report a massive increase in third quarter profits.

MC Shipping, which owns, operates and charters ocean-going dry cargo vessels, said income for the three months ending September 30 was $563,057, or nine cents a share, compared to $26,124, or zero cents per share, for the same period a year earlier.

"It is clear that all the strategies we put into place two years ago to create a record of sustained profitability are working as we had planned,'' said MC Shipping president Mr. Guy Morel.

"Our company is doing well. We anticipate a continuation of these positive trends.'' Third quarter unaudited revenues rose to $6.2 million compared to $4.3 million, an increase of 44 percent.

Profits from vessel operations were $1.3 million for third quarter, up 152 percent from the $516,795 reported for the same period a year earlier.

The company currently has ten vessels, one more than at the end of third quarter 1994.

Third quarter figures are based on 6,120,000 weighted average number of outstanding shares.

Nine month profit was $1.5 million, or 25 cents per share, compared to $519,187, or ten cents per share, for the same nine months in 1994, an increase of 189 percent.

Nine month revenues were $19.2 million, up 42 percent from the $13.5 million reported for the same period a year ago.

Income from vessel operations for the nine months was $4.2 million compared to $2.1 million earlier, an increase of 100 percent.

All 1995 nine month figures are based on 6,120,000 million weighted average number of outstanding shares while 1994 nine month figures are based on 5,268,138 shares.

The company also raised the third quarter dividend 40 percent.