Wintermar Offshore Marine Group (WINS:JK) has reported a 24.4% year-on-year (YOY) growth in attributable net profit to US$8.4 million for the first half of 2026, compared to US$6.7 million in 1H2025, which had included a gain on vessel sale of US$1.6 million. The company's fleet utilization improved to 62% in 1H2026 from 56% in 1H2025, driven by the deployment of additional high-tier vessels.
Revenue from the Owned Vessel Division grew by 41.4% YOY to US$45 million, as more vessels were operational compared to the same period last year. Margins for owned vessels widened significantly to 51.7% in 1H2026 from 39.1% in 1H2025, largely due to the deployment of more Platform Supply Vessels (PSVs). However, fleet utilization in the second quarter was slightly lower than the first quarter, as the market remains dominated by spot contracts, though charter rates have increased. The acquisition of Fast Offshore Supply Pte Ltd (FOS) was completed at the end of June, and its earnings will be consolidated in the second half of 2026. There has been a delay in the tendering timeline for some longer-term domestic OSV contracts, prolonging volatility in fleet utilization, as a large portion of the fleet is still on short-term contracts. The conflict in the Middle East has also impacted some vessels planned for deployment in that region.
The Chartering Division saw a continued decline in revenue, falling 40.5% YOY to US$1.6 million, as management focuses on maximizing utilization of owned vessels, which offer higher margins. Gross profit from chartering fell to US$0.11 million from US$0.2 million in the prior year. Conversely, revenue from Other Services rose by 40.8% to US$3.4 million, driven by more fee-based income, with gross profit of US$1.5 million compared to US$1.4 million in 1H2025.
Direct expenses for owned vessels rose by 12% YOY to US$21.7 million, due to higher depreciation (+16.8% to US$8.0 million) from additional vessels, and a 25.6% jump in crewing costs for certified crew on Dynamic Positioning vessels and those working abroad. Operations costs increased 11% to US$2.3 million, while maintenance costs fell slightly by 2.5% to US$4 million, as some large repairs were done last year. Fuel costs reduced by 40% as charterers bear fuel expenses when vessels are in operation. Total gross profit jumped 76.9% to US$24.9 million, with owned vessels contributing US$23.3 million.
Indirect expenses fell 6.2% YOY, mainly from lower salary-related costs, offset by higher marketing expenses. Operating profit rose 124.6% to US$20.1 million. Interest expenses fell 6.8% to US$1.0 million, while interest income rose 25.7% to US$0.4 million. Associated companies recorded a loss of US$1.6 million due to lower utilization during repairs and maintenance. A forex loss of US$0.4 million was incurred on cash held in Rupiah due to currency depreciation. Earnings per share were Rp31.1 in 1H2026, up from Rp25.05 in 1H2025. EBITDA rose 76.8% to US$28.2 million.
Industry outlook remains positive despite ongoing Iran conflict, which has disrupted Strait of Hormuz traffic, shutting in about 9.5 million barrels per day of oil and gas production. Oil prices are expected to stay firm, and global upstream investment continues to rise. The rapid adoption of AI has increased energy demand expectations, with more data centres being built. Offshore exploration and production (E&P) capex is expected to rise until the end of the decade, having doubled since the 2020 trough. In Indonesia, five strategic national projects are slated for accelerated exploration, including the US$21 billion Masela project that broke ground in July 2026. Demand for dynamic positioning enabled PSVs is strong, while supply is limited due to a near-decade absence of OSV newbuilding orders. With 47% of the global fleet over 15 years old, tight supply points to higher charter rates.
Wintermar has embarked on an expansion plan to capitalize on this momentum, involving purchase of second-hand vessels, building new vessels, and the acquisition of FOS, which brings a fleet of Crew Transfer Vessels (CTVs) with long-term contracts. In July, the company took delivery of a second-hand diesel electric (DE) Anchor Handling Tug Supply (AHTS) and a DE Multi-role Support Vessel (MSV), expected to be operational by 4Q2026. A new MSV order is placed for delivery in 2H2027. Through FOS, Wintermar will have 7 units of existing Fast Crew Supply Vessels (FCSVs), 2 with long-term contracts, and 5 new CTVs to be delivered between 1Q2027 and 2Q2027, contracted for 5 years with options. These investments will be funded through internal cash, bank loans, and vessel sales.
The expansion plan will raise net gearing and add expenses in the second half of 2026, reducing net margins near term, but is expected to be earnings accretive in 2027. Additionally, a second-hand PSV purchased last year is expected to be reactivated in 4Q2026, and a new built PSV will be delivered in 2Q2027.
