Exhibit 21.1

Subsidiaries of the Company

The following is a list of the Company’s significant subsidiaries as of March , 2010.

Name of Significant Subsidiary |  | Jurisdiction of Incorporation |  | Portion of Ownership Interest |  |
Baltic Bear Limited |  | Marshall Islands |  | 100 | % |
Baltic Cougar Limited |  | Marshall Islands |  | 100 | % |
Baltic Jaguar Limited |  | Marshall Islands |  | 100 | % |
Baltic Leopard Limited |  | Marshall Islands |  | 100 | % |
Baltic Panther Limited |  | Marshall Islands |  | 100 | % |
Baltic Wolf Limited |  | Marshall Islands |  | 100 | % |