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Success Stories
EIC Survive 2024 EIC Survive&&Thrive Thrive 2024
JulyJuly 2024 2024
Story type
Blue Water Shipping Embracing flexibility and adaptability to keep up with client expectations Dilys Tan Regional Head - Logistics, Asia (Floating Production Systems) How is Blue Water Shipping thriving? Adaptability, innovation and investment in young generations have been at the heart of Blue Water Shipping’s recent strategy, one which is helping the company to overcome volatile market conditions to continue delivering viable solutions to clients across a range of sectors. The challenge - With more than half a century’s experience, 25 years of which have been spent operating out of its base in Singapore, Blue Water Shipping has sailed through its own fair share of market challenges and volatile moments. Indeed, in recent times, several key obstacles have impacted its Asian operations. Supply chain disruptions due to COVID and Red Sea issues were particularly acute – for instance, shipments from Europe to destinations such as Singapore and China experienced significant lead time delays, with vessel booking for a standard GP container taking three to four weeks. Shortages of containers, schedule cancellations and substantial rate increases – sometimes doubling or more for specific lanes – were all sizable challenges. Regulatory changes in China have also necessitated vigilant monitoring to provide timely advice to clients, while construction schedule delays caused by the pandemic and other supply constraints added further complexity to project timelines. To navigate these obstacles against a backdrop of constant change, Blue Water Shipping needed to develop a responsive and client-centric service model that would enable it to respond to client pain points. The solution - Flexibility and adaptability have become essential traits. By staying attuned to constant landscape changes, actively seeking feedback, and adjusting strategies accordingly, Blue Water Shipping has been able to position itself as an entity capable of meeting the evolving needs of clients, with tailored solutions for each unique project. Getting to this point has required a shift in mindset and adherence to several principles. Firstly, the company has had to demonstrate high levels of adaptability. Here, it has fostered a culture that values and promotes agil-
#people & competency (main category) #culture, #resilience
Benefits ▸ Economical and faster transportation solutions. ▸ Traineeship program providing the next generation of logistics theoretical knowledge and practical skills.
Key findings ity, encourages employees to be adaptable, is open to change, and is quick to respond to evolving circumstances. Alongside this, the firm has developed processes and structures that allow for flexibility and rapid adjustments. Similarly, continuous learning has been another key facet, with employees encouraged to acquire new skills, stay informed about industry trends, and understand the importance of adopting a growth mindset.
For industry ▸ Be bold and specialise. Believe in what you are great at. ▸ Don’t say yes to everything.
This cultural realignment has enabled Blue Water Shipping to challenge the status quo, something the company embraces as a two-way process. Indeed, it has involved questioning service providers and asking clients ‘why’ to generate a superior understanding of their needs.
Key products and services: transportation and shipping.
Such an approach is a key enabler for alternative solutions to be created. For example, to overcome the challenges in China, Blue Water Shipping introduced rail transportation from Europe to offset issues relating to the cost of maintaining air freight schedules and long lead times associated with shipping. Typically, sea freight would typically take 50 to 60 days for a 40’ GP container. Air freight, while taking just three to five days, would accrue a cost almost 10 times higher. Blue Water Shipping, with its rail transport option, offered a transit time of about 25 days at a more economical cost, presenting clients with a viable and efficient middle-ground solution. Another critical challenge encountered on this journey has been attracting younger generations into the business. Due to the nature of the shipping sector, trends towards work-life balance and hybrid and remote working are sometimes difficult for companies like Blue Water Shipping to align with. To help address this, the company has made significant investments in championing career prospects for younger people. It has implemented a traineeship program aimed at providing a structured and comprehensive learning experience. Spanning two years, it involves a combination of academic training focused on logistics and on-the-job training in participants’ home country for the first year. In the second year, trainees are seconded to one of Blue Water Shipping’s overseas offices for further hands-on experience. The program is designed to not only equip
Blue Water Shipping at a glance:
Main industries served: ▸ Oil and gas – 60% ▸ Offshore renewable energy – 20% ▸ Onshore renewable energy – 10% ▸ Others (non-energy: mining) – 10% Headquarters: Esbjerg, Denmark Year established: 1972 Number of employees: 2,800 Revenue: £1bn Revenue from exports: 5% (Singapore)
learners with theoretical knowledge, but also the practical skills they need to prepare them for a successful career in the dynamic field of logistics. As a result of these initiatives, Blue Water Shipping is now better placed to deal with volatile markets, of which energy and FPSO are one. With its first client in this sector successfully onboarded and more on the way, the company can look forward to its next chapter of growth.