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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- The University of Queensland
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Coal and Oil Company - UAE
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
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