Bermuda Container Line Ltd. (BCL) boosted its profits by 27 percent or $416,500 for the first half of this year due to receiving an insurance payout on one of its ships and enjoying a rise in investment income.

But the shipping line that owns weekly caller Oleander said profits from its core shipping services business declined by 15.5 percent as imports to the Island fell.

The shipping company saw its net earnings increase to $1.9 million or 65 cents per share for the six months ended June 30, 2009 from $1.5 million or 51 cents per share for the same period last year, but slightly down on the $2 million or 66 cents per share recorded in 2007.

The improvement in earnings was down to proceeds from insurance claims for The Oleander's hull and machinery policy arising from incidents in 2007 and investment income swinging from a loss in 2008 to a small gain in 2009.

Revenue was also up at $17.9 million for the first six months of the year compared to $17.6 million during 2008 and $17.4 million in 2007.

Meanwhile, expenses dropped from $16.1 million last year to $15.9 million in 2009, marginally higher than the $15.4 million recorded two years previously.

Elsewhere the consolidated earnings of BCL's core business - its shipping services, declined by 15.5 percent in the first half of 2009 compared to the same period last year, directly attributable to a fall in cargo volume on both the BCL and SISL services.

Dividends per share remained the same at 28 cents per share, up from 26 cents per share for the opening half of 2007.

The company's Board of Directors declared a dividend of 14 cents per share for the fourth quarter 2009, payable on November 18, as well as a special 30th anniversary dividend of 30 percent share on the same date to mark the date when BCL commenced its first voyage from Port Elizabeth in 1979.