Bermuda Container Line's first half profits.

Net earnings for the six months to June 30 were $754,196 on revenues of $10,882,995. Expenses totalled $10.1 million.

For the first six months last year, the Par-La-Ville Road firm that provides container and breakbulk service from New York declared a profit of $1,043,779 on revenues of $11,487,595, less expenses of $10.4 million.

Revenues for 1996 declined $604,500 or 5.27 percent compared to the same period in 1995.

Net earnings per share declined from 35 cents in 1995 to 26 cents for the same period this year.

BCL said in a report to shareholders: "The revenue decline was due to more difficult trading conditions in the key New York to Bermuda container market.

"The overall market was down for the period about 2.5 percent but BCL also lost market share due to competitive pressures. The loss of container volume was offset somewhat by a healthy increase in roll-on/roll-off volume.

"The Florida/Bermuda service operated by Somers Isles Shipping Ltd. (SISL) experienced a growth in container volume with non-containerised cargo volume being flat.

"There was a shift of cargo from the northern route to the southern route during the period under review. The only expense item to show significant increase over 1995 is bunker (fuel) expense due to higher average oil prices; this has impacted negatively on both the BCL and SISL services.'' BCL operates the New York to Bermuda ocean freight service that the Island is largely dependent on for imports. It also operates charter operations by the Hibiscus and is involved with the SISL joint venture.

BCL's results reflect continued weakness in the shipping sector. In August, Stevedoring Services, which operates Hamilton Docks, said its earnings dropped 27 percent to $189,109 to $514,837 in the year ending March 31.

The company blamed a fall in cargo and increases in the cost of doing business for the decline and was pessimistic about the outlook for 1997.

BUSINESS BUC