EXHIBIT 8.1

SUBSIDIARIES OF SAFE BULKERS, INC.

The following companies are subsidiaries of Safe Bulkers, Inc. as of January 31, 2010:

|                                    |  |                              
|----------------------------------- |  | -----------------------------
|Subsidiary                          |  | Jurisdiction of Incorporation
|                                    |  |                              
|Avstes Shipping Corporation         |  | Liberia                      
|                                    |  |                              
|Efragel Shipping Corporation        |  | Liberia                      
|                                    |  |                              
|Eniadefhi Shipping Corporation      |  | Liberia                      
|                                    |  |                              
|Eniaprohi Shipping Corporation      |  | Liberia                      
|                                    |  |                              
|Eptaprohi Shipping Corporation      |  | Liberia                      
|                                    |  |                              
|Kerasies Shipping Corporation       |  | Liberia                      
|                                    |  |                              
|Marathassa Shipping Corporation     |  | Liberia                      
|                                    |  |                              
|Marindou Shipping Corporation       |  | Liberia                      
|                                    |  |                              
|Marinouki Shipping Corporation      |  | Liberia                      
|                                    |  |                              
|Maxdeka Shipping Corporation        |  | Liberia                      
|                                    |  |                              
|Maxdekatria Shipping Corporation    |  | Liberia                      
|                                    |  |                              
|Maxdodeka Shipping Corporation      |  | Liberia                      
|                                    |  |                              
|Maxenteka Shipping Corporation      |  | Liberia                      
|                                    |  |                              
|Maxpente Shipping Corporation       |  | Liberia                      
|                                    |  |                              
|Maxtessera Shipping Corporation     |  | Marshall Islands             
|                                    |  |                              
|Pelea Shipping Ltd.                 |  | Liberia                      
|                                    |  |                              
|Pemer Shipping Ltd.                 |  | Liberia                      
|                                    |  |                              
|Petra Shipping Ltd.                 |  | Liberia                      
|                                    |  |                              
|Shikoku Friendship Shipping Company |  | Liberia                      
|                                    |  |                              
|Soffive Shipping Corporation        |  | Liberia                      
|                                    |  |                              
|Staloudi Shipping Corporation       |  | Liberia                      
|                                    |  |                              

Exhibit 8.1

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