ANANGEL-AMERICAN REPORTS LARGER FIRST-QUARTER LOSS

ANANGEL-AMERICAN REPORTS LARGER FIRST-QUARTER LOSS

    Anangel-American Shipholdings Ltd., the dry bulk operator listed on the Nasdaq stock exchange, reported a net loss of $7.4 million for the first quarter, compared to a deficit of $1.3 million in the same period of last year.
    The operating result was a loss of $2.8 million, compared to a profit of $474,000 in the first quarter of 1998.
    Revenue from voyages decreased to $13.7 million, from $16.8 million
Anangel-American said that the latest quarter "may reflect the bottom of the market." An improvement in income, if any, will be noticed in the third quarter, the Greek shipping company said.