The expansion of Blue Water Shipping’s energy, ports and projects division helped boost the group’s annual results for 2023. The Danish transport and logistics provider said that it delivered “a satisfactory result” with a profit before tax of USD21 million, up 76 percent over 2022.

Blue Water Shipping - annual results

Source: Blue Water Shipping (08/03/2024)

The significant decline in freight rates during 2023 contributed to an overall decrease in Blue Water’s revenue, which fell by 3 percent to just under USD1.3 billion. The market was characterised by a slowdown in freight volumes in sea and airfreight, accompanied by a drop in rates, which in recent years have been significantly higher than normal.

A boost in general cargo offset some of the volatility. Meanwhile, the expansion of Blue Water’s energy, ports and projects division resulted in new revenue streams and several significant contract wins over the year.

“We are continuously seeing positive results from our growth strategy,” said Søren Nørgaard Thomsen, Blue Water ceo. “The expansion is happening at the right pace, which means that the overall balance between investments and earnings is right. We expect this positive development within the division to continue in 2024.” 

The outlook for 2024 is a group profit of USD22-25 million. The result will be positively impacted by the ongoing expansion of the newer offices in Australia, Guyana, Türkyie and China, among others.

“In 2024, we will follow our strategy with a focus on streamlining, consolidation and profitable growth. We are also aware that the current – and new – geopolitical, financial and economic conditions may affect our activities and opportunities to serve our customers in 2024. This requires that we remain ready to act and react to the changing conditions, but I am confident that we can as it is in our DNA,” said Søren Nørgaard Thomsen.