revenues on a time charter basis for the full fiscal year 2000 were $85.82 million, representing an increase of 26.8 percent up on 1999.

Income from operations reached $53.52 million or 39.2 percent above 1999.

Income before depreciation was $35.26 representing a rise of 36.4 percent. Net Income of $14.61 million -- a new record for MIF -- was more than triple net income of $4.35 million in 1999, which had included $0.98 million in profits from a vessel sale.

Earnings per share were $1.49 in 2000 as compared with $0.44 per share in 1999, which included capital gains of $0.10 per share.

The company said year 2000 extended the unbroken record of profitability since inception in late 1993.

MIF has a fleet of sixteen tankers (including one chartered in Aframax) comprising 1,420,000 DWT with an average tonnage age of approximately eight years which is much younger than the world's tanker tonnage.

Although the fleet was unchanged during 1999 and 2000, a very strong charter market lifted revenues by $18.17 million.

BUSINESS BUC