Wintermar Offshore Marine Group (WINS:JK) announced a remarkable 194% year-on-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, fueled by a 47.8% revenue growth. The company's owned vessel division was the primary driver, with revenue jumping 53.9% to US$22.8 million, leading to a doubling of gross profit to US$12.7 million. Gross margins improved to 55.7% from 41.1% in the same period last year, reflecting higher utilization and more high-tier vessels in operation since December 2025.
While the owned vessel division thrived, the chartering division saw a 15% decline in gross profit to US$0.03 million, as management focused on marketing owned vessels and expanding higher-margin other services, which contributed US$0.5 million in gross profit, up 17% year-on-year. Total gross profit rose 101.6% to US$13.3 million, supported by a utilization rate of 62% compared to 55% in 1Q2025. 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 declined to US$0.4 million due to fewer idle vessels.
Indirect expenses rose 14.6% to US$2.8 million, primarily due to staff expenses increasing 16.7% to US$2.1 million, as Hari Raya and annual bonuses coincided in the same quarter. Marketing costs climbed 33.2% to US$0.2 million amid more tendering activity, and professional fees increased 46.3% to US$0.08 million for 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 dropped 14% to US$0.2 million. Associated companies recorded a net loss of US$0.5 million from lower fleet utilization. The company reported a lower forex loss of US$0.15 million compared to US$0.36 million in 1Q2025. EBITDA rose 92.2% to US$14.6 million.
Management highlighted that the ongoing Iran war and closure of the Strait of Hormuz have heightened global energy security concerns, accelerating up to US$40 billion in upstream projects worldwide, including in Indonesia. This bodes well for OSV demand. Wintermar plans to expand its fleet through new builds and acquisitions. The company's eighth platform supply vessel, purchased in late 2025, is undergoing upgrades and should be operational by 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 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 stood at US$47.8 million.
