JAKARTA, November 2, 2026: Wintermar Offshore Marine Tbk 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% rise in revenue and improved margins from deploying additional high-tier vessels and securing better charter rates.
Revenue for the Owned Vessel division climbed 30.9% year-on-year to US$65.8 million in the period, with two additional dynamic positioning (DP) vessels operational compared to the previous year. Gross margin for Owned Vessels widened to 45.3%, up from 40.0% in the same period last year. Fleet utilization remained stable at 60% for the nine months, though it dipped to 54% in the third quarter due to the completion of long-term contracts for three high-tier vessels.
Division performance and expenses
The consolidation of Fast Offshore Supply Pte. Ltd. (FOS) in the third quarter helped offset some revenue reduction from the core business. A few vessels are being prepared for deployment in the fourth quarter, which has increased direct expenses but is expected to improve utilization for the remainder of the year.
Chartering revenue declined 20.5% year-on-year to US$3.2 million, while revenue from Other Marine Services surged by 68.2% to US$6.9 million. Gross profit from Other Marine Services rose 42.8% to US$2.0 million. Total gross profit increased by 46.7% to US$32.1 million, with the Owned Vessel division contributing US$29.8 million.
Profitability and net results
Direct expenses for Owned Vessels rose 19.2% to US$36.0 million, mainly due to the consolidation of FOS vessels. Depreciation increased by 23.7% to US$13.0 million, and crewing costs rose 25.2% to US$10.2 million. Fuel bunker costs jumped 46.8% to US$2.6 million, while operations expenses grew 4.4% to US$3.6 million and maintenance costs reached US$6.6 million, up from US$6.3 million last year. Expenses from Other Marine Services rose 81.4% in line with increased income from the division.
Total indirect expenses increased by 3.3% to US$7.4 million, with staff salary rising 1.4% to US$5.0 million. Administrative expenses and professional fees rose 14.4% and 20.6% respectively, mainly from costs related to new bank loans and the FOS acquisition. Office depreciation and utility expenses increased by 5.7% and 23.5% respectively, reflecting the addition of FOS’s administrative assets.
Interest expenses rose 42.0% to US$2.2 million, while interest income increased 16.4% to US$0.9 million. Net gearing at the end of the period stood at 29% after consolidating FOS’s bank debt and cash. Associated companies recorded a loss of US$0.4 million due to lower vessel utilization, and a forex loss of US$0.5 million was incurred on cash held in Rupiah. 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 recovery of impaired receivables at FOS.
Net profit and earnings per share
Total attributable net profit, including a one-off gain, surged 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 rose to Rp70.5 from Rp34.5. EBITDA increased by 49.0% to US$37.9 million.
Industry outlook and strategy
The company noted that the breakdown of the interim truce in the Iran conflict and increased attacks on shipping in the Strait of Hormuz have driven Brent crude prices above US$114 per barrel, boosting global oil and gas investment. Westwood Research forecasts a 30% year-on-year jump 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 rise as these projects move into construction from 2027.
Wintermar’s strategy includes expanding its core business through the purchase of secondhand vessels and ordering newbuilds to renew and upgrade its fleet. The acquisition of FOS in June 2026 has added earnings visibility, with five-year newbuild Crew Transfer Vessel (CTV) charter contracts starting in 2027 and shipbuilding deliveries in 2028. The company purchased two second-hand diesel-electric vessels in July 2026, with one Multi Role Support Vessel set to be operational in the first half of 2027. FOS is building five new CTVs, with the first already in sea trials and deliveries scheduled through 2028. Total contracts on hand at the end of September 2026, including FOS, amounted to US$200 million, with around 75% being international contracts.
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