ANANGEL-AMERICAN RETURNS TO THE BLACK

ANANGEL-AMERICAN RETURNS TO THE BLACK

   Anangel-American Shipholdings Ltd., the dry bulk shipping company based in Piraeus, Greece, returned to the black last year, with an annual net income of $28.2 million.

   Last year’s net profit compares with a net loss in 1999 of $17.3 million.

   Revenue from voyages increased to $96.8 million during 2000, from $63.7 million in 1999.

   Operating profit was $30.3 million last year, compared to an operating loss of $1.7 million in 1999.

   “These results are a consequence of the improvement in freight markets experienced during the year,” a spokesman for the company said. “The results were also positively affected by a gain of approximately $5.3 million due to improvement in the values of the company’s bond portfolio.”

   Anangel-American’s fleet comprises 23 dry cargo vessels with an aggregate capacity of 2 million deadweight tons.