JAKARTA, Indonesia — Wintermar Offshore Marine has invested $13.9 million in response to growing demand for offshore supply vessels.
The company anticipates rising charter rates as investment increases in deepwater oil and gas activity, with the availability of suitable supply vessels constrained.
By the end of last month, the company ran a fleet of 42 vessels. It has placed orders for two heavy load barges, which it expects to be delivered by year-end 2024, plus an accommodation work barge.
Courtesy Wintermar
Wintermar's WM Pacific PSV
The program has been part-funded by the sale of an anchorhandling tug, an older platform supply vessel and a fast utility vessel. Two of the company’s PSVs are undergoing reactivation and should be ready to start operations by the end of 2024.
Between January and end-May 2024, the company’s fleet utilization rate was 68%, similar to 2023, but average charter rates for the same five-month period rose 23.1% for high-tier vessels and 14.5% for mid-tier vessels compared to the average for the whole of last year.
Wintermar anticipates further rises in charter rates and utilization in the second half of 2024. In addition, the company is looking to strengthen its presence in international markets to capitalize on higher charter rates and growth opportunities.
