JAKARTA, November 2, 2026: Wintermar Offshore Marine Tbk (WINS:JK) reported a 67.6% year-on-year increase in operating profit to US$24.7 million for the nine months ended September 30, 2026, driven by a 30.0% rise in revenue and improved margins from additional high-tier vessels and stronger charter rates.
Total revenue for the period reached US$75.9 million, with the Owned Vessel division contributing US$65.8 million, up 30.9% year-on-year. The division’s gross margin widened to 45.3% from 40.0% a year earlier, as two additional dynamic positioning (DP) vessels became operational. Fleet utilization for the nine months was stable at 60%, though it dipped to 54% in the third quarter due to the completion of long-term contracts for three high-tier vessels. The consolidation of Fast Offshore Supply Pte. Ltd. (FOS) in the third quarter offset some revenue reduction from the core business, and several vessels are being prepared for deployment in the fourth quarter.
Chartering and marine services performance
Chartering revenue declined by 20.5% year-on-year to US$3.2 million, reflecting management’s strategy to prioritize the owned vessel division and grow fee-based income. Gross profit from chartering was US$0.2 million. In contrast, revenue from Other Marine Services rose 68.2% to US$6.9 million, with gross profit up 42.8% to US$2.0 million.
Direct expenses for Owned Vessels increased by 19.2% to US$36.0 million, mainly due to the consolidation of FOS vessels. Depreciation rose 23.7% to US$13.0 million, while crewing costs climbed 25.2% to US$10.2 million and fuel bunker costs surged 46.8% to US$2.6 million. Operations expenses grew marginally by 4.4% to US$3.6 million, and maintenance costs rose to US$6.6 million. Expenses from Other Marine Services increased 81.4% in line with higher income from the division.
Profit, expenses and balance sheet
Total gross profit for the nine months jumped 46.7% to US$32.1 million, with the Owned Vessel division contributing US$29.8 million. Indirect expenses rose 3.3% to US$7.4 million, with staff salary up 1.4% to US$5.0 million. Travel costs increased 61.1% to US$0.1 million due to more operations outside Indonesia. Administrative and professional fees rose 14.4% and 20.6% respectively, mainly from new bank loan costs and the FOS acquisition. Office depreciation and utility costs increased by 5.7% and 23.5% respectively, reflecting the addition of FOS assets.
Interest expenses rose 42.0% to US$2.2 million, while interest income increased 16.4% to US$0.9 million. At the end of the period, net gearing stood at 29% after consolidating FOS’s bank debt and cash. Associated companies recorded a US$0.4 million loss due to lower vessel utilization, and a foreign exchange loss of US$0.5 million was incurred due to Rupiah depreciation. Net gain on sale of fixed assets fell 4.2% to US$1.6 million, with one FOS vessel sold in the third quarter. Other income rose to US$4.1 million, mainly from the recovery of impaired receivables at FOS.
Net profit and earnings per share
Total attributable net profit, including a one-off gain, rose 91.9% year-on-year to US$17.7 million, compared to US$9.2 million in the same period last year. Earnings per share increased to Rp70.5 from Rp34.5. EBITDA rose 49.0% to US$37.9 million.
Industry outlook and strategy
Wintermar noted that the breakdown of the interim truce in the Iran conflict and increased attacks on shipping in the Strait of Hormuz have pushed Brent crude prices above US$114 per barrel, spurring global oil and gas investment. Westwood Research forecasts a 30% rise in offshore field development capital expenditure in 2026. In Indonesia, five Strategic National Projects worth US$48.1 billion have reached key milestones, with demand for high-tier offshore support vessels expected to grow as projects move to construction and installation from 2027.
The company said its strategy includes purchasing secondhand vessels and ordering new builds to renew and upgrade its high-value fleet. The acquisition of FOS in June 2026 has added earnings visibility through five-year newbuild crew transfer vessel (CTV) charter contracts starting in 2027 and shipbuilding deliveries in 2028. As of end-September 2026, total contracts on hand, including FOS, amounted to US$200 million, with about 75% being international contracts.
PT Wintermar Offshore Marine Tbk is an Indonesia-based provider of offshore support vessels and marine services for the oil and gas sector.
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