Blue Water defeats pandemic and cyberattack with record profit

The Blue Water Group has booked a record profit of EUR 25.8 million in 2020, despite the pandemic and a cyberattack causing significant turmoil. The record result was achieved by optimisation and positive development of the market in the second half-year, says CEO Søren Nørgaard Thomsen.

The result is just slightly higher than in 2019 when the profit amounted to EUR 25.7 million but given the conditions, Thomsen is very satisfied. “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 positive development in the market in the second half-year, this has generated the magnificent result”, Thomsen says.

The group’s turnover amounted to EUR 775.8 million, which is EUR 85 million less than the year before. However, the core activities within Energy & Projects, Wind Logistics, Sea & Air as well as Reefer Sea performed exceptionally well and the strong results within these areas are expected to continue in 2021.

Cyberattack

In addition to Covid-19, Blue Water endured a cyberattack past year and in order to stop and limit the attack, the company had to shut down several of its IT systems. 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. Nevertheless, the rebuild of the IT systems has impacted the bottom line due to lower efficiency and higher costs among other factors. Blue Water said it is currently investing to upgrade and rebuild the company’s IT systems to “the highest standards.”

Steady start

The freight forwarder has started 2021 well, with good results in the first few months. Operationally, Covid-19 still presents uncertainty though and this could well impact the overall financial result.

“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 a continued strong development within our core activities and estimate a profit half as big as last year”, says Thomsen.

“Blue Water’s foundation has been strengthened significantly during the past few years by the two very strong results presented in 2019 and 2020”, adds Blue Water’s founder Kurt Skov. “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.”

Author: Tobias Pieffers

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