Wintermar's Net Profit Soars 194% in 1Q2026 on Strong Vessel Demand

Wintermar Offshore Marine Group (WINS:JK) has announced a remarkable financial performance for the first quarter of 2026, with attributable net profit surging 194% year-over-year to US$4.8 million, driven by a 47.8% revenue increase. The company's Owned Vessel Division was the standout performer, with revenue jumping 53.9% to US$22.8 million, and gross profit doubling to US$12.7 million, supported by a higher utilization rate of 62% compared to 55% in 1Q2025. Gross margins in this division improved to 55.7% from 41.1%, reflecting the deployment of more High Tier vessels since December 2025. Meanwhile, the Chartering Division saw a slight decline in gross profit, while Other Services grew 17% year-over-year, underscoring management's strategic focus on higher-margin segments.

Operationally, Wintermar managed cost increases effectively, with total gross profit rising 101.6% to US$13.3 million. Indirect expenses increased 14.6% due to staff bonuses and higher marketing costs, but operating profit still soared 153% to US$10.5 million. EBITDA also rose sharply by 92.2% to US$14.6 million. The company benefited from lower interest expenses after refinancing and reduced forex losses. Looking ahead, the industry outlook is shaped by geopolitical tensions, including the Iran war and Strait of Hormuz closure, which have boosted global energy security investments. Wintermar is actively expanding its fleet, with an eighth Platform Supply Vessel under repair and a long-term contract secured for Crew Transfer Vessels via associate Fast Offshore Supply Pte Ltd. Total contracts on hand stand at US$47.8 million as of March 2026.

Wintermar's performance highlights its resilience and strategic positioning in the offshore support vessel market. The company's integrated management system, certified by Lloyd's Register, ensures high operational standards. For more details, visit www.wintermar.com. The original news release was distributed via NEWMEDIAWIRE.