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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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Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
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- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
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