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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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- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
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