Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2006 and DECEMBER 31, 2005

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

	March 31, 2006			December 31, 2005
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	76,571		$	145,769
Restricted cash		1,306			271
Receivables-
Trade accounts receivable, net		19,731			17,620
Insurance claims		1,728			652
Due from related companies		2,189			1,736
Advances and other		5,724			2,750
		29,372			22,758
Short-term investments		—			10,240
Inventories		8,219			5,406
Prepaid insurance and other		2,635			2,363
Financial instruments-Fair value		7,983			4,927
Total current assets		126,086			191,734
INVESTMENTS		17,770			21,881
FIXED ASSETS:
Advances for vessels under construction		234,656			150,428
Vessels		1,080,670			882,210
Accumulated depreciation		(181,524	)		(170,848	)
Vessels’ Net Book Value		899,146			711,362
Total fixed assets		1,133,802			861,790
DEFERRED CHARGES, net		12,699			13,769
Total assets	$	1,290,357		$	1,089,174
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	58,575		$	51,496
Accounts payable-
Trade		18,106			13,489
Due to related companies		1,131			1,385
Dividend declared		20,978			—
Other		9			542
		40,224			15,416
Accrued liabilities		13,135			10,139
Accrued bank interest		4,931			5,478
Unearned revenue		4,043			5,332
Deferred income, current portion		3,168			3,168
Financial instruments - Fair value		—			489
Total current liabilities		124,076			91,518
LONG-TERM DEBT, net of current portion		532,209			382,023
DEFERRED INCOME, net of current portion		7,655			8,447
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 100,000,000 shares authorized at March 31, 2006 and December 31, 2005; 19,069,695 and 19,177,195 issued and outstanding at March 31, 2006 and December 31, 2005, respectively.		19,070			19,177
Additional paid-in capital		267,833			269,237
Other comprehensive income		5,407			3,067
Retained earnings		334,107			315,705
Total stockholders’ equity		626,417			607,186
Total liabilities and stockholders’ equity	$	1,290,357		$	1,089,174

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

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

	Three months ended March 31,
	2006			2005
VOYAGE REVENUES:	$	95,870		$	76,874
EXPENSES:
Commissions		3,555			3,151
Voyage expenses		16,701			6,978
Charter hire expense		6,058			6,035
Vessel operating expenses		14,457			13,726
Depreciation		10,677			8,560
Amortization of deferred dry-docking costs		1,425			1,730
Management fees		1,409			1,395
General and administrative expenses		475			499
Foreign currency (gains)/losses		(7	)		29
Amortization of deferred gain on sale of vessels		(792	)		(792	)
Gain on sale of vessels, net		—			(5,203	)
Total expenses		53,958			36,108
Operating income		41,912			40,766
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(3,612	)		(1,586	)
Interest income		2,775			687
Other, net		698			(16	)
Total other income (expenses), net		(139	)		(915	)
Net Income	$	41,773		$	39,851
Earnings per share, basic	$	2.19		$	1.98
Earnings per share, diluted	$	2.19		$	1.97
Weighted average number of shares, basic		19,102,245			20,174,624
Weighted average number of shares, diluted		19,110,939			20,194,589

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE YEAR ENDED DECEMBER 31, 2005 AND FOR THE PERIOD ENDED MARCH 31, 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		41,773												41,773			41,773
- Exercise of stock options					1			11									12
- Repurchase and cancellation of common stock (108,500 shares)					(108	)		(1,415	)					(2,393	)		(3,916	)
- Cash dividends declared ($1.10 per share)														(20,978	)		(20,978	)
- Fair value of financial instruments		3,775									3,775						3,775
- Reclassification of gains on undesignated cash flow hedges		(1,435	)								(1,435	)					(1,435	)
Comprehensive income	$	44,113
BALANCE, March 31, 2006				$	19,070		$	267,833		$	5,407		$	334,107		$	626,417

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

(Expressed in thousands of U.S. Dollars)

	Three months ended March 31,
	2006			2005
Cash Flows from Operating Activities:
Net income	$	41,773		$	39,851
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		10,677			8,560
Amortization of deferred dry-docking costs		1,425			1,730
Amortization of loan fees		235			59
Amortization of deferred income		(792	)		(1,001	)
Change in fair value of interest rate swaps		(1,205	)		(1,064	)
Change in fair value of investments		(1,256	)
Payments for dry-docking		(286	)		(2,352	)
Gain on sale of vessels, net		—			(5,203	)
Gain on sale of investments		(495	)
(Increase) Decrease in:
Receivables		(6,614	)		8,180
Inventories		(2,813	)		467
Prepaid insurance and other		(272	)		(1,205	)
Increase (Decrease) in:
Accounts payable		3,830			(697	)
Accrued liabilities		2,449			1,766
Unearned revenue		(1,289	)		(2,191	)
Net Cash from Operating Activities		45,367			46,900
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(119,104	)		(19,083	)
Vessel acquisitions and/or improvements		(163,584	)		(18,504	)
Proceeds from sale of investments		16,102			(4,998	)
Proceeds from sale of vessels, net		—			9,144
Net Cash used in Investing Activities		(266,586	)		(33,441	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		207,373			26,250
Financing costs		(305	)		(225	)
Payments of long-term debt		(50,108	)		(12,354	)
Proceeds from exercise of stock options		12			33
(Increase)/decrease in restricted cash		(1,035	)		949
Repurchase and cancellation of common stock		(3,916	)		(526	)
Net Cash from Financing Activities		152,021			14,127
Net (decrease)/increase in cash and cash equivalents		(69,198	)		27,586
Cash and cash equivalents at beginning of period		145,769			116,922
Cash and cash equivalents at end of period	$	76,571		$	144,508