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