ANANGEL-AMERICAN SHIPHOLDINGS SEES FIVE-FOLD INCREASE IN LOSSES

ANANGEL-AMERICAN SHIPHOLDINGS SEES FIVE-FOLD INCREASE IN LOSSES

   Anangel-American Shipholdings Ltd., the dry-bulk shipping company listed
on the Nasdaq stock exchange, reported a 425-percent dive in net losses for the second
quarter, to $5.7 million.
   The deficit compared with a net loss of $1.1 million in the second quarter of
last year.
   Operating losses widened to $2.1 million in the latest quarter, from $437,000
in the same period of last year.
   Revenue increased marginally, to $15.1 million, from $14.8 million.
   Anangel-American blamed the losses on poor freight rates, the depressed state
of the dry-bulk market, the Asian crisis and the expiry of the company’s remaining
long-term charter agreements.
   For the six-month period ended June 30, the company reported a net deficit of
$13.0 million, compared to a $2.4 million net loss in the corresponding period of last
year. Operating loss was $4.9 million, as compared to an operating profit of $37,000.
Revenue dropped to $28.8 million, from $31.7 million in the first half of 1998.