PT Wintermar Offshore Marine Tbk (WINS) posted a current loss attributable to the parent company owners during the first quarter of this year of around US$341,215 or an increase of 1,514% compared to the same period last year of US$21,140.

The company's high losses were triggered by a 21% decline in revenue or US$10.2 million in revenue from US$12.9 million.

The company recorded rental income at US$1.5 million throughout the first quarter of 2021, or 36% YoY lower. Revenue from other services also fell 45% YoY to US$400,000 because the segments affected by the pandemic had not fully recovered.

Fuel costs jumped by 74% YoY to US$200,000 due to a new wet contract this year.

As a result, EBITDA was at US$4.3 million as of March, or 16% lower than the same period last year. However, it is still higher than the previous three quarters.

"Right now, there is a lot more optimism in the OSV industry. Apart from participating in more