Wintermar Offshore Marine Group (WINS:JK) announced a 194% year-over-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, driven by a 47.8% revenue growth. The company's owned vessel division recorded a 53.9% revenue increase to US$22.8 million, with gross profit doubling to US$12.7 million and gross margins improving to 55.7% from 41.1% in the prior year. This performance was supported by a higher number of high-tier vessels in operation since December 2025 and a utilization rate of 62%, up from 55% in 1Q2025.
The chartering division saw a 15% decline in gross profit to US$0.03 million, while other services contributed US$0.5 million, up 17% year-over-year, with gross margins of 34.1%. Total gross profit rose 101.6% to US$13.3 million. Direct expenses increased in line with fleet expansion: depreciation rose 20% to US$4.0 million, crewing costs increased 24.2% to US$2.9 million, and operational costs grew 38.5% to US$1.1 million. However, maintenance costs fell 1.8% to US$1.7 million, and fuel bunker costs declined to US$0.4 million due to fewer idle vessels.
Indirect expenses rose 14.6% to US$2.8 million, primarily due to staff expenses increasing 16.7% to US$2.1 million, reflecting the timing of bonuses. Marketing costs increased 33.2% to US$0.2 million due to higher tendering activity, and professional fees rose 46.3% to US$0.08 million for software upgrades. Operating profit surged 153% to US$10.5 million.
Interest expenses fell 1.2% to US$0.5 million due to refinancing at lower rates, while interest income declined 14% to US$0.2 million. No vessel sales occurred, but associated companies recorded a net loss of US$0.5 million due to lower fleet utilization. Forex losses narrowed to US$0.15 million. EBITDA rose 92.2% to US$14.6 million, and earnings per share reached Rp18.4, compared to Rp6.3 in 1Q2025.
Industry outlook remains positive amid the ongoing Iran war and volatile oil prices. The closure of the Strait of Hormuz has heightened global energy security concerns, with up to US$40 billion in upstream projects expected to accelerate, including in Indonesia. Wintermar plans to expand its fleet through new builds and acquisitions. Its eighth platform supply vessel, purchased in late 2025, is undergoing repairs and should be operational in mid-second half of 2026. While most vessels are on spot contracts, longer-term contracts are under bidding for 2027. Associate company Fast Offshore Supply Pte Ltd has secured a long-term contract to build a fleet of crew transfer vessels in Singapore and Batam for delivery in 2027. Total contracts on hand as of end-March 2026 amount to US$47.8 million.
For more information, visit Wintermar Offshore Marine Group.
