Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002

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

	Three months ended September 30,
	2003			2002
REVENUES:
Revenue from vessels	$	55,105		$	30,814
Commissions		(2,652	)		(1,556	)
Revenue from vessels, net		52,453			29,258
EXPENSES:
Voyage expenses		17,036			7,841
Vessel operating expenses		12,718			8,033
Depreciation		8,771			6,397
Amortization of deferred charges		1,816			911
Management fees		1,155			831
General and administrative expenses		468			282
Operating income		10,488			4,963
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(2,557	)		(4,436	)
Interest Income		90			183
Foreign currency gains (losses)		(52	)		(54	)
Share of profits of joint-venture, net		(43	)		0
Other, net		106			0
Total other income (expenses), net		(2,456	)		(4,307	)
Net Income	$	8,032		$	656
Earnings per share, basic	$	0.47		$	0.04
Earnings per share, diluted	$	0.47		$	0.04
Weighted average number of shares, basic		17,179,420			16,947,442
Weighted average number of shares, diluted		17,205,637			16,971,139

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002

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

	Nine months ended September 30,
	2003			2002
REVENUES:
Revenue from vessels	$	177,833		$	88,860
Commissions		(8,179	)		(4,462	)
Revenue from vessels, net		169,654			84,398
EXPENSES:
Voyage expenses		46,792			21,416
Vessel operating expenses		34,645			22,467
Depreciation		24,326			17,344
Amortization of deferred charges		5,849			3,091
Management fees		3,255			2,324
General and administrative expenses		1,302			698
Operating income		53,484			17,058
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(8,835	)		(9,708	)
Interest Income		299			659
Foreign currency gains (losses)		(258	)		(49	)
Share of profits of joint-venture, net		621			0
Other, net		(504	)		0
Total other income (expenses), net		(8,678	)		(9,098	)
Net Income	$	44,806		$	7,960
Earnings per share, basic	$	2.61		$	0.52
Earnings per share, diluted	$	2.60		$	0.52
Weighted average number of shares, basic		17,148,401			15,245,193
Weighted average number of shares, diluted		17,205,598			15,268,891

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

SEPTEMBER 30, 2003 and DECEMBER 31, 2002

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

ASSETS	September 30, 2003			December 31, 2002
CURRENT ASSETS:
Cash and cash equivalents	$	39,436		$	39,674
Cash, restricted		3,800			7,000
Receivables—
Trade accounts receivable		10,029			12,244
Insurance claims		3,895			3,277
Due from related party		6,561			3,820
Advances and other		11,413			5,179
		31,898			24,520
Inventories		4,788			3,275
Prepayments and other		1,463			1,283
Total current assets		81,385			75,752
INVESTMENT		—			10,577
FIXED ASSETS:
Advances for vessels under construction		26,208			41,963
Vessels		897,641			670,452
Accumulated depreciation		(141,635	)		(117,309	)
Net Book Value		756,006			553,143
Total fixed assets		782,214			595,106
DEFERRED CHARGES, net		21,215			13,110
Total assets	$	884,814		$	694,545
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	44,543		$	30,211
Accounts payable—
Trade		23,657			17,188
Other		2,021			—
		25,678			17,188
Accrued liabilities		10,338			6,731
Accrued bank interest		2,446			1,385
Financial instruments, fair value		6,005			7,838
Unearned revenue		3,150			2,003
Deferred income, current portion		838			838
Total current liabilities		92,998			66,194
LONG-TERM DEBT, net of current portion		479,526			355,741
DEFERRED INCOME, net of current portion		4,538			5,166
CONTINGENCIES		—			—
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 40,000,000 shares authorized at September 30, 2003 and December 31, 2002; 17,169,623 and 17,022,723 issued and outstanding at September 30, 2003 and December 31, 2002, respectively.		17,170			17,023
Additional paid-in capital		203,793			202,862
Accumulated other comprehensive income/(loss)		(2,749	)		(629	)
Retained earnings		89,538			48,188
Total stockholders’ equity		307,752			267,444
Total liabilities and stockholders' equity	$	884,814		$	694,545

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

FOR THE YEARS ENDED DECEMBER 31, 2002 AND THE NINE MONTHS ENDED SEPTEMBER 30, 2003

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

	Comprehensive Income		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income / (Loss)		Total
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 (131,000 shares)	—		(173	)	(1,806	)	—		—		(1,979	)
—Cash dividends declared and paid	—		—		—		(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	44,806		—		—		44,806		—		44,806
—Repurchase and cancellation of	—
common stock (140,100 shares)			(140	)	(1,652	)	—		—		(1,792	)
—Exercise of stock options	—		287		2,583		—		—		2,870
—Cash dividends declared and paid	—		—		—		(3,456	)	—		(3,456	)
—Fair value of financial instruments	(2,120	)	—		—		—		(2,120	)	(2,120	)
Comprehensive income	$42,686
BALANCE, September 30, 2003			$17,170		$203,793		$89,538		$(2,749	)	$307,752

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

FOR THE NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002

(Expressed in thousands of U.S. Dollars)

	Nine months ended September 30,						Three months ended September 30,
	2003			2002			2003			2002
Cash Flows from Operating Activities:
Net income	$	44,806		$	7,960		$	8,032		$	656
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		24,326			17,344			8,771			6,397
Amortization of deferred dry-docking costs		5,849			3,091			1,816			911
Amortization of loan fees		641			169			458			29
Amortization of deferred income		(628	)		(628	)		(209	)		(209	)
Interest expense, net of capitalized interest		13,040			8,664			5,563			4,275
Change in fair value of interest rate swaps		(3,953	)		3,139			(2,812	)		765
Share of profits of joint-venture		(621	)		—			43			—
Payments for dry-docking		(13,483	)		(6,151	)		(6,682	)		(4,264	)
(Increase) Decrease in:
Receivables		(4,128	)		(1,273	)		(946	)		2,119
Inventories		(1,513	)		(1,414	)		572			(890	)
Prepayments and other		(180	)		(324	)		35			(612	)
Increase (Decrease) in:
Accounts payable		8,490			2,514			6,228			3,321
Accrued liabilities		3,607			(804	)		3,133			(1,067	)
Unearned revenue		1,147			(150	)		(346	)		(1,994	)
Interest paid, net of capitalized interest		(11,979	)		(9,356	)		(5,914	)		(2,917	)
Net Cash from Operating Activities		65,421			22,781			17,742			6,521
Cash Flows from Investing Activities:
Advances for vessels under construction		(32,069	)		(35,611	)		(21,064	)		10,942
Vessel acquisitions and/or improvements		(179,365	)		(136,378	)		(61,153	)		(48,622	)
Payments for investment in joint venture		(17	)		—			—			—
Return of investment in joint venture		7,965			—			7,965			—
Restricted cash for performance guarantee		3,200			815			—			—
Net Cash used in Investing Activities		(200,286	)		(171,174	)		(74,252	)		(37,680	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		159,910			94,818			51,550			32,118
Financing costs		(1,112	)		(295	)		(508	)		(140	)
Payments of long-term debt		(21,793	)		(43,002	)		(8,437	)		(1,526	)
Proceeds from public offering, net of related costs		—			100,389			—			—
Exercise of stock options		2,870			—			—			—
Cash dividend		(3,456	)		—			—
Repurchase and cancellation of common stock		(1,792	)		(1,366	)		(1,146	)		(1,366	)
Net Cash from Financing Activities		134,627			150,544			41,459			29,086
Net increase in cash and cash equivalents		(238	)		2,150			(15,051	)		(2,074	)
Cash and cash equivalents at beginning of period		39,674			33,274			54,487			37,498
Cash and cash equivalents at end of period	$	39,436		$	35,424		$	39,436		$	35,424