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Wintermar expects vessel utilization to improve this year

JAKARTA (RambuEnergy.com) – Offshore support vessel (OSV) provider PT Wintermar Offshore Marine Tbk (IDX:WINS) targets its vessel utilization to average 70% this year, improved from 62% last year.

The vessel utilization has plunged in the past few years in line with weak offshore oil and gas explorations. However, there is now sign of hope after oil price crawled back to around US$70 per barrel.

The company’s vessel utilization averaged 70% in the first quarter 2018. President Director of Wintermar Sugiman Layanto said he expects the utilization level to improve on expected improved demand. However, he noted the demand is not stable as yet.

At present, the company operates 69 units of vessels.

In 2017, Wintermar booked a net loss of US$27.1 million, widened from a loss of US$16.03 million in the previous year.

Its revenues reached US$61.95 million, fell 30% from US$89.13 million in the previous year, driven by 65% decline in vessel charter business. Its operating loss also plunged 208% from 2016 to US$5.25 million. (*)

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