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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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Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
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- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Planning Commission, India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
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