An aggressive shareholding in Baltic ferry line Neptun Maritime has paid off for Bermuda-registered Sea Containers Limited: the company has announced a 24 per cent increase in its third quarter net income over 1998.

Sea Containers president James Sherwood also said operating income for the company's passenger transport division increased 35 per cent over the year earlier period, to $37.2 million. Ferries, particularly Sea Containers' 50 per cent shareholding in Neptun, provided much of the boost.

The significant rise in third quarter net income hiked the company's earnings to $25.8. Another 24 per cent upswing sent Sea Containers' diluted earnings per common share up to $1.39, and revenue was reported up 15 per cent to $382 million.

Aside from the marine container leasing for which it is named, Sea Containers operates hotels and passenger transport such as rail and ferries. It has announced plans to introduce a wholly-owned subsidiary in Bermuda with a new name that will connote its interests in leisure and transportation.

The company's leisure division also showed a healthy third quarter: Mr.

Sherwood announced a 52 per cent increase in that sector, with a drop in train and cruise revenue compensated by a lead in its hotels based in Italy, North and South America, Africa and Portugal.

The corporation's Neptun purchase drew headlines earlier in the year. Sea Containers says it is currently wrapping up a "strategic plan'' for the long-term development of Neptun and subsidiary line Silja, which has taken the reins of the company's Sweden-Denmark-Norway services.

BUSINESS BUC