quarter of a million dollars for the year to December 31.

The international ocean shipping company (Nasdaq/BTBTY) owns and operates a fleet of six 70,000 dwt product tankers and one 88,000 dwt Aframax tanker.

The company declared an operating profit of $1.43 million on net operating revenue of $27.03 million, up from the year before when they had an operating profit of $1.09 million on net operating revenue of $23.07 million.

The company had a net loss of some $267,000 or three cents a share, compared to a net loss of $779,000 or nine cents a share in 1996.

These results were posted as chairman and chief executive S.E.N. Pollock noted that the spot market rates had improved in 1997 over 1996.

But he said that during the fourth quarter, a combination of high US inventories and mild winter conditions resulted in a weak market for the company's Panamax tankers.

The quarter was also affected by additional expenditure on condition enhancement of the fleet, and by loss of earnings for one vessel which dry docked and passed fourth special survey in Poland during the period.

The firm's six Panamax tankers continue to operate mainly in the Caribbean, North and South America trades while BT Stream , the Aframax tanker purchased last August, traded profitably on the North European crude oil trades.

Mr. Pollock noted that after the year end, demand for crude oil transportation favoured the larger tanker sectors, especially very large crude oil carriers (VLCC).