VOLGA-BALTIC SHIPHOLDING LTD

None observed in current sources.

• ■
  VOLGA 44 LIMITED

  shareholder of
• ■
  RUSICH-13 LTD

  shareholder of
• ■
  RUSICH-14 LTD

  shareholder of
• ■
  RUSICH-15 LTD.

  shareholder of
• ■
  RUSICH-16 LTD

  shareholder of
• ■
  UNIVERSAL BULKER 1 LTD

  shareholder of
• ■
  UNIVERSAL BULKER 2 LTD

  shareholder of
• ■
  UNIVERSAL BULKER 3 LTD

  shareholder of
• ■
  UNIVERSAL BULKER 4 LTD

  shareholder of
• ■
  UNIVERSAL BULKER 5 LTD

  shareholder of
• ■
  UNIVERSAL BULKER 6 LTD.

  shareholder of
• ■
  LUFA SHIPPING COMPANY LIMITED

  shareholder of
• ■
  LOLGA 44 SHIPPING COMPANY LIMITED

  shareholder of