Bermuda Container Line Ltd., the operators of the Oleander, saw its net earnings rise by more than 20 percent in 2000.

The results have been inflated by a one-off payment of $756,000, which took the company's profits well above last year when net earnings reached their highest point since the record year of 1988.

Net earnings were $3,764,000, an increase of $649,000 over the 1999 figure of $3,115,000.

Operating profit for 2000 at $3,008,000 was down $107,000 from the 1999 figure of $3,115,000.

The company added: "But the 2000 net earnings were increased by a one-off item, net gain on termination of relocation activity of $756,000.'' Net earnings per share in 2000 were $1.25 compared to $1.04 in 1999.

The company said the fall in operating profit was due to a small decline in overall cargo volume with freight revenue down $356,000 to $26,824,000 for the year.

In 1999 the ocean freight service operations said it had seen a record year in cargo volume and freight revenue.

The company said the decline in cargo volume was due to a fall-off in roll on roll off cargo volume.

Net earnings rise for Container It added that fuel cost did increase dramatically during the year due to high world oil prices but this was partly offset by the introduction of a fuel surcharge part way through the year.

The company said dividends paid out in 2000 amounted to $960,000 (32 cents per share) compared to $1,440,000 (48 cents per share) in 1999; the 1999 dividends included a special 20th anniversary dividend of $600,000 (20 cents per share).

The directors said they set up a new building reserve and transferred $5,000,000 of retained earnings to this reserve in 2000. They said the purpose is to begin building up reserves in order to be able to replace the present ship in due course.

Total shareholders' equity at the end of 2000 amounted to $20,200,000; the 1999 figure was $17,397,000.

The annual general meeting of the company is scheduled to be held on Tuesday, June 26, 2001.