Wintermar Offshore Reports 194% Net Profit Surge in 1Q2026 Amid Strong Vessel Utilization

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, supported by a 47.8% rise in revenue to US$22.8 million. The strong performance was primarily driven by the Owned Vessel Division, which saw revenue grow 53.9% to US$22.8 million, with gross profit doubling to US$12.7 million and margins improving to 55.7% from 41.1% in the prior year.

The company's owned vessel utilization rate increased to 62% in 1Q2026, compared to 55% in 1Q2025, reflecting higher demand for high-tier vessels. 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 declined to US$0.4 million due to fewer idle vessels.

The Chartering Division experienced 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. Indirect expenses increased 14.6% to US$2.8 million, largely due to staff expenses rising 16.7% to US$2.1 million from the timing of bonuses, and marketing costs up 33.2% to US$0.2 million. Operating profit grew 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 dropped 14% to US$0.2 million. Associated companies recorded a net loss of US$0.5 million due to lower fleet utilization, and forex losses narrowed to US$0.15 million. EBITDA rose 92.2% to US$14.6 million from US$7.6 million in 1Q2025.

The company noted that the ongoing Iran war and closure of the Strait of Hormuz have restricted oil supply and heightened energy security concerns globally, driving up to US$40 billion in upstream projects, including in Indonesia. Wintermar plans to grow 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. 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 stood at US$47.8 million.

For more information, visit Wintermar Offshore Marine Group.