Exhibit 21.1

					Jurisdiction Under
					Which Organized
International Shipholding Corporation (Registrant)					Delaware
	Waterman Steamship Corporation				New York
		Sulphur Carriers, Inc.			Delaware
	Central Gulf Lines, Inc.				Delaware
		Enterprise Ship Company, Inc.			Delaware
	CG Railway, Inc.				Delaware
		Terminales Transgolfo, S.A. de C.V(1)			Mexico
	LCI Shipholdings, Inc.				Marshall Islands
		Cape Holding, Ltd.			Cayman Islands
			Dry Bulk  Cape Holding, Inc. (2)		Panama
				Dry Bulk Australia Ltd. (2)	British Virgin Islands
				Dry Bulk Americas Ltd. (2)	British Virgin Islands
		Gulf South Shipping PTE, Ltd.			Singapore
		Marco Shipping Co. PTE, Ltd.			Singapore
			Marco Ocean PTE, Ltd.		Singapore
		Saltholmen Shipping Ltd. (7)			Republic of Cyprus
		Brattholmen Shipping Ltd. (8)			Republic of Cyprus
	N. W. Johnsen & Co., Inc.				New York
	East Gulf Shipholding, Inc.				Marshall Islands
	LMS Shipmanagement, Inc.				Louisiana
	MPV Netherlands C.V.				Netherlands
		MPV Netherlands Coop. U.A			Netherlands
			MPV Netherlands B.V.		Netherlands
	Bulk Shipholding, Inc.				Marshall Islands
		Oslo Bulk AS (3)			Oslo, Norway
			Belbulk Shipping PTE, Ltd.(3)		Singapore
		Oslo Bulk Holding PTE, Ltd. (4)			Singapore
			Oslo Bulk Shipping AS (4)		Oslo, Norway
			Oslo Carrier PTE, Ltd. (4)		Singapore
			Oslo Bulk 6 PTE, Ltd. (4)		Singapore
			Bulk Management AS (4)		Nesttun, Norway
			Oslo Bulk PTE, Ltd. (4)		Singapore
			Oslo Bulk 11 PTE, Ltd. (4)		Singapore
			Oslo Projects PTE, Ltd. (5)		Singapore
			Oslo Projects AS (6)		Denmark
	Frascati Shops, Inc.				Alabama
	Tower, LLC.				Alabama
	Coastal Carriers, Inc.				Delaware
		U.S. United Ocean Services, LLC.			Florida
			Mary Ann Hudson, LLC.		Delaware
			Sheila McDevitt, LLC.		Delaware
(1) 49% owned by CG Railway, Inc.
(2) 100% owned by Cape Holding, Ltd.
(3) 25% owned by Bulk Shipholding, Inc.
(4) 23.7% owned by Bulk Shipholding, Inc.
(5) 51% owned by Oslo Bulk Holding PTE, Ltd.
(6) 49% owned by Oslo Bulk Holding PTE, Ltd.
(7) 30% owned by LCI Shipholdings, Inc.
(8) 30% owned by LCI Shipholdings, Inc.