Wintermar Offshore Marine Group (WINS:JK) reported 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 posted 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.
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. Total gross profit rose 101.6% to US$13.3 million, largely due to higher utilization of high-tier vessels, which reached 62% compared to 55% in 1Q2025.
Operating profit surged 153% to US$10.5 million, and EBITDA increased 92.2% to US$14.6 million. The company attributed the strong performance to a larger fleet of high-tier vessels in operation since December 2025 and a favorable market environment. Direct expenses rose in line with fleet expansion: depreciation increased 20% to US$4.0 million, crewing costs rose 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 dropped to US$0.4 million due to fewer idle vessels.
Indirect expenses increased 14.6% to US$2.8 million, driven by higher staff expenses (up 16.7% to US$2.1 million) due to the timing of bonuses. Marketing costs rose 33.2% to US$0.2 million, reflecting increased tendering activity, and professional fees increased 46.3% to US$0.08 million for software upgrades.
Interest expenses fell 1.2% to US$0.5 million after refinancing at lower rates, while interest income declined 14% to US$0.2 million due to lower deposit rates. No vessel sales occurred in the quarter, but associated companies recorded a net loss of US$0.5 million from lower fleet utilization. The company reported a lower foreign exchange loss of US$0.15 million compared to US$0.36 million in the prior year.
Earnings per share reached Rp18.4, up from Rp6.3 in 1Q2025. The company noted that the ongoing Iran war and volatile oil prices continue to impact the industry, but increased global focus on energy security has accelerated upstream projects worth up to US$40 billion, including some in Indonesia.
Wintermar is planning to grow its fleet through new buildings and acquisitions. Its eighth platform supply vessel, purchased in late 2025, is undergoing repairs and should be operational in mid-second half of 2026. The associate company Fast Offshore Supply Pte Ltd has won a long-term contract to build a fleet of crew transfer vessels in Singapore and Batam, with deliveries expected in 2027. Total contracts on hand as of end-March 2026 amounted to US$47.8 million.
For more information, visit www.wintermar.com.
