Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2008 and DECEMBER 31, 2007

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

	September 30,			December 31,
	2008			2007
ASSETS	(Unaudited)			(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	368,328		$	181,447
Restricted cash		4,828			6,889
Accounts receivable, net		17,256			23,411
Insurance claims		10,200			13,120
Due from related companies		1,429			972
Advances and other		11,075			5,359
Vessel held for sale		—			27,535
Inventories		16,627			12,099
Prepaid insurance and other		6,591			4,030
Financial instruments-Fair value		—			1,191
Total current assets		436,334			276,053
INVESTMENTS		1,000			1,000
FIXED ASSETS:
Advances for vessels under construction		96,338			169,739
Vessels		2,247,098			2,127,704
Accumulated depreciation		(290,127	)		(227,521	)
Vessels’ Net Book Value		1,956,971			1,900,183
Total fixed assets		2,053,309			2,069,922
DEFERRED CHARGES, net		18,224			15,801
Total assets	$	2,508,867		$	2,362,776
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	67,935		$	44,363
Payables		32,100			34,871
Due to related companies		2,166			2,428
Dividend declared		33,290			—
Accrued liabilities		23,295			17,275
Accrued bank interest		12,935			16,952
Unearned revenue		16,553			11,939
Deferred income		—			2,626
Financial instruments – Fair value		38,097			28,811
Total current liabilities		226,371			159,265
LONG-TERM DEBT, net of current portion		1,341,517			1,345,580
MINORITY INTERESTS		3,692			3,391
STOCKHOLDERS’ EQUITY:
Common stock, $ 1.00 par value; 100,000,000 shares authorized; 37,671,392 issued at September 30, 2008 and 38,059,142 issued and outstanding at December 31, 2007.		37,671			38,059
Additional paid-in capital		274,852			273,036
Retained earnings		665,897			567,220
		978,420			878,315
Cost of treasury stock (352,900 shares)		11,116			—
		967,304			878,315
Accumulated other comprehensive loss		(30,017	)		(23,775	)
Total stockholders’ equity		937,287			854,540
Total liabilities and stockholders’ equity	$	2,508,867		$	2,362,776

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

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

	Three months ended September 30
	2008			2007
VOYAGE REVENUES:	$	158,834		$	122,546
EXPENSES:
Commissions		6,045			4,444
Voyage expenses		28,435			20,933
Charter hire expense		4,186			3,227
Vessel operating expenses		34,941			28,064
Depreciation		21,256			21,279
Amortization of deferred dry-docking costs		1,165			1,324
Management fees		2,988			2,551
General and administrative expenses		1,053			488
Stock compensation expense		1,157			1,639
Foreign currency losses		(158	)		102
Amortization of deferred gain on sale of vessels		950			(792	)
Gain on sale of vessels		—			(31,792	)
Total expenses		102,018			51,467
Operating income		56,816			71,079
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(17,185	)		(23,556	)
Interest and investment income		2,108			2,518
Other, net		15			789
Total other income (expenses), net		(15,062	)		(20,249	)
MINORITY INTEREST		(771	)		(835	)
Net Income	$	40,983		$	49,995
Earnings per share, basic	$	1.09		$	1.31
Earnings per share, diluted	$	1.08		$	1.31
Weighted average number of shares, basic		37,616,515			38,084,938
Weighted average number of shares, diluted		38,026,595			38,300,858

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

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

	Nine months ended September 30
	2008			2007
VOYAGE REVENUES:	$	466,987		$	369,676
EXPENSES:
Commissions		17,061			13,239
Voyage expenses		63,258			55,544
Charter hire expense		12,467			11,823
Vessel operating expenses		104,772			76,844
Depreciation		62,606			59,967
Amortization of deferred dry-docking costs		3,827			3,153
Management fees		8,888			7,240
General and administrative expenses		3,158			2,374
Stock compensation expense		4,246			3,923
Foreign currency losses		592			249
Amortization of deferred gain on sale of vessels		(634	)		(2,376	)
Gain on sale of vessels		(34,565	)		(38,189	)
Total expenses		245,676			193,791
Operating income		221,311			175,885
OTHER INCOME (EXPENSES):
Interest and finance costs, net		(51,929	)		(53,908	)
Interest and investment income		6,120			10,787
Other, net		116			714
Total other income (expenses), net		(45,693	)		(42,407	)
MINORITY INTEREST		(301	)		(2,493	)
Net Income	$	175,317		$	130,985
Earnings per share, basic	$	4.64		$	3.44
Earnings per share, diluted	$	4.60		$	3.43
Weighted average number of shares, basic		37,744,030			38,081,492
Weighted average number of shares, diluted		38,143,274			38,197,906

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE PERIODS ENDED SEPTEMBER 30, 2008 AND 2007

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

	Comprehensive Income (Loss)			Common Stock			Additional Paid-in Capital			Treasury Stock				Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Stock- Holders’ Equity
										Shares	Amount
BALANCE, January 1, 2007				$	19,040		$	267,430						$	4,718		$	464,085		$	755,273
Net income		130,985																130,985			130,985
- 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 ($0.825 per share)																		(31,399	)		(31,399	)
- Cash dividends declared and paid ($0.75 per share)																		(28,559	)		(28,559	)
- Fair value of financial instruments		(11,679	)												(11,679	)					(11,679	)
- Fair value of investments		953													953						953
- Reclassification upon sale of investments		(4,025	)												(4,025	)					(4,025	)
- Amortization of restricted share units								4,140													4,140
Comprehensive income	$	116,234
BALANCE, September 30, 2007				$	19,029		$	271,290						$	(10,033	)	$	534,065		$	814,351
BALANCE, January 1, 2008				$	38,059		$	273,036						$	(23,775	)	$	567,220		$	854,540
Net income		175,317																175,317			175,317
- Repurchase and cancellation of common stock (392,400 shares)					(393	)		(2,425	)									(9,414	)		(12,232	)
- Purchases of Treasury stock (352,900 shares)										353		(11,116	)								(11,116	)
- Issuance of 4,650 shares of restricted share units					5			(5	)												—
- Cash dividends declared and paid ($0.90 per share)																		(33,936	)		(33,936	)
- Cash dividends declared ($0.90 per share)																		(33,290	)		(33,290	)
- Fair value of financial instruments		(6,242	)												(6,242	)					(6,242	)
- Amortization of restricted share units								4,246													4,246
Comprehensive income	$	169,075
BALANCE, September 30, 2008				$	37,671		$	274,852		353	$	(11,116	)	$	(30,017	)	$	665,897		$	937,287

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

(Expressed in thousands of U.S. Dollars)

	Nine months ended September 30,						Three months ended September 30,
	2008			2007			2008			2007
Cash Flows from Operating Activities:
Net income	$	175,317		$	130,985		$	40,983		$	49,995
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		62,606			59,967			21,256			21,279
Amortization of deferred dry-docking costs		3,827			3,153			1,165			1,324
Amortization of loan fees		676			689			200			177
Amortization of deferred income		(634	)		(2,375	)		950			(791	)
Amortization of restricted share units		4,246			3,923			1,157			1,423
Change in fair value of interest rate swaps		4,235			3,539			786			4,815
Change in fair value of investments		—			(3,072	)		—			—
Gain on sale of vessels		(34,565	)		(38,189	)		—			(31,792	)
Minority interest		301			2,493			771			835
Gain on sale of investments		—			(1,158	)		—			—
Payments for dry-docking		(6,759	)		(8,556	)		(2,317	)		(5,736	)
(Increase) Decrease in:
Receivables		2,902			(12,715	)		(851	)		(6,684	)
Inventories		(4,528	)		(3,660	)		(823	)		155
Prepaid insurance and other		(2,561	)		(3,670	)		3,353			2,654
Increase (Decrease) in:
Payables		(3,033	)		19,497			(8,224	)		7,851
Accrued liabilities		2,003			12,030			6,917			(404	)
Unearned revenue		4,614			(5,659	)		8,843			(2,222	)
Net Cash provided by Operating Activities		208,647			157,222			74,166			42,879
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(20,353	)		(84,903	)		(17,493	)		(7,616	)
Vessel acquisitions and/or improvements		(27,632	)		(417,816	)		(190	)		(31,766	)
Proceeds from sale of investments		—			15,203			—			—
Proceeds from sale of vessels		62,100			82,830			—			59,919
Net Cash provided by/(used in) Investing Activities		14,115			(404,686	)		(17,683	)		20,537
Cash Flows from Financing Activities:
Proceeds from long-term debt		52,025			342,345			27,729			21,661
Financing costs		(167	)		(521	)		—			(15	)
Payments of long-term debt		(32,516	)		(49,013	)		(10,940	)		(40,064	)
Increase/(decrease) in restricted cash		2,061			(181	)		1,876			2,427
Repurchase and cancellation of common stock		(12,232	)		(1,338	)		—			(1,338	)
Purchase of treasury stock		(11,116	)					(11,116	)		—
Cash dividend		(33,936	)		(28,559	)		—			—
Net Cash (used in)/provided by Financing Activities		(35,881	)		262,733			7,549			(17,329	)
Net increase in cash and cash equivalents		186,881			15,269			64,032			46,087
Cash and cash equivalents at beginning of period		181,447			174,567			304,296			143,749
Cash and cash equivalents at end of period	$	368,328		$	189,836		$	368,328		$	189,836