Chemoil, the supplier of marine fuel, has reported a net loss attributable to equity holders of US$13.5 million ($18.7 million) for the first quarter of 2010 (1Q2010) from a net profit of $8.8 million in the corresponding period a year ago (1Q2009) although revenue rose 78% to US$1.75 billion from US$981.5 million.

Gross contribution per metric ton (GCMT), the company’s key margin indicator, fell to US$1.74 per metric ton for 1Q2010 compared to US$8.74 per metric ton for 1Q2009.

Sales volumes reached 3.7 million metric tons for 1Q2010, a fall of 2% compared to 3.8 million metric tons in 1Q2009 — attributable to lower wholesale volumes in Europe, the Americas and Asia, but compensated by higher retail sales.

The company’s results were also negatively impacted by certain one-time charges including a loss from the disposal of a delivery vessel and the full realisation of the employee stock option costs due to the accelerated vesting of outstanding options upon the change in majority ownership.

Chemoil’s financial position remains strong with shareholder equity totalling US$291 million as of March 31, 2010.