1
                                   Exhibit 21

                           Subsidiaries of Registrant



                                            Jurisdiction of Incorporation or
                                            --------------------------------
Name                                                 Organization
- ----                                                 ------------
                                             
Clipper Cruise Line, Inc.                              Delaware
Republic Cruise Line, Inc.                             Delaware
Liberty Cruise Line, Inc.                              Delaware
Clipper Adventure Cruises, Inc.                        Delaware
Clipper Adventurer Ltd.                         Commonwealth of Bahamas