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Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
 A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm in India. The report alleges widespread corruption in coal block allocation and is perceived as potentially damaging for the already scam-tainted Manmohan Singh-led United Progressive Alliance (UPA) government.
According to the CAG, the underpriced sale and free allocation of coal blocks for captive mining may have cost the government as much as US$33 bill in lost revenue. At the heart of the debate is the 1993 policy which broke the government’s monopoly as a coal supplier and allowed private companies to mine coal for captive use, in a bid to increase coal production to meet burgeoning demand.
However, the decision resulted in a number of non-coal consuming industries approaching state governments and signing letters of intent promising to develop coal consuming plants if they were allocated coal mines. Coal blocks were allocated to private companies as well as state mining companies who were ill-equipped to run a power plant as well as a coal mine. Prime Minister Singh was in charge of the Ministry of Coal (MoC) from 2006 to 2009 when some of the controversial allocations took place.
A number of companies developed coal blocks, but the vast majority have been content to sit on the asset and wait until the government opened up the coal market to allow private captive coal miners to sell coal into the domestic market place. Of the 218 coal blocks that have been awarded to date, only 29 are currently in production. Many of these companies blame delays in environmental clearances and land acquisition issues for their inability to commence operations.
'Coalgate' Implications
Recently, the Ministry of Coal has started de-allocating coal blocks from miners who have not sufficiently developed their assets. As per the latest available data, 24 coal blocks have been de-allocated, including those from private companies including Binani Cement, Bhatia International Ltd and Lloyds Metal & Engineers Ltd. The threat of further de-allocation of mines by the MoC, as political fallout from the ongoing scandal, is expected to induce other mine owners to be more proactive with project development. There are significant financial implications for companies who have secured financing and have begun to develop plants dependent on captive coal blocks. Opposition from the business community is fervent as many coal-consuming plants are ready or partly ready, financing has been secured and industrial equipment has been ordered. If coal blocks are de-allocated, billions of dollars loaned to finance these projects would come under threat.
It is imperative for India to secure energy for its growing economy. It is facing severe shortages of domestic coal supply and ‘Coalgate’ will now join India’s ultra-mega power project (UMPP) policy as a shining example of failed energy policy. Salva does not believe that captive mining will grow to 653 Mt by 2020, as forecast by India’s Planning Commission.
Developments in captive coal production have the ability to widely swing India’s imported coal demand, particularly for thermal coal. The political and commercial implications of India’s ‘Coalgate’ scandal and captive mine development are worth keeping an eye on as India’s Central Bureau of Investigation initiates the due process of law against some of these companies. The repercussions will affect not just India, but possibly world coal markets.
Source:Salva
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Sunday, 23 September 12
AN ANOTHER UNSTABLE WEEK FOR INDONESIAN COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.10 percent and 0.916 percent WOW and DOD respectively ...
Sunday, 23 September 12
INDIA IMPORTED 11.40 PERCENT MORE INDONESIAN COAL IN AUGUST
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 26,451,565* tons of coal in August 2012, compared to 27.88* mill ...
Saturday, 22 September 12
SOFT BUNKER PRICES KEEP INDONESIA TO INDIA FREIGHTS STABLE - VISTAAR
COALspot.com - The freight market overall remained buoyant with all indices up except for Panamax index. The main effect seems to be increased shipm ...
Friday, 21 September 12
SHIP BREAKING ACTIVITY REACHES NEW RECORDS, AS ALREADY 2012 LEVELS HAVE SURPASSED THE WHOLE OF 2011 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The vast oversupply of vessels, most notably in the dry bulk shipping sector, has forced ship owners to intensify their efforts towards recycling th ...
Thursday, 20 September 12
SUPRAMAX : INDO-INDIA ROUNDS WERE AROUND USD 12K - FEARNLEYS
Handy
Not a bad week for Supramax tonnage, if we compare Supramax developments to the bigger size tonnage. The rates have basically remained unchan ...
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- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Minerals Council of Australia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
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