Net income came in at$18.3m, while ebitda rose by 60% from $28.5m to $45.8m, the company said.
Revenuegrew by 82% to $54.5m helped by its fleet expansion which has seen twelve new vesselsadded to the fleet this year.
“Thestrict implementation of the cabotage law since 1 January this year has limitedthe supply of available Indonesian flagged vessels, thus resulting in higherdomestic charter rates,” said Wintermar.
Thetwelve vessels added comprised one PSV, six anchor handlers, four fast utility vesselsand one heavy load barge.
Thetotal capital expenditure on the new vessels was $90m, which was financed byequity and bank debt.
Wintermarsaid higher value vessels now account for 60% of our total fleet in numbers comparedto 50% at the end of 2012.
“Since the start of 2013,the demand for OSVs has been strong, particularly in the higher value segmentas the cabotage law has been strictly implemented in this area,” the shipownersaid.
“There is a high level ofactivity in deepwater drilling which feeds demand for higher value vessels, inparticular vessels with DP capability.
“However, as the industry isstill at a very early exploration phase, the tenure of deepwater contracts isstill short.
“The limited supply of highvalue OSVs flying the Indonesian flag has led to firmer rates across the highvalue segment of the market.
“There has admittedly beensome delay in awards of longer term contracts due to the change in leadershipat the upstream regulator SKK Migas.
“However, we continueto be optimistic on the outlook for our business and our fleet expansion strategyis still very much on track.”
