| | | | | |
| Subsidiary | Jurisdiction of Incorporation |
| Agros Shipping Corporation | Marshall Islands |
| Armonikos Shipping Corporation | Marshall Islands |
| 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 Corporation | Marshall Islands |
| Kyotofriendo Two Shipping Corporation | Marshall Islands |
| Lofou Shipping Corporation | 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 |
| Metamou Shipping Corporation | Marshall Islands |
| Monagrouli Shipping Corporation | Marshall Islands |
| Pelea Shipping Ltd. | Liberia |
| Pemer Shipping Ltd. | Liberia |
| Petra Shipping Ltd. | Liberia |
| Pentakomo Shipping Corporation | Marshall Islands |
| Pinewood Shipping Corporation | Marshall Islands |
| Safe Bulkers Participations Plc. | Cyprus |
| Shimafive Shipping Corporation | Marshall Islands |
| Shimasix Shipping Corporation | Marshall Islands |
| Shimaseven Shipping Corporation | Marshall Islands |
| Shimaeight Shipping Corporation | Marshall Islands |
| Shikoku Friendship Shipping Company | Marshall Islands |