EXHIBIT 8.1

Name of Subsidiary	Jurisdiction of Incorporation	Proportion of Ownership Interest
ADSTONE MARINE CORPORATION	Liberia	100%
AMOROTO MARINE CORPORATION	Liberia	100%
ANDATI MARINE CORPORATION	Liberia	100%
ARCHET MARINE CORPORATION	Liberia	100%
ASTIER MARINE CORPORATION	Liberia	100%
AUBER MARINE CORPORATION	Liberia	100%
BABRON MARINE CORPORATION	Liberia	100%
BAGARY MARINE CORPORATION	Liberia	100%
BARBAN MARINE CORPORATION	Liberia	100%
BARLESTONE MARINE CORPORATION	Liberia	100%
BARRAL MARINE CORPORATION	Liberia	100%
BELLET MARINE CORPORATION	Liberia	100%
BERMEO MARINE CORPORATION	Liberia	100%
BERMONDI MARINE CORPORATION	Liberia	100%
BERNIS MARINE CORPORATION	Liberia	100%
BILSTONE MARINE CORPORATION	Liberia	100%
BLONDEL MARINE CORPORATION	Liberia	100%
BRIANDE MARINE CORPORATION	Liberia	100%
CAMARAT MARINE CORPORATION	Liberia	100%
CAMINO MARINE CORPORATION	Liberia	100%
CANADEL MARINE CORPORATION	Liberia	100%
CARNOT MARINE CORPORATION	Liberia	100%
CARRADE MARINE CORPORATION	Liberia	100%
CAVALAIRE MARINE CORPORATION	Liberia	100%
COGOLIN MARINE CORPORATION	Liberia	100%
COURTIN MARINE CORPORATION	Liberia	100%
CROMFORD MARINE CORPORATION	Liberia	100%
CRON MARINE CORPORATION	Liberia	100%
DRAMONT MARINE CORPORATION	Liberia	100%
FABRON MARINE CORPORATION	Liberia	100%
FEATHERSTONE MARINE CORPORATION	Liberia	100%
FERRAGE MARINE CORPORATION	Liberia	100%
FONTAINE MARINE CORPORATION	Liberia	100%
FRUIZ MARINE CORPORATION	Liberia	100%
GAJANO MARINE CORPORATION	Liberia	100%
GAMBETTA MARINE CORPORATION	Liberia	100%
GASSIN MARINE CORPORATION	Liberia	100%
GATIKA MARINE CORPORATION	Liberia	100%
GRENETA MARINE CORPORATION	Liberia	100%
GUERNIKA MARINE CORPORATION	Liberia	100%
HANSLOPE MARINE CORPORATION	Liberia	100%
KINSLEY MARINE CORPORATION	Liberia	100%
LAREDO MARINE CORPORATION	Liberia	100%
LAUDIO MARINE CORPORATION	Liberia	100%
LENVAL MARINE CORPORATION	Liberia	100%
MARALDI MARINE CORPORATION	Liberia	100%
MENDATA MARINE CORPORATION	Liberia	100%
MERLE MARINE CORPORATION	Liberia	100%
MORGIA MARINE CORPORATION	Liberia	100%
NAILSTONE MARINE CORPORATION	Liberia	100%
OLDSTONE MARINE CORPORATION	Liberia	100%
ONTON MARINE CORPORATION	Liberia	100%
POMAR MARINE CORPORATION	Liberia	100%
RAVENSTONE MARINE CORPORATION	Liberia	100%
RIVOLI MARINE CORPORATION	Liberia	100%
ROCESTER MARINE CORPORATION	Liberia	100%
SAUVAN MARINE CORPORATION	Liberia	100%
SHAEKERSTONE MARINE CORPORATION	Liberia	100%

Name of Subsidiary	Jurisdiction of Incorporation	Proportion of Ownership Interest
SILKSTONE MARINE CORPORATION	Liberia	100%
SMOLLET MARINE CORPORATION	Liberia	100%
SNARESTONE MARINE CORPORATION	Liberia	100%
SOLIDATE MARINE CORPORATION	Liberia	100%
SWEPTSTONE MARINE CORPORATION	Liberia	100%
TERRON MARINE CORPORATION	Liberia	100%
VAILLANT MARINE CORPORATION	Liberia	100%
VALROSE MARINE CORPORATION	Liberia	100%
WESTHILL MARINE CORPORATION	Liberia	100%
COSTAMARE BULKERS SHIPS INC.	Marshall Islands	100%
COSTAMARE BULKERS INC.	Marshall Islands	100%