Exhibit 21.1

SUBSIDIARIES OF THE COMPANY

The following is a list of the Company’s subsidiaries as of February 28, 2007:

Name of Significant Subsidiary			Country of Incorporation			Portion of Ownership Interest
Eagle Shipping International (USA) LLC			Marshall Islands			100%
Condor Shipping LLC			Marshall Islands			100%
Hawk Shipping LLC			Marshall Islands			100%
Falcon Shipping LLC			Marshall Islands			100%
Harrier Shipping LLC			Marshall Islands			100%
Osprey Shipping LLC			Marshall Islands			100%
Kite Shipping LLC			Marshall Islands			100%
Sparrow Shipping LLC			Marshall Islands			100%
Griffon Shipping LLC			Marshall Islands			100%
Shikra Shipping LLC			Marshall Islands			100%
Peregrine Shipping LLC			Marshall Islands			100%
Cardinal Shipping LLC			Marshall Islands			100%
Heron Shipping LLC			Marshall Islands			100%
Merlin Shipping LLC			Marshall Islands			100%
Jaeger Shipping LLC			Marshall Islands			100%
Kestrel Shipping LLC			Marshall Islands			100%
Tern Shipping LLC			Marshall Islands			100%
Kittiwake Shipping LLC			Marshall Islands			100%
Oriole Shipping LLC			Marshall Islands			100%
Robin Shipping LLC			Marshall Islands			100%
Crested Eagle Shipping LLC			Marshall Islands			100%
Crowned Eagle Shipping LLC			Marshall Islands			100%
Shrike Shipping LLC			Marshall Islands			100%
Skua Shipping LLC			Marshall Islands			100%
Eagle Bulk (Delaware) LLC			United States			100%