results in the red for the same six months a year earlier.

For the six months ended June 30, the company made $723,000, or nine cents per share, compared to a loss of $1.2 million, or 15 cents per share.

Net operating revenue, revenue from voyages minus voyage expenses, for the first half was $12.6 million compared to $10.5 million.

Voyage expenses declined to $2.5 million from $6 million.

BT chairman and chief executive S.E.N. Pollock said the unaudited first half earnings reflected the benefits of time charter cover during the period, including three vessels engaged on one year time charters to Maraven, Venezuela. But drydocking of the BT Nestor adversely affected results in the second quarter, he said. Mr. Pollock did not expect the market to improve significantly prior to fourth quarter, when inventory build up and higher consumption were expected to increase demand.