Bermuda Container Line Ltd. (BCL) has reported net earnings of $3.3 million for the nine months ended September 30, 2007, mainly due to the success of associated company Somers Isles Shipping Ltd. (SISL).

The total represents a $36,000 or 1.11 percent improvement over the corresponding period in 2006.

Operating earnings generated from the BCL shipping service between Bermuda and New Jersey declined 34 percent, but this was offset by a growth in earnings from SISL and a growth in investment income. The decreased earnings of the BCL service were primarily due to higher costs and in particular dry-docking costs but also to a small decrease in cargo volume. The SISL service also experienced some large cost increases but these were compensated by a growth in cargo volume in the Florida/Bermuda service. Investment income was up a healthy 46 percent over the same period in 2006.

Meanwhile, the directors of the company yesterday declared two dividends; a special year-end dividend for 2007 of 55 cents per share and a dividend of 14 cents per share for the first quarter of 2008. Both dividends are payable on the February 14 to shareholders of record as of February 7.