Wintermar Offshore Marine Group (WINS:JK) has posted a 194% year-on-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, fueled by strong growth in its owned vessel division and higher utilization rates. The company's revenue rose 47.8% year-on-year to US$22.8 million, driven by a larger fleet of high-tier vessels operating since December 2025.
The owned vessel division saw revenue surge 53.9% to US$22.8 million, with gross profit doubling to US$12.7 million. Gross margins improved to 55.7% from 41.1% in the same period last year, reflecting a utilization rate of 62% compared to 55% in 1Q2025. The company's chartering division experienced a 15% decline in gross profit to US$0.03 million as management focused on higher-margin owned vessels and other services, which saw gross profit rise 17% to US$0.5 million with margins of 34.1%.
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 fell 1.8% to US$1.7 million, and fuel bunker costs dropped as fewer vessels were idle. Total gross profit rose 101.6% to US$13.3 million.
Indirect expenses increased 14.6% to US$2.8 million, primarily due to staff expenses rising 16.7% to US$2.1 million from the timing of bonuses. Marketing costs grew 33.2% to US$0.2 million, reflecting increased tendering activity. Operating profit soared 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. The company recorded a net loss of US$0.5 million from associates due to lower fleet utilization. Forex losses narrowed to US$0.15 million from US$0.36 million. EBITDA rose 92.2% to US$14.6 million.
The company noted the ongoing Iran war and volatile oil prices, with the closure of the Strait of Hormuz restricting supply. This has driven global energy security efforts, accelerating 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. While most vessels are on spot contracts, longer-term contracts are being bid for 2027. Associate company Fast Offshore Supply Pte Ltd has won a long-term contract to build 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 www.wintermar.com.
