turnaround.

For the first half of 1996 the company had a net surplus of $835,000, after minorities, compared to a $1.9 million loss for the first six months a year earlier.

Operations results were neutral and there was a one-time gain of $801,000 from a first quarter interest rate swap, Benor chairman Harry Rutten said.

The latest figure was achieved after depreciation and future dockings charges of $15.1 million and $4.4 million respectively, Lloyd's List said.

Cash flow rose over 130 percent to $15 million after minorities.

The company, which operates 22 tankers, is forecasting full year profit will be around $1 million after $30 million depreciation.

Last year, the company lost $2.3 million.

Overall average net time charter equivalent per calender day rose in second quarter to $14,449 from $14,281 in first quarter.