EXHIBIT 8.1

The following is a list of subsidiaries of NewLead Holdings, Ltd. as of December 31, 2014.

COMPANY	SHAREHOLDER
NEWLEAD HOLDINGS LTD, Bermuda (formerly known as Aries Maritime Transport Limited)
DIRECT SUBSIDIARIES
NEWLEADJMEG INC., Marshall Islands	NEWLEAD HOLDINGS LTD.
NEWLEAD MOJAVE HOLDINGS LLC, Delaware	NEWLEAD HOLDINGS LTD.
MINE INVESTMENTS CORP., Marshall Islands	NEWLEAD HOLDINGS LTD
Shipmanagement Companies
AMT MANAGEMENT LTD., Marshall Islands	NEWLEAD HOLDINGS LTD.
NEWLEAD SHIPPING S.A., Panama	NEWLEAD HOLDINGS LTD.
Sub-Holding Companies
NEWLEAD BULKER HOLDINGS INC., Marshall Islands	NEWLEAD HOLDINGS LTD.
NEWLEAD TANKER ACQUISITIONS INC., Marshall Islands	NEWLEAD HOLDINGS LTD.
NEWLEAD HANDIES INC., Marshall Islands	NEWLEAD HOLDINGS LTD
Ship-Owning Companies
NEWLEAD VICTORIA LTD., Liberia	NEWLEAD HOLDINGS LTD.

COMPANY	SHAREHOLDER
Companies With No Assets*
AUSTRALIA HOLDINGS LTD., Liberia	NEWLEAD HOLDINGS LTD.
BRAZIL HOLDINGS LTD., Liberia	NEWLEAD HOLDINGS LTD.
CHALLENGER ENTERPRISES LTD., Liberia	NEWLEAD HOLDINGS LTD.
CRUSADER ENTERPRISES LTD., Liberia	NEWLEAD HOLDINGS LTD.
COMPASS OVERSEAS LTD., Bermuda	NEWLEAD HOLDINGS LTD.
COMPASSION OVERSEAS LTD., Bermuda	NEWLEAD HOLDINGS LTD.
GRAND OCEANOS INC., Liberia	NEWLEAD HOLDINGS LTD.
GRAND VICTORIA PTE. LTD., Singapore	NEWLEAD HOLDINGS LTD.
OCEAN HOPE SHIPPING LIMITED, Malta	NEWLEAD HOLDINGS LTD.

COMPANY	SHAREHOLDER
INDIRECT SUBSIDIARIES
NEWLEAD HOLDINGS (US) CORP., Delaware (formerly known as NewLead Holdings (US) LLC)	NEWLEAD MOJAVE HOLDINGS LLC.
NEW LEAD JMEG LLC., Delaware	NEWLEAD HOLDINGS (US) CORP.
MINE INVESTMENTS LLC, Delaware	MINE INVESTMENTS CORP.
FIVE MILE INVESTMENT LLC, Delaware	MINE INVESTMENTS LLC
ELK VALLEY INVESTMENT LLC, Delaware	MINE INVESTMENTS LLC
VIKING ACQUISITION GROUP LLC, Kentucky	MINE INVESTMENTS LLC
COAL ESSENCE MINE LLC, Kentucky	VIKING ACQUISITION GROUP LLC
COAL ESSENCE PREP PLANT LLC, Kentucky	MINE INVESTMENTS LLC
VIKING PREP PLANT LLC, Kentucky	COAL ESSENCE PREP PLANT LLC
Shipmanagement Companies
NEWLEAD BULKERS S.A., Liberia	NEWLEAD SHIPPING S.A.
Ship-Owning Companies
GRAND MARKELA INC., Liberia	NEWLEAD BULKER HOLDINGS INC.
NEPHELI MARINE COMPANY, Marshall Islands	NEWLEAD TANKER ACQUISITIONS INC.
KASTRO COMPANIA NAVIERA S.A., Marshall Islands	NEWLEAD TANKER ACQUISITIONS INC.
AEOLUS COMPANIA NAVIERA S.A., Marshall Islands	NEWLEAD TANKER ACQUISITIONS INC.
NEWLEAD CASTELLANO LTD., Liberia	NEWLEAD HANDIES INC.
NEWLEAD ALBION S.A., Marshall Islands	NEWLEAD HANDIES INC.
NEWLEAD VENETICO LTD., Marshall Islands	NEWLEAD HANDIES INC.

Mine-Owning Companies
COAL ESSENCE MINE LLC, Kentucky	VIKING ACQUISITION GROUP LLC
Preparation Plant-Owning Companies
VIKING PREP PLANT LLC, Kentucky	COAL ESSENCE PREP PLANT LLC

COMPANY	SHAREHOLDER
Companies with no assets *
GRAND ESMERALDA INC., Liberia	NEWLEAD BULKER HOLDINGS INC.
GRAND SPARTOUNTA INC., Marshall Islands	NEWLEAD BULKER HOLDINGS INC.
GRAND VENETICO INC., Marshall Islands	NEWLEAD BULKER HOLDINGS INC.
GRAND AFFECTION S.A. Marshall Islands	NEWLEAD BULKER HOLDINGS INC.
GRAND AFFINITY S.A., Marshall Islands	NEWLEAD BULKER HOLDINGS INC.
NEWLEAD PROSPERITY INC., Marshall Islands	NEWLEAD BULKER HOLDINGS INC.
TRANS CONTININENT NAVIGATION LTD., Malta	OCEAN HOPE SHIPPING LIMITED.
TRANS STATE NAVIGATION LTD., Malta	OCEAN HOPE SHIPPING LIMITED
NEWLEAD SOLTERO INC., Marshall Islands	NEWLEAD TANKER ACQUISITIONS INC.
NEWLEAD SEMILLERO INC., Marshall Islands	NEWLEAD TANKER ACQUISITIONS INC.
NEWLEAD GRANADINO INC., Marshall Islands	NEWLEAD TANKER ACQUISITIONS INC.
NEWLEAD HOJUEDO INC., Marshall Islands	NEWLEAD TANKER ACQUISITIONS INC.
NEWLEAD SILLETERO INC., Marshall Islands	.NEWLEAD TANKER ACQUISITIONS INC.