company's assets to B&H Ocean Carriers Ltd.

The two companies, both Bermuda registered, were set up separately by the same principals looking for different shareholder bases, a spokesman said.

Each had bulk and product tanker business but now operate only the latter.

Under the previously announced asset sale agreement, Ocean will own and operate ten product tankers.

Ocean has gradually increased its stake in Maritime to the current 65 percent.

In the deal, Ocean will issue 495,950 in common stock to Maritime shareholders, acquire substantially all Maritime's assets including its three product tankers, and assume substantially all Maritime's liabilities.

After the deal, Ocean will have 4.3 million shares outstanding.

Maritime also said, for the nine months ended September 30, it made $1.1 million on charter revenues of $14.3 million compared to a loss of $1.8 million on charter revenues of $10.7 million, Bloomberg said.

For third quarter, profit was $229,000 of charter revenue of $5.5 million. The commenced reporting quarterly for fourth quarter 1995.