Wintermar Reports Results For The Full Year Ended 31 December 2024
SINGAPORE, Mar 24, 2025 – (ACN Newswire via SeaPRwire.com) – Wintermar’s Operating Profit jumped by 101.5%YOY to US$17.8 million on the back of a 13.5%YOY increase in Total Revenue to US$82.4million, from higher charter rates and a better fleet mix of DP (Dynamic Positioning) vessels.Owned Vessel DivisionOwned Vessel Revenue rose by 28.9%YOY to US$62.1million for FY2024 from US$48.2million in FY2023. This was driven by a larger number of DP vessels in the fleet which pushed the average charter rates for 2024 up by 26% as compared to the average charter rate in 2023. These factors contributed to a 106.2%YOY jump in Gross Profit from Owned Vessels to US$22.4million for FY2024 with vessel utilization in 2024 at 66%, slightly lower than 68% for 2023.Owned Vessel gross margin has increased to 36.1% in FY2024 as compared to 22.6% in FY2023, reflecting a strong increase in charter rates as well as a better fleet exposure to the DP segment. Our 5150BHP to 8000BHP AHTS as well as PSVs experienced a higher charter rat…