Swap Confirmation Pursuant to RBS ISDA



 Exhibit 4.17 
  
 Financial Markets 
 280 Bishopsgate   
    London EC2M 4RB

  
 Date: 2 April 2003 
  
 Tsakos Energy Navigation Limited 
 367 Syngrou Avenue 
 Athens 
 17564 
 Attn: Dimitros Panagopoulos 
 Fax: 00 30210 9407 716 
  
 Our Reference: SPD1143 
 Re: USD21,460,000.00 Interest Rate Collar 
  
 Dear Sirs: 
  
 The purpose of this document is to set forth the terms and conditions of the Transaction entered into between The Royal Bank of Scotland plc and yourselves on the Trade
Date specified below (the “Transaction”). This document constitutes a “Confirmation” as referred to in the Agreement specified below. 
  
 The definitions and provisions contained in the 2000 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into
this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 
  
 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of 21 June 2002 as amended and supplemented from time to time
(the “Agreement”), between yourselves and The Royal Bank of Scotland plc. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 
  
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

	 Notional Amount 
	 USD21,460,000.00 


  

	 Trade Date 
	 1 April 2003 


  

	 Effective Date 
	 30 July 2003 


  

	 Termination Date 
	 30 July 2008 subject to adjustment in 


 accordance with Modified Following Business 
 Day Convention 







 Financial Markets 
 280 Bishopsgate   
    London EC2M 4RB 
  
 Floating
Amounts  
  

	 Cap Floating Rate Payer 
	 The Royal Bank of Scotland plc 


  

	 Cap Floating Rate Payer Payments 
	 Dates Every 30 January and 30 July from and including 30 January 2004 to and include the Termination Date, subject to adjustment in accordance
with the Modified Following Business Day Convention 


  

	 Cap Rate 
	 4.50 pct 


  

	 Floor Floating Rate Payer 
	 Tsakos Energy Navigation Limited 


  

	 Floor Floating Rate Payer Payment Dates 
	 Every 30 January and 30 July from and including 30 January 2005 to and including the Termination Date, subject to adjustment in accordance with
the Modified Following Business Day Convention 


  

	 Floor Floating Rate Payer initial Calculation Period 
	 The initial Calculation Period shall accrue from and including 30 July 2004 to but excluding 30 January 2005, subject to adjustment in accordance
with the Modified Following Business Day Convention 


  

	 Floor Rate 
	 (i) For the first two Calculation Periods if on any Reset Date the Floating Rate Option is set at or below 1.75 pct, the Floor Rate for that
Calculation Period only shall be equal to 4.00 pct. 


  

	 	 (ii) For the first two Calculation Periods if on any Reset Date the Floating Rate Option is set above 1.75 pct, no payment shall occur in respect
of the Floor Rate for the Calculation Period only. 


  

	 	 (iii) For the remaining Calculation Periods if on any Reset Date the Floating Rate Option is set above 2.75 pct, no payment shall occur in respect
of the Floor Rate for the Calculation Period only. 


  

	 Floating Rate Option 
	 USD-LIBOR-BBA 


  

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 Financial Markets 
 280 Bishopsgate   
    London EC2M 4RB 
  

	 Designated Maturity 
	 6 months 


  

	 Floating Rate Day Count Fraction 
	 Actual/360 


  

	 Spread 
	 None 


  

	 Reset Dates 
	 The first day of each Calculation Period 


  

	 Business Days 
	 London and New York 


  

	 Calculation Agent 
	 The Royal Bank of Scotland plc or, if different, as stated in the Agreement. 


  
 Account Details 
  

	 Payments to Cap Floating Rate Payer 
	 To be advised 


  

	 Payments to the Floor Floating Rate Payer 
	 To be advised 


  
 Offices  
  

	 The Office of the Cap Floating Rate Payer for the Transaction is 
	 London 


  

	 The Office of the Floor Floating Rate Payer for the Transaction is 
	 Athens 


  
 Each party represent to the other party on the trade date of this Transaction that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary for this Transaction):- 
  
 (a) Non-Reliance. It is
acting for its own account, and it has made its own independent decisions to enter into this Transaction and as to whether this Transaction is appropriate or proper for it based upon its own judgement and upon advice from such advisers as it has
deemed necessary. It is not relying, and has not relied, on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into this Transaction; it being understood that information and explanation
related to the terms and condition of this Transaction shall not be considered investment advice or a recommendation to enter into this Transaction, no communication (written or oral) received from the other party shall be deemed to be an assurance
or guarantee as to the expected results of this Transaction. 
  
 (b) Assessment
and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of this Transaction. It is also capable of
assuming, and assumes, the risks of this Transaction. 
  

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 Financial Markets 
 280 Bishopsgate   
    London EC2M 4RB 
  
 (c) Status
of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of this Transaction. 
  
 The Royal Bank of Scotland plc a member of the London Stock Exchange and regulated by Financial Services Authority. 
  
 This Confirmation is in final form and supersedes all previous Confirmations and
communications in respect of this Transaction. No hard copy will follow. 
  
 In
the event that you disagree with any part of this Confirmation please telephone the send so that the discrepancy may be quickly resolved. Please note that our telephone conversations with you may be recorded. 
  
 Alternatively you may send an e-mail to confirmations@bros.com. 
  
 We are pleased to have completed this Transaction and look forward to dealing with you again
in the near future. 
  
 Please confirm that the foregoing correctly sets forth the
terms of our agreement by a return document to The Royal Bank of Scotland plc substantially to the following effect: 
  
 “Re USD21,460,000.00 Interest Rate Collar Our ref: SPD1143 
  
 We acknowledge receipt of your document dated 2 April 2003 with respect to the abovereferenced Transaction between The Royal Bank of Scotland plc and Tsakos Energy
Navigation Limited with an Effective Date of 30 July 2003 and a Termination Date of 30 July 2008 and confirm that such document correctly sets forth the terms of our agreement relating to the Transaction described therein. Yours faithfully, Tsakos
Energy Navigation Limited by [specify name and title of authorised officer].” 
  

	 Confirmed as of the date first written
	 	 	 	 Yours Sincerely

			
	 /s/    ALEXIA KLEONAKOS
	 	 	 	/s/    LAMBROS VARNAVIDES
				
	Name:	 	 	 	 	 	Name:
	Title:	 	 	 	 	 	Title:  Authorized Signatory
	Tsakos Energy Navigation Limited	 	 	 	The Royal Bank of Scotland plc
	Athens	 	 	 	London

  

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