Exhibit 5.1

May 26, 2021

Safe Bulkers, Inc.
Apt. D11, Les Acanthes

6, Avenue des Citronniers

MC98000, Monaco

Dear Sirs:

We have acted as special counsel as to matters of the law of the Republic of the Marshall Islands (“Marshall Islands Law”) to Safe Bulkers, Inc. (the “Company”) in connection with the Company’s Shelf Registration Statement on Form F-3 (No. 333-239618) (the “Registration Statement”) filed by the Company with the Securities and Exchange Commission (the “Commission”) on July 1, 2020 pursuant to the Securities Act of 1933, as amended (the “Act”), and the rules and regulations thereunder, with respect to the sale by the Company of shares (the “Shares”) of common stock, par value $0.001 per share, of the Company, having an aggregate offering price of up to $100,000,000, and related preferred stock purchase rights (the “Rights”), under a Shareholder Rights Agreement dated as of August 5, 2020 (the “Shareholder Rights Agreement”) between the Company and American Stock Transfer & Trust Company, LLC as rights agent pursuant to the exercise of an over-allotment option.

In so acting, we have examined originals or photocopies, of (i) the Registration Statement and the prospectus (the “Preliminary Prospectus”) included therein, the prospectus supplement filed with the Commission on August 7, 2020 (the “Prospectus Supplement”) and a prospectus supplement filed with the Commission on May 26, 2021 (the “Supplement” and together with the Preliminary Prospectus and the Prospectus Supplement, the “Prospectus”);

Safe Bulkers, Inc.

May 26, 2021

Page 2

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(ii) the at the market equity offering sales agreement dated August 7, 2020 (the “Original Sales Agreement”) among the Company and DNB Markets, Inc. (the “Agent”), as agent, as amended and supplemented by an amendment No. 1 to the at the market equity offering sales agreement dated May 26, 2021 (the “Amendment” and the Original Sales Agreement as amended and supplemented by the Amendment, the “Sales Agreement”) among the Company and the Agent; (iii) the Shareholder Rights Agreement; and (iv) originals, or photocopies, of all such records of the Company, agreements and other documents, certificates of public officials, officers and representatives of the Company, and such other documents as we have deemed necessary as a basis for the opinions hereinafter expressed. In such examination, we have assumed without investigation, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity with the original documents of all documents submitted to us as photostatic or facsimile copies, and the accuracy of the factual representations made to us by officers and other representatives of the Company. We have also assumed the power, authority and legal right of all parties (other than the Company) to the Sales Agreement and the Shareholder Rights Agreement to enter into and perform their respective obligations thereunder and the due authorization, execution and delivery of such documents by such parties.

This opinion is limited to Marshall Islands Law as of the date hereof. In rendering our opinion in Paragraph E below we have, with your permission, relied on the opinion addressed to you dated the date hereof of Cadwalader, Wickersham & Taft LLP, U.S. counsel to the Company, with respect to the Shareholder Rights Agreement. In rendering our opinion as to the valid existence in good standing of the Company, we have relied solely on a Certificate of Goodstanding issued by the Registrar of Corporations of the Republic of the Marshall Islands on May 14, 2020.

Based on the foregoing and having regard to legal considerations which we deem relevant, we are of the opinion that:

Safe Bulkers, Inc.

May 26, 2021

Page 3

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Our opinion in Paragraph E above is subject to the qualification that the rights and remedies of any party to the Shareholder Rights Agreement(a) may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting generally the enforcement of creditors’ rights from time to time in effect, and (b) are subject to general principles of equity (regardless of whether such rights and remedies are considered in a proceeding in equity or at law), including application by a court of competent jurisdiction of principles of good faith, fair dealing, commercial reasonableness, materiality, unconscionability and conflict with public policy or other similar principles.

Our opinion is as of the date hereof and we have no responsibility to update this opinion for events and circumstances occurring after the date hereof or as to facts relating to prior events that are subsequently brought to our attention. We disavow any undertaking to advise you of any changes in laws.

We consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our name in the Prospectus. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act.

Very truly yours,

COZEN O’CONNOR

Exhibit 5.2

May 26, 2021

Safe Bulkers, Inc.
Apt. D11,
Les Acanthes
6, Avenue des Citronniers
MC98000 Monaco

Ladies and Gentlemen,

We have acted as special United States legal counsel to Safe Bulkers, Inc., a Marshall Islands corporation (the “Company”). At the Company’s request we are delivering this letter in connection with the above-referenced transaction.

In connection with the preparation of this letter, we have, among other things, read:

(a) the Registration Statement on Form F-3 (Registration 333- 239618) filed by the Company with the Securities and Exchange Commission (the “Commission”) on July 1, 2020, for the purpose of registering the offering of the Securities under the Securities Act of 1933, as amended (the “Securities Act”), and as constituted at the time it became effective in accordance with the Securities Act, is herein called the “Registration Statement”;

(b) the At-the-Market Equity Offering Sales Agreement dated August 7, 2020, as amended on May 26, 2021 (as amended, the “Sales Agreement”) between the Company and DNB Markets, Inc.;

(c) copies of all certificates and other documents delivered today in connection with the issuance and sale of the Securities under the Sales Agreement;

(d) The Shareholders Rights Agreement dated August 5, 2020 (the “Shareholders Rights Agreement”) between the Company and American Stock Transfer & Trust Company; and such other documents, records and other instruments as we have deemed necessary or appropriate in order to deliver the opinions set forth herein.

Subject to the assumptions, qualifications, exclusions and other limitations which are identified in this letter, we advise you that:

1. Assuming that under the laws of the Republic of the Marshall Islands, the Shareholders Rights Agreement has been duly authorized, validly executed and delivered by the Company, the Shareholders Rights Agreement constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with its terms.

Except for the activities described in this letter, we have not undertaken any investigation to determine the facts upon which the advice in this letter is based.

We have not undertaken any search of court records for purposes of this letter. We have assumed for purposes of this letter: each document we have reviewed for purposes of this letter is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine; that the parties thereto had the power, corporate or other, to enter into and perform all obligations thereunder; that each such document was duly authorized by all requisite corporate action of parties, other than the Company, and that such documents were duly executed and delivered by each party thereto. The advice regarding the binding terms of the Shareholders Rights Agreement (an “enforceability opinion”) in this letter that any particular contract is a valid and binding obligation or is enforceable in accordance with its terms is subject to: (i) the effect of bankruptcy, insolvency, fraudulent conveyance and other similar laws and judicially developed doctrines in this area such as substantive consolidation and equitable subordination; (ii) the effect of general principles of equity; and (iii) other commonly recognized statutory and judicial constraints on enforceability including statutes of limitations. In addition, we do not express any opinion as to the enforceability of any rights to contribution or indemnification which may be violative of public policy underlying any law, rule or regulation (including federal or state securities law, rule or regulation). “General principles of equity” include but are not limited to: principles limiting the availability of specific performance and injunctive relief; principles which limit the availability of a remedy under certain circumstances where another remedy has been elected; principles requiring reasonableness, good faith and fair dealing in the performance and enforcement of an agreement by the party seeking enforcement; principles which may permit a party to cure a material failure to perform its obligations; and principles affording equitable defenses such as waiver, laches and estoppel. It is possible that terms in a particular contract covered by our enforceability opinion may not prove enforceable for reasons other than those explicitly cited in this letter should an actual enforcement action be brought, but (subject to all the exceptions, qualifications, exclusions and other limitations contained in this letter) such unenforceability would not in our opinion prevent the party entitled to enforce that contract from realizing the principal benefits purported to be provided to that party by the terms in that contract which are covered by our enforceability opinion.

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Our advice on every legal issue addressed in this letter is based exclusively on the internal law of the State of New York, without our having made any investigation as to the applicability of any specific law unless such advice specifically references a specific law (the “Specified Laws”), and represents our opinion as to how that issue would be resolved were it to be considered by the highest court in the jurisdiction which enacted such law. None of the opinions or other advice contained in this letter considers or covers, and the term “Specified Law” does not include: (i) any antifraud laws, rules or regulations, (ii) any state securities (or “blue sky”) laws, rules or regulations, (iii) any laws, statutes, governmental rules or regulations or decisions which in our experience are not usually considered for or covered by opinions like those contained in this letter or are not generally applicable to transactions of the kind covered by the Underwriting Agreement including any regulatory laws or requirements specific to the industry in which you or the Company is engaged; and (iv) any laws or regulations relating to admiralty or the ownership or operation of shipping vessels to which the Company or any of its subsidiaries is subject or the necessity of any authorization, approval or action by, or any notice to, consent of, order of, or filing with, any governmental authority, pursuant to any such laws or regulations. We express no opinion as to what law might be applied by any courts to resolve any issue addressed by our opinion and we express no opinion as to whether any relevant difference exists between the laws upon which our opinions are based and any other laws which may actually be applied to resolve issues which may arise. The manner in which any particular issue would be treated in any actual court case would depend in part on facts and circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it. This letter is not intended to guarantee the outcome of any legal dispute that may arise in the future.

This letter speaks as of the time of its delivery on the date it bears. We do not assume any obligation to provide you with any subsequent opinion or advice by reason of any fact about which we did not have knowledge at that time, by reason of any change subsequent to that time in any law covered by any of our opinions, or for any other reason.

We express no opinion with respect to compliance with, or the application or effect of, any laws or regulations relating to admiralty or the ownership or operation of shipping vessels to which the Company or any of its subsidiaries is subject or the necessity of any authorization, approval or action by, or any notice to, consent of, order of, or filing with, any governmental authority, pursuant to any such laws or regulations.

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. We also consent to the reference to our firm under the caption “Legal Matters” in the Registration Statement and the Prospectus Supplements related to this offering of Securities. In giving this consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.

Very truly yours,

/s/ Cadwalader, Wickersham & Taft LLP

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