Wintermar Offshore reports increased profit, makes plans for more vessels

The company, which owns more than 40 vessels and charters others, recorded net profit growth of 194% year-on-year to US$4.8M for Q1 2026, with 48% year-on-year revenue growth.

Reporting Q1 2026 results, Wintermar Offshore said the market outlook is positive, despite the effects of the war in Iran, and it plans to grow its fleet, investing in newbuilds and acquisitions. 

With more vessels in operation since December 2025, the company recorded a 54% year-on-year increase in owned-vessel revenue, amounting to US$22.8M, resulting in its gross profit from owned vessels doubling to US$12.7M on gross margins of 56% compared with 41% in Q1 2025. 

The company said it continued to focus on marketing owned vessels in the quarter, resulting in a decline in gross profit from chartering.

Its total gross profit rose by 102% year-on-year to US$13.3M, largely from the strong performance of its owned vessel division, which enjoyed a utilisation rate of 62% compared with 55% in Q1 2025. Operating profit rose by 153% year-on-year to US$10.5M for the first quarter.