after taking over an affiliated shipping firm.

B H said that for the year ended December 31, 1996, the company made $3.9 million, or 98 cents per share, compared to a loss of $859,000, or 21 cents per share in the prior year. Charter revenues for the year were $20.9 million compared to $15.2 million.

The 1996 results reflect the company's October acquisition of the assets -- primarily three product tankers -- of B H Maritime Carriers Ltd. and assumption of liabilities.

B H Maritime's net income for 1996 was $1.7 million of which $452,000 was included in B H Ocean Carriers' 1996 net income.

The 1996 results also reflect a change in fourth quarter of the estimated useful lifespan of its vessels to 30 years from 22.

The effect of this change in accounting estimate resulted in an increase of the company's net income of $2.3 million.

The company owns ten product tankers, two bulk carriers and has a 50 percent joint interest in a third bulk carrier.