$1.15-million profit for the three months ending June 30, 1993.

The company transferred its business to Bermuda in October 1992 "to gain better access to the worldwide capital markets'', said newly-appointed finance director Mr. Huw Spiers.

London and Overseas Freighters PLC, now in liquidation, had been based in the UK since 1951.

The company has just converted to the international standard of financial reporting, said Mr. Spiers, publishing its results quarterly, rather than biannually.

Mr. Spiers attributed improving profits to increased freight rates on its ships, London Spirit and London Victory .

"Shipping is the perfect model of the economic theory of supply and demand,'' said Mr. Spiers. "Rates are driven down if there is an oversupply of vessels and then increased if there are insufficient vessels available.

"The improved world economy has resulted in an increased demand for oil so more oil is being shipped,'' he said.

Mr. Spiers said the company underwent a "financial reorganisation'' in 1988.

"Attempts to raise finance have met with resistance in London. The strength and capability of the company was not taken into account,'' he said.

The company acquired another ship, London Pride , on July 15 this year. A release to shareholders stated: "Future results will show the benefit of her trading, but this will be tempered by interest costs under the loans taken out to finance her construction, which have previously been capitalised.'' Vessels' operating costs, depreciation and provision for deferred repairs amounted to $2.7 million for the quarter.

According to the statement, the company's $73 million in loans have been syndicated to shipping banks by its lead bank Chase Manhattan.

London and Overseas Freighters Limited managing director and vice president is Mr. Miles Kulukundis.

The Greek Kulukundis family has well-established connections with Bermuda.

Captain Nicholas Kulukundis set up a shipping management company Marine Management Services in Bermuda in the 1960s.

Mr. Spiers was appointed finance director and Mr. Noris Jackson, who will be based in London, was appointed general manager on August 25. Both are directors of London and Overseas Freighters Limited.