It looks like to me, the page break <BR> tag is missing from the Image syntax. I compared the code from my Auction listings to the one you posted. All my image syntax have page <BR> tags in-between each image within the listing template.
Now I am wondering about something else. Do you Resize your images in the AW2K image editor and shrink the image(s) by factor x? Or crop the images? Do you adjust the JPEG Image quality output settings in Program Options?