Blue Water, a Danish transport and logistics group, reported a profit of 12 million USD before tax for 2022. While the profit was lower than expected due to extensive investments in the wind industry, the group is satisfied with the development and financial results of their core business, especially given the energy crisis, increasing inflation, and fluctuating cargo volumes and freight rates. Despite this, the CEO, Søren Nørgaard Thomsen, acknowledges that the group is not entirely content with the total result and highlights the challenges the industry and customers faced throughout the year.
While investments in the wind segment through the joint venture Danwind Blue Water have been increased, resulting in heavier-than-expected investments and a lower total group profit, Blue Water maintains a strategic ambition to expand its services within the wind industry, where they hold a strong global position in transport and logistics. Although deviations in performance will occur as it primarily concerns project assignments, the pipeline of their joint venture looks promising.
During 2022, Blue Water’s turnover grew extensively by 37%, from 970 million to 1.3 billion USD, primarily driven by high freight rates, especially sea freight. However, this did not filter directly through to the bottom line of Blue Water, which is expecting a lower turnover this year while the profit will be more significant. The group focuses more on volumes, level of activity, and market shares while following their strategy of efficiency, consolidation, and profitable growth.
Looking back on 2022, the chairman of the board and founder, Kurt Skov, has a positive outlook despite not living up to the financial expectations last year. He expects the group to reach the right side of the budget this year, given the steady development of new activities and offices. The jubilee celebration of Blue Water’s 50-year anniversary in 2022 contributed to a strengthened team spirit, cooperation, and understanding across the entire company and marked the last step of the generational handover when Anne joined as chair of the Blue Water Foundation.
