New record result for Blue Water

In 2020, Blue Water delivered the best result ever - a profit of 25.8M EUR – despite Covid-19

In 2019, the Blue Water Group presented a record profit of 25.7M EUR. The Danish transport group continues its strong development and has recently presented its annual accounts for 2020 showing a record profit of 25.8M EUR.

"We are very satisfied to deliver a record result in 2020 which has been an extremely unusual and challenging year for many companies – including Blue Water. During the spring, we saw the first impact from Covid-19 resulting in decrease in some activities and great uncertainty in many markets. Our employees have made a considerable effort to create new solutions and possibilities for our clients in a challenging year. Thus we have managed to adapt and adjust our business during 2020. Together with a positive development in the market in the second half-year, this has generated the magnificent result", says Søren Nørgaard Thomsen, CEO of Blue Water.

Optimisation and streamlining is the way to go 

Covid-19 has affected the turnover of Blue Water Holding comprising the group's total activities. In 2020, the group's turnover was 775.8M EUR, which is a decrease of 85M EUR. We still succeeded in making a record bottom line due to a combination of optimisation and a fine profit performance in many business segments.

"Through a dedicated effort, we have in recent years been able to enhance the operation by optimising and streamlining our business while maintaining our high quality and customer service. Also, we have focus on a more dynamic adjustment and utilisation of the transport capacity. Furthermore, we have a solid core business, and extraordinarily strong performance in several of our business segments has contributed to the high earnings", says Søren Nørgaard Thomsen.

Positive development

The core activities within Energy & Projects, Wind Logistics, Sea & Air as well as Reefer Sea have performed exceptionally well and thereby contributed immensely to the annual result. The strong results within these areas are expected to continue in 2021.

In addition to Covid-19, a cyberattack has hit Blue Water, and several IT systems have been shut down to stop and limit the attack. A very dedicated and intensive effort from all employees across the entire Blue Water organisation has ensured the operation, service and execution of the clients' transports. But the rebuild of the IT systems has influenced the bottom line due to lower efficiency and higher costs among other factors.

Steady start of the year

The steady development continues in 2021 as Blue Water has seen a good start of the first months. Operationally, Covid-19 still presents uncertainty concerning the overall financial result for 2021. Also, investments are made to upgrade and rebuild the company's IT systems to the highest standards.

"We expect a reasonable result for 2021. It will, however, not live up to recent years' record results which in particular were influenced by our big transport contracts in Kazakhstan. These projects have now been completed. On the other hand, we expect continued strong development within our core activities and estimate a profit half as big as last year", says Søren Nørgaard Thomsen.

Kurt Skov, Blue Water's Founder and Chairman of the Board, expresses great satisfaction with recent years' development.

"Blue Water's foundation has been strengthened significantly during the past few years by the two very strong – and outstanding – results presented in 2019 and 2020. I am very proud that our employees - in a difficult time with Covid-19 and a cyberattack - have shown the will and enthusiasm to make an extra effort in their daily work to solve the clients' transport needs. It is a pleasure to see that we still have strong focus on maintaining our high level of service – and that we are able to adapt to the development in the market and the industry", says Kurt Skov.