Subsidiary

Country of Incorporation

Eirini Shipping Ltd.

Liberia

Ultra One Shipping Ltd.

Liberia

Blessed Luck Shipowners Ltd.

Liberia

Good Heart Shipping Ltd.

Liberia

Santa Cruz Shipowners Ltd.

Liberia

Troboni Shipping Ltd.

Liberia

Aristeidis Shipping Ltd

Liberia

Kamsarmax One Shipping Ltd.

Marshall Islands

Kamsarmax Two Shipping Ltd.

Marshall Islands

Areti Shipping Ltd.

Marshall Islands

Light Shipping Ltd.

Marshall Islands

Molyvos Shipping Ltd.

Marshall Islands

Yannis Navigation Ltd.

Marshall Islands

Ultra Limited Partner Ltd.

Marshall Islands

Ultra General Partner Ltd.

Marshall Islands

Christos Ultra LP.

Marshall Islands

Maria Ultra LP.

Marshall Islands