Wintermar Offshore Marine Group (WINS:JK) has announced a remarkable 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% rise in revenue. The company's owned vessel division led the growth, with revenue surging 53.9% to US$22.8 million, driven by a larger fleet of high-tier vessels in operation since December 2025. Gross profit from owned vessels more than doubled to US$12.7 million, with margins expanding to 55.7% from 41.1% in the same period last year.
The improved performance reflects higher utilization rates, which climbed to 62% in 1Q2026 compared to 55% in 1Q2025. Total gross profit rose 101.6% year-over-year to US$13.3 million, despite a 20% increase in depreciation to US$4.0 million and a 24.2% rise in crewing costs to US$2.9 million. Operational costs grew 38.5% to US$1.1 million, while maintenance costs eased 1.8% to US$1.7 million due to fewer idle vessels. Fuel bunker expenses dropped to US$0.4 million as mobilization costs were lower than the previous year.
Indirect expenses increased 14.6% to US$2.8 million, largely due to staff expenses rising 16.7% to US$2.1 million, attributed to the timing of Hari Raya and annual bonuses. Marketing costs rose 33.2% to US$0.2 million, reflecting more tendering activity, and professional fees increased 46.3% to US$0.08 million following payroll software upgrades. Operating profit surged 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 declined 14% to US$0.2 million. The company recorded a net loss of US$0.5 million from associated companies and a lower forex loss of US$0.15 million. Earnings per share improved to Rp18.4 from Rp6.3 in 1Q2025, and EBITDA rose 92.2% to US$14.6 million.
The industry outlook remains positive, with the ongoing Iran war and closure of the Strait of Hormuz driving global energy security initiatives. Up to US$40 billion in upstream projects are slated for acceleration worldwide, including in Indonesia. Wintermar plans to expand its fleet through new builds and acquisitions. Its eighth Platform Supply Vessel, purchased in late 2025, is undergoing upgrades and expected to be operational in mid-second half of 2026. While most vessels are on spot contracts, longer-term contracts for 2027 are in bidding. 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 March 2026 stand at US$47.8 million.
Wintermar Offshore Marine Group (WINS.JK), with a fleet of over 44 offshore support vessels, is Indonesia's first shipping company certified with an Integrated Management System by Lloyd's Register Quality Assurance. For more information, visit www.wintermar.com.
