Net earnings of more than $3 million in the first nine months of 2006 have given an added glow to Bermuda Container Line Ltd., operators of the container ship.

The 30 percent jump in net earnings over the same period the previous year is the result of greater cargo shipments and a more aggressive company investment portfolio as it saves for an eventual replacement ship to the , a purchase likely to be five to 10 years down the road.

In the nine months ending in September 2006, BCL posted net earnings of $3,221,000, which is $753,000 higher than the comparable period in 2005.

Explaining the improvement, company president Geoffrey Frith said: ?There are two elements. One had been the growth in earnings. We have had increases in cargo volume from New York to Bermuda.?

The reason for this is the continuing growth in the Bermuda economy and particularly the demand for cargo shipments to satisfy the construction sector. The forecast is for that strong demand to continue for the next few years, although Mr. Frith is aware of concerns about a possible slowdown being caused by delays in the planning and building permit process, as reported in yesterday?s business pages.

The most significant contributor to BCL?s improved financial status is the returns it has seen on its investments, which are crucial to its long-term saving plan to afford a replacement to the .

?We are putting a lot of money into investments for a new ship and we have taken a more aggressive investment policy,? said Mr. Frith.

BCL directors have declared two dividends; a special 2006 year-end dividend of 50 cents per share and a first quarter 2007 dividend of 13 cents per share. Both dividends are to be paid on February 9 to shareholders of record as at February 2.