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Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
 The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies — both in the public and private sector — to the tune of 35,000 crore (approximately US$ 5.259 billion*).
“It is an issue that has been going on for the past two-three years and now we are doing a full investigation,” said a person familiar with the development, Hindu says.
The Directorate of Revenue Intelligence, as quoted by Hindu, is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
“The Finance Ministry has been apprised. It will try to work on measures to address the problem,” said the source.
The paper further said, according to sources, the DRI found a number of companies artificially inflating the price of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also “siphon off” funds.
The Hindu Business Line further noted that, the inflated invoices were issued by intermediary invoicing agents in Singapore, Dubai, Hong Kong and British Virgin Islands, among other jurisdictions, according to the DRI alert notice.The average price of Indonesian coal with a gross calorific value of 3,800-4,200 Kcal/kg ranged between $38 and $49 a tonne on free-on-board (FOB) basis, according to most international indices. Adding freight and insurance charges, the CIF (cost insurance and freight) rate of Indonesian coal should be $60-55/tonne during this period, the said.
But invoices were inflated by up to 100 per cent.
Accordng to Hindu, if there has been over-invoicing, it would have resulted in electricity consumers paying more, analysts said, adding that typically coal costs are a pass through for power generators and are factored in during tariff revisions by regulators.
Every dollar increase in the per tonne cost of coal results in 4-5 paise (approximately US cents 0.0601056 - 0.0751320*) per unit increase in electricity tariff. The over-invoicing could have pushed up the tariffs by 80-90 paise (approximately US$ 0.0120211 - 0.0135238*) per unit. *(1 USD = 66.5495 INR -XE Currency Converter)
Source: The Hindu Business Line
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Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Planning Commission, India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
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