EXHIBIT 21.1

INTERNATIONAL SHIPHOLDING CORPORATION

SUBSIDIARIES OF THE REGISTRANT

AS OF DECEMBER 31, 2009

    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

Marco Ocean Pte. Ltd.                                                                            Singapore

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

MPV, Inc.                                                                                     Marshall Islands

Bulk Shipholding, Inc.                                                                                             Marshall Islands

       Oslo Bulk AS (5)                                                                                                Oslo, Norway

(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.

(5)  25% owned by Bulk Shipholding, 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.