Wintermar Offshore Marine Group (WINS:JK) announced a 194% year-on-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, underpinned by a 47.8% rise in total revenue. 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 as gross margins expanded to 55.7% from 41.1% a year earlier.
Management attributed the strong performance to a larger fleet of high-tier vessels in operation since December 2025. The owned vessel utilization rate improved to 62% in 1Q2026, compared with 55% in 1Q2025. Direct expenses rose in line with fleet expansion: depreciation increased 20.0% year-on-year to US$4.0 million, crewing costs rose 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 to US$0.4 million due to fewer idle vessels and lower mobilization expenses.
The chartering division saw gross profit decline 15% year-on-year to US$0.03 million, while other services contributed US$0.5 million, up 17%. Total gross profit rose 101.6% to US$13.3 million. Indirect expenses increased 14.6% to US$2.8 million, largely due to staff expenses rising 16.7% to US$2.1 million from the timing of Hari Raya and annual bonuses. Marketing costs increased 33.2% to US$0.2 million amid higher tendering activity, and professional fees rose 46.3% to US$0.08 million for payroll software upgrades. Operating profit surged 153.0% to US$10.5 million.
Interest expenses fell 1.2% to US$0.5 million from refinancing at lower rates, while interest income declined 14% to US$0.2 million due to lower time deposit rates. Associated companies recorded a net loss of US$0.5 million from lower fleet utilization. The company posted a lower forex loss of US$0.15 million, compared with US$0.36 million in 1Q2025. EBITDA rose 92.2% to US$14.6 million.
Industry outlook remains positive despite geopolitical tensions. The Iran war has continued into the second quarter, with oil prices volatile and supply restricted by the closure of the Strait of Hormuz. Governments worldwide are prioritizing energy security, leading to acceleration of up to US$40 billion in upstream projects globally, including in Indonesia. Wintermar plans to grow its fleet through newbuildings and acquisitions. Its eighth Platform Supply Vessel, purchased in late 2025, is undergoing repair and upgrading, expected to be operational in mid-second half of 2026. While most vessels remain on spot contracts, longer-term contracts are under bidding 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, with deliveries in 2027. Total contracts on hand as of end-March 2026 amount to US$47.8 million.
For more information, visit Wintermar Offshore Marine Group.
