ANANGEL-AMERICAN CONTINUES PROFIT RECOVERY

ANANGEL-AMERICAN CONTINUES PROFIT RECOVERY

   Anangel-American Shipholdings Ltd., the bulk shipping company, reported another strong set of quarterly profit results, with a third-quarter net income of $8 million.

   The latest net result compares with a net deficit of $3 million in the corresponding quarter in 1999.

   Operating profit for the latest quarter was $9 million, as compared to an operating loss of $485,000 in the year-earlier period.

   Revenues from voyages totaled $26 million, up from $19 million in the third quarter of 1999.

   The quarter’s results were positively affected by a $1.6 million gain on the sale of a ship and a gain of $570,000 on the company’s bond portfolio, Anangel-American said.

   For the nine months ended Sept. 30, net income amounted to $18 million, as compared to a $16-million loss in the year-earlier period. Operating profit was $21 million, up from an operating deficit of $5 million. Revenues from voyages soared to $73 million, from $47 million in the first nine months of 1999.

   “The company’s income stream continues to improve and the directors are therefore expecting a further improvement in the operating profits for the fourth quarter,”    Anangel-American said.

   The shipping company, listed on the Nasdaq stock exchange, has a fleet of 23 dry cargo vessels.