loss of $5.7 million or 69 cents per share for fiscal 1994.

The loss includes an exceptional charge of $3.1 million resulting from the sale of the product tanker Venture .

In 1993 the company reported a loss of $3.4 million or 44 cents per share. BT Shipping recorded profits over the fourth quarter as demand for tankers increased to service US oil exports to Europe, according to a release.

In fourth quarter, BT Shipping made $1.3 million or 16 cents per share compared to a loss of $1.9 million for the same quarter a year earlier.

Voyage expenses dropped from $15.5 million in 1993 to $13.6 million last year.

Operating revenue declined from $23.3 million in 1993 to $22.5 million last year.

Mr. S.E.N. Pollock, chairman and CEO, said the company's banks committed to extend the maturity of the company's debt financing to the end of November.

The company's six sister ship product carriers had achieved a modest improvement in earnings in 1994, a year which promised little at the outset and delivered less to most sectors of the tanker industry, he said.

The second and third quarters produced particularly poor earnings as lower gas prices and comfortable inventory levels in the US reduced demand for imported residual fuel oil, he said.

The company now has two vessels on time charter, one to October and the other to December.

BT Shipping is an international ocean shipping company incorporated in Bermuda which owns and operates a fleet of six 70,000 dwt product tankers.

Shareholders' funds at December 31, 1994 were $35.2 million compared to $40.9 million a year earlier.