Strong result for Blue Water in 2021

With a solid profit of EUR 19m last year, the transport and logistics group presented its third biggest profit ever

The past three years have brought strong financial results for Blue Water Shipping who has just recently presented its financial statements for 2021. The profit for Blue Water Holding, covering the transport and logistics group’s total activities, amounted to EUR 19m, which satisfies the group’s top management.

”2021 has brought a great amount of challenges for us, for the transport industry as well as for our customers, and we are satisfied with the annual result. Covid-19, capacity problems and rising energy prices have left notable marks on the year, but thanks to our diligent and competent employees we have succeeded in servicing our customers with efficient and strong transport solutions. We came out of 2021 with a good financial result – and most importantly, we have a more dedicated organisation and a stronger foundation for continued growth and development”, states Søren Nørgaard Thomsen, CEO of Blue Water.

Efficiency enhancement and growth

In 2021, the top line increased by almost EUR 134m to EUR 900m – an increase primarily resulting from the extremely high freight rates, which Blue Water expects will remain at the same level for the better part of 2022. The year’s result is driven by a positive development within all business units, however, with Sea, Air and Energy & Projects standing out. Last year’s profit is approx. EUR 7m lower than in 2019 and 2020, which were record years for Blue Water, where huge contracts in connection with the extension of the Tengiz Oil Field in Kazakhstan were completed.

”During recent years, our core business has developed strongly and in a sensible way. We pursue our strategy and focus on consolidation, efficiency enhancement and growth. Last year, we launched exciting new activities contributing to satisfying the customers’ needs - e.g., within airfreight and rail transport. Furthermore, we expanded through acquisitions and new locations in Canada, Germany and Australia among other places”, says Søren Nørgaard Thomsen.

Strong start of the year

The first months of 2022 show fine results and good development. Growth-wise, an acquisition in Guyana has been effected, a number of new locations worldwide are in the pipeline, and Management expects that 2022 will continue to be positively influenced by a high activity level – especially in the fields of Sea, Air, Reefer, Energy and Port & Projects. However, the high energy prices and the war in Ukraine complicate evaluation of the exact development.

”Our operation and strategy are trimmed to be able to deliver a satisfactory result in 2022, but it is expected to be lower than last year. Among other factors we focus on the fact that the world is still facing various challenges in the form of high energy prices, capacity problems and war, including sanctions, which have an impact on our customers’ business. As for Russia, we have put our activities on hold, and we observe all sanctions that have been and will be imposed in connection with the conflict”, says Søren Nørgaard Thomsen.

50th anniversary celebration

Blue Water’s founder and chairman of the board is pleased with the result and looks forward to another strong financial year in 2022. But this year, he especially focusses on 1 September.

”The past three years have brought the three best financial results for Blue Water. Everybody in the company can and should be proud of this because it is your daily contribution that makes the whole difference. This year will be very special for me – and for all colleagues – as we will invite all Blue Water employees to Esbjerg in September to take part in a joint celebration of this grand event. All our 1700 colleagues will not be able to participate, but it is important for me and for the rest of the Management team to seize this opportunity to strengthen our team spirit and culture across the entire Blue Water organisation”, says Kurt Skov who will also celebrate his own 50th anniversary on 1 September this year.