Wintermar Offshore Marine Tbk (WINS:JK) reported a 67.6% year-over-year increase in operating profit to US$24.7 million for the first nine months of 2026, as revenue grew 30.0% to US$75.9 million, according to the company's quarterly results announcement. The improved performance was supported by margin expansion from additional high-tier vessels in operation and firmer charter rates, lifting the operating margin to 32.5% from 25.2% a year earlier.
The Owned Vessel Division, which management has prioritized, saw revenue rise 30.9% to US$65.8 million, with two additional dynamic positioning (DP) vessels operational compared to the same period in 2025. Gross margin for owned vessels widened to 45.3% from 40.0%, reflecting the higher proportion of high-tier vessels in the fleet. Fleet utilization remained stable at 60% for the nine-month period, although third-quarter utilization fell to 54% from 62% in the second quarter as three high-tier vessels completed long-term contracts and some tenders faced delays, pushing more vessels into spot work. The consolidation of Fast Offshore Supply Pte. Ltd. (FOS) for the first time in the third quarter partially offset the revenue reduction from the core business.
Chartering revenue continued to decline, falling 20.5% to US$3.2 million, in line with the strategy to focus on owned vessels and fee-based income. Conversely, revenue from Other Marine Services rose 68.2% to US$6.9 million, with gross profit up 42.8% to US$2.0 million. Total gross profit jumped 46.7% to US$32.1 million, with the Owned Vessel Division contributing US$29.8 million.
Direct expenses for owned vessels rose 19.2% to US$36.0 million, largely due to the FOS consolidation and higher crew and fuel costs. Depreciation increased 23.7% to US$13.0 million after including the FOS fleet and two additional Wintermar vessels. Indirect expenses rose only 3.3% to US$7.4 million, with staff salary increasing 1.4% to US$5.0 million. Net attributable profit rose 91.9% to US$17.7 million, including a one-off gain from the recovery of impaired receivables at FOS, while earnings per share climbed to Rp70.5 from Rp34.5. EBITDA grew 49.0% to US$37.9 million.
The company's net gearing stood at 29% at the end of September 2026, after consolidating bank debt and cash from FOS. Interest expenses rose 42.0% to US$2.2 million, reflecting the strategy of financing fleet expansion through bank leverage once vessels commence operations.
The results matter for the offshore support vessel (OSV) industry because they underscore a tightening market. Wintermar cited Westwood Research forecasts that offshore field development capital expenditure will jump 30% in 2026, with Brent crude averaging over US$114 per barrel in September, while global OSV utilization is expected to rise above 79% in 2027. More than half of the operational fleet is now over 15 years old, and limited newbuilding since 2015 is expected to keep supply tight, particularly for DP-enabled platform supply vessels (PSVs), pointing to higher charter rates.
In Indonesia, the government's five Strategic National Projects (PSN) worth US$48.1 billion have reached key milestones and are expected to drive demand for high-tier OSVs as they move into construction and installation from 2027. Wintermar has been positioning its fleet to benefit, with an eighth PSV purchased last year set to start operations in November, two second-hand diesel-electric vessels acquired in July 2026 (one already operating, the other ready in the first half of 2027), and newbuild deliveries of one PSV and two multi-role support vessels expected in the second half of 2027. Through FOS, the company has acquired six existing fast multi-purpose vessels (FMPVs), two with long-term contracts, and is building five new crew transfer vessels (CTVs) contracted for five years, with the first unit in sea trials and operations starting in the first quarter of 2027. FOS will also deliver another five CTVs to a client in the first half of 2028 through its shipbuilding business.
Total contracts on hand at the end of September 2026, including FOS, amounted to US$200 million, of which around 75% are international. The company's strategy of acquiring second-hand vessels and ordering newbuilds to renew and upgrade its high-value fleet is well underway, though net gearing is expected to rise further as shipbuilding at FOS progresses before vessels are completed and commence operations in 2027. The original release is available on www.newmediawire.com.
