Exhibit 8.1
SUBSIDIARIES OF SAFE BULKERS, INC.
The following companies are subsidiaries of Safe Bulkers, Inc. as of March 6, 2019.
| Subsidiary | Jurisdiction of Incorporation |
| Avstes Shipping Corporation | Liberia |
| Eniadefhi Shipping Corporation | Liberia |
| Eniaprohi Shipping Corporation | Liberia |
| Eptaprohi Shipping Corporation | Liberia |
| Glovertwo Shipping Corporation | Marshall Islands |
| Gloverthree Shipping Corporation | Marshall Islands |
| Gloverfour Shipping Corporation | Marshall Islands |
| Gloverfive Shipping Corporation | Marshall Islands |
| Gloversix Shipping Corporation | Marshall Islands |
| Gloverseven Shipping Corporation | Marshall Islands |
| Kerasies Shipping Corporation | Liberia |
| Kyotofriendo One Shipping Inc. | Marshall Islands |
| Kyotofriendo Two Shipping Inc. | Marshall Islands |
| Marathassa Shipping Corporation | Liberia |
| Marindou Shipping Corporation | Liberia |
| Marinouki Shipping Corporation | Liberia |
| Maxdeka Shipping Corporation | Marshall Islands |
| Maxdekatria Shipping Corporation | Liberia |
| Maxdodeka Shipping Corporation | Liberia |
| Maxeikosi Shipping Corporation | Liberia |
| Maxeikosiena Shipping Corporation | Liberia |
| Maxeikositria Shipping Corporation | Liberia |
| Maxeikositessera Shipping Corporation | Marshall Islands |
| Maxeikosipente Shipping Corporation | Liberia |
| Maxeikosiexi Shipping Corporation | Liberia |
| Maxeikosiepta Shipping Corporation | Liberia |
| Maxenteka Shipping Corporation | Marshall Islands |
| Maxpente Shipping Corporation | Liberia |
| Maxtessera Shipping Corporation | Marshall Islands |
Monagrouli Shipping Corporation |
Marshall Islands |
| Pelea Shipping Ltd. | Liberia |
| Pemer Shipping Ltd. | Liberia |
| Pentakomo Shipping Corporation | Marshall Islands |
| Petra Shipping Ltd. | Liberia |
| Pinewood Shipping Corporation | Marshall Islands |
| Shikoku Friendship Shipping Company | Marshall Islands |
| Soffive Shipping Corporation | Liberia |
| Staloudi Shipping Corporation | Liberia |
| Shikokutessera Shipping Inc | Marshall Islands |
| Shikokupente Shipping Inc | Marshall Islands |
| Shikokuexi Shipping Inc. | Marshall Islands |
| Shikokuepta Shipping Inc. | Marshall Islands |
| Shikokuokto Shipping Inc. | Marshall Islands |
| Shikokuennia Shipping Corporation | Marshall Islands |
| Vassone Shipping Corporation | Marshall Islands |
| Vasstwo Shipping Corporation | Liberia |
| Youngone Shipping Inc. | Marshall Islands |
| Youngtwo Shipping Inc. | Marshall Islands |