Wintermar Offshore Reports 194% Profit Surge in 1Q2026 Amid Strong Vessel Utilization and Geopolitical Tailwinds
Wintermar Offshore's attributable net profit jumped 194% year-over-year to US$4.8 million in the first quarter of 2026, driven by a 53.9% rise in owned vessel revenue and improved utilization rates, while the ongoing Iran war and energy security concerns bolster offshore support vessel demand.
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, as revenue grew 47.8% to US$22.8 million. The Jakarta-based offshore support vessel (OSV) provider attributed the strong performance to a larger fleet of high-tier vessels and improved utilization rates, which reached 62% compared to 55% in the same period last year.
The owned vessel division saw revenue surge 53.9% to US$22.8 million, with gross profit doubling to US$12.7 million as gross margins expanded to 55.7% from 41.1%. The company's focus on marketing owned vessels and growing its other services division, where margins are higher, led to a 17% increase in other services gross profit to US$0.5 million, while chartering gross profit fell 15% to US$0.03 million.
Total gross profit rose 101.6% year-over-year to US$13.3 million, driven by the owned vessel division's strong performance. Direct expenses increased in line with the larger fleet: depreciation rose 20% to US$4.0 million, crewing costs climbed 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 as fewer vessels were idle.
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 Hari Raya and annual bonuses in the same quarter. Marketing costs rose 33.2% to US$0.2 million amid more tendering activity, while professional fees increased 46.3% to US$0.08 million for payroll software upgrades. Operating profit jumped 153% to US$10.5 million.
Interest expenses fell slightly by 1.2% to US$0.5 million due to refinancing at lower rates, while interest income declined 14% to US$0.2 million. The company recorded a lower forex loss of US$0.15 million compared to US$0.36 million a year earlier. EBITDA rose 92.2% to US$14.6 million.
The company highlighted the ongoing Iran war and closure of the Strait of Hormuz as factors driving energy security concerns globally, with up to US$40 billion in upstream projects slated for acceleration, including some 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 the second half of 2026. While most vessels are on spot contracts, longer-term contracts are in bidding for 2027.
Associate company Fast Offshore Supply Pte Ltd in Singapore has won a long-term contract to build a fleet of crew transfer vessels (CTV) in Singapore and Batam for delivery in 2027. Total contracts on hand as of end-March 2026 stood at US$47.8 million. More information is available at www.wintermar.com.