Wintermar Offshore (WINS:JK) reported a 24.4% year-on-year (YOY) increase in attributable net profit to US$8.4 million for the first half of 2026, driven by higher fleet utilization and the deployment of additional high-tier vessels. The company's owned vessel division saw revenue surge 41.4% YOY to US$45 million, with margins expanding to 51.7% from 39.1% in 1H2025, as more platform supply vessels (PSVs) were put into operation. Overall fleet utilization improved to 62% in 1H2026, up from 56% in the same period last year, although second-quarter utilization dipped slightly due to the continued dominance of spot contracts.
The company's strategic focus on owned vessels is evident in the chartering division, where revenue fell 40.5% YOY to US$1.6 million, as management prioritizes higher-margin owned vessels. In contrast, other services revenue rose 40.8% to US$3.4 million, driven by increased fee-based income. Gross profit jumped 76.9% YOY to US$24.9 million, with the owned vessel division contributing US$23.3 million. Operating profit soared 124.6% to US$20.1 million, while EBITDA climbed 76.8% to US$28.2 million.
Direct expenses for owned vessels increased 12% YOY to US$21.7 million, largely due to higher depreciation and crewing costs associated with additional vessels and certified crew for dynamic positioning operations. However, fuel costs fell 40% YOY as charterers bore fuel expenses during operations. Indirect expenses decreased 6.2% YOY, primarily from lower salary-related costs, which offset higher marketing expenses.
The company's expansion strategy, including the acquisition of Fast Offshore Supply (FOS) and new vessel orders, is set to bolster its fleet. In July 2026, Wintermar took delivery of a second-hand diesel-electric AHTS and a MSV, both undergoing repairs and expected to be operational by 4Q2026. Additionally, a new order for an MSV will be delivered in 2H2027. The FOS acquisition adds seven crew transfer vessels (CTVs), with two already under long-term contracts, and five new CTVs to be delivered in 2027, all contracted for five years. These investments are expected to be earnings accretive in 2027, despite temporarily increasing net gearing and expenses in 2H2026.
The industry outlook remains robust, with the Iran conflict disrupting maritime traffic through the Strait of Hormuz and oil prices staying firm. Global upstream investment continues to rise, and offshore E&P capex is projected to grow through the decade. In Indonesia, strategic projects like the US$21 billion Masela development are underway. The global OSV fleet is aging, with 47% over 15 years old, and a lack of newbuild orders since 2015 points to tight supply and higher charter rates. Wintermar is well-positioned to benefit from these trends, leveraging its expanded fleet and strategic investments.
