Norwegian ship owner, has reported improved financial results for 1993.

The shipowning and chartering company posted a $1.1 million profit for fiscal 1993, after releasing unaudited figures.

In the previous year, Bona suffered a $25.9 million loss.

In 1993, freight revenues for Bona came to a total of $54.6 million in 1993, compared to $38.7 million in 1992.

Operating profit before depreciation was $11.1 million compared to $2.7 million, and operating profit after depreciation amounted to $1.6 million, compared to a $5.7 million loss in 1992.

Freight expenses amounted to $17 million, generating a time charter profit of $37.6 million. Total assets amounted to $395 million. Total liabilities and equity amounted to $395 million. Total cash flow was $13.2 million.

According to Bona, the tanker market experienced another year of low earnings in 1993.

Bona president Mr. John Smadal said: "The Bona results, however, were better than budgeted due to an improvement for the combination carriers during the year compared to 1992, and lower than expected operating expenses.'' At December 31, 1993, Bona operated a fleet of 15 vessels, consisting of ten combination carriers, one Suezmax tanker, two Aframax tankers and two Long Range product carriers.

"The strong balance sheet gives the company financial flexibility for further expansion in the medium-sized tanker, combination carrier, and Long Range product carrier segments,'' said Mr. Smadal.

"The tanker and dry bulk markets have remained weak since late 1993, giving Bona the opportunity to invest in targeted segments in the months ahead.

"A modest upturn is expected in the tanker and dry bulk markets in the second half of 1994,'' he said.

Bona's directors do not intend to recommend a dividend for 1993.

Bona concluded a global offering in December 1993.