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, on the back of 47.8% revenue growth. The company's Owned Vessel Division recorded a 53.9% revenue jump to US$22.8 million, with gross profit doubling to US$12.7 million and gross margins improving to 55.7% from 41.1% a year earlier.
The improved performance was attributed to a larger fleet of high-tier vessels in operation since December 2025, which boosted utilization rates to 62% compared to 55% in 1Q2025. Direct expenses rose in line with fleet expansion: depreciation increased 20% to US$4.0 million, crewing costs grew 24.2% to US$2.9 million, and operational costs climbed 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 and no significant mobilization costs.
Management continued to focus on marketing owned vessels and growing the Other Services division, where margins are higher. As a result, gross profit from chartering fell 15% 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 indirect expenses rose 14.6% to US$2.8 million, mainly due to staff expenses increasing 16.7% to US$2.1 million, as Hari Raya and annual bonuses fell in the same quarter. Marketing costs rose 33.2% to US$0.2 million due to more tendering activity, and professional fees increased 46.3% to US$0.08 million from payroll software upgrades.
Operating profit jumped 153% to US$10.5 million. Interest expenses edged down 1.2% to US$0.5 million from refinancing at lower rates, while interest income fell 14% to US$0.2 million due to lower time deposit rates. No vessel sales occurred this quarter, but associated companies recorded a net loss of US$0.5 million from lower fleet utilization. Foreign exchange losses narrowed to US$0.15 million from US$0.36 million in 1Q2025. Earnings per share rose to Rp18.4 from Rp6.3 a year earlier. EBITDA increased 92.2% to US$14.6 million.
The industry outlook remains positive despite ongoing geopolitical tensions. The Iran war, now in its second quarter, continues to disrupt oil supply through the Strait of Hormuz, keeping oil prices volatile. This has spurred global governments to prioritize energy security, accelerating up to US$40 billion in upstream projects worldwide, including in Indonesia. Wintermar is capitalizing on strong OSV demand by planning fleet growth through newbuilds and acquisitions. Its eighth Platform Supply Vessel, purchased in late 2025, is undergoing repairs and should be operational by mid-second half of 2026. While most vessels remain on spot contracts, longer-term contracts are being bid for 2027. Associate company Fast Offshore Supply Pte Ltd in Singapore has secured a long-term contract to build a fleet of Crew Transfer Vessels in Singapore and Batam for 2027 delivery. Total contracts on hand as of end-March 2026 stood at US$47.8 million.
Wintermar Offshore Marine Group (WINS.JK), with nearly 50 years of experience, operates a fleet of over 44 offshore support vessels. It is the first Indonesian shipping company certified with an Integrated Management System by Lloyd's Register Quality Assurance, holding ISO 9001:2015, ISO 14001:2015, and OHSAS 18001:2007 certifications. For more information, visit www.wintermar.com.
