Wintermar profit rises 24.4% in H1 on improved vessel utilisation

Owned vessel utilisation reached 62% after more ships entered operation.

Indonesia’s Wintermar Offshore Marine reported a 24.4% year-on-year (YoY) increase in attributable net profit to $8.4m for the first half (H1) of 2026, supported by higher revenue from its owned vessel fleet and improved vessel utilisation.

The prior-year result included a $1.6m gain on a vessel sale. Owned vessel revenue rose 41.4% YoY to $45m as more vessels entered operation, whilst fleet utilisation improved to 62% from 56% a year earlier.

Earnings per share increased to $0.00173 (IDR31.1) from $0.00139 (IDR25.05) in H1 2025.

Gross margin for the owned vessel division increased to 51.7% from 39.1%, driven by greater deployment of platform supply vessels (PSVs).

Total gross profit increased 76.9% YoY to $24.9m, with the owned vessel division contributing $23.3m. Its earnings before interest, taxes, depreciation, and amortisation rose 76.8% to $28.2m, whilst operating profit more than doubled to $20.1m.

Wintermar said fleet utilisation in the second quarter was lower than in the first quarter as contracts remained largely spot-based, although charter rates were higher.

The company said that delays in domestic offshore support vessel contract tenders prolonged volatility in fleet utilisation because a large share of the fleet remained on short-term contracts.

“The conflict in the Middle East has also impacted some vessels which had been planned for deployment in that region,” Wintermar said.

Revenue from the chartering division fell 40.5% YoY to $1.6m as management shifted its focus towards maximising utilisation of its owned vessels, whilst revenue from other services increased 40.8% to $3.4m on higher fee-based income.

Direct expenses for owned vessels increased 12% YoY to $21.7m, reflecting higher depreciation and crewing costs following the addition of vessels.

Maintenance costs declined 2.5% to $4m following major repairs and upgrades to high-tier vessels in the previous year, whilst fuel costs fell 40% because charterers bore fuel expenses when vessels operated under charter.

Wintermar said earnings from associated companies recorded a loss of $1.6m because vessels underwent repairs and maintenance during the period.

The company also reported a foreign exchange loss of $400,000 on cash held in rupiah following the currency's depreciation.

Looking ahead, Wintermar said offshore exploration spending is expected to continue rising, whilst limited vessel supply and an ageing global fleet are expected to support higher charter rates.

The company said it will continue its expansion through second-hand vessel purchases, new vessel construction and the acquisition of Fast Offshore Supply Pte Ltd.

It said earnings from the acquisition will be consolidated from the second half of 2026 after the deal closed at the end of June.

Wintermar expects higher gearing and expenses from its expansion to reduce net margins in the second half of 2026 before additional vessels begin operations in 2027.

(US$1 = IDR17,979.00)