Bermuda-based Sea Containers Ltd., which leases marine container passenger and freight boats and other forms of transport, reported its best quarter in 13 years when it made profits of $100.7 million during the third quarter, following the sale of one of its units.

It made $100 million from the sale of the Isle of Man Steam Packet Co., which was sold on July 1 this year, but also took a hit of $40 million for various items for the same period, which overall boosted earnings by $60 million.

The company, which described the quarter as strong, last year posted earnings of $17.9 million for the third quarter of 2002, and a year earlier in the same quarter made just $6.6 million.

The company also said that the total debt was reduced by $250 million in the quarter to $1.55 billion.

Revenue for the quarter was $480 million, up two percent from the year earlier period, but the third quarter 2003 did not include earnings or revenue from the Isle of Man Steam Packet Co.

The non-recurring charges of $40 million were reported as mainly for restructuring of the company's UK fast ferry operations, the write down of an old containership to current market value (the vessel has now been sold), and to cover the expected loss on disposal of certain containers being held for sale.

Besides the gain on sale, the company said it enjoyed a strong third quarter in all its main business units. Silja, the leading Baltic passenger and freight transport operator with a fleet of 12 modern ships, had operating profits of $27.4 million in the third quarter, up 27 percent over the $21.5 million earned in the year earlier period.

GNER, the company's UK rail subsidiary, had operating profits of $28.8 million in the quarter, up 48 percent from the prior year due largely to cost reductions and increasing passenger volumes.

The company's container division reported operating profits for the quarter of $8.7 million, up 61 percent from the prior year period. $2 million of the $3.3 million increase was in GE SeaCo, the company's 50/50 joint venture with GE Capital, due to strong demand for marine containers in many regions of the world.

The balance of the increase derived from the company's factories, depots and equipment operated outside the joint venture (the joint venture does not include new container chassis leasing nor lease purchase transactions).