Wintermar’s nine-month attributable profit rises 91.9 per cent
Operating profit reached US$24.7 million as higher charter rates and more high-tier vessels supported earnings.
Indonesia’s PT Wintermar Offshore Marine Tbk reported attributable net profit of US$17.7 million for the nine months ended 30 September 2026, up 91.9 per cent from US$9.2 million a year earlier. The company said the result included a one-off gain.
Revenue increased by 30.0 per cent, while operating profit climbed 67.6 per cent to US$24.7 million. Wintermar attributed the improvement to stronger charter rates and additional high-tier vessels in service. Its operating margin reached 32.5 per cent, compared with 25.2 per cent a year earlier.
The owned-vessel business generated US$65.8 million in revenue, an increase of 30.9 per cent. Nine-month fleet utilisation held at 60 per cent, but third-quarter utilisation dropped to 54 per cent from 62 per cent in the second quarter after three high-tier vessels finished long-term contracts.
Wintermar said delays in long-term contract tenders had left more vessels working on spot contracts. Fast Offshore Supply Pte. Ltd. (FOS), consolidated for the first time in the third quarter, partly offset lower revenue from the core business.
Other income reached US$4.1 million, largely reflecting recoveries of impaired FOS receivables. Interest expenses increased 42.0 per cent to US$2.2 million, while net gearing stood at 29 per cent after incorporating FOS bank debt and cash.
The company reported US$200 million in contracts on hand at the end of September 2026, including FOS. International contracts accounted for around 75 per cent.
