Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005

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

	Three months ended September 30,
	2006			2005
VOYAGE REVENUES:	$	115,168		$	63,867
EXPENSES:
Commissions		4,019			2,479
Voyage expenses		17,609			11,558
Charter hire expense		6,149			6,077
Vessel operating expenses		19,815			12,483
Depreciation		16,604			9,201
Amortization of deferred dry-docking costs		1,056			1,026
Management fees		1,971			1,370
General and administrative expenses		647			845
Foreign currency losses/(gains)		37			(78	)
Amortization of deferred gain on sale of vessels		(792	)		(792	)
Gain on sale of vessels, net		(13,321	)		(21	)
Total expenses		53,794			44,148
Operating income		61,374			19,719
OTHER INCOME (EXPENSES):
Gain on sale of non-operating vessels, net		—			(57	)
Interest and finance costs, net		(18,409	)		(2,080	)
Interest income		1,648			1,811
Other, net		(119	)		(220	)
Total other income (expenses), net		(16,880	)		(546	)
Net Income	$	44,494		$	19,173
Earnings per share, basic	$	2.34		$	0.98
Earnings per share, diluted	$	2.33		$	0.98
Weighted average number of shares, basic		19,050,741			19,647,341
Weighted average number of shares, diluted		19,057,245			19,659,543

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005

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

	Nine months ended September 30,
	2006			2005
VOYAGE REVENUES:	$	316,063		$	206,196
EXPENSES:
Commissions		11,619			8,163
Voyage expenses		55,030			27,687
Charter hire expense		18,312			18,192
Vessel operating expenses		52,438			38,924
Depreciation		42,078			26,628
Amortization of deferred dry-docking costs		3,821			3,782
Management fees		5,153			4,148
General and administrative expenses		2,102			2,234
Foreign currency losses/(gains)		111			(151	)
Amortization of deferred gain on sale of vessels		(2,376	)		(2,376	)
Gain on sale of vessels, net		(13,321	)		(14,044	)
Total expenses		174,967			113,187
Operating income		141,096			93,009
OTHER INCOME (EXPENSES):
Gain on sale of non-operating vessels, net		—			10,761
Interest and finance costs, net		(27,727	)		(6,528	)
Interest income		4,518			3,694
Other, net		1,403			(15	)
Total other income (expenses), net		(21,806	)		7,912
Net Income	$	119,290		$	100,921
Earnings per share, basic	$	6.25		$	5.06
Earnings per share, diluted	$	6.25		$	5.05
Weighted average number of shares, basic		19,071,911			19,954,229
Weighted average number of shares, diluted		19,079,843			20,001,357

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2006 and DECEMBER 31, 2005

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

	September 30, 2006			December 31, 2005
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	140,395		$	145,769
Restricted cash		1,131			271
Receivables-
Trade accounts receivable, net		20,634			17,620
Insurance claims		733			652
Due from related companies		972			1,736
Advances and other		4,344			2,750
Assets held for sale		32,527
		59,210			22,758
Short-term investments		—			10,240
Inventories		9,337			5,406
Prepaid insurance and other		5,544			2,363
Financial instruments-Fair value		7,612			4,927
Total current assets		223,229			191,734
INVESTMENTS		22,033			21,881
FIXED ASSETS:
Advances for vessels under construction		269,812			150,428
Vessels		1,549,978			882,210
Accumulated depreciation		(184,721	)		(170,848	)
Vessels’ Net Book Value		1,365,257			711,362
Total fixed assets		1,635,069			861,790
DEFERRED CHARGES, net		13,059			13,769
Total assets	$	1,893,390		$	1,089,174
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	18,186		$	51,496
Accounts payable-
Trade		22,844			13,489
Due to related companies		6,829			1,385
Dividend declared		23,800			—
Other		1,088			542
		54,561			15,416
Accrued liabilities		11,367			10,139
Accrued bank interest		20,712			5,478
Unearned revenue		6,668			5,332
Deferred income, current portion		3,168			3,168
Financial instruments - Fair value		4,342			489
Total current liabilities		119,004			91,518
LONG-TERM DEBT, net of current portion		1,093,775			382,023
DEFERRED INCOME, net of current portion		6,072			8,447
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 100,000,000 shares authorized at September 30, 2006 and December 31, 2005; 19,050,871 and 19,177,195 issued and outstanding at September 30, 2006 and December 31, 2005, respectively.		19,051			19,177
Additional paid-in capital		267,576			269,237
Other comprehensive income		582			3,067
Retained earnings		387,330			315,705
Total stockholders’ equity		674,539			607,186
Total liabilities and stockholders’ equity	$	1,893,390		$	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 SEPTEMBER 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		119,290												119,290			119,290
- Exercise of stock options					5			54									59
- Repurchase and cancellation of common stock (131,200 shares)					(131	)		(1,715	)					(2,887	)		(4,733	)
- Cash dividends declared and paid ($1.10 per share)														(20,978	)		(20,978	)
- Cash dividends declared ($1.25 per share)														(23,800	)		(23,800	)
- Fair value of financial instruments		2,824									2,824						2,824
- Reclassification of gains on undesignated cash flow hedges		(5,309	)								(5,309	)					(5,309	)
Comprehensive income	$	116,805
BALANCE, September 30, 2006				$	19,051		$	267,576		$	582		$	387,330		$	674,539

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS AND THE THREE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005

(Expressed in thousands of U.S. Dollars)

	Nine months ended September 30,						Three months ended September 30,
	2006			2005			2006			2005
Cash Flows from Operating Activities:
Net income	$	119,290		$	100,921		$	44,491		$	19,173
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		42,078			26,628			16,604			9,201
Amortization of deferred dry-docking costs		3,821			3,782			1,056			1,026
Amortization of loan fees		855			451			(409	)		327
Amortization of deferred income		(2,375	)		(4,050	)		(792	)		(2,048	)
Change in fair value of interest rate swaps		(1,317	)		(1,214	)		4,916			(411	)
Change in fair value of investments		(528	)		—			(447	)		—
Payments for dry-docking		(3,529	)		(10,857	)		(2,065	)		(5,445	)
Gain on sale of vessels, net		(13,321	)		(24,805	)		(13,321	)		36
Gain on sale of investments		(495	)		—			—			—
(Increase) Decrease in:
Receivables		(3,925	)		12,449			3,396			1,223
Inventories		(3,931	)		(2,021	)		1,610			(110	)
Prepaid insurance and other		(3,181	)		(1,809	)		1,468			1,375
Increase (Decrease) in:
Accounts payable		15,345			3,687			(1,592	)		(1,219	)
Accrued liabilities		16,459			353			10,347			(1,639	)
Unearned revenue		1,336			(1,081	)		(492	)		376
Net Cash from Operating Activities		166,582			102,434			64,770			21,865
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(157,803	)		(44,621	)		9,300			(2,722	)
Vessel acquisitions and/or improvements		(706,406	)		(173,707	)		(75,946	)		(40,761	)
Investments		(4,991	)		(15,673	)		—			(620	)
Proceeds from sale of investments		16,102			—			—			—
Proceeds from sale of vessels, net		31,491			101,923			31,491			(36	)
Net Cash used in Investing Activities		(821,607	)		(132,078	)		(35,155	)		(44,139	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		874,282			255,235			30,000			166,372
Financing costs		(2,280	)		(1,546	)		(73	)		(1,078	)
Payments of long-term debt		(195,839	)		(163,943	)		(2,405	)		(132,102	)
Proceeds from exercise of stock options		59			173			12			48
(Increase)/decrease in restricted cash		(860	)		1,431			1,808			1,355
Repurchase and cancellation of common stock		(4,733	)		(28,258	)		—			(14,373	)
Cash dividend		(20,978	)		(19,160	)		—			—
Net Cash from Financing Activities		649,651			43,932			29,342			20,222
Net (decrease)/increase in cash and cash equivalents		(5,374	)		14,288			58,957			(2,052	)
Cash and cash equivalents at beginning of period		145,769			116,922			81,438			133,262
Cash and cash equivalents at end of period	$	140,395		$	131,210		$	140,395		$	131,210