SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
COMMODORE HOLDINGS LIMITED
(Name of Issuer)
Common Stock, $.01 Par Value
(Title of Class of Securities)
G23257 11 9
(CUSIP Number)
CUSIP No. G23257 11 9
(1) Names of Reporting Persons EFF-SHIPPING LTD.
S.S. or I.R.S. Identification Nos. of Above Persons
(2) Check the Appropriate Box if a Member of a Group
(See Instructions) (a) [ ] (b) [ ]
(3) SEC Use Only
(4) Citizenship or Place of Organization Organized under the
laws of Panama
Number of (5) Sole Voting Power -0-
Shares Bene-
ficially (6) Shared Voting Power 1,006,979
Owned by
Each Report- (7) Sole Dispositive Power -0-
ing Person
With (8) Shared Dispositive Power 1,006,979
(9) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,006,9791
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) [ ]
(11) Percent of Class Represented by Amount in Row (9) 15.3%2
(12) Type of Reporting Person (See Instructions) CO
___________________
1 Pursuant to agreements between EFF-Shipping Ltd. ("EFF-
Shipping") and the Issuer, EFF-Shipping acquired 1,000,000
shares of the Issuer's 7% Cumulative Convertible Redeemable
Series A Preferred Stock at a value of $4.00 per share (the
"Preferred Stock"). Additionally, in 1996 the Issuer issued
an aggregate of 6,979 shares of Preferred Stock to EFF-
Shipping in payment of a dividend on the previously issued
shares of Preferred Stock. The Preferred Stock is
convertible at any time by EFF-Shipping into shares of the
Issuer's Common Stock at a conversion rate equal to the
greater of (i) $4.00 per share or (ii) a price per share
equal to eight (8) times the Issuer's earnings per share for
its prior fiscal year. Had the conversion of the Preferred
Stock occurred as of the date hereof, an aggregate of
1,006,979 shares of Common Stock would be issuable to EFF-
Shipping.
EFF-Shipping is the wholly-owned subsidiary of Silja Oy Ab,
a Finnish corporation.
2 Calculated on the basis of (i) 5,581,933 shares of Common
Stock outstanding on December 26, 1996, as reported in the
Issuer's 10-K for the fiscal year ended September 30, 1996,
plus (ii) 1,006,979 shares of Common Stock which would be
issuable to EFF-Shipping upon conversion of the Preferred
Stock as of the date hereof.
CUSIP No. G23257 11 9
(1) Names of Reporting Persons SILJA OY AB
S.S. or I.R.S. Identification Nos. of Above Persons
(2) Check the Appropriate Box if a Member of a Group
(See Instructions) (a) [ ] (b) [ ]
(3) SEC Use Only
(4) Citizenship or Place of Organization Organized under
the laws of Finland
Number of (5) Sole Voting Power -0-
Shares Bene-
ficially (6) Shared Voting Power 1,006,979
Owned by
Each Report- (7) Sole Dispositive Power -0-
ing Person
With (8) Shared Dispositive Power 1,006,979
(9) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,006,9791
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) [ ]
(11) Percent of Class Represented by Amount in Row (9) 15.3%2
(12) Type of Reporting Person (See Instructions) CO
___________________
1 Pursuant to agreements between EFF-Shipping Ltd., a
Panamanian corporation wholly-owned by Silja Oy Ab ("EFF-
Shipping"), and the Issuer, EFF-Shipping acquired 1,000,000
shares of the Issuer's 7% Cumulative Convertible Redeemable
Series A Preferred Stock at a value of $4.00 per share (the
"Preferred Stock"). Additionally, in 1996 the Issuer issued
an aggregate of 6,979 shares of Preferred Stock to EFF-
Shipping in payment of a dividend on the previously issued
shares of Preferred Stock. The Preferred Stock is
convertible at any time by EFF-Shipping into shares of the
Issuer's Common Stock at a conversion rate equal to the
greater of (i) $4.00 per share or (ii) a price per share
equal to eight (8) times the Issuer's earnings per share for
its prior fiscal year. Had the conversion of the Preferred
Stock occurred as of the date hereof, an aggregate of
1,006,979 shares of Common Stock would be issuable to EFF-
Shipping.
2 Calculated on the basis of (i) 5,581,933 shares of Common
Stock outstanding on December 26, 1996, as reported in the
Issuer's 10-K for the fiscal year ended September 30, 1996,
plus (ii) 1,006,979 shares of Common Stock which would be
issuable to EFF-Shipping upon conversion of the Preferred
Stock as of the date hereof.
Item 1(a). Name of Issuer:
COMMODORE HOLDINGS LIMITED
Item 1(b). Address of Issuer's Principal Executive Offices:
4000 Hollywood Boulevard, Suite 385-S, South Tower
Hollywood, Florida 33021
Item 2(a). Name of Person Filing:
EFF-Shipping Ltd. and Silja Oy Ab
Item 2(b). Address of Principal Business Office:
Bulevardi 1A
FIN-00101
Helsinki, Finland
Item 2(c). Citizenship:
EFF-Shipping Ltd. is a Panamanian corporation wholly-
owned by Silja Oy Ab. Silja Oy Ab is a Finnish
corporation.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 Par Value
Item 2(e). CUSIP Number: G23257 11 9
Item 3. If this statement is filed pursuant to Rules 13d-1(b),
or 13d-2(b), identify the status of the person filing.
Not applicable.
Item 4. Ownership.
(a) Amount Beneficially Owned: 1,006,979 shares1.
(b) Percent of Class: 15.3%2
(c) Number of shares as to which such person has:
(i) sole power to vote or to -0-
direct the vote
(ii) shared power to vote or to 1,006,9791
direct the vote
(iii) sole power to dispose or to -0-
direct the disposition of
(iv) shared power to dispose or to
direct the disposition of 1,006,9791
____________________
1 Pursuant to agreements between EFF-Shipping ("EFF-Shipping"),
and the Issuer, EFF-Shipping acquired 1,000,000 shares of the
Issuer's 7% Cumulative Convertible Redeemable Series A
Preferred Stock at a value of $4.00 per share (the "Preferred
Stock"). Additionally, in 1996 the Issuer issued an aggregate
of 6,979 shares of Preferred Stock to EFF-Shipping in payment
of a dividend on the previously issued shares of Preferred
Stock. The Preferred Stock is convertible at any time by EFF-
Shipping into shares of the Issuer's Common Stock at a
conversion rate equal to the greater of (i) $4.00 per share or
(ii) a price per share equal to eight (8) times the Issuer's
earnings per share for its prior fiscal year. Had the
conversion of the Preferred Stock occurred as of the date
hereof, an aggregate of 1,006,979 shares of Common Stock would
be issuable to EFF-Shipping.
2 Calculated on the basis of (i) 5,581,933 shares of Common
Stock outstanding on December 26, 1996, as reported in the
Issuer's 10-K for the fiscal year ended September 30, 1996,
plus (ii) 1,006,979 shares of Common Stock which would be
issuable to the reporting person upon conversion of the
Preferred Stock as of the date hereof.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to
be the beneficial owner of more than five percent of the
class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the
Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
February 12, 1997 EFF-SHIPPING LTD., a Panamanian
corporation
By:/s/Nils-Gustaf Palmgren
Nils-Gustaf Palmgren
SILJA OY AB, a Finnish
corporation
By:/s/Nils-Gustaf Palmgren
Nils-Gustaf Palmgren
