Wintermar bags US$20.2 million in profits in 2012
Tassia Sipahutar, The Jakarta Post, Jakarta | Business | Tue, April 02 2013, 11:58 AM
Shipping firm PT Wintermar Offshore Marine (WINS) reaped US$20.2 million in net profits last year, up 23.2 percent from 2011, as it intensified business in its owned vessels division.
The higher profit margin offered by owned vessels became the basis for the publicly listed company’s focus on the division, Wintermar investor relations head Pek Swan Layanto said on Monday.
“Owned vessels’ profit margins are much higher than that of chartered vessels. Owned vessels offer a rate of 45 percent, while chartered vessels offer only 2 percent to 5 percent,” she said during a telephone interview.
The higher profit margin led Wintermar to expand its fleet with the purchase of three new vessels last year, comprising two anchor handling towage supply (AHTS) vessels and one anchor handling tug. The purchases cost $48 million.
It also obtained 13 new vessels in 2011, bringing Wintermar’s total number of owned vessels at the end of 2012 to 64.
The lower use of chartered vessels was also reflected in the company’s total revenues throughout 2012. Revenues climbed slightly by 7 percent to $124.12 million from the year before.
About 52.6 percent of the revenues came from its owned vessels, followed by 36.8 percent from chartered vessels and 10.6 percent from ship management and other services.
While revenues from owned vessels surged 20.1 percent to $65.29 million, those of chartered vessels fell 12.6 percent to $45.7 million.
This year, Wintermar plans to purchase eight new vessels, worth a total of $60 million, from China, Indonesia and Singapore. The company has received three new vessels in the first quarter and is waiting for the delivery of three more vessels this month.
“The final two vessels will be delivered in the second half of the year. All the purchases are funded by our internal cash,” Pek Swan said.
One of the company’s latest new purchases is the WM Natuna, a platform supply vessel (PSV) with a capacity of 3,500 deadweight tonnage. It will operate in the Bintuni Sea in Papua to support the oil and gas industry in surrounding areas.
According to Pek Swan, the company may buy more than eight vessels in 2013, pending the outcome of several vessel tenders for large exploration projects. It expects higher demands in the oil and gas industry to boost its performance as it aims to achieve 20 percent growth. By the end of February, Wintermar had $208 million worth of total contracts on its books.
Besides higher demands in oil and gas, the implementation of cabotage rules would also benefit its business, Pek Swan said. The rules, issued by the Indonesian government in 2011, require all vessels operating within Indonesian waters to be domestically owned.
As of December 2012, Wintermar’s total assets reached $338.97 million.