With the launch of the Marion to Bermuda yacht race only two weeks away, organisers are searching for a silver lining and putting on a brave face as they come to terms with the smallest fleet ever for an event which began in 1977.

Only 77 yachts have entered this year -- the 10th biennial race -- the first time the numbers have plummetted below 100.

It's a substantial drop of 40 boats from 1991 and 1993 and it was only four races ago, in 1989, when there was a record high number of 163 vessels entered.

Bermuda entries have also dropped this year, from eight two years ago to just five who are planning to be on the race's starting line in the often choppy waters off Buzzard's Bay, Massachusetts on June 16.

Notable absentees will be Kirk Cooper's Alphida , a record-setter in 1993 when his boat crossed the line in 78 hours, 34 minutes and 42 seconds, beating the previous mark held by Warren Brown's War Baby by 21 seconds. Cooper recently took part in Antigua race week.

Also missing will be Buddy Rego's Tsunami , unable to make it to the starting line because of commitments stemming from the construction of his new home in Paget.

Rego, who took Class A honours during his maiden voyage in 1993 and a sudden withdrawal in just the last few weeks, will continue to play a pivotal role since he is Commodore of the Royal Hamilton Amateur Dinghy Club, the local hosts and race co-organisers along with Beverly Yacht Club of Marion.

Representing Bermuda will be Colin Couper's Vivace , Paul Hubbard's Tonka , Leslie Swainson's Scheherazade , Robert Mulderig's Starr Trail and Mark Finnegan's Crewcut .

"I think it's nicer to lose the trophy as opposed to giving it away,'' Rego said with a laugh yesterday. "So this year I'll have to give it away.

"But when you're organising an ocean race and you've got to get your own boat prepared in Bermuda and then get it to the States, plus getting a crew and getting the boat back it's a lot of organisation. In order to do that properly and everything else you've got to really put time aside. I've just got so much going on, but there'll be other races.'' Beverley Yacht Club Commodore Faith Paulsen said yesterday that one of the reasons for the low numbers was the Annapolis to Newport race, which is taking place on the same weekend as Marion to Bermuda. Paulsen said the Annapolis race had probably resulted in at least 10 fewer boats making the 645 mile trek to Bermuda.

"I think we also need to do better publicity in the sailing magazines,'' she said bluntly in a telephone interview. "We did a lot of publicity in yacht clubs and I sent out posters last summer. And we sent postcards to people from Florida to Canada.

"But the people I think we didn't reach are the people that have cruising sailboats, but who do not belong to a yacht club or belong to a fleet. But they do subscribe to sailing magazines. So we have to do better with that.'' Paulsen, who doubles as the race's administrative officer, said several sailors were in the process of getting new boats and had promised to return in 1997.

"And there are others whose businesses are just booming and they can't leave,'' she said. "Wheras two years ago nobody's business was booming.'' Paulsen said many of the boats had already arrived in Marion, just outside of Cape Cod, with the level of excitement rising each day.

Because of the shortage of boats the number of classes have been reduced from seven to six.

"Some of the participants are looking forward to having it a smaller fleet,'' said Paulsen. "And 77 boats is still a good-sized fleet.

"For those who have not done the race too many times or who even don't race too much it's kind of a scary thing out there milling around the starting line trying to keep out of everyone's way and doing the right thing. So for some people they're sort of relieved there's a smaller fleet.

"Plus everyone now has a better chance at the prizes.'' Paulsen and Rego said the race's committee would meet following the race and planning for the 1997 event would begin in Bermuda in November.

"I think the committee is going to sit down and definitely have to go over why the numbers have dropped,'' said Paulsen. "And we may change some things a bit, but we'll never change the overall reason for this race and that is that it's a fun family race for cruising boats.'' Echoed Rego: "It's difficult for me to say, but I think there will likely be changes. But that's something that will be left to the trustees of the race.'' BERMUDA-BOUND -- Yachts in the 1993 Marion to Bermuda race set sail from Buzzard's Bay. This year there will be just 77 boats, the lowest number in race history, on the start line.