months, but increased scrapping and recovery trends in major industrial nations as been noted during the first quarter of 1994, continues to fuel expectations that an increase in energy consumption and raw materials will be seen.

This is the view taken by Bermuda-based tanker group Bona Shipholding Limited, in the release of its first quarter report.

Operating profit before depreciation amounted to $3.85 million, compared to $959,000 for the first quarter of 1993 (due to a larger tanker fleet), and after depreciation results amounted to a loss of $68,000 compared to a $694,000 loss a year earlier.

Freight revenues for the first quarter were 13.411 million, compared to $6.287 million last year. Voyage expenses amounted to $4.457 million, compared to $3.767 million.

After financial income and expenses were taken into account, the company took a $184,000 loss compared to $654,000 in 1993.

Bona's balance sheet shows total assets of $422.315 million, current liabilities of $17.494 million and total long term debt of $141.145 million.

The company also revealed that Gotaas-Larsen Tankers Inc. has agreed to sell its total holding of 2,347,653 of Bona shares to US-based investment partnership Tiger Management, increasing Tiger's shareholding from 18.5 percent to 26.7 percent.