Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2007 and DECEMBER 31, 2006

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

	June 30, 2007			December 31, 2006
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	143,749		$	174,567
Restricted cash		6,955			4,347
Receivables-
Trade accounts receivable, net		13,407			15,425
Insurance claims		5,016			1,865
Due from related companies		1,634			—
Advances and other		8,744			5,480
Assets held for sale		57,323			—
		86,124			22,770
Inventories		12,246			8,431
Prepaid insurance and other		9,344			3,020
Financial instruments-Fair value		10,029			9,358
Total current assets		268,447			222,493
INVESTMENTS		—			14,045
FIXED ASSETS:
Advances for vessels under construction		154,580			261,242
Vessels		2,100,429			1,649,928
Accumulated depreciation		(185,614	)		(191,281	)
Vessels' Net Book Value		1,914,815			1,458,647
Total fixed assets		2,069,395			1,719,889
DEFERRED CHARGES, net		13,085			13,448
Total assets	$	2,350,927		$	1,969,875
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	73,787		$	23,117
Accounts payable-
Trade		26,512			20,211
Due to related companies		9,302			2,414
Other		501			2,044
		36,315			24,669
Accrued liabilities		28,098			18,218
Accrued bank interest		16,258			13,705
Unearned revenue		8,638			12,075
Deferred income, current portion		3,168			5,821
Financial instruments - Fair value		1,615			3,825
Total current liabilities		167,879			101,430
LONG-TERM DEBT, net of current portion		1,371,609			1,110,544
DEFERRED INCOME, net of current portion		1,042			2,626
MINORITY INTERESTS		1,660			2
STOCKHOLDERS' EQUITY:
Common stock, $ 1.00 par value; 100,000,000 shares authorized; 19,050,371 and 19,039,871 issued and outstanding at June 30, 2007 and December 31, 2006, respectively.		19,050			19,040
Additional paid-in capital		269,920			267,430
Other comprehensive income		3,251			4,718
Retained earnings		516,516			464,085
Total stockholders' equity		808,737			755,273
Total liabilities and stockholders' equity	$	2,350,927		$	1,969,875

Note: The above balance-sheet differs from the abbreviated balance-sheet as at June 30, 2007, which was included in the summary of financial data attached to the Company’s press release dated August 3, 2007 announcing the results of the second quarter 2007. The above balance-sheet includes a reclassification from Accrued liabilities to Additional paid-in capital in the Equity section to conform to financial statement presentation.

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2007 AND 2006

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

	Three months ended June 30,
	2007			2006
VOYAGE REVENUES:	$	131,847		$	105,025
EXPENSES:
Commissions		4,717			4,044
Voyage expenses		19,906			20,720
Charter hire expense		4,141			6,104
Vessel operating expenses		26,057			18,167
Depreciation		20,546			14,798
Amortization of deferred dry-docking costs		1,104			1,340
Management fees		2,485			1,772
General and administrative expenses		1,071			980
Staff compensation expense		1,321			—
Foreign currency losses/(gains)		116			80
Amortization of deferred gain on sale of vessels		(792	)		(792	)
Gain on sale of vessels, net		—			—
Total expenses		80,672			67,213
Operating income		51,175			37,812
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(14,817	)		(5,705	)
Interest income		2,277			94
Other, net		23			824
Total other income (expenses), net		(12,517	)		(4,787	)
MINORITY INTEREST		(1,139	)		—
Net Income	$	37,519		$	33,025
Earnings per share, basic	$	1.97		$	1.73
Earnings per share, diluted	$	1.96		$	1.73
Weighted average number of shares, basic		19,039,871			19,063,315
Weighted average number of shares, diluted		19,145,436			19,071,712

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006

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

	Six months ended June 30,
	2007			2006
VOYAGE REVENUES:	$	247,129		$	200,896
EXPENSES:
Commissions		8,794			7,600
Voyage expenses		34,623			37,421
Charter hire expense		8,596			12,162
Vessel operating expenses		48,766			32,623
Depreciation		38,688			25,474
Amortization of deferred dry-docking costs		1,829			2,765
Management fees		4,690			3,181
General and administrative expenses		1,886			1,455
Staff compensation expense		2,284			—
Foreign currency losses/(gains)		148			74
Amortization of deferred gain on sale of vessels		(1,584	)		(1,584	)
Gain on sale of vessels, net		(6,397	)		—
Total expenses		142,323			121,171
Operating income		104,806			79,725
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(30,352	)		(9,317	)
Interest income		8,269			2,869
Other, net		(75	)		1,522
Total other income (expenses), net		(22,158	)		(4,926	)
MINORITY INTEREST		(1,658	)		—
Net Income	$	80,990		$	74,799
Earnings per share, basic	$	4.25		$	3.92
Earnings per share, diluted	$	4.24		$	3.92
Weighted average number of shares, basic		19,039,871			19,082,672
Weighted average number of shares, diluted		19,104,780			19,091,243

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

FOR THE YEAR ENDED DECEMBER 31, 2006 AND JUNE 30, 2007

(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, 2006				$	19,177		$	269,237		$	3,067		$	315,705		$	607,186
Net income		196,404												196,404			196,404
- Exercise of stock options					6			65									71
- Repurchase and cancellation of common stock (143,200 shares)					(143	)		(1,872	)					(3,246	)		(5,261	)
- Cash dividends declared and paid ($2.35 per share)														(44,778	)		(44,778	)
- Fair value of financial instruments		3,666									3,666						3,666
- Fair value of investments		3,072									3,072						3,072
- Reclassification of gains on undesignated cash flow hedges		(5,087	)								(5,087	)					(5,087	)
Comprehensive income	$	198,055
BALANCE, December 31, 2006				$	19,040		$	267,430		$	4,718		$	464,085		$	755,273
Net income		80,990												80,990			80,990
- Cash dividends declared ($1.50 per share)														(28,559	)		(28,559	)
- Issuance of 10,500 shares of restricted share units					10			(10	)								—
- Fair value of financial instruments		1,605									1,605						1,605
- Fair value of investments		(3,072	)								(3,072	)					(3,072	)
- Amortization of restricted share units								2,500									2,500
Comprehensive income	$	79,523
BALANCE, June 30, 2007				$	19,050		$	269,920		$	3,251		$	516,516		$	808,737

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS AND THE THREE MONTHS ENDED JUNE 30, 2007 AND 2006

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30,						Three months ended June 30,
	2007			2006			2007			2006
Cash Flows from Operating Activities:
Net income	$	80,990		$	74,799		$	37,519		$	33,025
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		38,688			25,474			20,546			14,798
Amortization of deferred dry-docking costs		1,829			2,765			1,104			1,340
Amortization of loan fees		512			1,264			208			1,029
Amortization of deferred income		(1,584	)		(1,583	)		(792	)		(791	)
Amortization of restricted share units		2,500			—			2,500			—
Change in fair value of interest rate swaps		(1,276	)		(6,233	)		(3,238	)		(5,028	)
Change in fair value of investments		(3,072	)		(81	)		491			1,175
Payments for dry-docking		(2,820	)		(1,464	)		(2,374	)		(1,178	)
Gain on sale of vessels, net		(6,397	)		—			—			—
Minority Interests		1,658			—			1,139			—
Gain on sale of investments		(1,158	)		(495	)		(952	)		—
(Increase) Decrease in:								—
Receivables		(6,031	)		(7,321	)		(8,183	)		(707	)
Inventories		(3,815	)		(5,541	)		(1,814	)		(2,728	)
Prepaid insurance and other		(6,324	)		(4,649	)		(4,796	)		(4,377	)
Increase (Decrease) in:
Accounts payable		11,646			16,937			3,963			13,107
Accrued liabilities		12,434			6,113			(778	)		3,664
Unearned revenue		(3,437	)		1,828			732			3,117
Net Cash from Operating Activities		114,343			101,813			45,275			56,446
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(77,287	)		(167,103	)		(42,670	)		(47,999	)
Vessel acquisitions and/or improvements		(386,050	)		(630,460	)		(145,003	)		(466,876	)
Investments		—			(4,991	)		—			(4,991	)
Proceeds from sale of investments		15,203			16,102			10,203			—
Proceeds from sale of shares in subsidiary		—			—			—			—
Proceeds from sale of vessels		22,911			—			—			—
Net Cash used in Investing Activities		(425,223	)		(786,452	)		(177,470	)		(519,866	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		320,684			844,282			121,258			636,909
Financing costs		(506	)		(2,207	)		(124	)		(1,902	)
Payments of long-term debt		(8,949	)		(193,434	)		(6,544	)		(143,326	)
Proceeds from exercise of stock options		—			47			—			35
Increase in restricted cash		(2,608	)		(2,668	)		(4,032	)		(1,633	)
Repurchase and cancellation of common stock		—			(4,734	)		—			(818	)
Cash dividend		(28,559	)		(20,978	)		(28,559	)		(20,978	)
Net Cash from Financing Activities		280,062			620,308			81,999			468,287
Net increase (decrease) in cash and cash equivalents		(30,818	)		(64,331	)		(50,196	)		4,867
Cash and cash equivalents at beginning of period		174,567			145,769			193,945			76,571
Cash and cash equivalents at end of period	$	143,749		$	81,438		$	143,749		$	81,438
Interest paid
Cash paid for interest, net of amounts capitalized		28,272			8,061			26,434			3,334