JAKARTA, July 30, 2026 – (ACN Newswire) – Wintermar reports 24.4% YOY Growth in Attributable Net Profit to US$8.4 million with additional High Tier vessels in operation and better fleet utilization at 62% for 1H2026 compared to 56% in 1H2025.
Owned Vessel Division
Owned Vessel revenue grew by 41.4% YOY to US$45 million in 1H2026 as more vessels were operational compared to 1H2025. Margins for owned Vessels widened to 51.7% in 1H2026 compared to 39.1% in 1H2025 as more PSVs were deployed. However, fleet utilization in 2Q2026 was slightly lower than 1Q2026 as the market is still largely dominated by spot contracts in the period, although charter rates are higher.
As the acquisition of FOS was completed at the end of June, earnings from FOS will only be consolidated in 2H2026. There has been a delay in the tendering timeline for some longer term domestic OSV contracts, which prolong the volatility in the fleet utilization as a large proportion of the fleet are still on short term contracts. The conflict in the Middle East has also impacted some vessels which had been planned for deployment in that region.
Chartering Division and Other Services
Revenue contribution from the Chartering division continues to decline as management focus has shifted toward maximizing the utilization of Owned Vessels and marketing the additional vessels, which offer significantly higher margins than chartered vessels. Total chartering revenue fell by 40.5% YOY to US$1.6 million for 1H2026, and gross profit fell to US$0.11 million compared to US$0.2 million in the previous year.
Conversely, revenue from Other Services rose by 40.8% to US$3.4 million for 1H2026 from more fee-based income, with gross profit of US$1.5 million compared to US$1.4 million in 1H2025.
Direct Expenses and Gross Profit
Direct Expenses for Owned Vessels rose by 12% YOY to US$21.7 million for 1H2026, largely from higher depreciation (+16.8% YOY to US$8.0 million) due to additional vessels in operation, and a 25.6% YOY jump in crewing costs also arising from the increase in the number of certified crew for the Dynamic Positioning vessels and vessels working in foreign countries. Operations costs rose 11% YOY to US$2.3 million for 1H2026 while maintenance costs fell slightly by 2.5% YOY to US$4 million, as there were some large repairs and upgrading costs for High Tier vessels last year which are now operating in 1H2026. As fleet utilization improved in 1H2026, fuel costs also reduced by 40% YOY as charterers are responsible for fuel expenses when the vessel is in operation.
Total Gross Profit jumped by 76.9% YOY in 1H2026 to US$24.9 million, with the Owned Vessels Division contributing US$23.3 million.
Indirect Expenses and Operating Profit
Total Indirect Expenses fell by 6.2% YOY in 1H2026, largely from lower salary related costs which offset by higher marketing expense.
Operating Profit rose by 124.6% YOY to US$20.1 million in 1H2026.
Other Income, Expenses and Net Attributable Profit
Interest expenses continued to fall slightly by 6.8% YOY to US$1.0 million while interest income rose 25.7% YOY to US$0.4 million. Associated Companies recorded a loss of US$1.6 million, due to lower utilization of fleet as vessels underwent repairs and maintenance in 1H2026. There was a forex loss of US$0.4 million incurred in 1H2026 on the portion of the Company’s cash held in Rupiah currency due to the depreciation of the Rupiah in the period.
Total attributable Net Profit rose by 24.4% YOY to US$8.4 million compared to US$6.7 million in 1H2025 which included a gain on vessel sale of US$1.6 million. Earnings per share of Rp31.1 in 1H2026 compared to Rp25.05 in 1H2025.
EBITDA rose by 76.8% YOY to US$28.2 million for 1H2026, compared to US$16 million in 1H2025.
Industry Outlook
Despite several attempts at resolution, the Iran conflict continues into 2H2026. Maritime traffic through the Strait of Hormuz remains disrupted with about 9.5 million barrels per day of oil and gas production shut in. Oil prices are expected to stay firm while global investment into upstream oil and gas continues to rise.
The rapid adoption of AI has also raised expectations for energy demand in the coming years with more data centres being built to accommodate the processing capacity required. Globally, there continues to be more committed investments into oil and gas exploration, while offshore exploration has taken the largest share of overall Exploration and Production (E&P) capex. E&P capex in offshore is expected to continue rising until the end of the decade.
The business cycle for offshore oil and gas investment continues to be strong, driven by higher oil prices amidst supply disruptions and political uncertainty. Capital expenditure in offshore oil and gas has doubled since the trough of 2020, as seen in the chart above. In Indonesia alone, there are now 5 strategic national projects which have been slated for accelerated exploration, with the US$21 billion Masela project breaking ground in July 2026.
In general, there has been stronger demand for dynamic positioning enabled PSVs globally while the supply of vessels has been limited due to the absence of orders for OSV newbuilding for nearly a decade since 2015. As 47% of the global fleet is now over 15 years old, there will be tight supply in the coming years, thereby pointing to higher charter rates.
Business Strategy
To capitalize on the momentum in OSV demand in the coming years, and in view of the expected shortage of OSVs globally, Wintermar has embarked on an expansion plan. The strategy is three pronged, involving:
1. the purchase of second-hand vessels,
2. building new vessels, and
3. the acquisition of Fast Offshore Supply Pte Ltd to gain control of a fleet of new Crew Transfer Vessels (CTVs) which already have long term contracts.
In July, we have taken delivery of 1 second hand diesel electric (DE) Anchor Handling Tug Supply (AHTS) and 1 second-hand DE Multi-role Support Vessel (MSV), which are undergoing repair and modification and expected to be operational by 4Q2026. We placed a new order to build 1 unit of MSV to be delivered in 2H2027. Through the acquisition of FOS, we will have 7 units of existing FMPVs, of which 2 have long term contracts, and in 2027 there will be 5 additional units of brand new CTVs to be delivered between 1Q2027 and 2Q2027 which have been contracted for 5 years with options. These investments will be funded through a combination of internal cash, bank loans as well as vessel sales.
The effect of our expansion plan will be to raise our net gearing and add to expenses in the second half of 2026 prior to the vessels starting work in 2027. Although in the near term this is expected to reduce net margins for 2H2026, we are confident that these investments will be earnings accretive in 2027, where there will be a jump in revenue and profit when the new vessels start operations.
In addition to the new vessels mentioned, we already have 1 second hand PSV purchased last year which is expected to be reactivated in 4Q2026, and 1 new built PSV to be delivered in 2Q2027. The below shows the contracts on hand before and after the acquisition of FOS.
About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.
Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.
For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com