ANANGEL-AMERICAN SHIPHOLDINGS SEES FIRST-QUARTER TURNAROUND

ANANGEL-AMERICAN SHIPHOLDINGS SEES FIRST-QUARTER TURNAROUND

   Anangel-American Shipholdings Ltd. reported a first-quarter net profit of $4.71 million, compared to a net loss of $7.35 million for the year-earlier period.

   Operating profit improved to $4.36 million, compared to an operating loss of $2.82 million in the first quarter of 1999.

   The results reflect an improvement in the shipping market and a $2.2-million increase in the value of the company's bond portfolio, compared to a negative $3.2 million for the year-earlier quarter.

   During the most recent quarter, the company purchased the “Anangel Honesty” and “Anangel Express” for $9.5 million and took delivery of the 170,415 deadweight-ton Capesize “Anangel Millenium.”

   The company has agreed to sell the “Anangel Honesty” for $5.6 million, which will result in a gain of about $1 million. Delivery of the vessel is expected in July.

   The company also exercised an option in April to build two Panamax vessels at Daewoo Heavy Industries of Korea. Anangel-American already has one Capesize bulk vessel on order for delivery in the second quarter and four Panamax bulk carriers for delivery in the second quarter of 2001, first and fourth quarters of 2002 and third quarter of 2003.

   The company's fleet comprises 23 dry cargo vessels with aggregate capacity of 1.82 million dwt.