Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

DECEMBER 31, 2007 and DECEMBER 31, 2006

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

	2007			2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	181,447		$	174,567
Restricted cash		6,889			4,347
Accounts receivable, net		23,411			15,425
Insurance claims		13,120			1,865
Due from related companies		972			—
Advances and other		5,359			5,480
Vessel held for sale		27,535			—
Inventories		12,099			8,431
Prepaid insurance and other		4,030			3,020
Financial instruments-Fair value		1,191			9,358
Total current assets		276,053			222,493
INVESTMENTS		1,000			14,045
FIXED ASSETS
Advances for vessels under construction		169,739			261,242
Vessels		2,127,704			1,649,928
Accumulated depreciation		(227,521	)		(191,281	)
Vessels’ Net Book Value		1,900,183			1,458,647
Total fixed assets		2,069,922			1,719,889
DEFERRED CHARGES, net		15,801			13,448
Total assets	$	2,362,776		$	1,969,875
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	44,363		$	23,117
Payables		34,871			22,255
Due to related companies		2,428			2,414
Accrued liabilities		17,275			18,218
Accrued bank interest		16,952			13,705
Unearned revenue		11,939			12,075
Deferred income, current portion		2,626			5,821
Financial instruments – Fair value		28,811			3,825
Total current liabilities		159,265			101,430
LONG-TERM DEBT, net of current portion		1,345,580			1,110,544
DEFERRED INCOME, net of current portion		—			2,626
MINORITY INTEREST		3,391			2
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 100,000,000 shares authorized; 38,059,142 and 38,079,742 issued and outstanding at December 31, 2007 and December 31, 2006, respectively		38,059			19,040
Additional paid-in capital		273,036			267,430
Accumulated other comprehensive income / (loss)		(23,775	)		4,718
Retained earnings		567,220			464,085
Total stockholders’ equity		854,540			755,273
Total liabilities and stockholders’ equity	$	2,362,776		$	1,969,875

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 AND 2005

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

	2007			2006			2005
VOYAGE REVENUES:	$	500,617		$	427,654		$	295,623
EXPENSES:
Commissions		17,976			15,441			11,604
Voyage expenses		72,075			69,065			35,970
Charter hire expense		15,330			24,461			24,317
Vessel operating expenses		108,356			76,095			52,945
Depreciation		81,567			59,058			35,697
Amortization of deferred dry-docking costs		3,217			4,857			6,583
Provision for doubtful receivables		—			—			40
Management fees		9,763			7,103			5,460
General and administrative expenses		4,382			3,510			3,631
Management incentive award		4,000			3,500			2,500
Stock compensation expense		5,670			216			—
Foreign currency losses/(gains)		691			279			(181	)
Amortization of deferred gain on sale of vessels		(3,168	)		(3,168	)		(3,168	)
Gain on sale of vessels		(68,944	)		(38,009	)		(34,540	)
Total expenses		250,915			222,408			140,858
Operating income		249,702			205,246			154,765
OTHER INCOME (EXPENSES):
Gain on sale of non-operating vessels		—			—			10,765
Gain on sale of shares in subsidiary		—			25,323			—
Interest and finance costs, net		(77,382	)		(42,486	)		(11,247	)
Interest and investment income		13,316			7,164			7,360
Other, net		924			1,159			112
Total other income (expenses), net		(63,142	)		(8,840	)		6,990
MINORITY INTEREST		(3,389	)		(2	)		—
Net Income	$	183,171		$	196,404		$	161,755
Earnings per share, basic	$	4.81		$	5.15		$	4.09
Earnings per share, diluted	$	4.79		$	5.15		$	4.09
Weighted average number of shares, basic		38,075,859			38,127,692			39,544,540
Weighted average number of shares, diluted		38,234,079			38,141,052			39,573,692

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006

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

	Three months ended December 31,
	2007			2006
VOYAGE REVENUES:	$	130,891		$	111,590
EXPENSES:
Commissions		4,686			3,822
Voyage expenses		16,530			14,035
Charter hire expense		3,507			6,149
Vessel operating expenses		31,512			23,657
Depreciation		21,601			16,980
Amortization of deferred dry-docking costs		64			1,036
Management fees		2,522			1,951
General and administrative expenses		2,009			1,409
Management incentive award		4,000			3,500
Stock compensation expense		1,747			216
Foreign currency losses		449			169
Amortization of deferred gain on sale of vessels		(792	)		(792	)
Gain on sale of vessels		(30,755	)		(24,688	)
Total expenses		57,080			47,444
Operating income		73,811			64,146
OTHER INCOME (EXPENSES):
Gain on sale of shares in subsidiary		—			25,323
Interest and finance costs, net		(23,474	)		(14,759	)
Interest and investment income		2,529			2,642
Other, net		210			(245	)
Total other income (expenses), net		(20,735	)		12,961
MINORITY INTEREST		(896	)		(2	)
Net Income	$	52,180		$	77,105
Earnings per share, basic	$	1.37		$	2.02
Earnings per share, diluted	$	1.36		$	2.02
Weighted average number of shares, basic		38,059,142			38,079,828
Weighted average number of shares, diluted		38,323,469			38,090,922

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 AND 2005

(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, 2004				$	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 (2,033,580 shares)					(1,017	)		(13,417	)					(23,322	)		(37,756	)
– Cash dividends declared and paid ($0.975 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		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		183,171												183,171			183,171
– Repurchase and cancellation of common stock (41,600 shares)					(21	)		(270	)					(1,047	)		(1,338	)
– Issuance of 21,000 shares of restricted share units					10			(10	)								—
– Cash dividends declared and paid ($1.575 per share)														(59,959	)		(59,959	)
– Two-for-one stock split					19,030									(19,030	)		—
– Fair value of financial instruments		(25,421	)								(25,421	)					(25,421	)
– Fair value of investments		953									953						953
– Reclassification upon sale of investments		(4,025	)								(4,025	)					(4,025	)
– Amortization of restricted share units								5,886									5,886
Comprehensive income	$	154,678
BALANCE, December 31, 2007				$	38,059		$	273,036		$	(23,775	)	$	567,220		$	854,540

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE YEAR AND THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006

(Expressed in thousands of U.S. Dollars)

	Year ended December 31,						Three months ended December 31,
	2007			2006			2007			2006
Cash Flows from Operating Activities:
Net income	$	183,171		$	196,404		$	52,186		$	77,114
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		81,567			59,058			21,600			16,980
Amortization of deferred dry-docking costs		3,217			4,857			64			1,036
Amortization of loan fees		921			1,495			232			640
Amortization of deferred income		(3,168	)		(3,168	)		(793	)		(793	)
Amortization of restricted share units		5,670			216			1,747			216
Change in fair value of derivative instruments		7,733			556			4,194			1,873
Change in fair value of investments		—			(4,018	)		3,072			(3,490	)
Gain on sale of vessels		(68,944	)		(38,009	)		(30,755	)		(24,688	)
Gain on sale of shares in subsidiary		—			(25,323	)		—			(25,323	)
Minority interest		3,389			2			896			2
Gain on sale of investments		(4,230	)		(561	)		(3,072	)		(66	)
Payments for dry-docking		(9,691	)		(4,903	)		(1,135	)		(1,374	)
(Increase) Decrease in:
Receivables		(20,092	)		(12	)		(7,377	)		3,913
Inventories		(3,668	)		(3,025	)		(8	)		906
Prepaid insurance and other		(1,010	)		(657	)		2,660			2,524
Increase (Decrease) in:
Accounts payable		12,630			9,253			(6,867	)		(6,092	)
Accrued liabilities		3,252			16,090			(8,778	)		(369	)
Unearned revenue		(136	)		6,743			5,523			5,407
Net Cash provided by Operating Activities		190,611			214,998			33,389			48,416
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(111,090	)		(152,767	)		(26,187	)		5,036
Vessel acquisitions and/or improvements		(421,187	)		(813,243	)		(3,371	)		(106,837	)
Investments		(1,000	)		(4,992	)		(1,000	)		(1	)
Proceeds from sale of investments		15,203			27,647			—			11,545
Proceeds from sale of shares in subsidiary		—			25,323			—			25,323
Proceeds from sale of vessels		142,433			88,706			59,603			57,215
Net Cash (used in)/provided by Investing Activities		(375,641	)		(829,326	)		29,045			(7,719	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		342,345			992,282			—			118,000
Financing costs		(533	)		(2,972	)		(12	)		(692	)
Payments of long-term debt		(86,063	)		(292,140	)		(37,050	)		(96,301	)
Proceeds from exercise of stock options		—			71			—			12
Increase in restricted cash		(2,542	)		(4,076	)		(2,361	)		(3,216	)
Repurchase and cancellation of common stock		(1,338	)		(5,261	)		—			(528	)
Cash dividend		(59,959	)		(44,778	)		(31,400	)		(23,800	)
Net Cash from/(provided by) Financing Activities		191,910			643,126			(70,823	)		(6,525	)
Net increase (decrease) in cash and cash equivalents		6,880			28,798			(8,389	)		34,172
Cash and cash equivalents at beginning of period		174,567			145,769			189,836			140,395
Cash and cash equivalents at end of period	$	181,447		$	174,567		$	181,447		$	174,567
Interest paid
Cash paid for interest, net of amounts capitalized		64,834			33,964			28,482			21,958

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

Selected Consolidated Financial and Other Data (Unaudited)

(In Thousands of U.S. Dollars, except share, per day and fleet data)

	Three months ended December 31						Year ended December 31
STATEMENT OF INCOME DATA	2007			2006			2007			2006
Voyage revenues	$	130,891		$	111,590		$	500,617		$	427,654
Commissions		4,686			3,822			17,976			15,441
Voyage expenses		16,530			14,035			72,075			69,065
Charter hire expense		3,507			6,149			15,330			24,461
Vessel operating expenses		31,512			23,657			108,356			76,095
Depreciation		21,601			16,980			81,567			59,058
Amortization of deferred drydocking costs		64			1,036			3,217			4,857
Management fees		2,522			1,951			9,763			7,103
General and administrative expenses		2,009			1,409			4,382			3,510
Management incentive award		4,000			3,500			4,000			3,500
Staff compensation expense		1,747			216			5,670			216
Foreign currency losses		449			169			691			279
Amortization of deferred gain on sale of vessels		(792	)		(792	)		(3,168	)		(3,168	)
Gain on sale of vessels, net		(30,755	)		(24,688	)		(68,944	)		(38,009	)
Total expenses		57,080			47,444			250,915			222,408
Operating income		73,811			64,146			249,702			205,246
Gain on sale of shares in subsidiary		—			25,323			—			25,323
Interest and finance costs, net		(23,474	)		(14,759	)		(77,382	)		(42,486	)
Interest and investment income		2,529			2,642			13,316			7,164
Other income/(expense)		210			(245	)		924			1,159
Total other income (expenses), net		(20,735	)		12,961			(63,142	)		(8,840	)
Minority interest		(896	)		(2	)		(3,389	)		(2	)
Net income	$	52,180		$	77,105		$	183,171		$	196,404
Earnings per share, basic	$	1.37		$	2.02		$	4.81		$	5.15
Earnings per share, diluted	$	1.36		$	2.02		$	4.79		$	5.15
Weighted average number of shares outstanding
Basic		38,059,142			38,079,828			38,075,859			38,127,692
Diluted		38,323,469			38,090,922			38,234,079			38,141,052
BALANCE SHEET DATA							December 31 2007			December 31 2006
Cash and cash equivalents								181,447			174,567
Current assets, including cash								276,053			222,493
Investments								1,000			14,045
Advances for vessels								169,739			261,242
Vessels at cost								2,127,704			1,649,928
Accumulated Depreciation								(227,521	)		(191,281	)
Vessels’ Net Book Value								1,900,183			1,458,647
Deferred charges								15,801			13,448
Total assets							$	2,362,776		$	1,969,875
Current portion of long-term debt								44,363			23,117
Current liabilities, including current portion of long-term debt								159,265			101,430
Long-term debt, net of current portion								1,345,580			1,110,544
Deferred income, net of current portion								—			2,626
Minority interest								3,391			2
Total stockholders’ equity								854,540			755,273
Total liabilities and stockholders’ equity							$	2,362,776		$	1,969,875
OTHER FINANCIAL DATA	Three months ended December 31						Year ended December 31
	2007			2006			2007			2006
Net cash from operating activities	$	33,389		$	48,416		$	190,611		$	214,998
Net cash from/(used in) investing activities	$	29,045		$	(7,719	)	$	(375,641	)	$	(829,326	)
Net cash (used in)/from financing activities	$	(70,823	)	$	(6,525	)	$	191,910		$	643,126
TCE per ship per day	$	29,935		$	29,796		$	29,421		$	30,154
Operating expenses per ship per day	$	8,542		$	7,811		$	7,669		$	6,979
Vessel overhead costs per ship per day	$	2,597		$	2,081		$	1,565		$	1,162
		11,138			9,892			9,235			8,141
FLEET DATA
Average number of vessels during period		43.0			37.0			41.7			33.8
Number of vessels at end of period		43.0			37.0			43.0			37.0
Average age of fleet at end of period		Years 5.6			5.9			5.6			5.9
Dwt at end of period (in thousands)		4,670.0			4,180.8			4,670.0			4,180.8
Time charter employment – fixed rate		Days 991			688			3,959			2,606
Time charter employment – variable rate		Days 2,062			1,535			7,205			3,848
Period employment (pool and coa) at market rates		Days 336			622			1,283			3,060
Spot voyage employment at market rates		Days 462			460			2,243			2,499
Total operating days		3,851			3,305			14,690			12,013
Total available days		3,958			3,401			15,213			12,335
Utilization		97.3	%		97.2	%		96.6	%		97.4	%

TCE represents voyage revenue less voyage expenses. Commission is not deducted.

Operating expenses per ship per day exclude the two chartered-in vessels and the vessel bare-boat chartered out.

Vessel overhead costs include Management fees, General & Administrative expenses, Staff compensation expense and Management incentive award.