Shipholding Ltd. turn a $3 million first quarter profit after losing $184,000 in the same period in 1994.

Fourth quarter freight revenues rose from $18.3 million to $37.1 million while voyage expenses rose from $4.9 million to $9.6 million.

Time charter income more than doubled from $13.4 million to $27.5 million from first quarter 1994 to first quarter 1995.

Consolidated operating profit before depreciation was $11.9 million compared to $3.9 million for first quarter 1994 while operating profit after depreciation was $5.4 million compared to a loss of about $100,000 a year earlier.

"The improved freight market experienced in the last quarter of 1994 continued into the first quarter of 1995. The income on time charter basis has increased for all sectors except for the large range product carriers where the rates have been lower than first quarter of last year,'' according a release.

The OBO sector showed better performance as operating results from this sector increased to a $2.2 million profit compared to a loss of $57,000 a year earlier.

The company's net asset value (NAV) at March 31, 1994 was $299.2 million, up $10.7 million from the end of 1994. NAV per share at March 31, 1994 was $10.48 compared to $10.11 a year earlier. At that date Bona was 47.5 percent Norwegian-owned.

Total assets at March 31, 1994 were $512.4 million, up from $422.3 million a year earlier while stockholders equity was $267.5 million compared to $263.7 million.

All three aframax tankers on charter to Amoco have performed well and with charter rates at a satisfactory level.

In February, the charter party with Statoil for Bona Spray expired and the vessel is now trading in the sport market. In March, Bona Spray entered a on-year time charter party with Pacific Resources Inc (BHP) at $18,300 per day. Bona Spring continues to trade under her time charter to D.S. Norden.

"The spot market has witnessed a seasonal decline boosted by higher than normal winter temperatures in the northern hemisphere and a number of VLCC liftings out of the North Sea,'' the company added.

The main trading area continues to be in the Atlantic basin.

During the first quarter panamax OBO carriers made 39 voyages, 29 with oil products and ten dry bulk cargoes.

In general, the wet and particularly the dry bulk market have improved while in Suezmax tanker activity, the Bona Liv completed two transatlantic voyages during first quarter although demand has increased rates have been unsatisfactory, according to the company.

Bona's liquidity increased during fourth quarter to $118.2 million after repaying debt of $3.3 million.

Bermuda-based Smedvig Tankships Ltd. has entered an agreement for the sale of the Capesize dry bulk carrier Venanna , the company reported this week. The vessel, 139,609 dwt and build in 1982, sold for $15 million. The Venanna was the last dry bulk carrier owned by Smedvig. Smedvig is an international shipping company owning and operating modern, medium-sized crude oil carriers.

The company is listed on the Oslo Stock Exchange and shares are also traded through SEAQ International, London and through an ADR programme in the United States .