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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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Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
Thursday, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
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- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Xindia Steels Limited - India
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