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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, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
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