Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2006 AND 2005

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

	Three months ended June 30,
	2006			2005
VOYAGE REVENUES:	$	105,025		$	65,455
EXPENSES:
Commissions		4,044			2,533
Voyage expenses		20,720			9,151
Charter hire expense		6,104			6,080
Vessel operating expenses		18,167			12,714
Depreciation		14,798			8,866
Amortization of deferred dry-docking costs		1,340			1,027
Management fees		1,772			1,383
General and administrative expenses		980			890
Foreign currency losses/(gains)		80			(101	)
Amortization of deferred gain on sale of vessels		(792	)		(792	)
Gain on sale of vessels, net		—			(8,820	)
Total expenses		67,213			32,931
Operating income		37,812			32,524
OTHER INCOME (EXPENSES):
Gain on sale of non-operating vessels, net		—			10,818
Interest and finance costs, net		(5,705	)		(2,862	)
Interest income		94			1,196
Other, net		824			221
Total other income (expenses), net		(4,787	)		9,373
Net Income	$	33,025		$	41,897
Earnings per share, basic	$	1.73		$	2.09
Earnings per share, diluted	$	1.73		$	2.09
Weighted average number of shares, basic		19,063,315			20,046,517
Weighted average number of shares, diluted		19,071,712			20,063,877

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005

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

	Six months ended June 30,
	2006			2005
VOYAGE REVENUES:	$	200,896		$	142,329
EXPENSES:
Commissions		7,600			5,684
Voyage expenses		37,421			16,130
Charter hire expense		12,162			12,115
Vessel operating expenses		32,623			26,440
Depreciation		25,474			17,426
Amortization of deferred dry-docking costs		2,765			2,756
Management fees		3,181			2,778
General and administrative expenses		1,455			1,389
Foreign currency losses/(gains)		74			(72	)
Amortization of deferred gain on sale of vessels		(1,584	)		(1,584	)
Gain on sale of vessels, net		—			(14,023	)
Total expenses		121,171			69,039
Operating income		79,725			73,290
OTHER INCOME (EXPENSES):
Gain on sale of non-operating vessels, net		—			10,818
Interest and finance costs, net		(9,317	)		(4,448	)
Interest income		2,869			1,883
Other, net		1,522			205
Total other income (expenses), net		(4,926	)		8,458
Net Income	$	74,799		$	81,748
Earnings per share, basic	$	3.92		$	4.06
Earnings per share, diluted	$	3.92		$	4.06
Weighted average number of shares, basic		19,082,672			20,110,217
Weighted average number of shares, diluted		19,091,243			20,128,025

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2006 and DECEMBER 31, 2005

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

	June 30, 2006			December 31, 2005
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	81,438		$	145,769
Restricted cash		2,939			271
Receivables-
Trade accounts receivable, net		21,731			17,620
Insurance claims		1,469			652
Due from related companies		1,693			1,736
Advances and other		5,186			2,750
		30,079			22,758
Short-term investments		—			10,240
Inventories		10,947			5,406
Prepaid insurance and other		7,012			2,363
Financial instruments-Fair value		10,184			4,927
Total current assets		142,599			191,734
INVESTMENTS		21,586			21,881
FIXED ASSETS:
Advances for vessels under construction		279,112			150,428
Vessels		1,551,089			882,210
Accumulated depreciation		(196,322	)		(170,848	)
Vessels’ Net Book Value		1,354,767			711,362
Total fixed assets		1,633,879			861,790
DEFERRED CHARGES, net		13,411			13,769
Total assets	$	1,811,475		$	1,089,174
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	18,186		$	51,496
Accounts payable-
Trade		24,685			13,489
Due to related companies		6,660			1,385
Dividend declared					—
Other		1,008			542
		32,353			15,416
Accrued liabilities		10,767			10,139
Accrued bank interest		10,964			5,478
Unearned revenue		7,160			5,332
Deferred income, current portion		3,168			3,168
Financial instruments - Fair value		452			489
Total current liabilities		83,050			91,518
LONG-TERM DEBT, net of current portion		1,066,181			382,023
DEFERRED INCOME, net of current portion		6,864			8,447
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 100,000,000 shares authorized at June 30, 2006 and December 31, 2005; 19,049,871and 19,177,195 issued and outstanding at June 30, 2006 and December 31, 2005, respectively.		19,050			19,177
Additional paid-in capital		267,565			269,237
Other comprehensive income		2,128			3,067
Retained earnings		366,637			315,705
Total stockholders’ equity		655,380			607,186
Total liabilities and stockholders’ equity	$	1,811,475		$	1,089,174

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE YEAR ENDED DECEMBER 31, 2005 AND FOR THE PERIOD ENDED JUNE 30, 2006

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

	Comprehensive Income (Loss)			Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Stock- Holders’ Equity
BALANCE, January 1, 2005				$	20,176		$	282,451		$	1,136		$	215,758		$	519,521
Net income		161,755												161,755			161,755
- Exercise of stock options					18			203									221
- Repurchase and cancellation of common stock (1,016,790 shares)					(1,017	)		(13,417	)					(23,322	)		(37,756	)
- Cash dividends declared and paid ($1.95 per share)														(38,486	)		(38,486	)
- Fair value of financial instruments		4,265									4,265						4,265
- Reclassification of gains on undesignated cash flow hedges		(2,334	)								(2,334	)					(2,334	)
Comprehensive income	$	163,686
BALANCE, December 31, 2005				$	19,177		$	269,237		$	3,067		$	315,705		$	607,186
Net income		74,799												74,799			74,799
- Exercise of stock options					4			43									47
- Repurchase and cancellation of common stock (131,200 shares)					(131	)		(1,715	)					(2,889	)		(4,735	)
- Cash dividends declared ($1.10 per share)														(20,978	)		(20,978	)
- Fair value of financial instruments		4,370									4,370						4,370
- Reclassification of gains on undesignated cash flow hedges		(5,309	)								(5,309	)					(5,309	)
Comprehensive income	$	73,860
BALANCE, June 30, 2006				$	19,050		$	267,565		$	2,128		$	366,637		$	655,380

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS AND THE THREE MONTHS ENDED JUNE 30, 2006 AND 2005

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30,						Three months ended June 30,
	2006			2005			2006			2005
Cash Flows from Operating Activities:
Net income	$	74,799		$	81,748		$	33,025		$	41,896
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		25,474			17,426			14,798			8,866
Amortization of deferred dry-docking costs		2,765			2,756			1,340			1,027
Amortization of loan fees		1,264			124			1,029			64
Amortization of deferred income		(1,583	)		(2,002	)		(791	)		(1,001	)
Change in fair value of interest rate swaps		(6,233	)		(803	)		(5,028	)		261
Change in fair value of investments		(81	)		—			1,175			—
Payments for dry-docking		(1,464	)		(5,412	)		(1,178	)		(3,059	)
Gain on sale of vessels, net		—			(24,841	)		—			(19,638	)
Gain on sale of investments		(495	)		—			—			—
(Increase)/Decrease in:
Receivables		(7,321	)		11,226			(707	)		3,046
Inventories		(5,541	)		(1,911	)		(2,728	)		(2,378	)
Prepaid insurance and other		(4,649	)		(3,184	)		(4,377	)		(1,979	)
Increase/(Decrease) in:
Accounts payable		16,937			4,906			13,107			5,603
Accrued liabilities		6,113			1,992			3,664			225
Unearned revenue		1,828			(1,457	)		3,117			734
Net Cash from Operating Activities		101,813			80,568			56,446			33,667
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(167,103	)		(41,899	)		(47,999	)		(22,816	)
Vessel acquisitions and/or improvements		(630,460	)		(132,946	)		(466,876	)		(114,442	)
Investments		(4,991	)		(15,052	)		(4,991	)		(10,055	)
Proceeds from sale of investments		16,102			—			—			—
Proceeds from sale of vessels, net		—			101,959			—			92,816
Net Cash used in Investing Activities		(786,452	)		(87,938	)		(519,866	)		(54,497	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		844,282			88,863			636,909			62,613
Financing costs		(2,207	)		(468	)		(1,902	)		(242	)
Payments of long-term debt		(193,434	)		(31,841	)		(143,326	)		(19,487	)
Proceeds from exercise of stock options		47			125			35			92
(Increase)/Decrease in restricted cash		(2,668	)		76			(1,633	)		(873	)
Repurchase and cancellation of common stock		(4,734	)		(13,885	)		(818	)		(13,359	)
Cash dividend		(20,978	)		(19,160	)		(20,978	)		(19,160	)
Net Cash from Financing Activities		620,308			23,710			468,287			9,584
Net (Decrease)/Increase in cash and cash equivalents		(64,331	)		16,340			4,867			(11,246	)
Cash and cash equivalents at beginning of period		145,769			116,922			76,571			144,508
Cash and cash equivalents at end of period	$	81,438		$	133,262		$	81,438		$	133,262