Swap Confirmation Pursuant to Landesbank ISDA



 Exhibit 4.16 
  
 Tsakos Energy Navigation Limited (TEN) 
 367 Syngrou Avenue 
 attn Mr. Paul Durham/Mr. George Saroglou 
 17564 P. Faliro 
 GREECE 
  
 Interest Rate Swap with a Chance Range 
 Our Ref: 730201-2/5-7

  
 Dear Sir/Madam 
  
 The purpose of this agreement is to confirm the terms and conditions of the Swap Transaction
entered into between us on the Trade Date specified below (the “Swap Transaction”). This agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 
  
 The definitions and provisions contained in the 1992 ISDA Definitions (as published by the
International Swap Dealers Association, Inc.) are incorporated into this Confirmation. In the event of any inconsistency between those definitions and this Confirmation, this Confirmation will govern. 
  
 This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement
dated as of 27 July 2001, as amended and supplemented from time to time (the “Agreement”) between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 
  
 The terms of the particular Swap Transaction to which this Confirmation relates are as
follows: 
  

	 Counterparty A: 
	 Tsakos Energy Navigation Ltd., Athens 


  

	 Counterparty B: 
	 Landesbank Schjeswig-Holstein Girzentrale, Kiel 


  

	 Notional Amount: 
	 USD 20,000,000.00 


  

	 Basis Rate: 
	 USD-LIBOR-BBA 


  










	 Designated Maturity: 
	 six months 


  

	 Trade Date: 
	 28 March 2003 


  

	 Effective Date: 
	 09 May 2003 


  

	 Termination Date: 
	 09 May 2008, subject to adjustment in accordance with the Modified Following Business Day Convention 


  

	 Business Days: 
	 New York and London for payments London for fixings 


  
 Chance Range Amounts  
  

	 Chance Range Rate Payer: 
	 Counterparty A 


  

	 Chance Range Rate Payer Payment Dates: 
	 09 May and 09 November of each year, commencing on 09 November 2003 and ending with the Termination Date, subject to adjustment in accordance with
the Modified Following Business Day Convention 


  

	 Chance Range Rate:  
	 From (and including) the Effective Date to (but excluding) the Termination Date, subject to adjustment in accordance with the Modified
Following Business Day Convention: 


  

	 	 Should the Basis Rate be fixed at or above 4.5000% p.a., Counterparty A shall be obliged to pay 4.5000% p.a. 


  

	 	 From (and including) the Effective Date to (but excluding) 09 May 2004, subject to adjustment in accordance with the Modified Following
Business Day Convention: 


  

	 	 Should the Basis Rate be fixed below 4.5000% p.a., Counterparty A shall be obliged to pay the Basis Rate. 


  

	 	 From (and including) 09 May 2004 (but excluding) 09 May 2005, subject to adjustment in accordance with the Modified Following Day
Convention: 


  










	 	 Should the Basis Rate be fixed below 4.50000% p.a. and above 1.7500% p.a., Counterparty A shall be obliged to pay the Basis Rate.



  

	 	 Should the Basis Rate be fixed at or below 1.7500% p.a., Counterparty A shall be obliged to pay 3.900% 


  

	 	 From (and including) 09 May 2005 (but excluding) the Termination Date, subject to adjustment in accordance with the Modified Following Day
Convention: 


  

	 	 Should the Basis Rate be fixed below 4.5000% p.a. and above 2.5000% p.a., Counterparty A shall be obliged to pay the Basis Rate.



  

	 	 Should the Basis Rate be fixed at or below 2.5000% p.a., Counterparty A shall be obliged to pay 4.5000% p.a. 


  
 Chance Range Rate 

	 Day Count Fraction: 
	 Actual/360 


  

	 Reset Dates: 
	 The first Day of each Calculation Period 


  
 Floating Amounts  
  

	 Floating Rate Payer: 
	 Counterparty B 


  

	 Floating Rate: 
	 Basis Rate 


  

	 Floating Rate Payer Payment Date: 
	 09 May and 09 November of each year, commencing on 09 November 2003 and ending with the Termination Date, subject to adjustment in accordance with
the Modified Following Business Day Convention 


  
 Floating Rate for 

	 Initial Calculation Period: 
	 to be advised 


  

	 Floating Rate Day Count fraction: 
	 Actual/360 


  

	 Spread: 
	 None 


  

	 Reset Dates: 
	 The first Day of each Calculation Period 


  










	 Other Provisions:  
	 None 


  
 Account Details:  
  

	 Payment to Tsakos, Greece: 
	 please advise 


  

	 Payments to Landesbank 
	 No. 001-1-331808 



	 Schleswig-Holstein, Kiel: 
	 JP Morgan Chase Bank, New York 


  
 Offices:  
  

	 Tsakos Energy Navigation Ltd.: 
	 Athens 


  

	 Landesbank-Schleswig-Holstein Girozentrale: 
	 Kiel 


  
 Please confirm that the foregoing correctly sets out the terms of our agreement. 
  

	 For and on behalf of 
	 For and on behalf of 


  

	 Tsakos Energy Navigation Limited (TEN), Athens 
	 Landesbank Schleswig-Holstein Girozentrale, Kiel 


  

	 /s/    NIKOLAS P. TSAKOS 
	 /s/    PETER KARNATH