direct shipping ore, but since that time the available reserves of this type of ore are nearly exhausted and today's shipments are largely in the form of pellets and other beneficiated iron ore products. Shipments have increased from 2 million tons in 1954 to nearly 8 million tons last year and are running ahead of that pace this year. Cia San Juan S. A. is a Panamanian company that markets most of Marcona's production as well as that produced by the participants in Mt. Goldsworthy Mining Associates. A major factor in its ability to compete favorably in world wide ore markets has been the employment of very large ore carrying vessel which are supplied to it by its wholly owned Liberian subsidiary, San Juan Carriers, Ltd. San Juan Carriers owns 9 ships ranging in deadweight tonnage from 31,000 to 106,000 and aggregating approximately 808,000 deadweight tons and provides additional transportation under contracts of affreightment. It has agreed to purchase 3 additional ore-oil vessels of around 128,000 deadweight tons each for delivery in late 1969 and 1970. Six of the present vessels owned in the leet are combination ore-oil carriers, while the majority of the chartered vessels are combination ore-bulk carriers, and through these combination carriers these ships are utilized to carry oil and coal as backhaul cargoes. The ton miles of cargo moved has increased from 3. 3 billion in 1953 to 96. 4 billion in 1967. Whereas Peruvian iron ore accounted for about 87 1/2% of the total in 1962, the percentage had dropped to about 63% last year. San Juan Carriers has taken the lead in the development of the larger more efficient carriers, and these in turn have revolutionized the traditional relationships in the iron ore industry and in the steel industry. -8-