| | | | | |
| Subsidiary | Jurisdiction of Incorporation |
| Agros Shipping Corporation | Marshall Islands |
| Armonikos Shipping Corporation | Marshall Islands |
| Agonistis Shipping Corporation | Marshall Islands |
| Eniadefhi Shipping Corporation | Liberia |
| Eniaprohi Shipping Corporation | Liberia |
| Eptaprohi Shipping Corporation | Liberia |
| Georgos Shipping Corporation | Marshall Islands |
| 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 |
| Kastrolem Shipping Corporation | Marshall Islands |
| Kyotofriendo One Shipping Corporation | Marshall Islands |
| Kyotofriendo Two Shipping Corporation | Marshall Islands |
| Kypriakes Aktes Inc. | Marshall Islands |
| Kypriakes Grammes Inc. | Marshall Islands |
| Lofou Shipping Corporation | Marshall Islands |
| Marilem Shipping Corporation | Marshall Islands |
| Marinouki Shipping Corporation | Liberia |
| Maxdeka Shipping Corporation | Marshall Islands |
| Maxdodeka Shipping Corporation | Liberia |
| Maxeikositessera Shipping Corporation | Marshall Islands |
| Maxenteka Shipping Corporation | Marshall Islands |
| Maxpente Shipping Corporation | Liberia |
| Maxtessera Shipping Corporation | Marshall Islands |
| Metamou Shipping Corporation | Marshall Islands |
| Monagrouli Shipping Corporation | Marshall Islands |
| Newpelea Shipping Corporation | Marshall Islands |
| Newpemer Shipping Corporation | Marshall Islands |
| Pelea Shipping Ltd. | Liberia |
| Pemer 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 |
| Shimanine Shipping Corporation | Marshall Islands |
| Shimaten Shipping Corporation | Marshall Islands |
| Shimaeleven Shipping Corporation | Marshall Islands |
| Shimatwelve Shipping Corporation | Marshall Islands |
| Shikoku Friendship Shipping Company | Marshall Islands |