Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2008 and DECEMBER 31, 2007

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

	June 30, 2008			December 31, 2007
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	304,296		$	181,447
Restricted cash		6,704			6,889
Accounts receivable, net		18,776			23,411
Insurance claims		11,307			13,120
Due from related companies		—			972
Advances and other		9,026			5,359
Vessel held for sale		—			27,535
Inventories		15,804			12,099
Prepaid insurance and other		9,942			4,030
Financial instruments—Fair value		—			1,191
Total current assets		375,855			276,053
INVESTMENTS		1,000			1,000
FIXED ASSETS:
Advances for vessels under construction		80,837			169,739
Vessels		2,246,908			2,127,704
Accumulated depreciation		(268,871	)		(227,521	)
Vessels’ Net Book Value		1,978,037			1,900,183
Total fixed assets		2,058,874			2,069,922
DEFERRED CHARGES, net		17,274			15,801
Total assets	$	2,453,003		$	2,362,776
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	59,885		$	44,363
Payables		35,108			34,871
Due to related companies		7,382			2,428
Accrued liabilities		17,705			17,275
Accrued bank interest		11,608			16,952
Unearned revenue		7,710			11,939
Deferred income		1,042			2,626
Financial instruments—Fair value		33,241			28,811
Total current liabilities		173,681			159,265
LONG-TERM DEBT, net of current portion		1,332,778			1,345,580
MINORITY INTERESTS		2,922			3,391
STOCKHOLDERS’ EQUITY:
Common stock, $1.00 par value; 100,000,000 shares authorized; 37,671,392 and 38,059,142 issued and outstanding at June 30, 2008 and December 31, 2007, respectively.		37,671			38,059
Additional paid-in capital		273,695			273,036
Accumulated other comprehensive loss		(25,947	)		(23,775	)
Retained earnings		658,203			567,220
Total stockholders’ equity		943,622			854,540
Total liabilities and stockholders’ equity	$	2,453,003		$	2,362,776

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2008 AND 2007

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

	Three months ended June 30,
	2008			2007
VOYAGE REVENUES:	$	171,409		$	131,847
EXPENSES:
Commissions		6,506			4,717
Voyage expenses		18,262			19,906
Charter hire expense		4,141			4,141
Vessel operating expenses		37,036			26,057
Depreciation		21,023			20,546
Amortization of deferred dry-docking costs		1,005			1,104
Management fees		2,988			2,485
General and administrative expenses		1,113			1,071
Stock compensation expense		1,745			1,321
Foreign currency losses		318			116
Amortization of deferred gain on sale of vessels		(792	)		(792	)
Total expenses		93,345			80,672
Operating income		78,064			51,175
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(10,906	)		(14,817	)
Interest and investment income		1,823			2,277
Other, net		(48	)		23
Total other income (expenses), net		(9,131	)		(12,517	)
MINORITY INTEREST		273			(1,139	)
Net Income	$	69,206		$	37,519
Earnings per share, basic	$	1.84		$	0.99
Earnings per share, diluted	$	1.82		$	0.98
Weighted average number of shares, basic		37,686,262			38,079,742
Weighted average number of shares, diluted		38,018,386			38,290,872

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007

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

	Six months ended
	June 30,
	2008			2007
VOYAGE REVENUES:	$	308,153		$	247,129
EXPENSES:
Commissions		11,016			8,794
Voyage expenses		34,824			34,623
Charter hire expense		8,281			8,596
Vessel operating expenses		69,829			48,766
Depreciation		41,350			38,688
Amortization of deferred dry-docking costs		2,662			1,829
Management fees		5,900			4,690
General and administrative expenses		2,105			1,886
Stock compensation expense		3,089			2,284
Foreign currency losses		749			148
Amortization of deferred gain on sale of vessels		(1,584	)		(1,584	)
Gain on sale of vessels		(34,565	)		(6,397	)
Total expenses		143,656			142,323
Operating income		164,497			104,806
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(34,744	)		(30,352	)
Interest and investment income		4,012			8,269
Other, net		101			(75	)
Total other income (expenses), net		(30,631	)		(22,158	)
MINORITY INTEREST		469			(1,658	)
Net Income	$	134,335		$	80,990
Earnings per share, basic	$	3.55		$	2.13
Earnings per share, diluted	$	3.52		$	2.12
Weighted average number of shares, basic		37,808,488			38,079,742
Weighted average number of shares, diluted		38,120,119			38,209,560

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND YEARS ENDED DECEMBER 31, 2007 AND 2006

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

	Comprehensive Income (Loss)			Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Stock- Holders’ Equity
BALANCE, December 31, 2005				$	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 (286,400 shares)					(143	)		(1,872	)					(3,246	)		(5,261	)
– Cash dividends declared and paid ($1.175 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
– Issuance of 21,000 shares of restricted share units					10			(10	)								—
– Cash dividends declared and paid ($0.75 per share)														(28,559	)		(28,559	)
– Fair value of financial instruments		1,605									1,605						1,605
– Fair value of investments		953									953						953
– Reclassification upon sale of investments		(4,025	)								(4,025	)					(4,025	)
– 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
Net income		102,181												102,181			102,181
– Repurchase and cancellation of common stock (41,600 shares)					(21	)		(270	)					(1,047	)		(1,338	)
– Cash dividends declared and paid ($0.825 per share)														(31,400	)		(31,400	)
– Two-for-one stock split					19,030									(19,030	)		—
– Fair value of financial instruments		(27,026	)								(27,026	)					(27,026	)
– Amortization of restricted share units								3,386									3,386
Comprehensive income	$	75,155
BALANCE, December 31, 2007				$	38,059		$	273,036		$	(23,775	)	$	567,220		$	854,540
Net income		134,335												134,335			134,335
– Repurchase and cancellation of common stock (392,400 shares)					(393	)		(2,425	)					(9,416	)		(12,234	)
– Issuance of 4,650 shares of restricted share units					5			(5	)								—
– Cash dividends declared and paid ($0.90 per share)														(33,936	)		(33,936	)
– Fair value of financial instruments		(2,172	)								(2,172	)					(2,172	)
– Amortization of restricted share units								3,089									3,089
Comprehensive income	$	132,163
BALANCE, June 30, 2008				$	37,671		$	273,695		$	(25,947	)	$	658,203		$	943,622

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS AND THREE MONTHS ENDED JUNE 30, 2008 AND 2007

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30,						Three months ended June 30,
	2008			2007			2008			2007
Cash Flows from Operating Activities:
Net income	$	134,335		$	80,990		$	69,206		$	37,519
Adjustments to reconcile net income to net cash provided by operating activities:								—
Depreciation		41,350			38,688			21,023			20,546
Amortization of deferred dry-docking costs		2,662			1,829			1,005			1,104
Amortization of loan fees		475			512			236			208
Amortization of deferred income		(1,584	)		(1,584	)		(792	)		(792	)
Amortization of restricted share units		3,089			2,500			1,745			2,500
Change in fair value of interest rate swaps		3,449			(1,276	)		(3,159	)		(3,238	)
Change in fair value of investments		—			(3,072	)		—			491
Gain on sale of vessels		(34,565	)		(6,397	)		—			—
Minority interest		(469	)		1,658			(273	)		1,139
Gain on sale of investments		—			(1,158	)		—			(952	)
Payments for dry-docking		(4,443	)		(2,820	)		(2,302	)		(2,374	)
(Increase) Decrease in:
Receivables		3,753			(6,031	)		(5,242	)		(8,183	)
Inventories		(3,705	)		(3,815	)		(4,441	)		(1,814	)
Prepaid insurance and other		(5,912	)		(6,324	)		(4,416	)		(4,796	)
Increase (Decrease) in:
Payables		5,191			11,646			5,173			3,963
Accrued liabilities		(4,914	)		12,434			(9,080	)		(778	)
Unearned revenue		(4,229	)		(3,437	)		(3,084	)		732
Net Cash provided by Operating Activities		134,483			114,343			65,599			45,275
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(2,860	)		(77,287	)		(1,569	)		(42,670	)
Vessel acquisitions and/or improvements		(27,442	)		(386,050	)		(1,422	)		(145,003	)
Proceeds from sale of investments		—			15,203			—			10,203
Proceeds from sale of vessels		62,100			22,911			—			—
Net Cash (used in)/provided by Investing Activities		31,798			(425,223	)		(2,991	)		(177,470	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		24,296			320,684			—			121,258
Financing costs		(167	)		(506	)		(4	)		(124	)
Payments of long-term debt		(21,576	)		(8,949	)		(10,636	)		(6,544	)
Increase in restricted cash		185			(2,608	)		(1,865	)		(4,032	)
Repurchase and cancellation of common stock		(12,234	)		—			(3,973	)		—
Cash dividend		(33,936	)		(28,559	)		(33,936	)		(28,559	)
Net Cash (used in)/provided by Financing Activities		(43,432	)		280,062			(50,414	)		81,999
Net increase (decrease) in cash and cash equivalents		122,849			(30,818	)		12,194			(50,196	)
Cash and cash equivalents at beginning of period		181,447			174,567			292,102			193,945
Cash and cash equivalents at end of period	$	304,296		$	143,749		$	304,296		$	143,749
Interest paid
Cash paid for interest, net of amounts capitalized		35,854			28,272			21,617			26,434

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