EXHIBIT 21.1

INTERNATIONAL SHIPHOLDING CORPORATION

SUBSIDIARIES OF THE REGISTRANT

AS OF DECEMBER 31, 2011

	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
Bay Insurance Company Limited	Bermuda
LCI Shipholdings, Inc.	Marshall Islands
Cape Holding, Ltd.	Cayman Islands
Dry Bulk  Cape Holding, Inc.	Panama
Dry Bulk Australia LTD.	British Virgin Islands
Dry Bulk Cedar LTD.	British Virgin Islands
Dry Bulk Fern LTD.	British Virgin Islands
Dry Bulk Americas LTD.	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
LMS Shipmanagement, Inc.	Louisiana
MPV, Inc.	Marshall Islands
Bulk Shipholding, Inc.	Marshall Islands
Oslo Bulk AS (2)	Oslo, Norway
Belbulk Shipping Pte. Ltd.(2)	Singapore
Oslo Bulk Shipping AS (2)	Oslo, Norway
HAV Ship management AS (2)	Nesttun, Norway
Oslo Bulk Pte. LTD(2)	Singapore
Oslo Bulk Holding PTE. Ltd (2)	Singapore
(1)            49% owned by CG Railway, Inc.
(2)            25% owned by Bulk Shipholding, Inc.