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, underpinned by a 47.8% revenue growth. The company's owned vessel division was the primary driver, with revenue rising 53.9% to US$22.8 million and gross profit doubling to US$12.7 million, achieving a gross margin of 55.7% compared to 41.1% in the same period last year.
The improved performance was attributed to a larger fleet of high-tier vessels in operation since December 2025, leading to a utilization rate of 62% versus 55% in 1Q2025. Total gross profit surged 101.6% to US$13.3 million, while operating profit rose 153% to US$10.5 million. EBITDA grew 92.2% to US$14.6 million.
Despite a decline in chartering gross profit, which fell 15% to US$0.03 million, the other services division posted a 17% increase in gross profit to US$0.5 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 edged down 1.8% to US$1.7 million, and fuel bunker costs fell 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 Hari Raya and annual bonuses. Marketing costs rose 33.2% to US$0.2 million, and professional fees increased 46.3% to US$0.08 million for payroll software upgrades. 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. The company recorded a forex loss of US$0.15 million, down from US$0.36 million in 1Q2025.
Wintermar attributed the strong results to favorable industry conditions, noting that the ongoing Iran war and closure of the Strait of Hormuz have heightened global focus on energy security, accelerating up to US$40 billion in upstream projects worldwide, including in Indonesia. With a robust outlook for offshore support vessel demand, the company plans to expand its fleet through new builds and acquisitions.
The group's eighth Platform Supply Vessel, purchased in late 2025, is undergoing repairs and is expected to be operational in the second half of 2026. While most vessels are currently on spot contracts, longer-term contracts for 2027 are in the bidding process. Associate company Fast Offshore Supply Pte Ltd in Singapore has secured a long-term contract to build a fleet of Crew Transfer Vessels for delivery in 2027. Total contracts on hand as of March 2026 stood at US$47.8 million.
For more information, visit www.wintermar.com.
