Wintermar Offshore Marine Group (WINS:JK) has announced a dramatic surge in first-quarter earnings, with attributable net profit rising 194% year-over-year to US$4.8 million, according to the company's 1Q2026 results released on May 1, 2026. The Jakarta-listed offshore support vessel (OSV) operator attributed the growth to a 47.8% increase in total revenue, fueled by higher utilization and expanded operations of its high-tier vessels.
Revenue from the owned vessel division climbed 53.9% year-over-year to US$22.8 million, driven by a utilization rate of 62% compared to 55% in the same period last year. Gross profit for the division doubled to US$12.7 million, with gross margins improving to 55.7% from 41.1% in 1Q2025. The company noted that more high-tier vessels have been in operation since December 2025, contributing to the strong performance.
Total gross profit rose 101.6% year-over-year to US$13.3 million, largely from the owned vessel segment. However, the chartering division saw a 15% decline in gross profit to US$0.03 million, as management focused on marketing owned vessels and expanding the higher-margin other services division, which posted a 17% increase in gross profit to US$0.5 million with margins of 34.1%.
Direct expenses increased in line with the larger active fleet. Depreciation rose 20.0% year-over-year 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. Maintenance costs fell 1.8% to US$1.7 million, while fuel bunker costs dropped to US$0.4 million due to fewer idle vessels and no significant mobilization costs compared to 1Q2025.
Indirect expenses increased 14.6% year-over-year to US$2.8 million, primarily due to higher staff expenses (up 16.7% to US$2.1 million) from the timing of Hari Raya and annual bonuses coinciding in the same quarter. Marketing costs rose 33.2% to US$0.2 million amid increased tendering activity, and professional fees grew 46.3% to US$0.08 million from 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 declined 14% to US$0.2 million. No vessel sales were recorded in the quarter, and associated companies posted a net loss of US$0.5 million. EBITDA rose 92.2% to US$14.6 million.
The company highlighted the ongoing Iran war and its impact on global energy markets. "The high risks of relying on Middle Eastern oil has strengthened the resolve of governments across the world towards energy security," Wintermar stated, noting that up to US$40 billion worth of upstream projects are slated for acceleration globally, including some in Indonesia.
Looking ahead, Wintermar plans to grow its fleet through new builds and acquisitions. The group's eighth Platform Supply Vessel, purchased in late 2025, is undergoing repairs and is expected to be operational in mid-second half of 2026. While current vessels are largely on spot contracts, longer-term contracts for 2027 are in the bidding process. 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 for delivery in 2027. Total contracts on hand as of end-March 2026 stood at US$47.8 million.
For more information, visit www.wintermar.com.
