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Exhibit 21.1


SUBSIDIARIES OF THE COMPANY

        The following is a list of the Company's significant subsidiaries as of August 10, 2010.

Name of Significant Subsidiary
 
Jurisdiction of
Incorporation
 
Portion of
Ownership Interest
 

Baltic Bear Limited

  Marshall Islands     100%  

Baltic Breeze Limited

  Marshall Islands     100%  

Baltic Cougar Limited

  Marshall Islands     100%  

Baltic Cove Limited

  Marshall Islands     100%  

Baltic Jaguar Limited

  Marshall Islands     100%  

Baltic Leopard Limited

  Marshall Islands     100%  

Baltic Panther Limited

  Marshall Islands     100%  

Baltic Wind Limited

  Marshall Islands     100%  

Baltic Wolf Limited

  Marshall Islands     100%  



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SUBSIDIARIES OF THE COMPANY