Permanent magnet bearings are incorporated into rotating equipment, such as induction machines, in addition to active magnetic or lubricated primary shaft support bearings. The passive magnetic bearings incorporate permanent magnets that generate directionally oriented magnetic fields of selective intensity. The magnetic field directions are aligned with a desired shaft support bearing preload direction and intensity, for example to exert axial thrust or radial preloads on the support bearings. A plurality of magnetic bearings may be oriented in opposed relationship with neutral or offsetting resultant forces. The passive magnetic force preload may be utilized to offset rotor vertical weight during induction startup or stopping cycles. Passive magnetic force preload may be applied to lubricated bearings to assure their operational stability. The passive magnetic bearings can also absorb radial or axial thrust forces imparted on the rotor shaft during induction machine operation, that may reduce machine operational noise, and energy consumption.