Upon stipulation of the parties it is ordered that the following issues involved in the appeal of American President Lines and the cross-appeal of the United States be disposed of as follows:

1. Upon the appeal of American President Lines from paragraph No. 3 of the judgment of the District Court, judgment is affirmed.

2. Upon the appeal of the United States from paragraph No. 2 of the said judgment, judgment is reversed.

3. Upon the appeal of the United States from paragraph No. 6 of said judgment, judgment is affirmed.

The remaining issue is as to the amount of “cumulative net voyage profits” due to the United States as “additional charter hire” under a bare-boat charter in effect during the years 1946 to 1955. The obligation arises under that provision of the charter included pursuant to § 709(a) of the Merchant Marine Act of 1936, 49 Stat. 2010 (1936), 46 U.S.C. § 1199 (a) (1958). 1 Appellant realized net profits during the years 1948 through 1952 and net losses during 1953 through 1955. The sole question upon this appeal is whether, under § 709(a), the losses are to be carried back and offset against the earlier profits in determining “cumulative net voyage profits.” The District Court held that they were not.

This precise question was considered in United States v. Moore-McCormack Lines, Inc. (4 Cir. 1962) 308 F.2d 866 , cert. denied (1963) 372 U.S. 944 , 83 S.Ct. 937 , 9 L.Ed. 969 , and was determined in accordance with the contentions of appellant. We agree with the reasoning and holding in that case. Accordingly we conclude that the carryback of losses is *964 proper, since, as held in that case at page 874:

Upon this issue, judgment is reversed. The case is remanded for further proceedings in accordance with this order and holding.

. 46 U.S.C. § 1199 :