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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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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
Monday, 10 September 12
TNPL, AN INDIAN PAPER MAKER IS SEEKING FOR 300K MT OF IMPORTED NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 6 Shipments about 50,0 ...
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- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- Minerals Council of Australia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
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