company reproted yesterday.

The Bermuda-based tanker company said annual profits for the year ending March 31 doubled from $4.2 million to $8.4 million while fourth quarter profit rose 33 percent to $2.4 million from $1.8 million.

"Once again, we have to say that the assumptions and expectations on which our expansion of the last 18 months were predicated remain intact and, in our sector, have lead to improved earnings over the last year,'' said Mr. Miles Kulukundis, CEO.

Expenses for the quarter ended March 31 rose from $4.93 million to $5.1 million while annual expenses increased from $17.7 million to $19.9 million.

Revenues for the quarter were up from $7.3 million to $7.7 million while corresponding yearly figures were $25 million and $29.2 million.

Total assets at March 31 were $178.7 million compared to $179.9 million a year earlier.

"While sections of the tanker market were weak during the year, the consequent increased scrapping and the fleet's reduction have been very positive factors for future prospects,'' said Mr. Kulukundis.

"Over the coming years we expect economic activity to increase leading to an increased world oil consumption and increased OPEC oil production. Increases in OPEC oil production have historically correlated with increases in tanker demand.'' Mr. Kulukundis also said he anticipates the size of the world's tanker fleet to continue to decline at a time of increased vessel demand.

The company cited increases in charter rates on London Spirit, London Victory , and London Pride and on their Chevron time charters as a factor increasing quarterly net income.

The company also said the cost of drydocking London Spirit was less than anticipated.

But increased voyage costs due to the provision of Certificates of Financial Responsibility for the US trade and increased administrative costs were among the factors which hurt income in fourth quarter.

Fourth quarter earnings per ordinary share were $.032, equivalent to 32 cents per American Depository Share and $.113, equivalent to $1.13 ADS, compared to $.024, 24 cents per ADS, and $.102, or $1.02 ADS, for the prior periods.

The company also announced Monday a dividend of $.0025 per ordinary share, or .025 cents per ADS, to shareholders of record June 29 payable to ordinary shareholders July 20 and to ADS shareholders July 21.

London & Overseas Freighters, a London-based ship owner, charters its tankers to oil transport companies.