weight tons with the completion of three new ships of 67,500 tons each now under contract or construction it will have doubled its total capacity to approximately 400,000 tons supplementing its six ships cia san juan chartered 48 other ships during the year and with this combination moved 33 billion ton-miles of iron ore and other bulk cargoes throughout the world your company's share of cia san juan's twelve months earnings ended october 31 was 1,497,284 after allowance for distri bution taxes earnings this year were lower than last year due to downward pressure on ocean freight rates and world iron ore prices however future prospects remain favorable construction construction operations continue to be carried out on a broad scale from the standpoint of both scope of work and geographic location at year end 10,000 people were employed on projects and activ ities in eleven countries throughout the world these operations included large scale missile bases airport facilities multi-story buildings underground defense center a vari ety of commercial structures hydroelectric dams tunnels and power houses in the united states metallurgical plants refinery and hydroelectric dam in south america a when fully loaded the new ore ships being built for san juan carriers weigh half again as much as a world war 11 battleship and more than the largest aircraft carriers afloat today