Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

DECEMBER 31, 2004 and DECEMBER 31, 2003

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

	December 31, 2004			December 31, 2003
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	116,922		86,813
Cash, restricted		1,453		—
Receivables-
Trade accounts receivable, net		20,206		13,401
Insurance claims		1,282		2,749
Due from related companies		5,173		3,836
Advances and other		3,828		5,586
		30,489		25,572
Inventories		4,059		3,381
Prepaid insurance and other		2,347		1,205
Total current assets		155,270		116,971
INVESTMENTS		10,000		—
FIXED ASSETS:
Advances for vessels under construction		121,260		33,420
Vessels		805,148		800,870
Accumulated depreciation		(168,874	)	(146,208	)
Vessels’ Net Book Value		636,274		654,662
Total fixed assets		757,534		688,082
DEFERRED CHARGES, net		15,184		20,454
Total assets	$	937,988		825,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	39,693		41,602
Accounts payable-
Trade		14,937		15,609
Due to related companies		2,657		3,326
Other		1,454		1,825
		19,048		20,760
Accrued liabilities		8,632		6,112
Accrued bank interest		2,653		2,276
Financial instruments - Fair value		78		5,097
Unearned revenue		6,435		3,611
Deferred income, current portion		4,005		4,005
Total current liabilities		80,544		83,463
LONG-TERM DEBT, net of current portion		325,471		411,018
DEFERRED INCOME, net of current portion		12,452		16,457
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 40,000,000 shares authorized at December 31, 2004 and December 31, 2003 ; 20,175,536 and 17,151,623 issued and outstanding at December 31, 2004 and December 31, 2003, respectively.		20,176		17,152
Additional paid-in capital		282,451		203,631
Other comprehensive income/(loss)		1,136		(1,431	)
Retained earnings		215,758		95,217
Total stockholders’ equity		519,521		314,569
Total liabilities and stockholders’ equity	$	937,988		825,507

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE YEAR ENDED DECEMBER 31, 2004 AND 2003

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

	Year ended December 31,
	2004			2003
VOYAGE REVENUES:	$	318,278		$	241,365
EXPENSES:
Commissions		13,065			11,296
Voyage expenses		42,109			48,152
Charter hire expense		24,341			13,146
Vessel operating expenses		53,900			49,949
Depreciation		35,377			32,877
Amortization of deferred charges		8,753			7,835
Provision for doubtful receivables		933			700
Management fees		5,328			4,470
General and administrative expenses		3,098			2,415
Management incentive award		2,500			0
Foreign currency losses		185			389
Amortization of deferred gain on sale of vessels		(3,167	)		(541	)
Gain on sale of vessels		(13,608	)		—
Operating income		145,463			70,677
OTHER INCOME (EXPENSES):
Gain on sale of non-operating vessels		7,757			—
Interest and finance costs, net		(10,135	)		(12,372	)
Interest income		761			387
Share of profits of joint-venture		—			602
Other, net		(556	)		(242	)
Total other income (expenses), net		(2,173	)		(11,625	)
Net Income	$	143,290		$	59,052
Earnings per share, basic	$	7.53		$	3.45
Earnings per share, diluted	$	7.51		$	3.44
Weighted average number of shares, basic		19,034,727			17,134,347
Weighted average number of shares, diluted		19,080,975			17,187,859

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003

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

	Three months ended December 31,
	2004			2003
VOYAGE REVENUES:	$	94,005		$	63,532
EXPENSES:
Commissions		3,822			3,117
Voyage expenses		9,267			9,451
Charter hire expense		6,105			5,053
Vessel operating expenses		14,988			15,304
Depreciation		8,854			8,551
Amortization of deferred charges		1,838			1,946
Provision for doubtful receivables		689			700
Management fees		1,383			1,215
General and administrative expenses		1,056			1,114
Management incentive award		2,500			—
Foreign currency losses		117			130
Amortization of deferred gain on sale of vessels		(792	)		(541	)
Gain on sale of vessels		(12,610	)		—
Operating income		56,788			17,493
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(2,404	)		(3,537	)
Interest income		445			88
Share of profits of joint-venture		—			(19	)
Other, net		(556	)		261
Total other income (expenses), net		(2,515	)		(3,207	)
Net Income	$	54,273		$	14,286
Earnings per share, basic	$	2.69		$	0.83
Earnings per share, diluted	$	2.69		$	0.83
Weighted average number of shares, basic		20,170,742			17,169,623
Weighted average number of shares, diluted		20,196,151			17,210,602

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

FOR THE YEARS ENDED DECEMBER 31, 2002, 2003 AND 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, 2002				$	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		143,290			—			—			143,290						143,290
-        Issuance of common stock (net of discount)					2,875			78,143									81,018
-        Expenses related to the issuance of common stock								(926	)								(926	)
-        Exercise of stock options					149			1,603									1,752
-        Cash dividends declared and paid ($1.20 per share)											(22,749	)					(22,749	)
-        Fair value of financial instruments		1,706												1,706			1,706
-        Reclassification of losses on undesignated cash flow hedges		861												861			861
Comprehensive income	$	145,857
BALANCE, December 31, 2004				$	20,176			282,451			215,758			1,136			519,521

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

FOR THE YEAR AND THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003

(Expressed in thousands of U.S. Dollars)

	Year ended December 31,						Three months ended December 31,
	2004			2003			2004			2003
Cash Flows from Operating Activities:
Net income	$	143,290		$	59,052		$	54,272		$	14,285
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		35,377			32,877			8,853			8,551
Amortization of deferred dry-docking costs		8,753			7,835			1,838			1,946
Amortization of loan fees		368			686			90			44
Amortization of deferred income		(4,005	)		(1,379	)		(1,002	)		(751	)
Change in fair value of financial instruments		(2,452	)		(3,543	)		1,214			(704	)
Share of profits of joint venture		—			(602	)		—			19
Payments for dry-docking		(3,632	)		(15,114	)		(1,046	)		(1,631	)
Gain on sale of vessels		(21,365	)		—			(12,610	)		—
(Increase) Decrease in:
Receivables		(4,917	)		(1,052	)		(3,234	)		2,019
Inventories		(678	)		(106	)		220			1,407
Prepayments and other		(1,142	)		78			760			258
Increase (Decrease) in:
Accounts payable		(1,712	)		3,572			1,257			(4,023	)
Accrued liabilities		2,897			272			(909	)		(3,281	)
Unearned revenue		2,824			1,608			2,638			461
Net Cash from Operating Activities		153,606			84,184			52,341			18,600
Cash Flows from Investing Activities:
Advances for vessels under construction		(95,923	)		(32,096	)		(13,602	)		(7,438	)
Vessel acquisitions and/or improvements		(70,377	)		(186,775	)		(33	)		—
Payments for investment in joint venture		—			(36	)		—			(19	)
Return of investment in joint venture					11,216			—			3,250
Cash investments		(10,000	)		—			(10,000	)
Proceeds from sale of vessels		83,637			108,854			44,730			108,854
Restricted cash		(1,453	)		7,000			—			3,800
Net Cash from/(used in) Investing Activities		(94,116	)		(91,837	)		21,094			108,447
Cash Flows from Financing Activities:
Proceeds from long-term debt		40,000			159,910			—			—
Financing costs		(1,020	)		(751	)		(833	)		363
Payments of long-term debt		(127,456	)		(93,242	)		(32,229	)		(71,449	)
Proceeds from public offering, net of related issuance costs		80,092			—			50			—
Proceeds from exercise of stock options		1,752			2,690			164			—
Cash dividend		(22,749	)		(12,023	)		(14,118	)		(8,584	)
Repurchase and cancellation of common stock		—			(1,792	)		—			—
Net Cash from/(used in) Financing Activities		(29,381	)		54,792			(46,965	)		(79,670	)
Net increase/(decrease) in cash and cash equivalents		30,109			47,139			26,470			47,377
Cash and cash equivalents at beginning of period		86,813			39,674			91,905			39,436
Cash and cash equivalents at end of period	$	116,922		$	86,813		$	118,375		$	86,813