earnings reach their highest point since the record year of 1988.

In its annual report published this week, the ocean freight service operators the company said it saw a record year in cargo volume and freight revenue.

Net earnings for the year ended December 31, 1999, stood at $3.1 million, up 29 percent on 1998 when $2.4 million was recorded.

In a letter to the shareholders, the company said: "Net earnings for the year, at $3,115,000 were not a record but did represent a very healthy result.

The record year for net earnings was 1988 but the results in 1999 were the best since then and the third highest in the company's history.'' Earnings per share rose to $1.04 from 81 cents in 1998. The share price also went up in 1999, form $3.75 to $4.25.

Ocean freight revenues were up seven percent to $27.2 million.

The letter to the shareholders added: "The year 1999 was a milestone in many ways. Not only did it mark the end of a century and of a millennium, but your company, Container Line, also completed 20 years of operations.

"In August, 1999 we celebrated the 1,000th voyage for the Bermuda Container Line service between New York and Bermuda and the year was a record one for cargo volume and freight revenue.'' The service saw a 6.45 percent growth year-on-year on the eastbound container volume which stood at 9,031 units at the year end.

Roll on/roll off volume rose by 48 percent or 856 units to 2,631. Included in this figure were 809 cars, a 32 percent increase in numbers from the year before and a 70 percent increase from 1997.

"There were many voyages during the year when the roll on roll off capability of the Oleander was utilised to its maximum,'' said the report.

The Somers Isles Shipping Ltd. service from Florida did not have the same increase as the Bermuda Container Line service.

Container volume was up by only 1, but slots used by break bulk cargo were up 195 or 33 percent.

The container volume in the Somers Isles Shipping Ltd. service was constrained by a loss of refrigerated cargo. The number of refrigerated containers carried on the service in 1999 fell by 115 or 36 percent over 1998. Non-refrigerated container volume was up 116 units or four percent.

"The loss in refrigerated cargo was due to importers switching the sourcing of this cargo to the north to take advantage of the Monday sailing from New Jersey,'' the report explained.

The company also noted the change in Somers Isles Shipping's main vessel and included a tribute to the Somers Isles or Theodor Storm which was used by the company for 14 years. The vessel Jana entered in service in 1999.

BUSINESS BUC