Wintermar scheduled a 25.1%YOY increase in 9M2025 Operating Profit to US$ 14.7 million, supported by an 11.6% boost in Owned Vessel Revenue and increasing Gross Margins.
Owned Vessel Division
Owned Vessel Revenue increased by 11.6%YOY to US$ 50.3 million for 9M2025, driven by a substantial boost in High Tier vessel usage to 76% for 9M2025 compared to 59% in 9M2024.
Typical charter rates for our fleet have actually increased around 5% because end 2024 whereas typical usage for 9M2025 was 60.4%, lower than usage rates of 67% attained in 9M2024. The lower usage came from the a great deal of area agreements for our mid-tier fleet in 2025, which is particular of this early stage of the oil and gas financial investment cycle where the majority of the OSV need is for seismic/survey or the expedition and building and construction, where tasks tend to be finished in numerous weeks. In the mid-tier sector, the usage of HLB was lower in 3Q2025 compared to 2Q2025 due to conclusion of area agreements.
In general, the greater charter rates for the fleet made up for lower general fleet usage this year, resulting in an increase in gross margins for the Owned Vessel Division to 38% from 30% in 9M2024. Overall Gross Profit for the Owned Vessel Division totaled up to US$ 20.1 million (+29.6%YOY) for 9M2025. The fleet is still affected by variations in quarter-to-quarter usage as the bulk of vessels are still on area agreements, we are positive that there will be longer term agreements coming up in 2026-2027 as more tasks head into the advancement and production stage of the oil and gas financial investment cycle.
Chartering Division and Other Services
Contribution from the Chartering Division has actually decreased, with gross revenue of US$ 0.35 million for 9M2025 compared to US$ 1.2 million in 9M2024. This was since a couple of chartered vessels finished a job which will not be resuming this year. This decrease has actually been balanced out by greater Gross Profit from Other Services, which increased 8.1%YOY to US$ 1.8 million from a boost in commissions, charges and other service earnings.
Direct Expenses and Gross Profit
Overall Owned Vessel Direct Costs increased by 2.2%YOY to US$ 30.2 million for 9M2025, due to greater devaluation and crewing expenses. Devaluation increased to US$ 10.5 million (+3.6%YOY) with the operation of 3 extra HLB vessels and 1 PSV compared to 9M2024. Crewing expenses roseto US$ 8.1 million (+7.6%YOY) as an outcome of a greater variety of Dynamic Positioning (DP) vessels in the fleet and greater incomes for team on worldwide agreements. Fuel expenses are borne by charterers while a vessel is on agreement, and with more high tier vessels chartered out compared to the previous year, the total fuel costs fell by 19.1% YOY to US$ 1.76 million in 9M2025.
Indirect Expenses and Operating Profit
Overall Indirect Expenses increased by 14%YOY or US$ 0.9 million to US$ 7.5 million for 9M2025, with income expenses, staff member advantages and personnel training accounting for US$ 0.6 countless this boost. As our company has actually broadened globally, we have actually invested more greatly into personnels, especially in the technical and innovation departments, and broadened our team training and advancement programs to buy establishing young marine graduates and electrical engineers to have useful experience on board our fleet to be prepared for future global operations.
Running Profit grew by 25.1% YOY to US$ 14.7 million for 9M2025 compared to US$ 11.8 million in 9M2024.
Other Income, Expenses and Net Attributable Profit
Net interest costs increased by US$ 0.4 million as greater interest costs were balanced out by interest earnings. Net tailoring stands at just 0.6% as at end September 2025.
Equity in Associate Companies was up to US$ 0.6 million in 9M2025, from US$ 2.1 million in 9M2024, due to poorer usage in 3Q2025 and increased capital expenses associated with the award of a brand-new long-lasting agreement.
There were no vessel sales in 3Q2025, and just one vessel offered in 2Q2025, recognizing a gain of US$ 1.7 million for 9M2025. This represents a sharp decrease compared to 2024 that included a big one-off gain reserved from vessel sales in 2024 where the Company made US$ 17.4 million from the sale of a number of vessels consisting of a considerable gain from the sale of a PSV.
Overall Other Income for 9M2025 stood at US$ 1.3 million which led to an earnings before tax of US$ 16.1 million for the 9 months duration year to date.
Net earnings attributable to investors for 9M2025 totaled up to US$ 9.2 million compared to US$ 19.7 million in 9M2024. Earnings before Non-Controlling Interest in 9M2025 was up to US$ 14.4 million compared to US$ 27.2 million in 9M2024 that included the effect of the PSV sale.
EBITDA for 9M2025 increased by 15%YOY to US$ 25.5 million, compared to US$ 22.1 million in 9M2024. This shows the strong capital taken pleasure in by the Company as the majority of the previous vessel loans have actually been paid back.
Market Outlook
The OSV market was not spared from the worldwide unpredictability in financier belief this year. Issues over United States tariffs and a prospective international financial downturn triggered oil rates to trend lower, which resulted in a more mindful environment and hold-ups in agreement awards. Charter rates for OSVs which had actually increased greatly from 2021 to 2024 likewise saw a correction this year.
The Oil and Gas financial investment cycle is a long-lasting cycle over a number of years from award of concessions to production. Due to the absence of financial investment in brand-new reserves over a 8-year duration till 2021, we are strongly positive that the longer-term basics show ongoing financial investment in oil and gas expedition.
In the Offshore Supply Vessel (OSV) market, there has actually been almost no newbuilding of high tier Dynamic Positioning (DP) equipped vessels from 2015 to 2022. The softening in OSV charter rates this year is anticipated to be short-term in nature as the restricted supply of operationally all set OSVs indicate a continual scarcity of OSV supply in the coming years. This is shown in the chart below, which reveals the active fleet compared to the little number of idle PSVs and charter rates for the duration 2023-2025. From the information, need continues to be high with total worldwide fleet usage near 90%.
Service Prospects
The short-term weak point in oil rates over the previous quarter shows the unstable geopolitical belief which has actually been driven by altering news streams more than market principles. The structural outlook for oil and gas supply assistance steady oil costs, arising from years of underinvestment in brand-new reserves. In 2025, there have actually been numerous jobs in Indonesia which are still at the early phase of the financial investment cycle, where seismic and expedition work just demands area agreements. This has actually triggered volatility in our fleet usage. The long financial investment cycle from expedition to production shows that there will be more need in the coming years as these jobs will continue towards production targets in 2027. This will underpin OSV need in the coming years. Considering the restricted orderbooks for brand-new OSVs to be provided in the coming years, we stay extremely positive that charter rates and usage will enhance in the coming years, as we continue to include high worth vessels.
Award of long-lasting agreement in Brunei
Our associate business, Fast Offshore Supply Pte Ltd (FOS), based in Singapore, has actually been granted a tender to provide 5 newbuild 55-metre Crew Transfer Vessels (CTVs) under a five-year charter agreement in Brunei for shipment in 2027. Building and construction of the vessels has actually begun, and WINS has actually taken part in a rights problem to support this task. The vessels are being built by FOS in Singapore and Batam. This brand-new long-lasting agreement offers safe and secure future revenues and fleet renewal for FOS, consequently enhancing the monetary & & earnings contribution to the Company.
About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), established over almost 50 years with a performance history of quality that is both a source of pride and obligation that we are devoted to maintaining, and cruises a fleet of more than 48 Offshore Support Vessels all set for long term along with area charters. All vessels are run by skilled Indonesian team, tracked by satellite systems and kept track of in real-time by shore-based Vessel Teams.
Wintermar is the very first shipping business in Indonesia to be licensed with an Integrated Management System by Lloyd’s Register Quality Assurance, and is presently accredited with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). To find out more, please go to www.wintermar.com.
For more details, please contact:
Ms. Pek Swan Layanto, CFA
Financier Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com
Subject: Press release summary
