Ocean freight company Bermuda Container Line, which operates the container vessel Oleander, has released its 2006 financial report showing it made a $4.4 million profit.

That was a 28 percent improvement on the previous year and three-quarters of the profit came from increased investment income.

The weekly cargo delivery service between New Jersey and Bermuda, which is undertaken by the Oleander, increased its profit margin, but this was offset by a small decline in the profits of the Bermuda Container Line's associated company Somers Isles Shipping Limited which runs a three-times-a-month container service between Florida and the Island.

BCL has also reported a one-off gain made through the purchase and immediate re-sale of the Somers Isles ex Eclips last November.

BCL's profit for 2006 was $4,406,000. That is a rise of $967,500 on the previous year, of which $740,000 was due to investment income.

The investment income profit has jumped 175 percent year-on-year.

"The improved investment income was due to a more aggressive investment policy implemented halfway through 2006, higher interest rates and a larger base of investable assets," said the company in statement.

Net earnings per share in 2006 were $1.47 compared to $1.15 in 2005, and dividends declared were $1.02 compared to $0.73 in 2005. BCL will hold its annual meeting on June 26.