Bermuda Container Line Ltd. (BCL) has officially delisted from the Bermuda Stock Exchange (BSX) following a shareholder vote, it was announced yesterday.

Shareholders of the freight shipping company voted in favour of the move at a special general shareholders' meeting held in November, 2009.

Company president Geoffrey Frith said at the time BCL's board of directors had recommended the delisting to shareholders, mainly due to the expense of complying with new international International Financial Reporting Standards set to be introduced for public companies for fiscal years starting on or after January 1, 2011.

Mr. Frith said then that BCL's directors were also concerned about the issue of share price volatility.

The delisting means shareholders will no longer be able to sell their shares via the public exchange. In November, Mr. Frith said the company had plans to enable its substantial number of small shareholders to liquidate shares easily in the future, if necessary.

He said BCL was working with legal advisers to ensure the company could buy back its own shares from small investors – those holding 1,000 shares or fewer – who needed to liquidate them.

BCL finished its last day of trading on the BSX on Monday March 1 at $14.85, delisting effective of the same day.

The company operates the weekly ocean freight service from New Jersey on the MV Oleander and, through its associated company Somers Isles Shipping Ltd., the thrice monthly service from Florida on the MV Somers Isles.