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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, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
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- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
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