LIST OF SUBSIDIARIES OF
WINLAND OCEAN SHIPPING CORP.
(AS OF MARCH 30, 2012)
I. Subsidiaries, holding companies:
| 1. | Skyace Group Limited, a company organized under the laws
of British Virgin Islands on September 22, 2006. |
| 2. | Plentimillion Group Limited, a company organized under
the laws of British Virgin Islands on July 5, 2006 |
| 3. | Best Summit Enterprises Limited, a company organized
under the laws of British Virgin Islands on November 30, 2006. (in process of de-registration because
of the disposal of VIEs) |
| 4. | Wallis Development Limited, a company organized under
the laws of Hong Kong on December 9, 2006. (in process of de-registration because of the disposal of
VIEs) |
| 5. | Beijing Huate Xingye Technology Limited, a company registered
in the People’s Republic of China on March 18, 2008. (in process of de-registration because of
the disposal of VIEs) |
II. Subsidiaries of PGL, businesses in
transportation and chartering:
| 1. | Winland Shipping Co., Ltd., a company organized under
the laws of Hong Kong on August 11, 2000. |
| 2. | Kinki International Industrial Limited, a company organized
under the laws of Hong Kong on May 2, 2006. |
| 3. | Bestline Shipping Limited, a company organized under
the laws of Hong Kong on January 27, 1994. |
| 4. | Lancrusier Development Co., Limited, a company organized
under the laws of Hong Kong on July 11, 1995. |
| 5. | Win Star Shipping Co., Ltd., a company organized under
the laws of St. Vincent and the Grenadines on June 21, 2000 (in process of de-registration because
of the sale of M/V Win Star in 2011) |
| 6. | Bodar Shipping Co., Ltd., a company organized under the
laws of SVG on January 7, 2004 |
| 7. | Winland Dalian Shipping S.A., a company organized under
the laws of Panama and registered in Hong Kong on June 8, 2005 |
| 8. | Treasure Way Shipping Limited, a company organized under
the laws of Hong Kong on May 27, 2002 |
| 9. | Win Eagle Shipping Co., Ltd., a company organized under
the laws of Malta on July 29, 2002 |
| 10. | Win Bright Shipping Co., Ltd. a company organized under
the laws of Malta on February 8, 2002 |
| 11. | Win Ever Shipping Co., Ltd., a company organized under
the laws of Malta on February 8, 2002 |
| 12. | Win Glory S.A., a company organized under the laws of Panama
and registered in Hong Kong on April 2, 2003 (in the process of de-registration because of the sale
of M/V Win Glory) |
| 13. | Win Moony Shipping Co., Ltd., a company organized under
the laws of Malta on September 26, 2003 |
| 14. | Win Grace Shipping Co., Ltd., a company organized under
the laws of Malta on September 4, 2003 |
| 15. | Win Hope Shipping Co., Ltd., a company organized under
the laws of Malta on June 14, 2001 |
| 16. | Bodar Shipping S.A., a company incorporated and registered
in Panama on February 12, 2009 (currently in the process of de-registration because of the sale of
M/V Bodar) |
| 17. | Win Moony Shipping S.A., a company incorporated and registered
in Panama on April 30, 2009 |
| 18. | Bao Shun Shipping S.A., a company incorporated and registered
in Panama on June 10, 2009 |
| 19. | Winland International Shipping Co., Limited, a company
incorporated and registered in Hong Kong on August 27, 2009 |
| 20. | Fon Tai Shipping Co., Limited was incorporated and registered
in Hong Kong on March 1, 2010 |
| 21. | Won Lee Shipping Co., Limited was incorporated and registered
in Hong Kong on March 1, 2010 |
| 22. | Kin Ki International Industrial Limited was incorporated
and registered in BVI on January 4, 2010 |
| 23. | Win Bright Shipping S.A. was incorporated and registered
in Panama on November 15, 2010 |
| 24. | Win Ever Shipping S.A. was incorporated and registered
in Panama on December 3, 2010 |
