Limited Sea Energy Cyprus 100%
Hudson Bay Marine Company Limited Sea Force Cyprus 100%
Jaymont Shipping Company Limited Sea Beta Cyprus 100%