$3.3 million loss during fiscal 1993.

The loss had been projected to reach a level of $5 million after publication of the first half year results.

The $3.3 million loss takes into account depreciation costs of $10.636 million. For the fiscal year 1992, Benor made a $6.17 million loss.

The positive cashflow, forecasted at $6 million, was not less than $7.297 million.

Hire and operating expenses in 1993 were $11,481 and $4,825 respectively, less than predicted in the company's 1992 annual report.

During the fourth quarter, the company took over the following vessel interests: 20 percent of Loyalty , 25 percent of Venture , 50 percent of Turmoil , four percent of Confidence and 50 percent of Faith IV .

The company also purchased a vessel called Respect on December 31, 1993 and is expecting the delivery of a vessel called Leonis , of which it has 25 percent interest.

Benor Tankers has several new building projects underway. The company completed a $51 million international public offering in November which raised capital for an investment programme for acquisitions. A public offering was held in Norway and a private placement overseas.