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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, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
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- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
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