million in profits in the year to the end of March, the highest in six years.

But in a preliminary report, LOF indicated that costs involved in moving the company's jurisdiction from London to Bermuda last year was a hefty $1,165,000.

The company broadened its equity base through the issue in the US and Europe of 50 million ordinary shares, equivalent of 5 million American Depositary Shares, listed on NASDAQ.

The company has also ordered two new double-hull Suezmax tankers, syndicated long term debt of $73 million with European shipping banks and negotiated an additional loan facility of $60 million from Chase Manhattan, to finance the expansion programme.

The company also took delivery of London Pride , the company's first new vessel in ten years and declared a dividend of $0.0075 per share.

LOF more than doubled its fourth quarter net income from $712,000 in 1993 to $1,823,000 and quadrupled their year's profits from $1,008,000 last year to $4,179,000.