Bermuda-registered MC Shipping Inc. reports first quarter earnings rose 198 percent over first quarter last year.

For the quarter ended March 31, 1995, net income was $427,293, or seven cents per share, compared to $143,017, or four cents per share, a year earlier.

The 1995 and 1994 figures are based on 6.1 million and 3.5 million shares outstanding.

First quarter revenues rose to $6.4 million from $4.6 million a year earlier, an increase of 39 percent.

Profits from vessel operations were $1.4 million compared to $.7 million in first quarter 1994, Bloomberg business news said yesterday.

"The increase in profits was substantially due to the company's addition of two modern container ships acquired in late 1994 which are just beginning to contribute to the company's profits,'' said Mr. Guy Morel, MC Shipping president.