Bermuda Container Line Ltd. said a half-million dollar profit jump is thanks to a greater volume of business.

The shipping company reported yesterday that for the first nine months of 2004, earnings were up $516,000 to $3.4 million, but said costs had eaten away at a $3 million jump in revenues.

"This increase in earnings was due to significant volume increases experienced by both the BCL service itself and also by the SISL service from Florida. Overall cargo volume for the nine-month period was up nearly 13.5 percent leading to an increase in gross freight revenue of over $3 million.

"Unfortunately, there were some significant cost increases which absorbed a great deal of this extra revenue."

BCL continued that preliminary figures for the fourth quarter showed cargo volume was flat compared to the fourth quarter of 2003, and when combined with higher costs are likely to end in net earnings below the same period, a year prior.

Dividend news: BCL directors on Monday approved two dividend payments for shareholders. The first is a special 2004 year-end dividend of 50 cents per share payable on February 17 to shareholders of record on February 10. The second dividend is the regular dividend for the first quarter of 2005 in the amount of 12 cents per share payable on February 17 to shareholders of record on February 10.