ocean shipping for the colorado fuel & iron corporation were also extended for a period of five years the market for the iron ore products of marcona mining company owned 42]a % by utah has increased with the growth of steel production and the growing preference for beneficiated iron ore products as the demand for beneficiated products has increased and the remaining reserves of direct shipping ore have decreased marcona has installed 50 million in new beneficiation facilities in order to develop its primary ore reserves the cur rent year's share of start-up costs and shutdowns for plant modifi cations reduced profits only slightly and marcona's pelletizing plant is now operating at capacity not only is marcona's entire pellet production substantially committed for six years but design changes are already under way to increase output by 25 . while marcona's future earnings are likely to be affected by competition from other independent ore producers its modern processing plant proximity to deepwater ports and low-cost ocean shipping should protect its position with foreign steel makers san juan carriers ltd a wholly-owned subsidiary of utah's 4214 owned affiliate cia san juan s.a has continued to sell its smaller less efficient vessels and to add new ore-oil carriers to a fleet now comprising 7 carriers especially designed to meet the transportation requirements of marcona these ships aug mented by 108 charter vessels moved 39 billion ton-miles of ore to the peruvian iron ore producer's customers throughout the world during 1964 a new 60,000 ton vessel now being built it-fl s.s suit juan prospector shown passing through the panama canal on january 22 1964 with 22 inches of clearance on each side is the largest commercial vessel to ever pass through the canal's 110-foot locks right loading operations at marcona s dock san nicholas