Exhibit 99.2

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

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

	Three months ended September 30,
	2004			2003
REVENUES:
Revenue from vessels	$	74,889		$	55,105
Commissions		(3,052	)		(2,652	)
Revenue from vessels, net		71,838			52,453
EXPENSES:
Voyage expenses		18,642			17,036
Vessel operating expenses		12,906			12,718
Depreciation		8,920			8,771
Amortization of deferred charges		2,128			1,816
Provision for doubtful receivables		—			—
Management fees		1,440			1,155
General and administrative expenses		764			468
Operating income		27,037			10,489
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(2,475	)		(2,557	)
Interest income		136			90
Foreign currency losses		(21	)		(52	)
Share of profits of joint-venture		—			(43	)
Amortization of deferred gain on sale of vessels		792			—
Gain on sale of vessels		—			—
Other, net		—			106
Total other income (expenses), net		(1,569	)		(2,456	)
Net Income	$	25,468		$	8,033
Earnings per share, basic	$	1.26		$	0.47
Earnings per share, diluted	$	1.26		$	0.47
Weighted average number of shares, basic		20,159,789			17,179,420
Weighted average number of shares, diluted		20,189,589			17,205,637

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

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

	Nine months ended September 30,
	2004			2003
REVENUES:
Revenue from vessels	$	224,274		$	177,833
Commissions		(9,243	)		(8,179	)
Revenue from vessels, net		215,031			169,654
EXPENSES:
Voyage expenses		51,077			46,792
Vessel operating expenses		38,912			34,645
Depreciation		26,524			24,326
Amortization of deferred charges		6,915			5,849
Provision for doubtful receivables		244			—
Management fees		3,945			3,255
General and administrative expenses		2,042			1,302
Operating income		85,371			53,485
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(7,732	)		(8,835	)
Interest income		316			299
Foreign currency losses		(68	)		(258	)
Share of profits of joint-venture		—			621
Amortization of deferred gain on sale of vessels		2,376			—
Gain on sale of vessels		8,755			—
Other, net		—			(504	)
Total other income (expenses), net		3,647			(8,677	)
Net Income	$	89,018		$	44,808
Earnings per share, basic	$	4.77		$	2.61
Earnings per share, diluted	$	4.76		$	2.60
Weighted average number of shares, basic		18,653,291			17,148,401
Weighted average number of shares, diluted		18,702,704			17,205,598

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2004 and DECEMBER 31, 2003

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

	September 30, 2004			December 31, 2003
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	91,905		86,813
Receivables-
Trade accounts receivable, net		13,624		13,401
Insurance claims		2,581		2,749
Due from related companies		6,384		3,836
Advances and other		4,666		5,586
		27,255		25,572
Inventories		4,279		3,381
Prepaid insurance and other		3,107		1,205
Total current assets		126,546		116,971
FIXED ASSETS:
Advances for vessels under construction		107,658		33,420
Vessels		848,948		800,870
Accumulated depreciation		(172,206	)	(146,208	)
Vessels’ Net Book Value		676,742		654,662
Total fixed assets		784,400		688,082
DEFERRED CHARGES, net		15,704		20,454
Total assets	$	926,650		825,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	42,369		41,602
Accounts payable-
Trade		17,474		15,609
Due to related companies		195		3,326
Other		14,240		1,825
		31,909		20,760
Accrued liabilities		9,279		6,112
Accrued bank interest		2,915		2,276
Financial instruments - Fair value		1,123		5,097
Unearned revenue		3,797		3,611
Deferred income, current portion		4,005		4,005
Total current liabilities		95,397		83,463
LONG-TERM DEBT, net of current portion		355,023		411,018
DEFERRED INCOME, net of current portion		13,454		16,457
STOCKHOLDERS’ EQUITY:
Common stock, $1.00 par value; 40,000,000 shares authorized at September 30, 2004 and December 31, 2003; 20,162,006 and 17,151,623 issued and outstanding at September 30, 2004 and December 31, 2003, respectively.		20,162		17,152
Additional paid-in capital		282,251		203,631
Other comprehensive income/(loss)		(1,123	)	(1,431	)
Retained earnings		161,486		95,217
Total stockholders’ equity		462,776		314,569
Total liabilities and stockholders’ equity	$	926,650		825,507

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

FOR THE NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

(Expressed in thousands of U.S. Dollars)

	Nine months ended September 30,						Three months ended September 30,
	2004			2003			2004			2003
Cash Flows from Operating Activities:
Net income	$	89,018		$	44,808		$	25,468		$	8,033
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of vessels		(8,755	)		—			—			—
Depreciation		26,524			24,326			8,920			8,771
Amortization of deferred dry-docking costs		6,915			5,849			2,128			1,816
Amortization of loan fees		278			641			86			458
Amortization of deferred income		(3,003	)		(628	)		(1,003	)		(209	)
Change in fair value of financial instruments		(3,666	)		(3,953	)		(1,838	)		(2,812	)
Share of profits of joint venture		—			(621	)		—			43
Payments for dry-docking		(2,586	)		(13,483	)		30			(6,682	)
(Increase) Decrease in:
Receivables		(1,683	)		(4,128	)		886			(946	)
Inventories		(898	)		(1,513	)		(667	)		572
Prepayments and other		(1,902	)		(180	)		(601	)		35
Increase (Decrease) in:
Accounts payable		(2,969	)		8,490			(654	)		6,228
Accrued liabilities		3,806			4,666			442			2,781
Unearned revenue		186			1,147			1,114			(346	)
Net Cash from Operating Activities		101,265			65,421			34,311			17,742
Cash Flows from Investing Activities:
Advances for vessels under construction		(82,321	)		(32,069	)		(26,283	)		(21,064	)
Vessel acquisitions and/or improvements		(70,344	)		(179,365	)		—			(61,153	)
Payments for investment in joint venture		—			(17	)		—			—
Return of investment in joint venture		—			7,965			—			7,965
Proceeds from sale of vessels		38,907			—			—			—
Restricted cash for performance guarantee		—			3,200			—			—
Net Cash used in Investing Activities		(113,758	)		(200,286	)		(26,283	)		(74,252	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		40,000			159,910			—			51,550
Exercise of stock options		1,588			2,870			360			—
Financing costs		(187	)		(1,112	)		(18	)		(508	)
Payments of long-term debt		(95,227	)		(21,793	)		(11,005	)		(8,437	)
Repurchase and cancellation of common stock		—			(1,792	)		—			(1,146	)
Proceeds from public offering, net of related costs		80,042			—			(158	)		—
Cash dividend		(8,631	)		(3,456	)		—			—
Net Cash from/(used in) Financing Activities		17,585			134,627			(10,821	)		41,459
Net increase/(decrease) in cash and cash equivalents		5,092			(238	)		(2,794	)		(15,051	)
Cash and cash equivalents at beginning of period		86,813			39,674			94,699			54,487
Cash and cash equivalents at end of period	$	91,905		$	39,436		$	91,905		$	39,436

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2002, 2003 AND NINE MONTHS ENDED SEPTEMBER 30, 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 Income (Loss)			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 ($0.50 per share)											(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		89,018			—			—			89,018						89,018
- Issuance of common stock (net of discount)					2,875			78,143									81,018
- Expenses related to the issuance of common stock								(976	)								(976	)
- Exercise of stock options					135			1,453									1,588
- Cash dividends declared and paid ($0.50 per share)											(8,631	)					(8,631	)
- Cash dividends declared ($0.70 per share)											(14,118	)					(14,118	)
- Fair value of financial instruments		308												308			308
Comprehensive income	$	89,326
BALANCE, September 30, 2004				$	20,162			282,251			161,486			(1,123	)		462,776