Fine prospects for Blue Water Shipping

Blue Water Shipping overall result for 2015 shows a loss of EUR 1.9 m mainly caused by the low oil price and big investments in the Nordic countries

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I take a positive view of the future. We have a very strong core business and have made investments in order to improve our set-up and systems.

Kurt Skov

Founder and Managing Director

Since January, Kurt Skov has been back at the head of Blue Water as Managing Director. Through a number of adaptations and changes, he and the other members of the Management Committee have revived the positive development.

24 May 2016 10:46

Since last autumn, Blue Water Shipping has experienced a decline in the transport activities related to the Oil and Energy sector. This is a contributory factor in the Danish transport and logistics company’s annual accounts for 2015 showing a loss of EUR 1.9 million before tax whereas the turnover increases slightly to EUR 671 m. These are the figures covering the activities of the entire Blue Water Group.

“It is disappointing result. However, the minor loss for 2015 comes as no surprise to us. For several months, we have seen a slowdown in the activities - in particular in Oil and Energy where the entire sector is affected by the low oil prices”, says Blue Water Shipping’s Founder and Managing Director Kurt Skov.

Costly investments

Investments in activities in Norway, Sweden and Finland has also affected the bottom line in 2015.

“During recent months, we have implemented a number of adaptations in our organisation preparing ourselves for the future. We still want to maintain a strong position in Norway, Sweden and Finland, but have decided to slow down a bit. Within Oil and Energy, we hold a strong position which will be strengthened significantly in the years to come on the basis of our biggest contract ever - a contract of EUR 300 m for a gigantic oil project in Kazakhstan”, says Kurt Skov.

A few weeks ago, it was published that a consortium led by Blue Water Shipping is going to deliver 15 specially designed vessels for transport of cargo and modules up to 1800 tons in connection with the extension of an oil field in Kazakhstan. The project has a total value of EUR 300 m and runs until 2021.

Biggest activity delivers the goods

The Blue Water Group’s biggest activity - transport of consumer goods, industrial cargo and food products by sea, road and air - generated magnificent results in 2015. In particular Denmark showed growth in turnover as well as in profit.

“We are very satisfied and proud that we are able to grow in this competitive market. The profit margin is not very large, but our expertise, high level of service and close cooperation with the clients are the reason that they see a value in cooperating with Blue Water”, says Kurt Skov.

This summer, Blue Water’s new cargo terminal in Taulov in Denmark will be operational. This will contribute to strengthening the service and quality of import and export transport. The company is also implementing new IT systems which will enhance both the efficiency and quality.

“I take a positive view of the future. We have a very strong core business and along with the investments we have made to improve our set-up and systems, I am convinced that we will see fine progress in our business in the short as well as in the long run”, says Kurt Skov who also mentions that Blue Water expects a positive result for 2016.

Financial highlights (EUR)

24 May 2016 10:46

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Contact

Jan Hjortlund Hansen

Jan Hjortlund Hansen

Head of Marketing & Communications

jhha@bws.net

+45 7913 4002

Jan has more than 10 years of experience working as a journalist and newspaper editor. He has been part of the Blue Water team since 2011 and handles all incoming media requests.