Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

Selected Consolidated Financial and Other Data (Unaudited)

(In Thousands of U.S. Dollars, except share, per day and fleet data)

	Three months ended June 30						Six months ended June 30
	2004			2003			2004			2003
STATEMENT OF INCOME DATA
Revenue from vessels	$	66,362		$	64,490		$	149,385		$	122,728
Revenue from vessels, net		63,669			61,522			143,193			117,201
Voyage expenses		15,419			15,611			32,435			29,756
Vessel operating expenses		12,338			11,941			26,006			21,927
Depreciation		8,911			8,116			17,603			15,555
Amortization of deferred drydocking charges		2,413			2,291			4,787			4,033
Provision for doubtful receivables		—			—			244			—
Management fees		1,260			1,095			2,505			2,100
General & Administrative expenses		709			394			1,278			834
Operating income		22,620			22,074			58,334			42,996
Interest and finance costs, net		(2,103	)		(3,265	)		(5,257	)		(6,278	)
Interest income		100			115			181			209
Foreign currency losses		(2	)		(115	)		(47	)		(206	)
Share of profits of joint-venture		—			300			—			664
Amortization of deferred gain on sale of vessels		792			—			1,584			—
Gain on sale of vessels		8,755			—			8,755			—
Other income/(expense)		—			(410	)		—			(611	)
Net income	$	30,161		$	18,699		$	63,550		$	36,774
Earnings per share, basic	$	1.62		$	1.09		$	3.55		$	2.15
Earnings per share, diluted	$	1.62		$	1.08		$	3.54		$	2.14
Weighted average number of shares outstanding
Basic		18,592,171			17,230,855			17,893,298			17,119,850
Diluted		18,634,881			17,264,890			17,955,188			17,153,885

	June 30 2004			December 31 2003
BALANCE SHEET DATA
Cash and cash equivalents		94,699			86,813
Current assets, including cash		131,724			116,971
Advances for vessels		81,375			33,420
Vessels at cost		848,948			800,870
Accumulated Depreciation		(163,286	)		(146,208	)
Vessels’ Net Book Value		685,662			654,662
Deferred charges		17,930			20,454
Total assets	$	916,691		$	825,507
Current portion of long-term debt		44,753			41,602
Current liabilities, including current portion of long-term debt		84,337			83,463
Long-term debt, net of current portion		363,644			411,018
Deferred income, net of current portion		14,457			16,457
Total stockholders’ equity		454,253			314,569
Total liabilities and stockholders’ equity	$	916,691		$	825,507

	Three months ended June 30						Six months ended June 30
	2004			2003			2004			2003
OTHER FINANCIAL DATA
Net cash from operating activities	$	23,400		$	29,908		$	66,954		$	47,705
Net cash used in investing activities	$	(3,676	)	$	(32,585	)	$	(87,475	)	$	(126,034	)
Net cash from/(used in) financing activities	$	(4,516	)	$	14,144		$	28,406		$	93,142
FLEET DATA
Vessel overhead costs per ship per day	$	783		$	645		$	751		$	662
Average number of vessels during period		27.6			25.4			27.7			24.5
Number of vessels at end of period		27.0			26.0			27.0			26.0
Average age of fleet at end of period	Years	7.0			6.5			7.0			6.5
Dwt at end of period (in thousands)		2,919.9			2,538.6			2,919.9			2,538.6
Time charter employment	Days	1,372			888			2,561			1,643
Period employment (pool and coa) at market rates	Days	546			387			1,128			837
Spot voyage employment at market rates	Days	547			905			1,207			1,656
Total operating days		2,465			2,180			4,896			4,136
Total available days		2,514			2,307			5,035			4,432
TCE per ship per day	$	23,504		$	24,174		$	26,744		$	24,333
Operating expenses per ship per day	$	5,723		$	5,865		$	5,993		$	5,627

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

FINANCIAL AND OTHER DATA BY FLEET (Unaudited)

	Three Months Ended June 30, 2004
Vessel Type		VLCC		Suezmax		Aframax		Panamax		Product carriers
Average number of vessels		2.0		4.0		10.0		7.6		4.0
Number of vessels at end of period		2.0		4.0		10.0		7.0		4.0
Dwt at end of period (in thousands)	Dwt	600.9		657.2		1,020.7		478.2		162.9
Percentage of total fleet		20.5	%	22.5	%	35.0	%	16.4	%	5.6	%
Average age at end of period	Years	8.2		1.8		8.1		6.7		18.2
TCE per ship per day	$	45,218		25,450		23,460		21,658		13,865
Operating expenses per ship per day	$	7,920		5,756		5,809		5,462		5,462

	Six Months Ended June 30, 2004
Vessel Type	VLCC		Suezmax	Aframax	Panamax	Product carriers
Average number of vessels		1.9	4.0	10.0	7.8	4.0
TCE per ship per day	$	48,713	26,383	28,549	25,691	14,480
Operating expenses per ship per day	$	8,108	6,120	6,226	5,651	5,778

	Three Months Ended June 30, 2004
	Newbuildings			VLCC 2004			Acquired (pre-1997)			Combined
Average number of vessels		16.0			1.0			10.6			27.6
Percentage of total fleet in dwt at end of period		68	%		10	%		22	%		100	%
Average age at end of period (years)		3.3			10.5			17.1			7.0
Utilization in period		100.0	%		100.0	%		94.9	%		98.1	%
TCE per ship per day	$	25,596		$	54,935		$	17,070		$	23,504
Operating expenses per ship per day	$	5,516		$	7,920		$	5,722		$	5,723
Revenue from vessels, net ($ thousand)	$	40,801		$	5,840		$	17,028		$	63,669
Net income, excluding gain on sale - ($ thousand)	$	15,276		$	3,097		$	3,694		$	22,067
Gain on sale of vessels											8,755
Holding and dormant companies											(661	)
Total net income											30,161

	Six Months Ended June 30, 2004
	Newbuildings			VLCC 2004			Acquired (pre-1997)			Combined
Average number of vessels		16.0			0.9			10.8			27.7
Utilization in period		98.9	%		100.0	%		94.5	%		97.2	%
TCE per ship per day	$	28,356		$	64,228		$	21,123		$	26,744
Operating expenses per ship per day	$	5,616		$	8,108		$	6,233		$	5,993
Revenue from vessels, net ($ thousand)	$	88,516		$	11,719		$	42,958		$	143,193
Net income, excluding gain on sale—($ thousand)	$	36,498		$	6,613		$	12,844		$	55,955
Gain on sale of vessels											8,755
Holding and dormant companies											(1,160	)
Total net income											63,550

Newbuildings include all vessels specifically constructed for TEN. These represent all additions to the fleet since 1997.

Vessels acquired includes the VLCC La Madrina for 2004.

TCE represents gross freight revenue less voyage expenses (excluding any charter-in costs). Commission is not deducted.

TCE rate given for the the VLCC Millennium, which is chartered out on a bare-boat basis, takes into account a notional operating cost per day.

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE THREE MONTHS ENDED JUNE 30, 2004 AND 2003

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

	Three months ended June 30,
	2004			2003
REVENUES:
Revenue from vessels	$	66,362		$	64,490
Commissions		(2,693	)		(2,968	)
Revenue from vessels, net		63,669			61,522
EXPENSES:
Voyage expenses		15,419			15,611
Vessel operating expenses		12,338			11,941
Depreciation		8,911			8,116
Amortization of deferred charges		2,413			2,291
Management fees		1,260			1,095
General and administrative expenses		709			394
Operating income		22,620			22,074
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(2,103	)		(3,265	)
Interest income		100			115
Foreign currency losses		(2	)		(115	)
Share of profits of joint-venture		—			300
Amortization of deferred gain on sale of vessels		792			—
Gain on sale of vessels		8,755			—
Other, net		—			(410	)
Total other income (expenses), net		7,542			(3,375	)
Net Income	$	30,161		$	18,699
Earnings per share, basic	$	1.62		$	1.09
Earnings per share, diluted	$	1.62		$	1.08
Weighted average number of shares, basic		18,592,171			17,230,855
Weighted average number of shares, diluted		18,634,881			17,264,890