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Subsidiary
Jurisdiction of Incorporation
Proportion of Ownership Interest
Footnote
Americas Bulk Transport (BVI) Limited
British Virgin Islands
100 %
(A)
Phoenix Bulk Management Bermuda Limited
Bermuda
100 %
(B)
Pangaea Logistics Solutions (BVI) Limited (“Pangaea BVI”)
British Virgin Islands
100 %
(C)
Bulk Ocean Shipping Company (Bermuda) Ltd.
Bermuda
100 %
(D)
Phoenix Bulk Carriers (US) LLC
Delaware
100 %
(E)
Allseas Logistics Bermuda Ltd.
Bermuda
100 %
(F)
Bulk Trident Ltd. (“Bulk Trident”)
Bermuda
100 %
(G)
Pangaea Logistics Solutions Denmark A/S. ("Pangaea Denmark")
Denmark
100 %
(H)
Nordic Bulk Ventures (Cyprus) Limited ("NBV")
Cyprus
100 %
(H)
109 Long Wharf LLC (“Long Wharf”)
Delaware
100 %
(I)
Bulk Nordic Oshima (MI) Corp. (“Bulk Oshima”)
Marshall Islands
67 %
(J)
Bulk Nordic Odin (MI) Corp. (“Bulk Odin”)
Marshall Islands
67 %
(J)
Bulk Nordic Olympic (MI) Corp. (“Bulk Olympic”)
Marshall Islands
67 %
(J)
Bulk Nordic Oasis (MI) Corp.. (“Bulk Oasis”)
Marshall Islands
67 %
(J)
Bulk Nordic Odyssey Corp. (MI) ("Bulk Odyssey")
Marshall Islands
67 %
(J)
Bulk Nordic Orion Corp. (MI) ("Bulk Orion")
Marshall Islands
67 %
(J)
Nordic Bulk Holding Company Ltd. (“NBHC”)
Bermuda
67 %
(L)
Bulk Courageous Corp. ("Bulk Courageous")
Marshall Islands
100 %
(G)
Bulk Phoenix Ltd. ("Bulk Newport")
Bermuda
100 %
(G)
Bulk Valor Corp. ("Bulk Valor")
Marshall Islands
100 %
(G)
Bulk Promise Corp. ("Bulk Promise")
Marshall Islands
100 %
(G)
Bulk Nordic Five Ltd. (“Five”)
Bermuda
100 %
(G)
Bulk Nordic Six Ltd. (“Six”)
Bermuda
100 %
(G)
Bulk Nordic Seven LLC (“Seven”)
Marshall Islands
100 %
(G)
Bulk Nordic Eight LLC (“Eight”)
Marshall Islands
100 %
(G)
Bulk Nordic Nine LLC (“Nine”)
Marshall Islands
100 %
(G)
Bulk Nordic Ten LLC (“Ten”)
Marshall Islands
100 %
(G)
Nordic Bulk Partners LLC (“NBP”)
Marshall Islands
100 %
(M)
Nordic Bulk Ventures Holding Company Ltd. (“BVH”)
Bermuda
100 %
(K)
Bulk Freedom Corp. ("Bulk Freedom")
Marshall Islands
100 %
(G)
Bulk Pride Corp. ("Bulk Pride")
Marshall Islands
100 %
(G)
Bulk Independence Corp. ("Bulk Independence")
Marshall Islands
100 %
(G)
Bulk Friendship Corp. ("Bulk Friendship")
Marshall Islands
100 %
(G)
Phoenix Bulk 25 Corp. ("Phoenix Bulk 25")
Marshall Islands
100 %
(G)
Bulk Endurance (MI) Corp. (“Bulk Endurance")
Marshall Islands
100 %
(G)
Bulk Brenton (MI) Corp. (“Bulk Brenton")
Marshall Islands
100 %
(G)
Bulk Patience (MI) Corp. (“Bulk Patience")
Marshall Islands
100 %
(G)
Bulk Sachuest Corp. ("Bulk Sachuest")
Marshall Islands
100 %
(G)
Bulk Prudence Corp. ("Bulk Prudence")
Marshall Islands
100 %
(G)
Venture Logistics NL Inc. ("VLNL")
Canada
50 %
(N)
Flintstone Ventures Limited ("FVL")
Newfoundland and Labrador
100 %
(O)
Seamar Management S.A.
Greece
51 %
(P)
Bulk PODS Ltd. ("Bulk PODS")
Marshall Islands
100 %
(G)
Bulk Spirit Ltd. ("Bulk Spirit")
Marshall Islands
100 %
(G)
Pangaea Logistics Solutions Singapore Pte. Ltd.
Singapore
100 %
(H)
Narragansett Bulk Carriers (US) Corp.
Rhode Island
100 %
(H)
Patriot Stevedoring & Logistics, LLC
Massachusetts
50 %
(Q)
Bay Stevedoring LLC
Delaware
100 %
(R)
Pangaea Logistics Solutions (US) LLC ("PANL US")
Delaware
100 %
(S)


Pangaea Baltimore LLC
Delaware
100 %
(R)
Pangaea Port Everglades LLC
Delaware
100 %
(R)
Renaissance Holdings LLC
Marshall Islands
100 %
(A)
RHI Alliance Pte. Ltd. (“SBC Alliance”)
Singapore
100 %
(G)
Pangaea Florida LLC
Delaware
100 %
(R)
Pangaea Texas LLC
Texas
100 %
(R)
RHI Synergy Pte. Ltd. (“SBC Synergy”)
Singapore
100 %
(G)
RHI Unity Pte. Ltd. (“SBC Unity”)
Singapore
100 %
(G)
RHI Fortitude Pte. Ltd. (“SBC Fortitude”)
Singapore
100 %
(G)
RHI Savannah Pte. Ltd. (“SBC Savannah”)
Singapore
100 %
(G)
RHI Tenacity Pte. Ltd. (“SBC Tenacity”)
Singapore
100 %
(G)
SBC Endeavor LLC ("SBC Endeavor")
Marshall Islands
100 %
(G)
SBC Endeavor Pte. Ltd. ("SBC Endeavor")
Singapore
100 %
(G)
SBC Resolve LLC ("SBC Resolve")
Marshall Islands
100 %
(G)
SBC Resolve Pte. Ltd. ("SBC Resolve")
Singapore
100 %
(G)
SBC Vision LLC ("SBC Vision")
Marshall Islands
100 %
(G)
SBC Vision Pte. Ltd. ("SBC Vision")
Singapore
100 %
(G)
SBC Explorer LLC ("SBC Explorer")
Marshall Islands
100 %
(G)
SBC Explorer Pte. Ltd. ("SBC Explorer")
Singapore
100 %
(G)
SBC Entity LLC ("SBC Entity")
Marshall Islands
100 %
(G)
SBC Entity Pte. Ltd. ("SBC Entity")
Singapore
100 %
(G)
SBC Spirit LLC ("SBC Spirit")
Marshall Islands
100 %
(G)
SBC Spirit Pte. Ltd. ("SBC Spirit")
Singapore
100 %
(G)
SBC Venture Pte. Ltd. ("SBC Venture")
Singapore
100 %
(G)
SBC Equity Pte. Ltd. ("SBC Equity")
Singapore
100 %
(G)

(A)The primary purpose of this corporation is to manage and operate ocean going vessels.
(B)The primary purpose of this entity is to perform certain administrative management functions that have been assigned by PBC.
(C)The primary purpose of this corporation is to provide logistics services to customers by chartering, managing and operating ships. Formerly known as Phoenix Bulk Carriers (BVI) Limited.
(D)The primary purpose of this corporation is to manage the fuel procurement for all vessels.
(E)The primary purpose of this corporation is to act as the U.S. administrative agent for the Company.
(F)The primary purpose of this corporation is to act as the treasury agent for the Company.
(G)The primary purpose of these entities is owning bulk carriers.
(H)The primary purpose of these entities is to provide logistics services to customers by chartering, managing and operating ships. NBV is the holding company of Pangaea Denmark. Formerly known as Nordic Bulk Carriers A/S.
(I)Long Wharf is a limited liability company duly organized under the laws of Delaware for the purpose of holding real estate located in Newport, Rhode Island.
(J)The primary purpose of these entities is owning bulk carriers. These companies are wholly-owned by NBHC, which is two-third owned by the Company.
(K)The primary purpose of this entity is to hold the Company's interest in vessel owning companies.
(L)The primary purpose of this entity is to own or lease bulk carriers through wholly-owned subsidiaries. The Company’s interest in Bulk Odyssey, Bulk Orion, Bulk Oshima, Bulk Olympic, Bulk Odin and Bulk Oasis is through its interest in NBHC.
(M)The primary purpose of this entity is to own or lease bulk carriers through wholly-owned subsidiaries.
(N)The primary purpose of VLNL is to own and operate the deck barge Miss Nora G. Pearl.
(O)The primary purpose of FVL is the carriage of specialized cargo.
(P)This entity is the technical manager of 16 vessels owned and operated by the Company.
(Q)The primary purpose of the company is to manage and operate the Brayton Point Commerce Center Marine Terminal.
(R)The primary purpose of the company is to manage and operate port terminals.


(S)The primary purpose of the company is to manage U.S.-based business activities.