Wintermar Offshore posted a 25% year-on-year rise in operating profit to US$14.7 million for the first nine months of 2025. Higher charter rates and strong performance from high-tier vessels supported the result.
Owned Vessels Drive Growth
Owned Vessel Revenue increased 11.6% to US$50.3 million. High-tier vessel utilisation jumped to 76% from 59% last year. Average charter rates rose about 5% since late 2024. Overall fleet utilisation fell to 60.4% due to more spot contracts in mid-tier vessels. Higher pricing lifted gross margin to 38% from 30%.
Other Segments Mixed
Chartering profit dropped to US$0.35 million as several contracted vessels finished projects. Other Services profit grew 8.1% to US$1.8 million on higher commissions and service income.
Costs and Profitability
Direct costs edged up 2.2% on higher depreciation and crew expenses linked to more DP vessels. Fuel costs fell 19% because charterers paid bunkers for more deployed high-tier vessels. Indirect costs rose 14% as Wintermar invested in staff and training to support international growth.
EBITDA rose 15% to US$25.5 million. Net profit attributable to shareholders fell to US$9.2 million from US$19.7 million due to a lack of major vessel-sale gains this year.
Market Outlook
The company noted temporary rate softness due to weaker oil prices and delayed awards. It expects demand to strengthen in 2026–2027 as projects move toward production and OSV supply remains tight.
New Contract in Brunei
Wintermar’s associate, Fast Offshore Supply, won a five-year charter in Brunei for five new crew transfer vessels to be delivered in 2027. Construction has started in Singapore and Batam. Wintermar joined a rights issue to support the investment.
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