Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

MARCH 31, 2004 and DECEMBER 31, 2003

(Expressed in thousands of U.S. Dollars - except per share data)

	March 31, 2004			December 31, 2003
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	79,491		86,813
Receivables-
Trade accounts receivable, net		10,970		13,401
Insurance claims		2,580		2,749
Due from related companies		5,454		3,836
Advances and other		4,420		5,586
		23,424		25,572
Inventories		3,953		3,381
Prepaid insurance and other		2,620		1,205
Total current assets		109,488		116,971
FIXED ASSETS:
Advances for vessels under construction and acquisitions		65,539		33,420
Vessels		852,550		800,870
Accumulated depreciation		(154,900	)	(146,208	)
Vessels’ Net Book Value		697,650		654,662
Total fixed assets		763,189		688,082
DEFERRED CHARGES, net		18,554		20,454
Total assets	$	891,231		825,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	46,219		41,602
Accounts payable-
Trade		17,475		15,609
Due to related companies		1,174		3,326
Other		10,118		1,825
		28,767		20,760
Accrued liabilities		7,531		6,112
Accrued bank interest		2,417		2,276
Financial instruments - Fair value		8,030		5,097
Unearned revenue		4,042		3,611
Deferred income, current portion		4,005		4,005
Total current liabilities		101,011		83,463
LONG-TERM DEBT, net of current portion		438,263		411,018
DEFERRED INCOME, net of current portion		15,451		16,457
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 40,000,000 shares authorized at March 31, 2004 and December 31, 2003 ; 17,261,006 and 17,151,623 issued and outstanding at March 31, 2004 and December 31, 2003, respectively.		17,261		17,152
Additional paid-in capital		204,798		203,631
Other comprehensive income/(loss)		(5,528	)	(1,431	)
Retained earnings		119,975		95,217
Total stockholders’ equity		336,506		314,569
Total liabilities and stockholders’ equity	$	891,231		825,507

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003

(Expressed in thousands of U.S. Dollars - except per share data)

	Three months ended March 31,
	2004			2003
REVENUES:
Revenue from vessels	$	83,023		$	58,238
Commissions		(3,499	)		(2,559	)
Revenue from vessels, net		79,524			55,679
EXPENSES:
Voyage expenses		17,016			14,145
Vessel operating expenses		13,667			9,986
Depreciation		8,692			7,439
Amortization of deferred charges		2,374			1,743
Provision for doubtful receivables		244			—
Management fees		1,245			1,005
General and administrative expenses		570			439
Operating income		35,715			20,922
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(3,154	)		(3,012	)
Interest Income		81			94
Foreign currency losses		(45	)		(92	)
Share of profits of joint venture		—			364
Amortization of deferred gain on sale of vessels		792			—
Other, net		—			(201	)
Total other income (expenses), net		(2,326	)		(2,847	)
Net Income	$	33,389		$	18,075
Earnings per share, basic	$	1.94		$	1.06
Earnings per share, diluted	$	1.93		$	1.06
Weighted average number of shares, basic		17,195,173			17,007,612
Weighted average number of shares, diluted		17,272,003			17,086,381

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

FOR THE YEARS ENDED DECEMBER 31, 2002, 2003 AND THREE MONTHS ENDED MARCH 31, 2004

(Expressed in thousands of U.S. Dollars - except per share data)

	Comprehensive Income (Loss)			Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive (Loss)Income			Total Stock- Holders’ Equity
BALANCE, January 1, 2001				$	9,629		$	108,603		$	52,836		$	—			171,068
Net income		3,894									3,894						3,894
-        Issuance of common stock					7,350			102,900									110,250
-        Expenses related to the issuance of common stock								(9,868	)								(9,868	)
-        Issuance of common stock on acquisition of shares in LauriTen Ltd.					217			3,033									3,250
-        Repurchase and cancellation of common stock ( 172,800 shares)					(173	)		(1,806	)								(1,979	)
-        Cash dividends declared and paid											(8,542	)					(8,542	)
-        Fair value of financial instruments		(629	)											(629	)		(629	)
Comprehensive income	$	3,265
BALANCE, December 31, 2002				$	17,023		$	202,862		$	48,188		$	(629	)	$	267,444
Net income		59,052									59,052						59,052
-        Exercise of stock options					269			2,421									2,690
-        Repurchase and cancellation of common stock ( 140,100 shares)					(140	)		(1,652	)								(1,792	)
-        Cash dividends declared and paid ($ 0.70 per share)											(12,023	)					(12,023	)
-        Fair value of financial instruments		(802	)											(802	)		(802	)
Comprehensive income	$	58,250
BALANCE, December 31, 2003				$	17,152		$	203,631		$	95,217		$	(1,431	)	$	314,569
Net income		33,389			—			—			33,389						33,389
-        Exercise of stock options					109			1,167									1,276
-        Dividends declared											(8,631	)					(8,631	)
-        Fair value of financial instruments		(4,097	)											(4,097	)		(4,097	)
Comprehensive income	$	29,292
BALANCE, March 31, 2004				$	17,261			204,798			119,975			(5,528	)		336,506

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

(FORMERLY MIF LIMITED AND SUBSIDIARIES)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003

(Expressed in thousands of U.S. Dollars)

	Three months ended March 31,
	2004			2003
Cash Flows from Operating Activities:
Net income	$	33,389		$	18,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		8,692			7,439
Amortization of deferred costs		2,374			1,743
Amortization of loan fees		91			81
Amortization of deferred income		(1,006	)		(210	)
Change in fair value of interest rate swaps		(1,164	)		(1,518	)
Share of profits in joint venture		—			(364	)
Payments for dry-docking		(396	)		(4,892	)
(Increase) Decrease in:
Receivables		2,148			(6,194	)
Inventories		(572	)		(2,961	)
Prepayments and other		(1,415	)		157
Increase (Decrease) in:
Accounts payable		(624	)		6,915
Accrued liabilities		1,560			(698	)
Unearned revenue		431			223
Net Cash from Operating Activities		43,507			17,797
Cash Flows from Investing Activities:
Advances for vessels under construction		(37,270	)		(3,708	)
Vessel acquisitions and/or improvements		(46,529	)		(89,728	)
Payments for investments in joint venture		—			(13	)
Net Cash used in Investing Activities		(83,799	)		(93,449	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		40,000			82,360
Exercise of stock options		1,276			—
Financing costs		(169	)		(524	)
Payments of long-term debt		(8,137	)		(2,474	)
Repurchase and cancellation of common stock		—			(364	)
Net Cash from Financing Activities		32,970			78,998
Net increase in cash and cash equivalents		(7,322	)		3,346
Cash and cash equivalents at beginning of period		86,813			39,674
Cash and cash equivalents at end of period	$	79,491		$	43,020