million from the sale of its 1977-built bulk carrier, MV TUSA .

B&H announced the sale last week and said proceeds will go toward debt reduction, working capital, reserves for dry docking and other corporate purposes, reported Bloomberg Business News.

The company recently resumed paying dividends with a distribution of 15 cents per share on October 12, 1994.

The company will record a profit of about $950,000 on the sale of this vessel which is scheduled to close in the fourth quarter of 1994.

After the sale, B&H will operate six product tankers.