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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, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
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- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Minerals Council of Australia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- The University of Queensland
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
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