Wintermar Offshore Marine Group (WINS:JK) reported a 194% year-over-year increase in attributable net profit to US$4.8 million for the first quarter of 2026, driven by strong performance in its Owned Vessel Division. Revenue grew 47.8% year-over-year to US$22.8 million, supported by a larger fleet of high-tier vessels in operation since December 2025.
The Owned Vessel Division saw revenue rise 53.9% to US$22.8 million, with gross profit doubling to US$12.7 million and gross margins improving to 55.7% from 41.1% in the prior year. Utilization rates increased to 62% from 55% in 1Q2025, reflecting higher demand for offshore support vessels (OSVs). Chartering gross profit fell 15% to US$0.03 million as management focused on owned vessels and higher-margin other services, which contributed US$0.5 million in gross profit, up 17% year-over-year.
Direct expenses rose in line with the expanded fleet. Depreciation increased 20% 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. Maintenance costs decreased 1.8% to US$1.7 million, and fuel bunker costs fell to US$0.4 million due to fewer idle vessels. Total gross profit surged 101.6% to US$13.3 million.
Indirect expenses increased 14.6% to US$2.8 million, driven by staff expenses up 16.7% to US$2.1 million due to the timing of bonuses, and marketing costs up 33.2% to US$0.2 million from higher tendering activity. Professional fees rose 46.3% to US$0.08 million for payroll software upgrades. Operating profit jumped 153% 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. No vessel sales occurred this quarter, but associated companies recorded a net loss of US$0.5 million from lower fleet utilization. Forex losses narrowed to US$0.15 million. EBITDA rose 92.2% to US$14.6 million.
The company highlighted the ongoing Iran war and its impact on oil markets. With the Strait of Hormuz closed and oil supply restricted, governments worldwide are prioritizing energy security, accelerating up to US$40 billion in upstream projects globally, including in Indonesia. This bodes well for OSV demand.
Wintermar is expanding its fleet through new builds and acquisitions. Its eighth Platform Supply Vessel, purchased in late 2025, is undergoing repair and should be operational by mid-second half of 2026. While most vessels remain on spot contracts, longer-term contracts are being bid 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 (CTVs) for delivery in 2027. Total contracts on hand as of end-March 2026 amount to US$47.8 million.
The results underscore how geopolitical instability and energy security concerns are driving investment in offshore oil and gas, benefiting companies like Wintermar. For leaders in business and technology, this signals growing opportunities in the OSV sector and related supply chain.
