Exhibit 8.1

Registrant's Subsidiaries

• Allendale Investment S.A., incorporated in Panama.

• Alterwall Business Inc., incorporated in Panama.

• Manolis Shipping Ltd., incorporated in the Marshall Islands.

• Eternity Shipping Company, incorporated in the Marshall Islands.

• Noumea Shipping Ltd, incorporated in the Marshall Islands.

• Saf-Concord Shipping Ltd., incorporated in Liberia.

• Eleni Shipping Ltd., incorporated in Liberia.

• Pantelis Shipping Corp., incorporated in Liberia.

• Aggeliki Shipping Ltd., incorporated in Liberia.

• Joanna Maritime Ltd., incorporated in Liberia.

• Eirini Shipping Ltd., incorporated in Liberia.

• Ultra One Shipping Ltd., incorporated in Liberia.

• Ultra Two Shipping Ltd., incorporated in Liberia.

• Kamsarmax One Shipping Ltd., incorporated in the Marshall Islands.

• Kamsarmax Two Shipping Ltd., incorporated in the Marshall Islands.