Wintermar Offshore Marine Tbk (WINS:JK) reported a 67.6% year-on-year jump 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 margin improvement came from additional high-tier vessels in operation and better charter rates, lifting the operating margin to 32.5% from 25.2% a year earlier.
The Owned Vessel Division, which management has prioritized, drove the performance. Owned vessel revenue rose 30.9% year-on-year 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 9M2026, though third-quarter utilization fell to 54% from 62% in the second quarter after three high-tier vessels completed long-term contracts. Delays in long-term contract tenders pushed more vessels onto spot contracts, causing short-term fluctuations.
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 consolidation of Fast Offshore Supply Pte. Ltd. (FOS) for the first time in the third quarter following its acquisition at the end of the first half. The FOS consolidation offset some revenue reduction from the core business. Depreciation rose 23.7% to US$13.0 million, while crew costs increased 25.2% to US$10.2 million and fuel bunker costs rose 46.8% to US$2.6 million.
Indirect expenses rose only 3.3% to US$7.4 million, with staff salaries up 1.4% to US$5.0 million. Interest expenses climbed 42.0% to US$2.2 million, reflecting the company’s strategy of financing fleet expansion through bank leverage once vessels commence operation. Net gearing stood at 29% at the end of September 2026.
Total attributable net profit rose 91.9% to US$17.7 million from US$9.2 million, including a significant other income gain of US$4.1 million mainly from recovery of impaired receivables at FOS. Earnings per share rose to Rp70.5 from Rp34.5, and EBITDA increased 49.0% to US$37.9 million.
The results matter because they come as the offshore support vessel market tightens globally. Westwood Research forecasts OSV utilization to rise above 79% in 2027, with more than half the operational fleet now over 15 years old and limited newbuilding since 2015. In Indonesia, five Strategic National Projects worth US$48.1 billion are moving toward construction and installation from 2027, which is expected to drive demand for high-tier OSVs. Wintermar said it has been positioning its fleet to benefit, with an eighth PSV starting operations in November, two second-hand diesel-electric vessels acquired in July, and newbuild deliveries expected in 2027 and 2028. Total contracts on hand at end-September 2026, including FOS, amounted to US$200 million, of which about 75% are international. The full release is available on www.newmediawire.com.
