Exhibit 21.1

 
Subsidiaries of the Company
 
The following is a list of the Company's significant subsidiaries as of March 9, 2011.
 
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%