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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, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
Monday, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
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- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- McConnell Dowell - Australia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- White Energy Company Limited
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
- The University of Queensland
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
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