international ocean shipping company, BT Shipping Ltd., as the company announced re-financing of its debt.

The company published figures which showed a $1.23-million net loss for the first six months ($0.15 a share), compared with the 1994 first half loss of $2.58 million ($0.31 a share).

Net operating revenue was marginally improved at $10.54 million, while net profit before depreciation more than doubled to $1.8 million ($0.22 a share).

Chairman and chief executive, Mr. S.E.N. Pollock, said that the gradual improvement in trading conditions had continued in the first half of 1995 with earnings for the company's product tanker fleet showing an improvement in both quarters over the same periods last year.

Two vessels continued on one year time charters, with the remaining four vessels operating on the spot market or short-time charters.

Mr. Pollock expected 1995 to produce an ongoing improvement in trading conditions over the second half of the year, traditionally a period of higher demand.

Mr. Pollock stated that the company's debt, currently with a syndicate led by the Swedish bank, Skandinaviska Enskilda Banken, will be refinanced by Bank of Scotland at the end of this month.

The Bank of Scotland debt has been arranged over a five year term, with significant improvements in terms and conditions.