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Other land-based activities


Senior Vice President Henrik Madsen



EBITDA for 2003 for other land-based activities in South America ended at USD 5,1 million, up USD 4,1 million on 2002. The increase derives primarily from Segetrans' sale of land at the port of Valparaiso with a profit of USD 3.5 million.

The net result of USD 3.0 million (USD (0.4) million in 2002) was in line with expectations.


Euroamerica, which has further strengthened its position as one of Argentina’s leading port terminals for exports of perishables and forestry products, again in 2003 reported a satisfactory pre-tax result of USD 1.2 million (USD 1.7 million in 2002). In 2003, the company made further substantial investments in warehouse capacity at the Maripasa Terminal, with the installation of a new Polygon bar-coding system for tracking and tracing cargoes as well as warehouse management.

Trucking activities in both Chile and Argentina have been reorganized during 2003 with the sale of most wheeled assets. The Segetrans organisations as ”software” companies will still offer refrigerated trucking solutions to exporters and shipping companies, including LauritzenCool and LauritzenCool Logistics. Despite these efforts, the result for 2003 remains unsatisfactory; USD (0.2) million excluding profit of USD 3.5 million from sale of land (USD (1.3) million in 2002).

Segetrans in Peru, on the other hand, managed a turnaround in 2003 with a small but satisfactory profit.

For 2004 the process of reorganising our trucking activities will continue, with closer collaboration with our reefer logistics business in the area. For Euroamerica, 2004 will be a year of consolidation following several years of important major investments as part of continuing expansion of terminal activities.

Excluding the profit on the sale of land in Valparaiso (USD 3.5 million), earnings in 2004 are expected to be slightly up on 2003.

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