Wintermar Offshore Marine Group (WINS:JK) announced its financial results for the first quarter of 2026, reporting a 194% year-over-year increase in attributable net profit to US$4.8 million. This growth was fueled by a 47.8% rise in revenue, primarily from the owned vessel division, which saw a 53.9% increase in revenue to US$22.8 million. The owned vessel gross profit doubled to US$12.7 million, with gross margins improving to 55.7% from 41.1% in the same period last year.
The company's owned vessel division benefited from a higher number of high-tier vessels in operation since December 2025, achieving a utilization rate of 62% compared to 55% in 1Q2025. This led to a 101.6% increase in total gross profit to US$13.3 million. However, direct expenses rose in line with the larger fleet, with depreciation up 20.0% to US$4.0 million, crewing costs up 24.2% to US$2.9 million, and operational costs rising 38.5% to US$1.1 million. Maintenance costs decreased slightly by 1.8% to US$1.7 million, and fuel bunker costs were lower at US$0.4 million due to fewer idle vessels.
The chartering division saw a 15% decline in gross profit to US$0.03 million as management focused on marketing owned vessels and other services, where margins are higher. Other services contributed a 17% increase in gross profit to US$0.5 million, with gross margins of 34.1%.
Indirect expenses rose 14.6% year-over-year to US$2.8 million, driven by a 16.7% increase in staff expenses due to the timing of Hari Raya and annual bonuses. Marketing costs increased 33.2% to US$0.2 million, reflecting more tendering activity, while professional fees rose 46.3% due to payroll software upgrades. Operating profit surged 153.0% to US$10.5 million.
Interest expenses fell 1.2% to US$0.5 million due to refinancing at lower rates, while interest income decreased 14% to US$0.2 million. The company recorded a net loss of US$0.5 million from associated companies due to lower fleet utilization, and a lower forex loss of US$0.15 million. EBITDA rose 92.2% to US$14.6 million.
Industry outlook remains positive despite ongoing geopolitical tensions, with the Iran war continuing into the second quarter and the closure of the Strait of Hormuz restricting oil supply. This has strengthened global resolve towards energy security, with up to US$40 billion in upstream projects slated for acceleration, including in Indonesia. Wintermar plans to grow its fleet through new buildings and acquisitions, with its eighth Platform Supply Vessel expected to be operational in mid-2H2026. The company's associate, Fast Offshore Supply Pte Ltd, has won a long-term contract to build a fleet of Crew Transfer Vessels in Singapore and Batam, with deliveries expected in 2027. Total contracts on hand as of end March 2026 amount to US$47.8 million.
For more information, visit www.wintermar.com.
