EXHIBIT 21.1

INTERNATIONAL SHIPHOLDING CORPORATION

SUBSIDIARIES OF THE REGISTRANT

AS OF DECEMBER 31, 2008

	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
Material Transfer, Inc.	Delaware
CG Railway, Inc.	Delaware
RTI Logistics, L.L.C. (1)	Louisiana
Terminales Transgolfo, S.A. de C.V(2)	Mexico
Bay Insurance Company Limited	Bermuda
LCI Shipholdings, Inc.	Marshall Islands
Cape Holding, Ltd.	Cayman Islands
Dry Bulk  Cape Holding, Inc. (3)	Panama
Dry Bulk Africa LTD. (3)	British Virgin Islands
Dry Bulk Australia LTD. (3)	British Virgin Islands
Dry Bulk Cedar LTD. (3)	British Virgin Islands
Dry Bulk Fern LTD. (3)	British Virgin Islands
Dry Bulk Oceanis LTD. (3)	British Virgin Islands
Dry Bulk Americas LTD. (3)	British Virgin Islands
Gulf South Shipping Pte. Ltd.	Singapore
Marco Shipping Co. Pte. Ltd.	Singapore
Marcoship Agencies SDN. BHD.	Malaysia
N. W. Johnsen & Co., Inc.	New York
East Gulf Shipholding, Inc.	Marshall Islands
Resource Carriers, Inc.	Delaware
LMS Shipmanagement, Inc.	Louisiana
LMS Manila, Inc. (4)	Philippines

(1)   50% owned by CG Railway, Inc.

(2)   49% owned by CG Railway, Inc.

(3)   50% owned by Cape Holding, Ltd.

(4)   40% owned by LMS Shipmanagement, Inc.

All of the subsidiaries listed above are wholly-owned subsidiaries and are included in the consolidated financial statements incorporated by reference herein unless otherwise indicated.