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, driven by a 30.0% increase in revenue and improved margins from a larger high-tier vessel fleet and firmer charter rates. The results, announced via NEWMEDIAWIRE, underscore the company's ability to capitalize on a tightening offshore support vessel market.
Revenue from the owned vessel division rose 30.9% to US$65.8 million, with gross margin expanding to 45.3% from 40.0% a year earlier. The addition of two dynamic positioning vessels and the consolidation of Fast Offshore Supply Pte. Ltd. (FOS) from the third quarter contributed to the growth. However, fleet utilization dipped to 54% in 3Q2026 from 62% in 2Q2026 due to three high-tier vessels completing long-term contracts and delays in tender awards, pushing more vessels into spot work. Management expects utilization to recover as vessels are mobilized for new contracts in the fourth quarter.
Total gross profit climbed 46.7% to US$32.1 million, with the owned vessel division contributing US$29.8 million. Indirect expenses rose only 3.3% to US$7.4 million, reflecting cost discipline. Net attributable profit nearly doubled to US$17.7 million, including a one-off gain from impaired receivable recovery at FOS, while EBITDA increased 49.0% to US$37.9 million. Earnings per share rose to Rp70.5 from Rp34.5.
The company's strategic focus on fleet renewal and expansion is evident. Wintermar acquired two second-hand diesel-electric vessels in July 2026, one of which began operations in September, and has ordered newbuilds including a platform supply vessel and two multi-role support vessels for delivery in 2027. Through FOS, it acquired six existing fast multi-purpose vessels and is building five crew transfer vessels (CTVs) under five-year contracts, with the first unit in sea trials. Total contracts on hand stood at US$200 million at end-September, 75% of which are international.
These investments position Wintermar to benefit from an industry upcycle. The interim truce in the Iran conflict broke down in July, with attacks on shipping in the Strait of Hormuz intensifying in October, highlighting the risks of relying on Middle Eastern oil. Brent crude averaged over US$114 per barrel in September, driving global oil and gas investment. Westwood Research forecasts offshore field development capital expenditure to jump 30% year-on-year in 2026, while global OSV utilization is expected to exceed 79% in 2027 amid a tight fleet and limited newbuilding since 2015. In Indonesia, five strategic national projects worth US$48.1 billion are progressing, which should spur demand for high-tier OSVs as they move into construction and installation from 2027.
Net gearing stood at 29% at the end of 9M2026 after consolidating FOS debt and cash, but is expected to rise as shipbuilding progresses before vessels commence operations in 2027. The company's strategy of leveraging its balance sheet to upgrade the fleet appears well-timed given the favorable market outlook. The original release is available on www.newmediawire.com.
